高盛 (GS) 2023 Q3 法說會逐字稿

Good morning. My name is Karen, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs Third Quarter 2023 Earnings Conference Call.

早安.我叫凱倫，今天將擔任本次會議的主持人。歡迎各位參加高盛2023年第三季財報電話會議。

On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of our website and contains information on forward-looking statements and non-GAAP measures. This audiocast is copyrighted material of The Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent. This call is being recorded today, October 17, 2023.

我謹代表高盛集團，首先聲明以下免責聲明。獲利報告可在我們網站的投資者關係頁面查閱，其中包含前瞻性陳述和非GAAP財務指標資訊。本次音訊廣播為高盛集團有限公司的版權所有，未經許可不得複製、轉載或重播。本次電話會議於2023年10月17日錄製。

I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman. Thank you. Mr. Solomon, you may begin your conference.

現在我將把電話交給董事長兼執行長大衛·所羅門先生和財務長丹尼斯·科爾曼先生。謝謝。所羅門先生，您可以開始您的會議了。

Thank you very much, and good morning, everybody. Thank you all for joining us. Before I start my prepared remarks, I'd just like to take a moment to address the horrific events in the Middle East. We condemn the terrorist attacks against Israel in the strongest possible terms and are heartbroken by the loss of so many innocent lives. This is clearly an extremely difficult and uncertain time for the region. And it's very concerning for many of us around the world. We obviously will continue to watch closely as this crisis unfolds.

非常感謝，大家早安。感謝各位的到來。在開始我的演講之前，我想先花一點時間談談中東發生的駭人聽聞的事件。我們以最強烈的措辭譴責針對以色列的恐怖攻擊，並對許多無辜生命的逝去感到無比痛心。這顯然是該地區一個極其艱難且充滿不確定性的時期，也令世界各地的許多人深感擔憂。我們將繼續密切關注這場危機的進展。

Earlier this month, I marked the end of my fifth year as the CEO of Goldman Sachs. I've never felt more optimistic about the firm, and our strategy has never been more clear. We operate two core businesses, our market-leading Global Banking & Markets franchise and our growing Asset & Wealth Management platform, both of which are being positioned to deliver mid-teen returns through the cycle.

本月初，我擔任高盛執行長滿五年。我對公司的前景從未如此樂觀，我們的策略也從未如此清晰。我們經營兩大核心業務：市場領先的全球銀行及資本市場業務，以及不斷發展的資產及財富管理平台。這兩個業務都致力於在本輪週期內實現兩位數以上的收益。

As I reflect on the past 5 years, much of what has always made Goldman Sachs extraordinary remains the same: long track record of being a trusted adviser to the world's leading businesses, institutions and individuals; a global broad and deep platform with capabilities that span across products, geographies and solutions; an aspirational brand; exceptional people; and a culture of collaboration and excellence.

回顧過去五年，高盛之所以卓越非凡，許多因素依然如故：長期以來，它一直是世界領先企業、機構和個人的值得信賴的顧問；它擁有覆蓋全球、廣泛而深厚的平台，其能力涵蓋產品、地域和解決方案；它擁有令人嚮往的品牌；它擁有傑出的人才；它擁有協作和追求卓越的文化。

Additionally, over this time, we have evolved the organization by institutionalizing a One Goldman Sachs operating ethos. This approach, coupled with our best-in-class talent, advice and execution capabilities, has strengthened and solidified our leadership position across our businesses. As we sit here today, our client franchise is as strong as ever, enabling us to remain at the center of the most complex and important transactions for our clients.

此外，在此期間，我們透過建立「一個高盛」的營運理念，推動了組織的變革。這項舉措，結合我們一流的人才、諮詢和執行能力，鞏固了我們在各個業務領域的領先地位。時至今日，我們的客戶基礎依然穩固，使我們能夠繼續為客戶處理最複雜、最重要的交易。

For example, the IPO market has started to reopen. Since Labor Day, there have been four marquee IPOs priced in the United States, ARM Holdings, Instacart, Klaviyo and Birkenstock. Goldman Sachs was lead left on three of those four and the joint lead bookrunner on the fourth. No other bank can make that claim. Being entrusted to help companies navigate the critical transition of coming to market required long-standing client relationships, deep market expertise and experience.

