高盛 (GS) 2023 Q2 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs Second Quarter 2023 Earnings Conference Call. This call is being recorded today, July 19, 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 2023 年第二季度收益電話會議。本次通話將於今天（2023 年 7 月 19 日）進行錄音。謝謝。 Halio 女士，您可以開始會議了。

Thank you. Good morning. This is Carey Halio, Head of Investor Relations and Chief Strategy Officer at Goldman Sachs. Welcome to our second quarter earnings conference call.

謝謝。早上好。我是凱里·哈利奧 (Carey Halio)，高盛投資者關係主管兼首席戰略官。歡迎參加我們的第二季度收益電話會議。

Today, we will reference our earnings presentation, which can be found on the Investor Relations page of our website at www.gs.com. Note, information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation. This audiocast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent. I'm joined today by our Chairman and Chief Executive Officer, David Solomon; and our Chief Financial Officer, Denis Coleman.

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。請注意，有關前瞻性陳述和非公認會計準則衡量標準的信息出現在收益發布和演示中。本音頻廣播是高盛集團有限公司受版權保護的材料，未經我們同意，不得複制、轉載或轉播。今天我們的董事長兼首席執行官 David Solomon 也加入了我的行列。以及我們的首席財務官丹尼斯·科爾曼。

Let me pass the call to David.

讓我把電話轉給大衛。

Thank you, Carey, and good morning, everyone. Thank you all for joining us. This quarter, we produced net revenues of $10.9 billion and generated earnings per share of $3.08, an ROE of 4% and an ROTE of 4.4%.

謝謝你，凱里，大家早上好。感謝大家加入我們。本季度，我們實現淨收入 109 億美元，每股收益 3.08 美元，ROE 為 4%，ROTE 為 4.4%。

Our results were impacted by several items related to businesses we are executing on a strategic transition and positioning the firm for the future. In particular, shifting our Asset & Wealth Management business to a less capital-intensive model and the pivot to narrow our consumer ambition. All in, these items reduced our EPS for the second quarter by $3.95 and our ROE by 5.2 percentage points. Our results were also impacted by the challenging macro environment and in particular, headwinds facing our specific mix of businesses.

我們的業績受到與我們正在執行的戰略轉型和公司未來定位業務相關的幾個項目的影響。特別是，將我們的資產和財富管理業務轉向資本密集度較低的模式，並以縮小我們的消費者野心為中心。總而言之，這些項目使我們第二季度的 EPS 降低了 3.95 美元，ROE 降低了 5.2 個百分點。我們的業績還受到充滿挑戰的宏觀環境的影響，特別是我們特定業務組合面臨的不利因素。

Activity levels in many areas of investment banking hover near decade-long lows and clients largely maintained a risk-off posture over the course of the quarter. CEOs around the world continue to be cautious as businesses grapple with persistent inflation, geopolitical tensions and slower growth. But we know the corporate activity and capital formation are core to our financial system and there are a number of structural catalysts that should lead to increased levels of activity.

投資銀行許多領域的活動水平徘徊在十年來的低點附近，客戶在本季度基本上保持了避險姿態。隨著企業應對持續的通貨膨脹、地緣政治緊張局勢和增長放緩，世界各地的首席執行官繼續保持謹慎態度。但我們知道企業活動和資本形成是我們金融體系的核心，有許多結構性催化劑應該會導致活動水平的提高。

And we're seeing it begin to pick up in a few spots already, particularly equity capital markets and M&A dialogue. There's no question, recent economic data in the U.S. indicates the Fed's efforts to fight inflation are showing progress, and we are starting to see more optimism about the forward trajectory.

我們看到它已經開始在一些領域有所回升，特別是股權資本市場和併購對話。毫無疑問，美國最近的經濟數據表明美聯儲對抗通脹的努力正在取得進展，我們開始看到對未來軌跡更加樂觀。

However, the year unfolds, we stand ready to help our clients navigate the evolving backdrop while maintaining a prudent risk posture and operating the firm more efficiently. Importantly, we laid out a clear set of strategic goals at our Investor Day in February, and we are in execution mode. We have 2 incredibly strong client franchises a world-class Global Banking & Markets business, we continue to deliver solid returns even in an environment with reduced activity levels and a scaled Asset & Wealth Management platform that continues to show very strong underlying trends aligned with our Investor Day goals with growth and more recurring revenues of Management and other fees in Private banking and lending.

然而，隨著新的一年的到來，我們隨時準備幫助我們的客戶應對不斷變化的背景，同時保持審慎的風險態勢並更有效地運營公司。重要的是，我們在二月份的投資者日制定了一套明確的戰略目標，並且我們正處於執行模式。我們擁有兩個極其強大的客戶特許經營權，一個世界一流的全球銀行和市場業務，即使在活動水平下降的環境下，我們也能繼續提供穩健的回報，而規模化的資產和財富管理平台繼續顯示出非常強勁的潛在趨勢，與我們的投資者日目標相一致，包括私人銀行和貸款方面的管理和其他費用的增長和經常性收入的增長和更多的經常性收入。

These businesses are supported by a number of things. First, a long track record of serving the world's leading businesses, institutions and individuals. Building relationships as a trusted adviser is core to what Goldman Sachs does. Next, the client-centric mindset. Over the last 5 years, we have strengthened our efforts to bring to bear the best of the firm's capabilities and holistically serve clients with our One Goldman Sachs operating ethos. Client feedback continues to be highly encouraging and we see opportunities to make further gains.

這些業務得到了很多方面的支持。首先，長期為世界領先的企業、機構和個人提供服務。作為值得信賴的顧問建立關係是高盛工作的核心。其次，以客戶為中心的心態。過去 5 年裡，我們加強了努力，充分發揮公司的能力，並以“One Goldman Sachs”的運營精神為客戶提供全面服務。客戶的反饋仍然非常令人鼓舞，我們看到了獲得進一步收益的機會。

We also have a global, broad and deep platform with capabilities that span across products, geographies and solutions, a key differentiator of value to our clients around the world. We have exceptional people. They are differentiated and they work hard to make a difference for our clients. And lastly, this is all underpinned by a culture of collaboration and excellence. We are also pleased that our strategy to reduce the capital intensity of our business is resulting in sustained multiyear progress.

我們還擁有一個廣泛而深入的全球平台，其能力涵蓋產品、地域和解決方案，這是為我們世界各地的客戶帶來價值的關鍵差異化因素。我們擁有傑出的人才。他們與眾不同，並努力為我們的客戶帶來改變。最後，這一切都是以協作和卓越文化為基礎的。我們還很高興地看到，我們降低業務資本密集度的戰略正在取得持續的多年進展。

Starting in October, our SCB will be reduced by 80 basis points to 5.5%, giving us greater flexibility to deploy our capital. We continue to execute on the $30 billion share repurchase program we announced in February, and we recently announced a 10% increase to our quarterly dividend. We have made it a priority to grow our dividend to a competitive rate. And since the beginning of 2019, we have more than tripled our dividend from $0.80 to $2.75 per share per quarter.

從10月份開始，我們的SCB利率將降低80個基點至5.5%，使我們能夠更靈活地部署資本。我們繼續執行 2 月份宣布的 300 億美元股票回購計劃，最近還宣布將季度股息增加 10%。我們優先考慮將股息提高到具有競爭力的水平。自 2019 年初以來，我們的股息已增加兩倍多，從每季度每股 0.80 美元增至 2.75 美元。

Given our ongoing strategic efforts to lower the firm's capital density and reduce earnings volatility, we are well positioned to grow it further. As I said, we are laser focused on executing on our strategy. This moment in the economic cycle creates meaningful headwinds for Goldman Sachs and our business mix. At the same time, we are making tough decisions that are driving the strategic evolution of the firm. Given both these factors, that should come as no surprise that we're going to a period of lower results. I remain fully confident that we will deliver on our through-the-cycle targets of mid-teens returns and create significant value for shareholders.

鑑於我們持續採取戰略努力降低公司資本密度並減少盈利波動，我們已做好進一步發展資本密度的準備。正如我所說，我們專注於執行我們的戰略。經濟周期的這一時刻給高盛和我們的業務組合帶來了重大阻力。與此同時，我們正在做出艱難的決定，推動公司的戰略發展。考慮到這兩個因素，我們將進入一段業績較低的時期也就不足為奇了。我仍然完全相信，我們將實現青少年回報的整個週期目標，並為股東創造巨大價值。

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

現在我將把它交給丹尼斯，以更詳細地介紹我們本季度的財務業績。

Thank you, David. Good morning. Let's start with our results on Page 1 of the presentation. In the second quarter, we generated net revenues of $10.9 billion and net earnings of $1.2 billion, resulting in earnings per share of $3.08. As David mentioned, we have provided additional detail this quarter on 3 items that impacted our results. These items are a gain in connection with our sale process for the Marcus unsecured loan portfolio as well as the business' operating results.

謝謝你，大衛。早上好。讓我們從演示文稿第一頁的結果開始。第二季度，我們實現淨收入 109 億美元，淨利潤 12 億美元，每股收益 3.08 美元。正如 David 提到的，我們本季度提供了影響我們業績的 3 個項目的更多詳細信息。這些項目是與我們馬庫斯無擔保貸款組合的銷售流程以及業務經營業績相關的收益。

Losses from our historical principal investments within Asset & Wealth Management, and results relating to GreenSky, including a goodwill impairment in consumer platforms. In aggregate, for the second quarter, these 3 items impacted net earnings by $1.4 billion, and reduced our EPS by $3.95 and our ROE by 5.2 percentage points.

我們在資產與財富管理領域的歷史主要投資以及與 GreenSky 相關的業績造成的損失，包括消費者平台的商譽減值。總的來說，這三項第二季度的淨利潤影響了 14 億美元，並使我們的每股收益減少了 3.95 美元，淨資產收益率減少了 5.2 個百分點。

Turning to performance by segment, starting on Page 4. Global Banking & Markets produced revenues of $7.2 billion in the second quarter. Advisory revenues of $645 million were down versus a strong prior year period amid significantly lower industry completions. Equity underwriting revenues rose year-over-year to $338 million as we saw some signs of reopening in the capital markets, although volumes continue to remain well below medium and long-term averages. Debt underwriting revenues were slightly down versus the second quarter of 2022 as activity remains muted. Nonetheless, our client franchise remains very strong, and we remain well positioned to support the needs of our clients.

轉向按細分市場劃分的業績，從第 4 頁開始。全球銀行與市場第二季度的收入為 72 億美元。由於行業完工量大幅下降，諮詢收入為 6.45 億美元，較去年同期的強勁水平有所下降。由於我們看到資本市場重新開放的一些跡象，股票承銷收入同比增長至 3.38 億美元，儘管交易量仍遠低於中長期平均水平。由於活動依然低迷，債務承銷收入較 2022 年第二季度略有下降。儘管如此，我們的客戶群仍然非常強大，並且我們仍然能夠很好地支持客戶的需求。

We ranked #1 in the league tables across announced and completed M&A as well as equity underwriting and high-yield debt on a year-to-date basis. Additionally, our backlog rose quarter-on-quarter, primarily in advisory. FICC net revenues were $2.7 billion in the quarter as clients remained in a risk-off posture, relative to an active prior year quarter, particularly in commodities, rates and currencies. FICC financing revenues were $622 million. Equities net revenues were $3 billion in the quarter, roughly flat year-on-year. Equities financing revenues were a record $1.4 billion as we benefited from our ongoing strategic focus and increased balances. This was largely offset by a decline in intermediation revenues, primarily in derivatives.