例如，IPO市場已經開始重新開放。自勞動節以來，美國已有四家備受矚目的公司完成IPO定價，分別是ARM Holdings、Instacart、Klaviyo和Birkenstock。高盛在其中三家公司擔任牽頭承銷商，並在第四家公司擔任聯席主承銷商。沒有其他銀行能夠做到這一點。能夠受託幫助企業順利完成上市這項關鍵轉型，需要與客戶建立長期穩固的關係，並具備深厚的市場專業知識和豐富的經驗。

Given the execution of these transactions, I'm encouraged by the prospect of a wider reopening of capital markets. If conditions remain conducive, I expect the continued recovery for both capital markets and strategic activity. As a leader in M&A advisory and equity underwriting, a resurgence in activity would be a tailwind for Goldman Sachs.

鑑於這些交易的順利完成，我對資本市場全面重啟的前景感到鼓舞。如果市場環境持續向好，我預期資本市場和策略活動都將持續復甦。作為併購諮詢和股權承銷領域的領導者，市場活動的復甦將對高盛大有裨益。

In Asset & Wealth Management, our strategy is working as evidenced by the successes we've seen across our franchise. While some active asset managers have faced quarterly outflows over the last few years, we posted our 23rd consecutive quarter of long-term fee-based inflows. We generated record management and other fees of $2.4 billion and are well on our way of achieving our $10 billion annual target to 2024. We are also ahead of pace on our $2 billion target for alternative management fees.

在資產與財富管理領域，我們的策略行之有效，我們在整個業務板塊的成功便是最好的證明。儘管過去幾年一些主動型資產管理公司遭遇了季度資金外流，但我們已連續23個季度實現長期費用收入流入。我們創造了24億美元的管理費和其他費用收入，創歷史新高，並正朝著2024年實現100億美元年度目標穩步邁進。此外，我們在另類資產管理費20億美元的目標方面也超額完成。

While a market-leading client franchise allows us to execute from a position of strength, we know we still have work ahead of us. Earlier this year at Investor Day, we laid out a clear set of goals to narrow our strategic focus. And we have made significant progress on these priorities.

雖然市場領先的客戶基礎讓我們能夠從優勢地位出發開展業務，但我們也深知未來仍有許多工作要做。今年稍早的投資者日上，我們制定了一系列明確的目標，以縮小策略重點範圍。我們在這些優先事項上取得了顯著進展。

Most recently, we announced the sale of GreenSky. We also announced the sale of Personal Financial Management this summer. We sold substantially all of our Marcus loan portfolio. And we have reduced our historical principal investments by $9 billion this year. We are confident that the work we're doing now provides us a stronger platform to 2024 and beyond.

最近，我們宣佈出售了GreenSky。今年夏天，我們也宣佈出售了個人財務管理業務。我們出售了Marcus貸款組合的絕大部分。此外，我們今年已將歷史本金投資減少了90億美元。我們相信，目前所做的工作將為我們2024年及以後的發展奠定更堅實的基礎。

As I assess the operating backdrop, the U.S. economy has proven to be more resilient than expected, though there are reasons to remain vigilant. Treasury rates have risen sharply over the past few months with 10-year yields up 75 basis points in the third quarter. On top of that, recent inflation and employment data has come in above estimates, driving market expectations of higher-for-longer interest rates. And there still are a number of sectors in the economy that have yet to absorb the impact of higher rates, especially in light of the further tightening in financial conditions we've seen over the last quarter.

評估當前經濟環境，美國經濟展現出比預期更強的韌性，但仍有理由保持警覺。過去幾個月，美國公債利率大幅上漲，第三季10年期公債殖利率上漲了75個基點。此外，近期公佈的通膨和就業數據均高於預期，進一步推高了市場對利率長期走高的預期。而且，鑑於過去一個季度金融環境進一步收緊，經濟中仍有一些產業尚未完全消化利率上升的影響。

At the same time, there has been an escalation of geopolitical stresses around the globe, the war in Ukraine, ongoing tensions with China and now the conflict in the Middle East. Overall levels of risk are more elevated than we've seen in quite some time. While we don't know where this will all lead, it could impact economic growth and stability in the U.S. and around the world. And we remain cautiously positioned.

同時，全球地緣政治緊張局勢不斷升級，包括烏克蘭戰爭、與中國的持續緊張關係以及如今的中東衝突。整體風險水準已達到近年來的最高水準。雖然我們無法預知事態最終走向，但這些都可能對美國乃至全球的經濟成長與穩定產生影響。因此，我們將繼續保持謹慎態度。

Before I turn it over to Denis, I'd like to spend a moment on the Basel III Endgame proposal and reiterate my views on it. We, of course, support sensible regulation and the desire to ensure we have a safe and sound financial system. There are some who have recently said we need to address the lessons from the 2008 financial crisis, which is driving the need for much higher regulations.

在把發言權交給丹尼斯之前，我想花一點時間談談巴塞爾協議III的最終方案，並重申我的觀點。我們當然支持合理的監管，也支持確保金融體係安全穩健的意願。最近有人指出，我們需要吸取2008年金融危機的教訓，也促使人們需要更嚴格的監管。

But frankly speaking, the rules, as proposed, go way too far and do not account for the vast array of improvements made by the largest banks as a result of Dodd-Frank and other reforms. Not only have banks doubled capital over the last 15 years but they have improved the quality of capital, increased liquidity, simplified businesses that have been subjected to ongoing annual stress tests. Requiring too much capital will have negative consequences.

但坦白說，這些擬議的規則矯枉過正，完全沒有考慮到大型銀行因《多德-弗蘭克法案》和其他改革而取得的許多改進。在過去15年裡，銀行不僅資本翻了一番，而且資本品質也得到了提升，流動性增強，業務也得到了簡化，不再需要接受持續的年度壓力測試。過高的資本要求必然會帶來負面影響。

I believe if these rules are implemented, three things will happen. First, the cost of credit will go up for businesses of all sizes, from large corporations to small businesses. Second, more activity will move to the unregulated shadow banking sector. Policies that incentivize a transfer of risk outside the regulated banking system could, in fact, increase systemic risk. And third, U.S. competitiveness will go down. Our capital markets are the deepest and the most liquid in the world. They're the engine of our economy as access to capital allows innovation and growth across the country. Our competitive standing as the leading global economy would be negatively impacted by this proposal.

我認為，如果這些規則得以實施，將會出現三件事。首先，從大型企業到小型企業，所有規模的企業信貸成本都會上升。其次，更多業務活動將轉移到不受監管的影子銀行領域。鼓勵風險轉移到受監管銀行體系之外的政策實際上可能會增加系統性風險。第三，美國的競爭力將會下降。我們的資本市場是世界上最深厚、流動性最強的市場。它是我們經濟的引擎，因為獲得資本能夠促進全國的創新和成長。這項提案將對我們作為全球領先經濟體的競爭力產生負面影響。

The net result of these proposed rules would be slower economic growth in the U.S. without material improvement in the soundness of the banking system. We, alongside clients and others in the industry, have been engaging heavily with our regulators and government stakeholders. And given this engagement, we expect that there will be ongoing debate and ultimately changes to the proposed rules.

這些擬議規則的最終結果是，美國經濟成長放緩，而銀行體系的穩健性卻沒有實質改善。我們與客戶及業內其他人士一道，一直在與監管機構和政府相關部門積極溝通。鑑於這種溝通，我們預計相關討論將會持續進行，並最終促成對擬議規則的修改。

Though regulatory uncertainty and geopolitical risks remain top of mind, I feel very confident about the state of our client franchise and the long-term opportunities for Goldman Sachs. We are focused on the execution of our strategy to further strengthen our leading Global Banking & Markets franchise and grow our Asset & Wealth Management business. I feel good about the relative performance in our core business. And we remain firmly committed to delivering for clients and shareholders.

儘管監管的不確定性和地緣政治風險仍然是需要重點關注的問題，但我對我們的客戶基礎以及高盛長期發展的機會充滿信心。我們正專注於執行既定策略，以進一步鞏固我們領先的全球銀行及資本市場業務，並發展我們的資產及財富管理業務。我對我們核心業務的相對錶現感到滿意。我們將繼續堅定不移地致力於為客戶和股東創造價值。

I will now turn it over to Denis to cover financial results for the quarter.

現在我將把發言權交給丹尼斯，讓他來介紹本季的財務表現。

Thank you, David. Good morning. Let's start with our results on Page 1 of the presentation. In the third quarter, we generated net revenues of $11.8 billion and net earnings of $2.1 billion, resulting in earnings per share of $5.47 and a return on equity of 7.1%.