年初至今，我們在已宣布和已完成的併購以及股權承銷和高收益債務方面排名第一。此外，我們的積壓訂單逐季增加，主要是在諮詢方面。本季度 FICC 淨收入為 27 億美元，與去年同期相比，客戶仍處於避險態勢，尤其是在大宗商品、利率和貨幣方面。 FICC融資收入為6.22億美元。該季度股票淨收入為 30 億美元，與去年同期基本持平。受益於我們持續的戰略重點和余額的增加，股票融資收入達到創紀錄的 14 億美元。這在很大程度上被中介收入（主要是衍生品）的下降所抵消。

Our strategic priority to grow financing across both FICC and equities continues to yield results as these activities increase the durability of our revenue base, and we continue to see attractive deployment opportunities to support further growth.

我們的戰略重點是增加 FICC 和股票融資，這些活動將繼續產生成果，因為這些活動提高了我們收入基礎的持久性，並且我們繼續看到有吸引力的部署機會來支持進一步增長。

Moving to Asset & Wealth Management on Page 5. Revenues of $3 billion were down 4% year-over-year, primarily driven by weaker results in equity and debt investments. Management and other fees increased 5% year-over-year to a record $2.4 billion, largely driven by higher assets under supervision.

轉到第 5 頁的資產與財富管理。收入為 30 億美元，同比下降 4%，這主要是由於股權和債務投資業績疲弱所致。管理費和其他費用同比增長 5%，達到創紀錄的 24 億美元，這主要是受到監管資產增加的推動。

Private banking and lending revenues were also a record at $874 million. We continue to see positive momentum in this business as we benefit from higher deposit balances and NII. Results were supported by a gain of approximately $100 million related to the sale of substantially all of the remaining Marcus loans portfolio. Equity investments generated losses of $403 million. More specifically, we had roughly $305 million of net losses in our private portfolio, primarily due to markdowns on investments in office-related commercial real estate, and approximately $100 million of net losses in our public portfolio, largely driven by a loss related to a historical principal investment that we sold out of during the quarter. Importantly, we have now reduced the public portfolio to approximately $1 billion, down from more than $4.5 billion in 2021.

私人銀行和貸款收入也創歷史新高，達 8.74 億美元。由於我們受益於較高的存款餘額和NII，我們繼續看到該業務的積極勢頭。出售幾乎所有剩餘的 Marcus 貸款組合帶來了約 1 億美元的收益，為業績提供了支撐。股權投資產生了 4.03 億美元的損失。更具體地說，我們的私人投資組合有大約 3.05 億美元的淨虧損，主要是由於與辦公相關的商業房地產投資的降價，而我們的公共投資組合有大約 1 億美元的淨虧損，主要是由於我們在本季度出售的歷史本金投資相關的虧損所致。重要的是，我們現在已將公共投資組合從 2021 年的 45 億美元以上減少到約 10 億美元。

Debt investments revenues were $197 million, with the year-over-year decline driven by weaker performance in real estate investments. This quarter, we also experienced approximately $485 million of impairments on our real estate-related CIE portfolio. which are reflected in operating expenses. In aggregate, the results from Marcus loans and the losses from our historical principal investments negatively impacted our margins for the segment by approximately 15 percentage points for the first half of the year.

債務投資收入為 1.97 億美元，同比下降是由於房地產投資業績疲軟所致。本季度，我們與房地產相關的 CIE 投資組合還遭受了約 4.85 億美元的減值。這些都反映在營業費用中。總的來說，今年上半年，Marcus 貸款的結果和我們歷史主要投資的損失對該部門的利潤率產生了約 15 個百分點的負面影響。

Now moving to Page 6. Rollforward assets under supervision ended the quarter at a record $2.7 trillion, driven by $30 billion of market appreciation as well as $8 billion of long-term net inflows, representing our 22nd consecutive quarter of long-term fee-based inflows.

現在轉到第 6 頁。在 300 億美元的市場升值以及 80 億美元的長期淨流入的推動下，受監管的前滾資產本季度末達到創紀錄的 2.7 萬億美元，這意味著我們連續 22 個季度出現長期收費流入。

Turning now to Page 7 on alternatives. Alternative assets on supervision totaled $267 billion at the end of the second quarter, driving $521 million in management and other fees for the quarter. Gross third-party fundraising was $11 billion for the quarter and $25 billion for the first half of the year. Total third-party fundraising since our 2020 Investor Day is now over $200 billion and remain very well positioned to achieve our 2024 target of $225 billion.

現在翻到第 7 頁關於替代方案的內容。截至第二季度末，受監管的另類資產總額為 2670 億美元，帶動本季度管理費和其他費用 5.21 億美元。本季度第三方籌款總額為 110 億美元，上半年為 250 億美元。自 2020 年投資者日以來，第三方籌款總額現已超過 2000 億美元，並且仍有望實現 2024 年 2250 億美元的目標。

On-balance sheet alternative investments totaled approximately $53 billion, of which $24 billion is related to our historical principal investment portfolio. In the second quarter, we reduced this portfolio by $3.6 billion, which included sales of a number of CRE-related investments, bringing year-to-date reductions to approximately $6 billion and putting us well on pace to achieve our 2024 year-end target of a historical principal investment portfolio below $15 billion.

資產負債表內的另類投資總額約為 530 億美元，其中 240 億美元與我們的歷史主要投資組合相關。第二季度，我們將該投資組合削減了 36 億美元，其中包括出售多項商業地產相關投資，使年初至今的削減額達到約 60 億美元，並使我們有望實現 2024 年年底歷史本金投資組合低於 150 億美元的目標。

Next, Platform Solutions on Page 8. Revenues were $659 million, driven by growth in loan balances and consumer platforms. As noted earlier, we took a $504 million impairment charge on the goodwill associated with consumer platforms this quarter in connection with our exploration of a potential sale of the GreenSky business. We will continue to evaluate its intangibles for impairment. And should we decide to sell the business, we will also make a determination regarding moving GreenSky to held for sale, similar to the action we took last quarter with respect to our Marcus unsecured loan portfolio.

接下來是第 8 頁的平台解決方案。在貸款餘額和消費者平台增長的推動下，收入為 6.59 億美元。如前所述，本季度我們對與消費者平台相關的商譽計提了 5.04 億美元的減值費用，這些商譽與我們探索出售 GreenSky 業務的可能性有關。我們將繼續評估其無形資產的減值情況。如果我們決定出售該業務，我們還將決定將 GreenSky 轉為持有待售，類似於我們上季度對 Marcus 無擔保貸款組合採取的行動。

We will share further updates as appropriate. Additionally, you'll recall that at our Investor Day earlier this year, we said that we expected to reduce the efficiency ratio in Platform Solutions below 100% by the end of this year, and we are making progress. Absent the impact of the goodwill impairment in consumer platforms, the efficiency ratio for the segment year-to-date would have been better than our stated goal.

我們將酌情分享進一步的更新。此外，您可能還記得，在今年早些時候的投資者日上，我們表示預計到今年年底將平台解決方案的效率降低到 100% 以下，而且我們正在取得進展。如果沒有消費者平台商譽減值的影響，該部門年初至今的效率將優於我們既定的目標。

On Page 9, firm-wide net interest income was $1.7 billion in the second quarter. Our total loan portfolio at quarter end was $178 billion, unchanged versus the prior quarter. For the second quarter, our provision for credit losses was $615 million. Provisions in the quarter were primarily due to continued growth and higher net charge-offs in our lending portfolio within consumer platforms.

第 9 頁顯示，第二季度全公司淨利息收入為 17 億美元。截至季度末，我們的貸款組合總額為 1,780 億美元，與上一季度持平。第二季度，我們的信貸損失準備金為 6.15 億美元。本季度的撥備主要是由於我們消費者平台內貸款組合的持續增長和淨沖銷額的增加。

Additionally, within our wholesale portfolio, impairments and a reserve build were partially offset by releases due to lower balances.

此外，在我們的批發投資組合中，減值和儲備建設被餘額減少導致的釋放部分抵消。

Moving on to Page 10. We've added a new slide this quarter, providing additional detail on our CRE exposure. Starting with the left side of the page, CRE loans represent a relatively small percentage of our overall lending book, roughly 15%.

轉到第 10 頁。本季度我們添加了一張新幻燈片，提供了有關我們的商業地產風險敞口的更多詳細信息。從頁面左側開始，CRE 貸款占我們整體貸款總額的比例相對較小，約為 15%。

And we are well diversified by property type with only 1% in the office category. Moving to the right side of the page, you can see additional detail on our CRE-related on-balance sheet alternative investments. We conducted a comprehensive asset-by-asset review of this portfolio this quarter, and we have incorporated the feedback from our sell-down process. Office-related exposure represents approximately 2% of the aggregate portfolio in equity securities loans and debt securities and approximately 15% of the CIE investments in other category net of financings.

我們的物業類型十分多元化，其中寫字樓類別僅佔 1%。移至頁面右側，您可以看到有關我們的商業地產相關資產負債表內另類投資的更多詳細信息。本季度我們對該投資組合進行了全面的逐項資產審查，並納入了出售過程中的反饋。與辦公室相關的風險敞口約佔股本證券貸款和債務證券總投資組合的 2%，約佔其他類別淨融資 CIE 投資的 15%。

Overall, the CRE investments are diversified across geographies and positions with no single position representing more than 1% of the total on-balance sheet alternative investments. Furthermore, 50% of these investments are historical principal investments that we intend to exit over the medium term. We continue to remain highly focused on the overall risk management of this portfolio.

總體而言，商業地產投資在地域和倉位上呈現多元化，沒有單一倉位佔表內另類投資總額的 1% 以上。此外，這些投資中有 50% 是我們打算在中期內退出的歷史主要投資。我們繼續高度關注該投資組合的整體風險管理。

Turning to expenses on Page 11. Total quarterly operating expenses were $8.5 billion. Our year-to-date compensation ratio net of provisions, is 34%, which includes approximately $260 million of year-to-date severance costs. At Investor Day in February, we articulated the goal of $600 million in run rate payroll efficiencies to be achieved this year, and we have now largely reached this target with line of sight to surpass it.

轉向第 11 頁的支出。季度運營支出總額為 85 億美元。扣除撥備後，我們年初至今的薪酬率為 34%，其中包括約 2.6 億美元的年初至今遣散費。在 2 月份的投資者日上，我們明確提出了今年要實現 6 億美元運行率工資效率的目標，現在我們已經基本實現了這一目標，並且有望超越它。

Quarterly noncompensation expenses were $4.9 billion. The increase in our non-compensation expense was entirely driven by the CIE and goodwill impairments I discussed previously. Absent these items, non-comp expense is down for the second consecutive quarter, even in the face of inflationary headwinds. Our effective tax rate for the first half of 2023 was 22.3%, largely as a result of an increase in taxes on non-U.S. earnings. For the full year, we expect a tax rate of roughly 22%.