謝謝你，大衛。早安.我們先來看簡報第一頁的業績報告。第三季度，我們實現淨收入118億美元，淨利21億美元，每股收益5.47美元，股本回報率7.1%。

As David highlighted, earlier this year, we made the strategic decision to narrow our focus. And we made strong progress across a number of activities. We provide details on the financial impact related to these decisions in the selected items table. In aggregate, these items reduced net earnings by $828 million, EPS by $2.41 and our ROE by 3.1 percentage points.

正如大衛所強調的，今年早些時候，我們做出了縮小業務範圍的策略決策。我們在多項業務活動中都取得了顯著進展。相關財務影響的詳細資訊請參閱「精選項目」表格。總體而言，這些項目導致淨利潤減少 8.28 億美元，每股收益減少 2.41 美元，淨資產收益率下降 3.1 個百分點。

These items include results related to our historical principal investments within Asset & Wealth Management, including the net impact of marks, sell-downs and CIE impairments as well as results relating to GreenSky, which includes the impact of our announced sale and ongoing operating results. Additionally, we highlight modest ongoing losses in connection with our residual Marcus portfolio and operating the PFM business.

這些項目包括我們資產及財富管理業務歷史本金投資的相關業績，包括減損、出售和CIE減損的淨影響；以及GreenSky的相關業績，包括我們已宣布的出售和持續經營業績的影響。此外，我們也將重點提及與剩餘Marcus投資組合和PFM業務營運相關的持續性小幅虧損。

Turning to performance by segment, starting on Page 4. Global Banking & Markets produced revenues of $8 billion in the third quarter. Advisory revenues of $831 million were down versus a strong prior year period amid lower completions. Equity underwriting revenues rose year-over-year to $308 million, though industry volumes remained well below medium- and longer-term averages. Debt underwriting revenues of $415 million also rose versus the third quarter of 2022.

以下依業務板塊分析業績，請見第4頁。全球銀行及資本市場業務第三季營收達80億美元。諮詢業務營收為8.31億美元，較去年同期強勁的業績下降，主因是交易完成量減少。股權承銷收入年增至3.08億美元，但產業交易量仍遠低於中長期平均。債務承銷收入為4.15億美元，也較2022年第三季有所成長。

For the year-to-date, we ranked #1 in the league tables across announced and completed M&A as well as equity underwriting and ranked #2 in high-yield debt. Our backlog fell quarter-on-quarter as we successfully brought transactions to market. Though market conditions are dynamic, client engagement continues to be elevated. And our best-in-class franchise remains well positioned to support the needs of our clients as they access the capital markets.

今年迄今，我們在已宣布和已完成的併購交易以及股權承銷領域均位居排行榜第一，在高收益債券領域排名第二。由於我們成功將交易推向市場，我們的待完成項目數量較上季下降。儘管市場環境瞬息萬變，但客戶參與度依然很高。我們一流的業務團隊依然能夠很好地滿足客戶進入資本市場的需求。

FICC net revenues were $3.4 billion in the quarter, down from a strong performance last year, particularly in currency and commodities and up relative to the second quarter. We produced record FICC financing revenues of $730 million, which rose sequentially on better results within mortgages and structured products. Additionally, we were pleased to win the bids for two pools of Signature Bank's capital call facilities, totaling just over $15 billion in commitments that were held for auction by the FDIC in September.

本季固定收益、外匯及大宗商品（FICC）業務淨收入為34億美元，較去年同期強勁表現有所下降，尤其是在貨幣和大宗商品業務方面，但較第二季度有所增長。我們實現了創紀錄的FICC融資收入7.3億美元，環比成長主要得益於抵押貸款和結構性產品業務的良好表現。此外，我們很高興成功中標Signature Bank兩筆總額略高於150億美元的資本召集融資額度，這些額度於9月份由聯邦存款保險公司（FDIC）進行拍賣。

As we spoke about at our Investor Day, alternative asset managers are an attractive client set for us. And the purchase of this portfolio allows us to increase our connectivity with this client base, who we can serve even more holistically with our One Goldman Sachs approach. These activities also enable us to grow durable revenues at attractive risk-adjusted returns.