季度非補償費用為 49 億美元。我們的非補償費用的增加完全是由我之前討論的 CIE 和商譽減值推動的。如果沒有這些項目，即使面對通貨膨脹的逆風，非補償費用也連續第二個季度下降。 2023 年上半年我們的有效稅率為 22.3%，這主要是由於非美國收入稅收增加的結果。我們預計全年稅率約為 22%。

Next, capital on Slide 12. Our common equity Tier 1 ratio was 14.9% at the end of the second quarter under the standardized approach, which is 190 basis points over our new 13% requirement that will become applicable in October. As David mentioned, we are pleased with the results of the recent stress test and remain confident that our strategy to reduce the capital density of our business will continue to help improve our SCB over time. The 80 basis point reduction in our SCB will allow us to continue to remain nimble in dynamically deploying capital to support our client franchise.

接下來是幻燈片 12 上的資本。按照標準化法，第二季度末我們的普通股一級資本比率為 14.9%，比 10 月份適用的新的 13% 要求高出 190 個基點。正如 David 提到的，我們對最近壓力測試的結果感到滿意，並堅信我們降低業務資本密度的戰略將繼續幫助改善我們的 SCB。 SCB 減少 80 個基點將使我們能夠繼續靈活地動態部署資本來支持我們的客戶業務。

In the quarter, we returned $1.6 billion to shareholders, including common stock repurchase of $750 million and common stock dividends of $864 million. Our Board has also approved a 10% increase in our dividend, to $2.75 per share beginning in the third quarter. This increase will enable us to pay our shareholders a sustainable growing dividend and maintain a competitive yield, complemented by our previously announced $30 billion share repurchase program where we intend to step up the level of buybacks going forward.

本季度，我們向股東返還 16 億美元，其中包括 7.5 億美元的普通股回購和 8.64 億美元的普通股股息。我們的董事會還批准從第三季度開始將股息增加 10%，達到每股 2.75 美元。這一增加將使我們能夠向股東支付可持續增長的股息並保持有競爭力的收益率，並輔之以我們之前宣布的 300 億美元股票回購計劃，我們打算在未來提高回購水平。

In conclusion, our second quarter results reflect a challenging backdrop as well as our ongoing execution of several strategic actions. These initiatives will help transition our business and improve our overall return profile. We remain confident in our ability to deliver for shareholders while continuing to support our clients to remain optimistic about the future opportunities set for Goldman Sachs.

總之，我們第二季度的業績反映了充滿挑戰的背景以及我們正在執行的多項戰略行動。這些舉措將有助於我們的業務轉型並改善我們的整體回報狀況。我們對為股東提供服務的能力充滿信心，同時繼續支持我們的客戶對高盛未來的機遇保持樂觀。

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

現在，我們將開放提問熱線。

(Operator Instructions)

（操作員說明）

We'll go first to Glenn Schorr with Evercore.

我們將首先與 Evercore 聯繫 Glenn Schorr。

So I want to talk about how we build towards that the medium-term ROE target. So obviously, this was -- this quarter was depressed by the write-downs. Let's start with a 9-ish starting point.

所以我想談談我們如何實現中期股本回報率目標。很明顯，這個季度因減記而受到抑制。讓我們從 9 左右的起點開始。

We know capital markets activity will be better in normal time. So I know we're a lot closer than it looks right now. If you look at Page 7, where you spelled out the $3.6 billion of historical principal investments that declined in the quarter. Or if you want to do it year-to-date either way. My question related to that reducing capital intensity is in a good way, it didn't look like there was a big gain or loss related to those exits. A, is that right? And B, how much capital of RWA do free up because I'm just trying to build towards that ultimate goal.

我們知道資本市場活動在正常情況下會更好。所以我知道我們比現在看起來更接近。如果你看一下第 7 頁，你會發現本季度歷史本金投資下降了 36 億美元。或者，如果您想以任何一種方式從年初至今進行此操作。我的問題是，降低資本密集度是一種好的方式，看起來與這些退出相關的收益或損失並沒有很大。甲，是這樣嗎？ B，RWA 釋放了多少資本，因為我只是在努力實現最終目標。

So Glenn, thank you for the question. And I think in terms of our journey towards our through-the-cycle returns, there are a number of things that we will need to do in terms of achieving the top line targets that we laid out at Investor Day as well as continuing to drive ongoing capital efficiency. The capital efficiency has been a project that we've been working on for a number of years. We've had particular increases in those reductions over both the first and second quarter. As you know, about HPI down $6 billion. And as we -- if we ultimately reach our target, we expect the total AE reduction to be approximately $9 billion.

格倫，謝謝你的提問。我認為，就我們實現全週期回報的旅程而言，我們需要做很多事情來實現我們在投資者日制定的頂線目標以及繼續提高持續的資本效率。資本效率是我們多年來一直致力於的一個項目。在第一季度和第二季度，我們的削減力度尤其明顯。如您所知，HPI 大約下降了 60 億美元。如果我們最終實現目標，我們預計 AE 減少總額約為 90 億美元。

Yes. I just -- Glenn, I just want to add 2 things, just looking at that because Denis focused on the AE and the continued journey. The one thing he didn't touch on was your question around the reductions and whether there were meaningful marks around that, there are some where you're reduced where it might be a public position. So we mark those public positions of market that night, and you sell that position at a discount. So there could be a slight loss. There are others that are private positions where you keep a valuation adjustment or a discount to what you believe it's worth as you sell and you get a gain.

是的。我只是——格倫，我只想添加兩件事，只是看看這一點，因為丹尼斯專注於 AE 和後續的旅程。他沒有提到的一件事是你關於削減的問題，以及是否有有意義的標記，有些地方你可能會被削減，這可能是一個公共職位。因此，我們標記當天晚上市場的公開持倉，然後您以折扣價出售該持倉。所以可能會有輕微的損失。還有一些私人頭寸，您可以在出售並獲得收益時對您認為的價值進行估值調整或折扣。

But I wouldn't say there's anything material that I'd call out in the context of that process. But the important thing about the journey that I'd like to emphasize is we laid out clear in Investor Day that we were going to narrow the consumer ambitions and really focus on these 2 big businesses. Clearly, at this point in time, given the lack of investment banking activity, our investment banking business is performing at a lower level of return and a lower level of activity than we've seen in nearly a decade. We don't believe that's constant. We believe that, that Global Markets & Banking business can deliver mid-teens returns through the cycle, and that obviously makes up more than 2/3 of the firm.

但我不會說在這個過程中我會提出任何材料。但我想強調的這一旅程中最重要的一點是，我們在投資者日明確表示，我們將縮小消費者的野心，真正專注於這兩大業務。顯然，目前，由於缺乏投資銀行活動，我們的投資銀行業務的回報水平和活動水平都低於近十年來的水平。我們不相信這是恆定的。我們相信，全球市場和銀行業務可以在整個週期內帶來十幾歲左右的回報，這顯然占公司的 2/3 以上。

In addition, Marc Nachmann laid out at our Investor Day, a very clear path on asset management to grow the top line of asset management ex the legacy balance sheet by a high single-digit percentage, and we set a target to drive the margin, which ex the legacy balance sheet up to 25%. At that point, that is a mid-teens return business. And as we continue to narrow the drag, which we're making progress on in the platforms, and I believe we'll narrow that to 0 and move past that, you've got these 2 businesses that are the firm that will be mid-teens through the cycle. So that's the way I'd think about it. But obviously, you need a better environment in this environment to see that.

此外，馬克·納赫曼 (Marc Nachmann) 在我們的投資者日上提出了一條非常明確的資產管理路徑，旨在將資產管理（不包括遺留資產負債表）的收入實現高個位數百分比增長，我們設定了目標，將利潤率（不包括遺留資產負債表）提高到 25%。到那時，這是一項十幾歲左右的回報業務。隨著我們繼續縮小阻力，我們在平台上正在取得進展，我相信我們會將其縮小到 0 並超越它，這兩家公司將在整個週期中保持在十幾歲左右的水平。這就是我的想法。但顯然，你需要在這個環境中有一個更好的環境才能看到這一點。

I appreciate all that. And maybe 1 just big picture. I think a lot of banks that -- investment banks that have reported over the last couple of days have had varying degrees of optimism about capital markets activity returning. And I think in typical Goldman fashion, you all have been I think, appropriately conservative over the last couple of quarters. So maybe I'll just get a mark-to-market on what green shoots you may or may not be seeing. You mentioned your advisory pipeline was up. Just like kind of contextualize that, that would be great.

我很感激這一切。也許一張大圖片。我認為許多銀行——過去幾天發布報告的投資銀行對資本市場活動的恢復抱有不同程度的樂觀態度。我認為，在典型的高盛風格中，我認為你們在過去幾個季度都表現得相當保守。因此，也許我會根據市場情況來了解您可能會或可能不會看到哪些新芽。您提到您的諮詢渠道已經完成。就像結合上下文一樣，那就太好了。

Sure. I'd say Glenn the following. It definitely feels better over the course of the last 6 to 8 weeks than it felt earlier in the year. And I've talked in the past on this call and other times when I've talked to many of you about the fact that when you have a big reset, it takes 5 or 6 quarters to get that reset. It's not surprising that we're kind of at 6 quarters now and you're starting to see more activity. So it's definitely been a pick up in equity capital markets activity. That definitely feels better.

當然。我會對格倫說以下的話。過去 6 到 8 週的感覺肯定比今年早些時候的感覺要好。我過去曾在這次電話會議上以及其他時候與你們中的許多人談論過這樣一個事實：當你進行重大重置時，需要 5 或 6 個季度才能完成重置。現在已經是第 6 個季度了，您開始看到更多的活動，這並不奇怪。因此，股權資本市場活動肯定有所回升。這絕對感覺更好。

There's more M&A dialogue. I can't tell you exactly what the journey is. But when I go back and I look historically at other periods where the macro environment has created sharp drops in investment banking activity, they tend to last for a year or so and then they start to improve. And so I think we're starting to see that here. It definitely feels better. I think the inflation data has been better. The client sentiment is better and now we'll have to watch and see that journey. But I know this activity level of 10-year loans and investment banking activity is not going to be the normal on a forward basis.

有更多的併購對話。我無法準確地告訴你這段旅程是什麼。但當我回顧歷史，回顧宏觀環境導致投資銀行活動急劇下降的其他時期時，它們往往會持續一年左右，然後開始改善。所以我認為我們已經開始在這裡看到這一點。肯定感覺好多了。我認為通脹數據更好。客戶情緒有所好轉，現在我們必須觀察這一過程。但我知道，從長遠來看，十年期貸款和投資銀行活動的這種活動水平不會是正常的。

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 maybe just the first question, when we think about potential for obviously pick up in the back half, David, as you just mentioned, but give us a sense of rightsizing the business, given the slowdown that we've seen over the last year or so, are we -- there headcount-wise, infrastructure-wise, where you want it to be on the expense base and as we anchor back to the efficiency target around 60%. Just give us a sense of how you think we get there and where Goldman is today in terms of just rightsizing the expense base?

我想也許只是第一個問題，當我們考慮後半段明顯回升的潛力時，大衛，正如你剛才提到的，但考慮到我們在過去一年左右看到的經濟放緩，給我們一種調整業務規模的感覺，我們是否——在人員數量、基礎設施方面，你希望它在費用基礎上，並且我們將效率目標固定在 60% 左右。請告訴我們您認為我們如何實現這一目標，以及高盛目前在調整支出基礎方面的進展如何？

Yes. So I think we've made -- I'll make a couple of comments and Denis will probably add on with some more granular detail. But I think we've made progress. We set out some targets at the beginning of the year. As you heard in Denis' prepared remarks, we have them basically accomplished it in line of sight for more. You've seen our noncomp expense ex these extraordinary items around impairments have been down for the second quarter in a row. We've been very focused on that. And there's been real work done there because there's certainly inflationary pressure on a bunch of the line items that are noncomp expenses.

是的。所以我認為我們已經做了——我將發表一些評論，丹尼斯可能會補充一些更具體的細節。但我認為我們已經取得了進展。我們在年初制定了一些目標。正如您在丹尼斯準備好的講話中聽到的那樣，我們基本上讓他們在視線範圍內完成了更多任務。您已經看到我們的非公司費用（除這些與減值有關的特殊項目外）連續第二季度下降。我們一直非常關注這一點。那裡已經做了真正的工作，因為一系列非公司費用肯定存在通貨膨脹壓力。

I think that with hindsight, I'm very glad that we were early in January in starting to work on the headcount sizing. We took a couple of actions so far this year, and we feel good about where we are. I'd remind everybody, and we've said this before that we are resuming our regular performance-based process that we do with compensation at the end of the year, which we had stopped during the pandemic and started again next year. So we go to compensation, we will do a performance review, but we have no other specific plans on the headcount now. We'll watch the trajectory of revenues in the environment as we go forward.

我認為事後看來，我很高興我們在一月初就開始進行人員規模調整。今年到目前為止，我們採取了一些行動，我們對目前的情況感覺良好。我想提醒大家，我們之前已經說過，我們將在年底恢復基於績效的常規流程，我們在年底時進行補償，該流程在大流行期間停止，並於明年再次啟動。所以我們會進行薪酬，我們會進行績效評估，但我們現在在人員編制上沒有其他具體計劃。隨著我們的發展，我們將關注環境中的收入軌跡。

We'll always make adjustments if something changes. But as we just said, we think we're operating an extraordinarily low activities of investment banking. We're not going to erode that franchise. That is a key franchise of the firm. So this is a moment that we probably have to support that a little bit more as things recover. We obviously are focused on a bunch of efficiency uplift in processes and operations.

如果有變化，我們總是會做出調整。但正如我們剛才所說，我們認為我們的投資銀行業務活動非常低。我們不會削弱這種特許經營權。這是該公司的主要特許經營權。因此，隨著情況的恢復，我們可能必須在這個時刻給予更多支持。顯然，我們專注於流程和運營中的一系列效率提升。

We have a big project going on to make some investments that can create more automation and technology, and we feel good about that. So we think that over time, that's not a 2023 or early '24 thing, but we think over time, that's something else that will benefit the trajectory. Denis, do you have some specifics...

我們正在進行一個大項目，進行一些投資，可以創造更多的自動化和技術，我們對此感覺很好。因此，我們認為，隨著時間的推移，這不是 2023 年或 24 年初的事情，但我們認為隨著時間的推移，這將有利於發展軌跡。丹尼斯，你有一些具體的信息嗎？

I mean just to add for you. So end of the second quarter, we ended -- headcount was 44,600, is down about 2% on the quarter, about 8% year-to-date. I think the more comparable metric is probably the year-over-year metric of down 5% because we'll have new joiners in the third quarter. But as David said, we're happy about taking the action early in the year, positioning the firm appropriately and also pleased that we've been to reach towards our target of $600 million in run rate payroll efficiencies.

我的意思只是為你添加。因此，到第二季度末，我們的員工人數為 44,600 人，較本季度下降約 2%，較年初至今下降約 8%。我認為更具可比性的指標可能是同比下降 5%，因為我們將在第三季度有新加入者。但正如 David 所說，我們很高興在今年年初採取行動，對公司進行了適當的定位，也很高興我們已經實現了 6 億美元的薪資運行效率目標。

Got it. And just maybe a quick follow-up. I think if I heard you correctly, you mentioned goal to maybe step up a pace of buybacks in the back half. Just if you could maybe put some numbers around that, what level of buybacks we should expect? And how big a deal is the Fed Basel NPR, from what we're hearing, it may take 6, 12 months before we know what the final rules when they incorporate industry feedback look like? So how big of an unknown that is in terms of your capital deployment plans?

知道了。也許只是一個快速的跟進。我想如果我沒聽錯的話，你提到的目標可能是在下半年加快回購步伐。如果你能給出一些數字，我們應該期望什麼水平的回購？美聯儲巴塞爾 NPR 的影響有多大？據我們所知，我們可能需要 6 到 12 個月的時間才能知道它們納入行業反饋後的最終規則是什麼樣的？那麼，就您的資本部署計劃而言，未知因素有多大？

Sure. So you have pieces of the answer to the question for my answer. So what we would say, obviously, very pleased with the CCAR results. We have 190 basis points of cushion. We intend to deploy some of that excess capital into the client franchise to continue to grow our activities there. We announced our increase in dividend. We've been very committed to sustainably growing our dividend, and we're going to increase our level of buybacks.

當然。所以你有一些問題的答案可以作為我的答案。顯然，我們對 CCAR 結果非常滿意。我們有 190 個基點的緩衝。我們打算將部分多餘資本投入到客戶特許經營中，以繼續發展我們在那裡的活動。我們宣布增加股息。我們一直致力於可持續地增加股息，並且我們將提高回購水平。

We are mindful of Basel III revisions, but we also recognize that we will get a rule. There will be a comment period for the rule. There will be a period in which that's implemented, some suggestions in the beginning of 2026. That implementation may even have a phase-in period. So as we think about the way in which we manage capital, we think we should be optimizing for our client franchise and for our shareholders.

我們關注巴塞爾協議 III 的修訂，但我們也認識到我們將會制定一條規則。該規則將有一個評論期。會有一段時間的實施，一些建議是在 2026 年初。該實施甚至可能有一個階段性的階段。因此，當我們考慮管理資本的方式時，我們認為我們應該針對我們的客戶特許經營權和股東進行優化。

We obviously will make sure we're in a position to adopt any new guidance and to do so on time and early. But in the intervening period, we're going to continue to manage our capital to grow the firm and to deliver returns of capital to shareholders, and we thought we would indicate that, that intention is to step it up from where we are.

顯然，我們將確保我們能夠及時、儘早地採用任何新的指導方針。但在此期間，我們將繼續管理我們的資本以發展公司並向股東提供資本回報，我們認為我們會表明這一意圖是在我們目前的基礎上進一步發展。

And 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。

David, there's been a fair amount of price speculation covering how your -- the consumer business, specifically even some recently suggesting you might look to sell some additional receivables tied to partnership with Apple and GM. I know price speculation might not be representative of what's actually being discussed. So it might be helpful just to hear about your strategic priorities for the consumer business, maybe how your vision has evolved in recent months just given some of the challenges facing that business and maybe not fitting with your -- aligning with your core competencies.

大衛，有相當多的價格猜測涉及您的消費者業務，特別是最近一些建議您可能會考慮出售一些與蘋果和通用汽車合作夥伴關係相關的額外應收賬款。我知道價格猜測可能無法代表實際討論的內容。因此，了解您對消費者業務的戰略重點可能會有所幫助，也許您的願景在最近幾個月是如何演變的，只是考慮到該業務面臨的一些挑戰，並且可能不適合您的核心競爭力。

Yes. So thanks for the question. And I frame it this way. As I think you know, we made difficult but appropriate decision over a year ago, working with our Board to narrow our consumer ambitions and kind of rolled out in the fall, the direction of travel and have been executing on that. And that included the wind down and the execution of the markets -- the wind down and the execution of the sale of the Marcus loan portfolio, which has now been completed and obviously exploring options for GreenSky, which we've been transparent on are in the process of.

是的。謝謝你的提問。我是這樣設計的。我想你知道，我們一年多前做出了艱難但適當的決定，與董事會合作縮小了我們的消費者目標，並在秋季推出了旅行方向，並一直在執行該決定。這包括市場的逐步結束和執行——馬庫斯貸款組合的銷售的逐步結束和執行，該工作現已完成，顯然正在探索 GreenSky 的選擇，我們一直對此保持透明。

We've also said very clearly that our credit card partnerships are long-term partnerships. We don't have unilateral rights with them. They definitely can operate better. We've been working hard to improve the operation of them which will reduce the drag and we're making good progress on that. And we're working with Apple and also with GM to do that. And so there's a significant focus on reducing that drag. And the drag of those credit card partnerships has gotten smaller, and it will continue to be reduced as we move forward into 2024.

我們也明確表示，我們的信用卡合作夥伴關係是長期合作夥伴關係。我們對他們沒有單方面的權利。他們肯定可以運作得更好。我們一直在努力改進它們的操作，這將減少阻力，我們在這方面取得了良好的進展。我們正在與蘋果和通用汽車合作來做到這一點。因此，人們非常關注減少這種阻力。這些信用卡合作夥伴關係的阻力已經變小，並且隨著我們進入 2024 年，這種阻力將繼續減少。

We continue to have a very strong deposit platform. We launched an Apple savings platform, which also was a successful launch to grow our deposit base. And so we'll continue to grow deposits, and that's the course that we're on at the moment.

我們繼續擁有非常強大的存款平台。我們推出了 Apple 儲蓄平台，這也是擴大我們存款基礎的成功舉措。因此，我們將繼續增加存款，這就是我們目前的方針。

It's great color. Maybe just for my follow-up on equity financing specifically. The contribution in the first half actually implies an incremental $1 billion in fees year-on-year. You've definitely been highlighting the commitment to grow the financing piece. And just wanted to better understand, one, the durability of the gains that you saw in the first half and as we look out over the next few years, how significant of a contribution to the trading business do you expect from the financing component both across equities as well as FICC?

顏色很棒。也許只是為了我專門針對股權融資的後續行動。上半年的貢獻實際上意味著同比增加了10億美元的費用。您肯定一直在強調增加融資的承諾。只是想更好地了解，第一，您在上半年看到的收益的持久性，以及我們對未來幾年的展望，您預計股票和 FICC 的融資部分對交易業務的貢獻有多大？

So I'm going to start with a high-level just strategic view of what I think we've done and we're focused on doing and then Denis will give you a little bit more detail. But 1 of the things -- this has been a strategic priority for us because I certainly remember going back -- over the last decade, there were times where we did not have the largest equity business, and we were not in a position with our clients and the equity franchise that we're in now. And there were some reasons based on strategic decisions that we made at that time. But we've been very focused over the last decade in improving that position and have made good progress and growing the financing franchise and also expanding the base of clients that we worked with there has made a real difference.

因此，我將從一個高層次的戰略角度開始，我認為我們已經做了什麼，我們正在專注於做什麼，然後丹尼斯會給你更多的細節。但其中一件事——這一直是我們的戰略重點，因為我當然記得過去——在過去的十年裡，有時我們沒有最大的股權業務，而且我們與我們的客戶和我們現在所處的股權特許經營權的關係也不好。其中有一些基於我們當時做出的戰略決策的原因。但在過去的十年裡，我們一直非常專注於改善這一地位，並取得了良好的進展，擴大了融資特許經營權，並擴大了與我們合作的客戶群，這些都產生了真正的影響。

And so I look at the equities performance this quarter and feel very good about it, very good about what the team's accomplished and very good about the feedback we get from clients. Now broadly, that financing revenue is more durable than intermediation revenue, but it obviously is affected by risk on, risk off and overall market level activities. And so there can be variability in it, but there's a base stability there that's much more meaningful than intermediation revenues. Denis can expand a little bit more on how we think about that from a risk and a capital perspective.