正如我們在投資者日所提到的，另類資產管理公司對我們來說是極具吸引力的客戶群。此次收購使我們能夠加強與該客戶群的聯繫，並運用「一個高盛」的理念為他們提供更全面的服務。這些舉措也使我們能夠在具有吸引力的風險調整後收益基礎上，實現可持續的收入成長。

Equities net revenues were $3 billion in the quarter. Equities intermediation revenues of $1.7 billion rose 7% year-over-year on better performance in derivatives while equities financing revenues of $1.2 billion were lower versus a record second quarter. Total financing revenues across FICC and equities were nearly $6 billion for the year-to-date, representing a record performance for these more durable activities.

本季股票淨收入為30億美元。股票中介業務收入為17億美元，年增7%，主要得益於衍生性商品業務的良好表現；而股票融資業務收入為12億美元，低於第二季創紀錄的水平。今年迄今，固定收益、外匯及大宗商品（FICC）和股票業務的總融資收入接近60億美元，創下這些較持久性業務的業績新高。

Our financing results, combined with the substantial share gains we've made since our first Investor Day, are the direct result of the successful execution of our stated strategic priorities for this business. We are raising the floor in Global Banking & Markets as reflected by our year-to-date ROE of 13.4% despite muted activity levels across investment banking.

我們的融資業績，加上自首次投資者日以來取得的顯著市場份額增長，直接得益於我們成功執行了針對該業務制定的既定策略重點。儘管投資銀行業務整體較為低迷，但我們今年迄今的淨資產收益率仍高達13.4%，這顯示我們提升了全球銀行及資本市場的績效基數。

Now moving to Asset & Wealth Management on Page 5. Revenues of $3.2 billion were lower year-over-year, primarily driven by weaker results in equity investments. Management and other fees increased 7% year-over-year to a record $2.4 billion, largely driven by higher average assets under supervision. Private banking and lending revenues were $687 million, up slightly year-on-year, as higher deposit balances and spreads were offset by our sale of substantially all of the Marcus loan portfolio. We remain very focused on driving growth in the more durable revenue streams of management and other fees as well as private banking and lending, both of which generated record revenues for the year-to-date period.

現在請翻至第5頁，查看資產及財富管理業務。該業務收入為32億美元，年減，主因是股權投資績效疲軟。管理費及其他費用年增7%，達到創紀錄的24億美元，主要得益於平均管理資產規模的擴大。私人銀行及貸款業務收入為6.87億美元，較去年同期略有成長，存款餘額和利差的增加被我們出售幾乎全部Marcus貸款組合所抵銷。我們將繼續專注於推動管理費及其他費用以及私人銀行及貸款等更穩定的收入來源的成長，這兩項業務在今年迄今均創下了收入新高。

Equity investments generated net losses of $212 million, driven by markdowns on investments in commercial real estate. In aggregate, the losses from our historical principal investments as well as the results for Marcus loans negatively impacted our 6% pretax margin for the segment by 18 percentage points for the year-to-date.

股權投資淨虧損2.12億美元，主因是商業不動產投資減損。整體而言，歷史本金投資的虧損以及Marcus貸款的業績，使該業務類年初至今的稅前利潤率（6%）下降了18個百分點。

Now moving to Page 6. Total assets under supervision ended the quarter at $2.7 trillion. We saw $11 billion of liquidity inflows and $7 billion of long-term net inflows, representing our 23rd consecutive quarter of long-term fee-based inflows.

現在請翻到第6頁。截至本季末，受監管的總資產規模為2.7兆美元。我們錄得110億美元的流動性流入和70億美元的長期淨流入，這是我們連續第23個季度實現基於長期費用的資金流入。

Turning to Page 7 on alternatives. Alternative AUS totaled $267 billion at the end of the third quarter, driving $542 million of management and other fees for the quarter. Gross third-party fundraising was $15 billion for the quarter and $40 billion for the year-to-date. We were pleased to announce the close of Goldman Sachs Vintage Fund IX in the third quarter, our largest private equity secondaries fund and one of the largest in history at approximately $14 billion. Total third-party fundraising since our 2020 Investor Day is now $219 billion, putting us well on pace to hit our $225 billion target ahead of schedule.