因此，我看到本季度的股票表現，感覺非常好，對團隊所取得的成就非常滿意，對我們從客戶那裡得到的反饋也非常滿意。現在總體而言，融資收入比中介收入更持久，但它顯然受到風險承受、風險規避和整體市場水平活動的影響。因此，它可能存在變化，但有一個基礎穩定性，這比中介收入更有意義。丹尼斯可以進一步闡述我們如何從風險和資本的角度思考這一問題。

Sure. So that is the strategic direction of travel. We are allocating a lot of time and resources, human capital, financial capital to grow those activities. Equities financing revenues are nearly 50% of overall equities revenue this quarter, and that's something that has been growing. Even the combined FICC and equities financing as a percentage of FICC and equities continue to grow. So we remain very focused on prioritizing activities in that space with clients.

當然。這就是旅行的戰略方向。我們正在分配大量的時間和資源、人力資本、金融資本來發展這些活動。本季度股票融資收入佔股票整體收入的近 50%，而且這一比例一直在增長。即使 FICC 和股票融資合計佔 FICC 和股票的百分比也在繼續增長。因此，我們仍然非常注重與客戶一起優先考慮該領域的活動。

And we're also observing that there's a virtuous reinforcement of our commitments to grow market share and to cover clients more holistically over a multiyear period. It's paying dividends both across [financing](corrected by company after the call) and intermediation. And recognizing David's comments with respect to market valuation levels, which drive changes in balances and changes in behavior, there's also activities that we've been taking to sort of systematically identify components of the client base across the financing activities and make sure that we're capturing more share in underpenetrated portions of the client base. So we remain committed to growing that activity. It's relatively more durable than intermediation, but like other line items, it can fluctuate on the forward.

我們還觀察到，我們對增加市場份額和在多年時間內更全面地覆蓋客戶的承諾得到了良性強化。它在[融資]（在電話會議後由公司更正）和中介方面支付股息。認識到大衛關於市場估值水平的評論，這推動了余額的變化和行為的變化，我們也一直在採取一些活動，系統地識別整個融資活動中客戶群的組成部分，並確保我們在客戶群中滲透不足的部分中獲得更多份額。因此，我們仍然致力於發展這項活動。它比中介相對更持久，但與其他訂單項一樣，它可能會出現波動。

We'll go next to Betsy Graseck with Morgan Stanley.

接下來我們將與摩根士丹利一起討論貝特西·格拉塞克 (Betsy Graseck)。

Just one follow-up to that last question and then a different one. But just on the last question. So you mentioned durability when you were talking about financing, that was part of what I wanted to understand. Do you feel like this quarter of financing revenue is a good jump-off point for us to grow from. And if there's any puts and takes on how you would think -- how would you want us to think about that level of durability, that would be helpful.

只是最後一個問題的一個後續問題，然後是另一個問題。但就最後一個問題而言。所以你在談論融資時提到了耐久性，這是我想了解的一部分。您是否覺得本季度的融資收入是我們成長的一個很好的起點？如果您對如何思考有任何看法——您希望我們如何考慮這種耐久性水平，那將會有所幫助。

Sure. So I'll comment both on FICC and equities. In fixed income, we had slightly softer performance over period-on-period. That was driven by a component of FICC financing, which is more episodic, which is commodities-based financing, those activity levels were a lot higher. And so I think you see lack of contribution from commodities-based financing activity that was in prior periods. But I think the forward for other components of our FICC financing, like collateralized lending and repo, I think there remains opportunity for us to deploy and continue to grow those types of activities.

當然。所以我將對固定收益和股票進行評論。在固定收益方面，我們的業績同比略有疲軟。這是由 FICC 融資的一個組成部分推動的，該融資更具偶發性，即基於大宗商品的融資，這些活動水平要高得多。因此，我認為您會看到前期基於大宗商品的融資活動缺乏貢獻。但我認為，對於我們 FICC 融資的其他組成部分，例如抵押貸款和回購協議，我認為我們仍然有機會部署並繼續發展這些類型的活動。

I'm always cautious about predicting growth off of record performance. We're pleased with the equities financing performance in the second quarter, and we do intend to grow that from here. But we'll have to continue to work hard to continue to deliver the type of period-over-period growth but we do think there is still unaddressed market share, and we continue to grow our balances to grow those revenues.

我對預測創紀錄業績的增長始終持謹慎態度。我們對第二季度的股票融資業績感到滿意，並且我們確實打算在此基礎上繼續發展。但我們必須繼續努力，繼續實現同期增長，但我們確實認為仍有未解決的市場份額，我們將繼續增加餘額以增加這些收入。

And you highlighted capital obviously have excess -- significant excess. So there's that flex between buybacks versus deploy. This is an opportunity to deploy. I guess the follow-up I had to that was in your comments earlier on the Basel III end game. I think you mentioned that you -- look, you're in a position to be opportunistic, whether or not you want to meet the requirements early.

你強調資本顯然有過剩——顯著過剩。因此，回購與部署之間存在著靈活性。這是一個部署的機會。我想我的後續行動是在你之前對巴塞爾協議 III 最終遊戲的評論中。我想你提到過，你看，無論你是否想儘早滿足要求，你都處於機會主義的位置。

And I guess that was the question I had on when you say on time, of course, but early just meaning within that phase-in period early. And again, I kind of asked the question with the context of you've got this opportunity in financing. So how should I think through meeting it early versus leaning into financing versus other options you might have?

我想這就是我在你說“準時”時提出的問題，當然，但“早期”只是指在早期的分階段階段內。再說一次，我問這個問題的背景是你在融資方面有這個機會。那麼，我應該如何考慮儘早實現這一目標，還是傾向於融資，還是您可能擁有的其他選擇？

Yes, Betsy. So look, I appreciate that. I think there's a lot that's unknown about the direction of travel on this. And we're talking about years out. And so I think Denis' message on early was in the context of the phase-in period, making sure we were getting there on time. But no, we are focused on deploying. We generate a lot of capital because the firm generally through the cycle generates good earnings. We are going to return a bunch of that to shareholders, and there are opportunities as we're talking about to deploy that in service of clients.

是的，貝特西。所以看，我很欣賞這一點。我認為關於這方面的行進方向還有很多未知的地方。我們正在談論幾年後的事情。因此，我認為丹尼斯早期的信息是在分階段的背景下，確保我們按時到達目標。但不，我們專注於部署。我們產生了大量資本，因為公司通常在整個週期中都會產生良好的收益。我們將把其中的一部分返還給股東，並且我們正在談論將其部署到為客戶服務的機會。

Given the work we've done strategically, we now have much greater flexibility, which gives us the option to look sharply as some of the deployment opportunities where maybe 6 to 12 months ago, we felt we needed to be more cautious. And at the same point, we have more capacity, as Denis said, to step up buybacks. You should view that we're very, very focused on delivering capital to serve clients and to shareholders and we'll be very thoughtful about the adjustment phase-in of whatever comes when we understand it. But I'd just say there's a lot of uncertainty. It's a ways out. There's going to be comment periods. And so there's nothing going to be premature about what we do.

鑑於我們在戰略上所做的工作，我們現在擁有更大的靈活性，這使我們可以選擇敏銳地看待一些部署機會，而在 6 到 12 個月前，我們認為我們需要更加謹慎。與此同時，正如丹尼斯所說，我們有更多的能力來加強回購。您應該看到，我們非常非常專注於提供資本來服務客戶和股東，並且當我們了解這一點時，我們將非常周到地考慮逐步進行的任何調整。但我只想說，存在很多不確定性。這是一條出路。將會有評論期。因此，我們所做的一切都不會為時過早。

We'll go next to Mike Mayo with Wells Fargo.

接下來我們將與富國銀行一起去邁克·梅奧。

Look, I think you described here the rightsizing with investment equity debt CIE, the consumer and with headcount. I guess the specific question is what were any severance charges in the quarter? And where are you on the rightsizing of headcount? And the big picture question for David is simply, is this as bad as it gets? Do you feel comfortable that you captured everything with -- from the -- any severance to Marcus to GreenSky to CIE with debt investment -- debt equity investments that you were conservative enough? Are we going to keep seeing 9% ROEs? Or does this accelerate your journey to that 15% midterm ROE?

聽著，我認為您在這裡描述了投資股權債務 CIE、消費者和員工人數的調整規模。我想具體問題是本季度有多少遣散費？您在人員規模調整方面進展如何？對大衛來說，最重要的問題是，情況真的那麼糟糕嗎？您對自己通過債務投資——從任何遣散費到 Marcus 到 GreenSky 到 CIE 的債務投資——債務股權投資——所捕獲的一切感到滿意嗎？我們會繼續看到 9% 的 ROE 嗎？或者這會加速您實現 15% 中期 ROE 的進程嗎？

Okay. Mike, it's Denis. I'll start, and then I'll turn it over to David. So we called out our severance expense year-to-date was $260 million. The vast majority of that was in the first quarter in connection with much, much larger levels of headcount reductions then. The reason that we're making an effort to call it out, you will also notice that our comp ratio net of provisions at 34%. We're just making an effort to provide transparency in terms of what components of our compensation expense accruals are designed for severance.

好的。邁克，我是丹尼斯。我先開始，然後把它交給大衛。因此，我們稱今年迄今為止的遣散費為 2.6 億美元。其中絕大多數是在第一季度與當時大幅裁員有關。我們之所以努力指出這一點，您還會注意到我們扣除準備金後的補償率為 34%。我們只是努力提供透明度，說明應計補償費用的哪些部分是為遣散費而設計的。

And we think that's important because with the balance, we're going to be focused on our pay-for-performance Ethos as well as balancing returns for shareholders, but making sure that we have the capacity this year to protect our talent, protect the franchise, make sure we're positioned to capture the upside. So the severance disclosures are just designed to help understand the financial impact of the actions we've taken. David will give you more color, but we've largely done what we set out to do. We're on target for the payroll efficiencies and that I'll help you understand what the severance picture is relative to the overall accrued level of compensation and expense.

我們認為這很重要，因為有了平衡，我們將專注於我們的績效薪酬精神以及平衡股東回報，但確保我們今年有能力保護我們的人才，保護特許經營權，確保我們能夠抓住優勢。因此，遣散費披露只是為了幫助了解我們所採取行動的財務影響。大衛會給你更多的色彩，但我們基本上已經完成了我們打算做的事情。我們的工資效率目標已達到，我將幫助您了解遣散費與總體應計薪酬和費用水平的關係。

And Mike, to your bigger question, this was a meaningful quarter of putting some things that we strategically decided to do behind us. With respect to the balance sheet, I think one of the things that's very important to call out, this is an environment at the moment that's been hard on that legacy balance sheet. We are reducing the legacy balance sheet, but we could just as well next quarter, if the environment improves, have positive revenues from that legacy balance sheet too.

邁克，對於你更大的問題，這是一個有意義的季度，我們將戰略上決定做的一些事情拋在了身後。就資產負債表而言，我認為非常重要的一件事是，目前的環境對傳統資產負債表來說很困難。我們正在減少遺留資產負債表，但如果環境改善，我們也可以在下個季度從遺留資產負債表中獲得正收入。

But if the environment got worse, we still have balance sheet to reduce. So I've been around the firm a long time. This was obviously a tough quarter, but we also had one-off items that we put in. We're going to continue to give you transparency on the legacy balance sheet and we're going to continue to move forward. I think the environment feels better. If the environment feels better and the environment turns out to be better, you'll see better performance.

但如果環境變得更糟，我們仍然需要縮減資產負債表。所以我在這家公司工作了很長時間。這顯然是一個艱難的季度，但我們也加入了一次性項目。我們將繼續向您提供遺留資產負債表的透明度，並且我們將繼續前進。我覺得環境比較好。如果環境感覺更好並且事實證明環境也更好，你就會看到更好的表現。

But I feel very, very good about the strategic decisions that we're making, the execution that we're working on, the progress we're making in Asset & Wealth Management, and we as a leadership team see a clear path to improvement in a better operating environment.

但我對我們正在製定的戰略決策、我們正在執行的工作、我們在資產和財富管理方面取得的進展感到非常非常滿意，而且我們作為領導團隊看到了在更好的運營環境中改進的明確途徑。

And can you remind us -- so you're taking this pain, the charges and you're looking to get to mid-teens ROE in the medium term. How do you define medium term? And what should we be looking at along the way because to the extent that this accelerates this transition, it'd be nice to see some metrics externally for that progress?

你能提醒我們嗎——所以你正在承受這種痛苦、這些指控，並且你希望在中期內達到十幾歲的 ROE。您如何定義中期？我們在此過程中應該關注什麼，因為這會加速這一轉變，如果能在外部看到一些衡量進展的指標，那就太好了？

Well, we're going to make progress, Mike, over the next couple of years, the next 2 to 3 years, we're going to make meaningful progress. But I'd just highlight, when you go back to our core business, banking and markets, where we are a leader, and I think given the mix of that business is performing well and what's not a perfect environment for that business, if that business, we really believe will deliver mid-teens through the cycle.

好吧，我們會取得進展，邁克，在接下來的幾年裡，接下來的兩到三年裡，我們將取得有意義的進展。但我想強調的是，當你回到我們的核心業務、銀行和市場時，我們是其中的領導者，我認為考慮到該業務的組合表現良好，而且該業務的環境並不完美，如果該業務，我們真的相信將在整個週期中實現十幾歲左右的業績。

The investment banking returns right now are at a very, very significant low, but we do have a 14% ROE to date in Global Banking & Markets. So an improved environment should help us. The asset management journey is going to take, and we were very clear about this in February, it's going to take 2 to 3 more years for us to continue to make progress on the journey with respect to the continued reduction of the balance sheet and the revenue growth and the margin uplift. And we're working on it. We see a clear line of sight, and we're going to make progress.

目前投資銀行的回報率處於非常非常低的水平，但迄今為止，我們在全球銀行和市場領域的淨資產收益率確實為 14%。因此，改善的環境應該對我們有幫助。資產管理之旅還將繼續，我們在2月份就非常清楚這一點，我們還需要2到3年的時間才能在資產負債表持續縮減、收入增長和利潤率提升方面繼續取得進展。我們正在努力。我們看到了清晰的視線，我們將會取得進展。

We'll go next to Brennan Hawken with UBS.

接下來我們將與瑞銀一起前往布倫南·霍肯 (Brennan Hawken)。

You spoke earlier to green shoots that you're seeing in the banking side. Given how important sponsors are to your banking franchise, curious to drill down and specifically understand what you're seeing with that cohort and whether or not we need to see the levered loan market recover before they can come back in full force?

您早些時候談到了銀行業的萌芽。考慮到贊助商對您的銀行業務有多麼重要，您想深入了解並具體了解您在該群體中看到的情況，以及我們是否需要看到槓桿貸款市場復甦才能全面恢復？

Yes. So thanks for that question, Brennan. It's a good question. It's an important thing. I'm glad you're asking us to highlight it because I think about it this way, and it's very, very important. When you look at our M&A business, a significant contributor to our M&A business is M&A sponsors, and that's come to a halt. It's come to a halt. There are 2 aspects of it. There's buy side and the sell side. The buy side is obviously also give us financing and other capital markets activity. The sell side sometimes gives staple and financing opportunity, too. But that stuff has kind of come to a halt. Here's one thing I know about financial sponsors.

是的。謝謝你提出這個問題，布倫南。這是一個好問題。這是一件重要的事情。我很高興您要求我們強調它，因為我是這樣思考的，而且它非常非常重要。當你看看我們的併購業務時，我們的併購業務的一個重要貢獻者是併購發起人，但這種情況已經停止了。它已經停止了。它有兩個方面。有買方和賣方。買方顯然也為我們提供融資和其他資本市場活動。賣方有時也會提供主食和融資機會。但這些事情已經停止了。這是我對財務贊助商了解的一件事。

Number one, they own a bunch of assets. They're all for sale, and they all will be sold. This environment has slowed down the pace of sale in a better environment that will accelerate. And I think we're going to see that accelerate as we look forward from here. This has been a particularly slow environment for that.

第一，他們擁有大量資產。它們都在出售，而且都將被出售。這種環境已經減慢了銷售的步伐，在更好的環境中將會加速。我認為，當我們展望未來時，我們將會看到這種加速。這是一個特別緩慢的環境。

Secondly, they have enormous dry powder, okay? And they can't make money unless they deploy. And so as soon as you get to a place, the values reset and financing costs are understood, you start to see people deploy. We're starting to see some of that. You saw this quarter, obviously, a very, very big transaction around FIS. And so you're going, I think, [to see more] as we move forward. So this is a very, very important part of the investment banking ecosystem that kind of came to a shutdown given the volatility of change in the environment. And I'm not smart enough to tell you this quarter, next quarter, but it will meaningfully improve and it's an important component to investment banking activity. And it's one of the reasons why investment in banking activity is running at kind of from an activity level, kind of 10-year lows.

其次，他們有大量的干粉，好嗎？除非部署，否則他們無法賺錢。因此，一旦你到達一個地方，了解了價值重置和融資成本，你就開始看到人們部署。我們開始看到其中的一些。顯然，您在本季度看到了圍繞 FIS 的非常非常大的交易。所以我想，隨著我們的前進，你會[看到更多]。因此，這是投資銀行生態系統中非常非常重要的一部分，由於環境變化的波動性，該生態系統已經關閉。我不夠聰明，無法告訴你這個季度、下個季度，但它將顯著改善，並且是投資銀行活動的重要組成部分。這也是銀行活動投資處於 10 年來最低水平的原因之一。

And the other part of your question, Brennan, speaks to availability and health of financing markets. I think we certainly have underwriting appetite to facilitate these transactions. We believe we can distribute risk into the market. There's also a number of principal in buckets, both with our clients and within our own funds that are capable of deploying financing to support transaction activity in this environment that could also be an attractive source of activity for the firm.

布倫南，你問題的另一部分涉及融資市場的可用性和健康狀況。我認為我們當然有承銷意願來促進這些交易。我們相信我們可以將風險分散到市場中。我們的客戶和我們自己的基金中還有許多本金，能夠在這種環境下部署融資來支持交易活動，這也可能成為公司有吸引力的活動來源。

Great. I appreciate it. And then for my second, you started the process of selling GreenSky. We saw the goodwill impairment. What's been the reception to that asset? And has that impacted your expectation for how quickly you could finalize that sale?

偉大的。我很感激。然後我的第二個例子是，你們開始了銷售 GreenSky 的過程。我們看到了商譽減值。該資產反響如何？這是否影響了您對完成銷售的速度的期望？

So Brennan, in terms of the process, we're obviously in the middle of the process. We have feedback. I think extra color, just to share with you in terms of how you think about potential on the forward. It's a business we bought for $1.7 billion. We integrated into Goldman Sachs. We're seeing it perform well. It's a good business. We had made the decision to explore alternatives because it's not the right fit necessarily for Goldman Sachs.

因此，布倫南，就進程而言，我們顯然正處於進程的中間。我們有反饋。我認為有更多的色彩，只是為了與你分享你如何看待前鋒的潛力。這是我們花費 17 億美元購買的企業。我們融入了高盛。我們看到它表現良好。這是一筆好生意。我們決定探索替代方案，因為它不一定適合高盛。

We've written down the goodwill in the Consumer platform segment. There's no more goodwill to be written down. That business at this point has remaining unamortized intangibles approximately $625 million that we consider for impairment on a quarterly basis, and we'll do so in the future. And should we move forward with the transaction with respect to GreenSky, it could happen in a number of different ways. We could sell the platform, we could sell the platform and the historical lending book that we have on balance sheet. And should we choose to sell the loan book, we'll designate that as held for sale, much like the Marcus loans process, and you'll see the P&L impact accordingly as we mark the loans and release the associated reserve.

我們已經減記了消費者平台細分市場的商譽。沒有更多的善意可寫。該業務目前尚有約 6.25 億美元的未攤銷無形資產，我們將按季度考慮減值，並且我們將來也會這樣做。如果我們繼續推進 GreenSky 的交易，可能會以多種不同的方式進行。我們可以出售該平台，我們可以出售該平台以及我們資產負債表上的歷史借貸賬簿。如果我們選擇出售貸款賬簿，我們會將其指定為持有待售，就像馬庫斯貸款流程一樣，當我們標記貸款並釋放相關準備金時，您將看到相應的損益影響。

So those are the types of things that could occur on the forward given the strategic activity, but I don't think there's anything else to say about the GreenSky process given where we are.

因此，考慮到戰略活動，這些都是前鋒可能發生的事情類型，但考慮到我們所處的位置，我認為關於 GreenSky 流程沒有什麼可說的。

We'll go next to Devin Ryan with JMP Securities.

接下來我們將採訪 JMP 證券公司的 Devin Ryan。

In markets we hit on financing. So I just want to look at intermediation here. And obviously, results were off quite a bit from a great quarter last year. But based on the results, it also looks like you did better than the implication on the conference circuit late in the quarter. So just the implication there would be that June got a lot better for intermediation. So I just want to make sure kind of that read is correct. And then did June feel like a more normal month relative to the first couple? And has that continued? Just trying to think about the quarter and the cadence there.

在市場上，我們找到了融資。所以我只想在這裡看看中介。顯然，結果與去年的出色季度相比有很大差距。但根據結果，看起來你的表現也比本季度末巡迴會議上的表現要好。因此，這意味著六月在中介方面變得更好了。所以我只是想確保這種閱讀是正確的。那麼，相對於第一對夫婦來說，六月是否感覺是一個更正常的月份呢？這種情況還在繼續嗎？只是想想想這個季度和那裡的節奏。

Yes. So thanks, Devin. I'd just say, and you highlighted this appropriately, just pointing back. I mean, one of the big differences when you look at the year-over-year comparison is we're coming out of the period where the war started in Russia and there was an enormous activity in the commodity space. And we were very, very well positioned to serve clients in that space. And so we -- if you go back and you look at the second quarter 2022, we way outperformed in that quarter because of that commodities activity and obviously didn't have that here.

是的。所以謝謝，德文。我只想說，你恰當地強調了這一點，只是回頭指出。我的意思是，當你查看同比情況時，最大的差異之一是我們正處於俄羅斯戰爭爆發的時期，商品領域發生了巨大的活動。我們非常非常有能力為該領域的客戶提供服務。因此，如果你回顧一下 2022 年第二季度，我們會發現，由於大宗商品活動，我們在該季度的表現遠遠優於大盤，而這裡顯然沒有這樣的活動。

I think to the second part of your comment, yes, June was better. June was definitely better. And so there was an improvement in tone and a little bit of improvement in risk on and what we're early in the quarter. But there's no question, there's more of a risk on sentiment in the month of July than it was earlier in the second quarter. And you just think about it, we're coming out of March, we were coming out of the banking crisis, and you think about when we were on this call in early April, we're in a very different place in terms of investor sentiment overall. So there has been an improvement through the quarter. And I think it's noted appropriately.

我認為對於你評論的第二部分，是的，六月更好。六月肯定更好。因此，基調有所改善，風險以及我們在本季度初的情況也有所改善。但毫無疑問，七月份的情緒風險比第二季度早些時候更大。你想想看，我們即將走出 3 月份，我們即將走出銀行危機，你想想當我們在 4 月初召開電話會議時，就投資者整體情緒而言，我們處於一個非常不同的位置。因此，整個季度有所改善。我認為這一點得到了適當的注意。

Okay. That's great. And then just on transaction banking and the momentum there, it'd be great to just get an update on some of the kind of the drivers. And really, the question is, it's such a huge market as you guys identified when you got the business. It's still a very small driver for Goldman. And so just trying to think about the growth there? And are there opportunities for more step function growth if you add a certain capability? Or just how should we think about the opportunity to really -- this to become a much bigger business for Goldman?

好的。那太棒了。然後就交易銀行業務和那裡的勢頭而言，如果能夠了解某些驅動因素的最新情況，那就太好了。事實上，問題是，正如你們在獲得業務時所發現的那樣，這是一個巨大的市場。對於高盛來說，這仍然是一個非常小的驅動因素。那麼只是想想想那裡的增長嗎？如果添加某種功能，是否有機會實現更多階躍函數增長？或者我們應該如何看待這個機會，真正成為高盛更大的業務？

So I appreciate that question. I think it's -- I think you're right. I think we've got an interesting platform. It's been very constructive in bringing deposits to Goldman Sachs. But one of the things that we said over the last couple of quarters is we're working now on getting the clients that are on the platform to really get more of their payments activity into the flow, so this delivers real revenue and real value over time. That's taking some time and it will take some time. I think it's a dispersed business where there are lots of providers for most people. These are our clients, so we have the right to kind of compete for and be engaged for this. They like our technology but making changes in payment flows takes time.

所以我很欣賞這個問題。我認為——我認為你是對的。我認為我們有一個有趣的平台。這對於為高盛帶來存款非常有建設性。但我們在過去幾個季度所說的一件事是，我們現在正在努力讓平台上的客戶真正將更多的支付活動納入流程中，這樣隨著時間的推移，這將帶來真正的收入和真正的價值。這需要一些時間，而且還需要一些時間。我認為這是一個分散的行業，為大多數人提供了大量的服務。這些是我們的客戶，因此我們有權為此進行競爭和參與。他們喜歡我們的技術，但改變支付流程需要時間。

So I think the team here is very focused on the long-term investment in building those relationships. I think a particular opportunity for us is around what I call kind of financial sponsor companies, et cetera. We're obviously given our financial sponsors franchise. We have a very, very good opportunity set over time. But this is going to take time to execute. I think it's one of those things where we have a business that's performing fine, but it's not making a meaningful contribution. But I think this is something where, over time, we'll work hard to figure out how this can make a more meaningful contribution to the firm with our client base.

因此，我認為這裡的團隊非常注重建立這些關係的長期投資。我認為對我們來說一個特殊的機會是圍繞我所謂的金融贊助公司等。我們顯然獲得了財務贊助商的特許經營權。隨著時間的推移，我們有一個非常非常好的機會。但這需要時間來執行。我認為這是我們的業務表現良好，但沒有做出有意義的貢獻的原因之一。但我認為，隨著時間的推移，我們將努力弄清楚如何通過我們的客戶群為公司做出更有意義的貢獻。

We'll go next to Dan Fannon with Jefferies.

接下來我們將與杰弗里斯一起前往丹·範農 (Dan Fannon)。

I wanted to ask about private banking and lending, even ex the $100 million gain this quarter. That continues to be an area of growth. Can you talk about the prospects as we think about going forward and the inputs to kind of continue the level of growth you've seen?

我想詢問私人銀行和貸款的情況，甚至不包括本季度 1 億美元的收益。這仍然是一個增長領域。您能否談談我們對未來的展望以及為維持您所看到的增長水平而投入的資金？

Sure. So it's highlighted as one of those areas within the overall Asset & Wealth Management business, which we think has the combined benefit of growth opportunities as well as more stable and recurring revenues. There's a couple of components inside of that line item. We've obviously seen strong growth in the deposit platform, which has been contributing nicely, and that was the area in which we had our Marcus loans activities, which on the -- those will obviously have -- will not be contributing on the forward. But the other piece of it, which is an area of strategic priority for us is the overall activities with respect to wealth lending activities.

當然。因此，它被強調為整個資產和財富管理業務中的領域之一，我們認為該業務具有增長機會以及更穩定和經常性收入的綜合效益。該訂單項內部有幾個組件。我們顯然看到了存款平台的強勁增長，該平台一直做出了很好的貢獻，這也是我們開展馬庫斯貸款活動的領域，而這些活動顯然不會對未來做出貢獻。但另一部分，也是我們的戰略重點領域，是與財富借貸活動有關的整體活動。

And we have, as I think David highlighted earlier, premium ultra-high net worth business that has been growing nicely. But we feel like we're relatively underpenetrated with respect to some of the lending activities with those clients and across the wealth space. And so we have some new leadership across the division in the past number of quarters and a very, very clear mandate that we should be out there aggressively leaning into those relationships and making sure that we can solidify them as comprehensively as possible, and we expect that will be a contributor to that line item as well on the forward.

正如我認為大衛之前強調的那樣，我們擁有一直增長良好的優質超高淨值業務。但我們認為，在與這些客戶以及整個財富領域的一些貸款活動方面，我們的滲透率相對較低。因此，在過去的幾個季度中，我們整個部門有了一些新的領導層，並且有一個非常非常明確的任務，即我們應該積極地致力於這些關係，並確保我們能夠盡可能全面地鞏固它們，我們預計這也將在未來對該項目做出貢獻。

Great. And then just as a follow-up, in terms of the balance sheet reduction outlook and as you think about line of sight, which I think you used to give us some numbers and given capital markets may be opening up and a little bit more receptive to exit anything that you could point to or numerically talk about in the short term that you're planning on or have, as I said, line of sight on?

偉大的。然後，作為後續行動，就資產負債表縮減前景而言，當您考慮視線時，我認為您曾經給我們提供了一些數字，並且考慮到資本市場可能正在開放，並且更願意退出任何您可以指出或在短期內以數字方式談論的您計劃或已經（正如我所說的）視線的東西？

Sure. I appreciate that question. So obviously, we took you to current on historical principal investments at $23.8 billion. You know that there is a year-end '24 target of below $15 billion. We said we are well on pace towards that target. I would say that we have line of sight on several billion of incremental reductions. We have a large number of processes and positions that we're exploring for disposition. They're all in various stages of completeness from exclusivity to on offer to being marketed to being prepared. We've moved a large number of positions year-to-date, and we have more that we're focused on moving from here. So I would offer that up as it's an ongoing highly engaged process where we expect to make incremental progress.

當然。我很欣賞這個問題。顯然，我們向您介紹了當前 238 億美元的歷史本金投資。您知道 24 年底的目標是低於 150 億美元。我們說過，我們正在朝著這一目標邁進。我想說的是，我們的目標是減少數十億美元。我們正在探索處置大量流程和職位。它們都處於不同的完整性階段，從獨家銷售到發售，再到營銷，再到準備。今年迄今為止，我們已經調動了大量職位，而且我們還有更多的重點要從這裡調動。因此，我願意提出這一點，因為這是一個持續的、高度參與的過程，我們希望在其中取得漸進的進展。

We'll go next to Matt O'Connor with Deutsche Bank.

接下來我們將採訪德意志銀行的馬特·奧康納。

So the SCB obviously came down very nicely this year and has been trending down for a couple of years now. We are getting some questions on how some of the consumer loan portfolios have impacted that. And specifically with the sale of the Marcus loans and potentially sale of GreenSky loans and again, according to the media, potentially exit the credit card. I guess the question is, do those loans actually help bring down the SCB? Or what are the puts and takes there as you think about the impact of those loan portfolios in aggregate on the annual DFAST/CCAR?

因此，SCB 今年顯然下降得非常好，而且幾年來一直呈下降趨勢。我們收到一些關於某些消費貸款投資組合如何影響這一點的問題。特別是隨著 Marcus 貸款的出售和 GreenSky 貸款的潛在出售，據媒體報導，可能會再次退出信用卡。我想問題是，這些貸款真的有助於打壓渣打銀行嗎？或者當您考慮這些貸款組合對年度 DFAST/CCAR 的總體影響時，看跌期權和看跌期權是多少？

Sure. So look, you're familiar with the process as we are. There's various levels of transparency that you get through the process. Obviously, those contributions from lending activities, which roll into components of the test. But the big driver for us and what we feel has been enabling us to meaningfully move down our SCB towards the 5% area that we've been discussing is really attributable to the on-balance sheet investments. We think that has a very, very meaningful impact for us.

當然。所以看，您和我們一樣熟悉這個過程。在整個過程中，您可以獲得不同程度的透明度。顯然，貸款活動的貢獻已納入測試的組成部分。但對我們來說，最大的推動力以及我們認為使我們能夠有意義地將 SCB 降低到我們一直在討論的 5% 區域的因素實際上歸功於資產負債表內的投資。我們認為這對我們有非常非常有意義的影響。

And the thing I would remind you is that the impact that was just revealed in this year's test with this SCB of 5.5% due to be implemented in October, that's based on the snapshot of activity that the Fed took last year, which means that all the activities that we're discussing on this call are going to be considered in the next test. And assuming that the test is similar next year to the test this year, which I don't know. But if it is, we will continue to see benefit from our reduction of these on balance sheet investments.

我要提醒大家的是，今年測試中剛剛披露的 SCB 利率為 5.5% 的影響將於 10 月實施，這是基於美聯儲去年的活動快照，這意味著我們在這次電話會議中討論的所有活動都將在下一次測試中考慮。假設明年的測試與今年的測試類似，我不知道。但如果是這樣，我們將繼續從減少資產負債表投資中受益。

So the reason why we remain so focused on setting those targets and providing so much transparency about our trajectory and our path is that we really believe that, that's a very, very meaningful way to understand our trajectory in terms of minimum capital ratios until, obviously, any new news on that front.

因此，我們之所以如此專注於設定這些目標，並就我們的軌跡和道路提供如此多的透明度，是因為我們真的相信，這是一種非常非常有意義的方式來理解我們在最低資本比率方面的軌跡，顯然，直到這方面出現任何新消息為止。

Okay. So focus much more on the legacy on balance sheet positions versus the consumer lending portfolios. That's helpful.

好的。因此，更多地關注資產負債表頭寸的遺留問題，而不是消費者貸款投資組合。這很有幫助。

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

我們將接受加拿大皇家銀行杰拉德·卡西迪的下一個問題。

David, in your opening comments, you were talking about you guys are still very focused on reaching a mid-teens ROE through the cycle. We all know the business has been depressed as you pointed out in your comments. Can you share with us, if you go -- we have -- the public has access to the Dealogic data. Your data is probably better than that.

大衛，在你的開場白中，你談到你們仍然非常專注於在整個週期中達到十幾歲的 ROE。我們都知道，正如您在評論中指出的那樣，業務一直不景氣。您能否與我們分享一下，如果您去的話——我們已經——公眾可以訪問 Dealogic 數據。您的數據可能比這更好。

But if you look at the Dealogic data for '21 and '22, obviously, the global investment banking revenues were unusually strong. Why would you think is a normal level for global investment banking revenues that you need to get to that mid-teens ROE that you're targeting?

但如果你看一下 Dealogic 21 年和 22 年的數據，顯然，全球投資銀行收入異常強勁。為什麼您認為全球投資銀行收入的正常水平需要達到您目標的十幾歲左右的淨資產收益率？

So again, I'd highlight that Global Banking & Markets, even in this environment, has close to 14% ROE for the first 6 months of the year and what's not a great environment for investment banking. We don't disclose the separate ROE for investment banking, but I just highlight to you, it's running way, way below what it's run on average over the course of the last 5 or the last 10 years. We do not have to go back to 2021 kind of levels in order to see a material uplift in that investment banking ROE, which would bolster the overall through-the-cycle uplift of our Global Banking & Markets franchise. I'm sure in my lifetime, maybe not my career, I'll see another year like 2021, but 2021 falls into that category of years that come along once in a decade, I wouldn't call that normal either.

因此，我再次強調，即使在這種環境下，全球銀行與市場業務今年前 6 個月的股本回報率也接近 14%，這對於投資銀行來說並不是一個很好的環境。我們不會披露投資銀行業務的單獨 ROE，但我只是向您強調，它的運行情況遠遠低於過去 5 年或過去 10 年的平均運行情況。我們不必回到 2021 年的水平就能看到投資銀行 ROE 的實質性提升，這將促進我們全球銀行和市場業務的整體整個週期的提升。我確信在我的一生中，也許不是我的職業生涯，我會看到像 2021 年這樣的另一年，但 2021 年屬於十年一次的年份，我也不認為這是正常的。

But I would say that this is not normal and normalize somewhere in between. Our average is -- I hate the word normal, average lies somewhere in between.

但我想說，這是不正常的，並且正常化介於兩者之間。我們的平均水平是——我討厭“正常”這個詞，平均水平介於兩者之間。

The only thing I would add, which I'm sure is intuited to, Gerard, some of the activities that are not contributing us substantially right now are very capital-efficient activities. And so looking at Dealogic levels of activity or revenues are 1 metric, but some of them are very, very beneficial to our overall results. And they also have the capacity to catalyze other activities as a consequence. So in environments of more active levels of investment banking, we see some positive impact across the rest of the firm that's not necessarily captured simply from the Delta explained in that investment banking line.

我唯一要補充的是，杰拉德，我確信這是直覺上的，一些目前對我們沒有實質性貢獻的活動是非常資本效率很高的活動。因此，查看 Dealogic 的活動或收入水平是一個衡量標準，但其中一些對我們的整體業績非常非常有益。因此，它們還有能力催化其他活動。因此，在投資銀行業務水平更加活躍的環境中，我們看到公司其他部門產生了一些積極影響，而這些影響不一定僅僅從投資銀行業務中解釋的三角洲中體現出來。

Yes. One other thing, Gerard, I'd just add, if you go back, it's an interesting thing to do. If you go back and you look at investment banking revenues from people who report them, over the last 20-plus years, go back to 2000 and look at investment banking revenues. There's a change in the environment and investment banking revenues have dropped meaningfully because of that. You can go back and you can see that at other times over the last 20 to 25 years. You can see that from 2001 to 2002. You can see that from 2007 to 2008. You can see that in 2010 to 2011.

是的。另一件事，杰拉德，我想補充一點，如果你回去，這是一件有趣的事情。如果你回頭看看過去 20 多年里報告者的投資銀行收入，再回到 2000 年看看投資銀行收入。環境發生了變化，投資銀行收入因此大幅下降。你可以回顧過去 20 到 25 年的其他時間。你可以看到2001年到2002年的情況。你可以看到2007年到2008年的情況。你可以看到2010年到2011年的情況。

And obviously, you're seeing it from 2021 to 2022 and '23. What's interesting is to go look at what happens when you come out of the cycle and kind of look at the growth in the upshoot because market cap grows, there's growth in the economy, et cetera, I don't think it's going to be different this time. I think this is a cycle. We haven't seen a cycle in a while. And the other side of the cycle will continue to look attractive the services of advising the need for mergers and consolidation, even though there can be headwinds and friction, the need for capital markets activity, IPOs, equity financing, debt financing, that's a fundamental part of our economy. It's not going away. It's been depressed for the last 4 to 6 quarters.

顯然，從 2021 年到 2022 年以及 2023 年你都會看到這種情況。有趣的是，看看當你走出週期時會發生什麼，看看上升中的增長，因為市值增長，經濟增長等等，我認為這次不會有什麼不同。我認為這是一個循環。我們已經有一段時間沒有看到循環了。儘管可能存在逆風和摩擦，但周期的另一面將繼續對合併和整合的需求提供諮詢服務，資本市場活動、首次公開募股、股權融資、債務融資的需求是我們經濟的基本組成部分。它不會消失。過去四到六個季度一直低迷。

Very helpful. And then Denis, a technical question for you on GreenSky. You mentioned that you still have intangibles and you are going to think -- or you still have a determination to make whether GreenSky should move into held for sale. Two-part question. What will trigger that to move it into held for sale? And then should you do that? And if there's an intangible impairment, do you have to take that impairment at that time when you move it into held for sale or you can wait for a later date?

很有幫助。然後是 Denis，在 GreenSky 上向您提出一個技術問題。你提到你仍然擁有無形資產，你會考慮——或者你仍然有決定是否將 GreenSky 轉為持有待售。兩部分的問題。什麼會觸發它進入待售狀態？那麼你應該這樣做嗎？如果存在無形減值，當您將其轉入持有待售狀態時，您是否必須立即承擔該減值，或者您可以等待稍後的日期？

So thank you. The decision as to whether and when we move it to held for sale is when we make a decision affirmatively that we are selling the business and we're selling the loan portfolio, and we will -- when we make that decision, we will designate it as such, and you will see the P&L consequences of that designation at that point in time. We evaluate the intangibles every single quarter for impairment. And in the next quarter, we will also analyze the intangibles for impairment.

所以謝謝。我們是否以及何時將其轉為持有待售的決定是當我們肯定地做出我們正在出售業務和我們正在出售貸款組合的決定時，我們將——當我們做出該決定時，我們將如此指定它，您將看到該指定在該時間點的損益結果。我們每個季度都會評估無形資產的減值情況。並且在下個季度，我們還將分析無形資產的減值情況。

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

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

Just on Platform Solutions profitability. I appreciate you getting to an efficiency ratio already below 100%. But the other drag on profits is credit. I think you guys noted that in consumer platforms had a 5.8% net charge-off ratio. I would imagine point of sale is lower than cards. So that would imply cards as well north of 6% in terms of that charge-off ratio. How do we -- is that right? And how do we think about the credit quality in that book and where you see it kind of normalizing?

只是平台解決方案的盈利能力。我很感激你的效率已經低於 100%。但另一個拖累利潤的因素是信貸。我想你們注意到消費平台的淨沖銷率為 5.8%。我想銷售點比卡要低。因此，這意味著信用卡的沖銷率也將超過 6%。我們如何——對嗎？我們如何看待這本書中的信用質量以及您認為它在哪裡趨於正常化？

Sure. So a couple of things. On the one hand, the net charge-off in consumer at 5.8% for the quarter, given the nature of our portfolio, its maturity, the overall operating environment, we do expect that, that will continue to tick up over the next couple of quarters.

當然。有幾件事。一方面，考慮到我們投資組合的性質、成熟度和整體運營環境，本季度消費者的淨沖銷率為 5.8%，我們預計，這一數字將在未來幾個季度繼續上升。

But you'll also notice that we reduced our coverage ratio this quarter as well. And that's because the performance of the activities is actually coming in better than we had originally expected. We had put together provisions on a conservative basis. And now as we have more and more data coming through, we actually are comfortable in removing some of that conservatism and bringing down the coverage ratio. So I'd say trending as expected with overall better data coming through than originally anticipated.

但您還會注意到，我們本季度也降低了保險覆蓋率。這是因為活動的表現實際上比我們最初預期的要好。我們在保守的基礎上製定了規定。現在，隨著我們收到越來越多的數據，我們實際上很樂意消除一些保守主義並降低覆蓋率。因此，我想說，趨勢符合預期，總體數據比最初預期的要好。

Okay. Maybe just a follow-up question on Wealth Management. I haven't really talked about it in a while, but whether it's with Ayco and trying to move a little bit down market from the ultra-high net worth space. Can you talk to the progress you've made there? And what kind of -- where you're seeing investments in growth?

好的。也許只是關於財富管理的後續問題。我已經有一段時間沒有真正談論過這個問題了，但是否是與 Ayco 以及試圖從超高淨值領域向下游市場轉移一點。您能談談您在那裡取得的進展嗎？您在哪些方面看到了增長投資？

So Ayco, within the overall platform, Ayco is something we continue to grow. We continue to be focused on. It's extremely well received, in particular, by a number of our C-suite clients. It's part of our approach to having a more integrated and comprehensive approach to clients in that segment. We do see opportunities to continue to expand our offering. We also see opportunities to expand within the ultra-high net worth space, both in the United States and abroad, and we have a very, very long track record of delivering, and we believe we are actually despite the franchise underpenetrated and continue to grow that as well.

因此，Ayco 在整個平台內，Ayco 是我們不斷發展的東西。我們繼續關注。它受到了極大的好評，特別是受到我們的許多高管客戶的歡迎。這是我們為該細分市場的客戶提供更加綜合和全面的方法的一部分。我們確實看到了繼續擴大我們產品範圍的機會。我們還看到了在美國和國外超高淨值領域擴張的機會，而且我們擁有非常非常長的交付記錄，我們相信，儘管特許經營權滲透不足，但我們實際上仍在繼續增長。

That will conclude our question-and-answer session. Please continue with any closing remarks.

我們的問答環節就到此結束。請繼續發表結束語。

Yes. We just want to thank you for joining. And obviously, if you have any further questions, please feel free to reach out to me or Jehan and the rest of the team. Otherwise, we look forward to speaking with you soon. Thank you, everybody.

是的。我們只想感謝您的加入。顯然，如果您有任何其他問題，請隨時聯繫我或 Jehan 以及團隊的其他成員。否則，我們期待盡快與您交談。謝謝大家。