接下來請翻至第7頁，了解另類投資的情形。截至第三季末，另類投資資產總額達2,670億美元，當季管理費及其他費用收入為5.42億美元。當季第三方募款總額為150億美元，年初至今累計募資總額為400億美元。我們欣然宣布，高盛Vintage Fund IX基金已於第三季完成募集，該基金規模約140億美元，是我們規模最大的私募股權二級市場基金，也是史上規模最大的基金之一。自2020年投資者日以來，第三方募資總額已達2,190億美元，預計提前實現2,250億美元的目標。

On-balance sheet alternative investments totaled approximately $49 billion, of which roughly $21 billion is related to our historical principal investment portfolio. In the third quarter, we reduced this portfolio by over $3 billion, bringing year-to-date reductions to $9 billion. We are on track 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490億美元，其中約210億美元與我們的歷史自有投資組合有關。第三季度，我們減少了該投資組合超過30億美元，使年初至今的減持規模達到90億美元。我們可望實現2024年底將歷史自有投資組合規模降至150億美元以下的目標。

Next, Platform Solutions on Page 8. Revenues were $578 million, including a $123 million revenue reduction related to the GreenSky loan book, which was more than offset by a $637 million associated reserve release as we moved the portfolio to held-for-sale.

接下來是第 8 頁的平台解決方案。收入為 5.78 億美元，其中包括與 GreenSky 貸款組合相關的 1.23 億美元收入減少，但由於我們將該投資組合轉移到待售狀態，釋放了 6.37 億美元的相關準備金，這完全抵消了收入減少的影響。

On Page 9, firm-wide net interest income was $1.5 billion in the third quarter, down sequentially as increased funding cost supported trading activities. Our total loan portfolio at quarter end was $178 billion, flat with the prior quarter. Our provision for credit losses was $7 million, which reflected net charge-offs in our credit card lending portfolio, offset by the reserve release I mentioned related to GreenSky. Additionally, within our wholesale portfolio, impairments were partially offset by a reserve reduction that was driven by increased stability in the macroeconomic environment versus the prior quarter.

如第9頁所示，公司整體第三季淨利息收入為15億美元，季減，原因是融資成本增加支撐了交易活動。截至季末，我們的貸款組合總額為1,780億美元，與上一季持平。我們的信貸損失準備金為700萬美元，反映了信用卡貸款組合的淨核銷，但被我之前提到的與GreenSky相關的準備金釋放所抵消。此外，在我們的批發貸款組合中，減損損失部分被準備金減少所抵消，這主要是由於宏觀經濟環境較上一季趨於穩定。

On Page 10, we provide additional detail on our CRE exposure similar to last quarter. CRE loans continue to represent a relatively small percentage of our overall lending book at 14%. CRE investments are diversified across geographies and positions with no single position representing more than 1% of the total on-balance sheet alternative investments. Across both equity investments and CIEs, we have marked or impaired office-related exposures by approximately 50% this year.

第10頁，我們提供了與上季類似的商業房地產風險敞口詳情。商業房地產貸款在我們整體貸款組合中所佔比例仍然相對較小，為14%。商業不動產投資已達到地理及投資組合的多元化，沒有任何單一投資佔資產負債表內另類投資總額的比例超過1%。今年以來，我們在股權投資和商業房地產投資方面，已對約50%的辦公室相關風險敞口進行了標記或減值。

Now turning to expenses on Page 11. Total quarterly operating expenses were $9.1 billion. Our year-to-date compensation ratio, net of provisions, is 34.5%, inclusive of approximately $275 million of year-to-date severance costs. At Investor Day in February, we articulated a goal of $600 million in run rate payroll efficiencies to be achieved in 2023 and 2024. And we are currently tracking to surpass that goal. These efficiencies allow us to reinvest in our highest-performing people, particularly as the market for top talent remains fiercely competitive.

現在來看第11頁的費用狀況。本季總營運費用為91億美元。扣除撥備後，我們年初至今的薪酬比率為34.5%，其中包括約2.75億美元的年初至今遣散費。在2月份的投資者日上，我們明確了2023年和2024年實現6億美元年度薪酬效率提升的目標。目前，我們正朝著超額完成這一目標穩步邁進。這些效率的提升使我們能夠對錶現最優秀的員工進行再投資，尤其是在頂尖人才市場競爭仍然異常激烈的當下。

Quarterly non-compensation expense was $4.9 billion. The year-over-year increase in non-comp expenses was driven by the write-down of $506 million in intangibles related to GreenSky as well as CIE impairments of $358 million. While one-time expenses have been elevated for the year-to-date, we continue to focus on bringing down non-comp expenses and are making progress on our $400 million run rate efficiency goal.

本季非薪酬支出為49億美元。非薪資支出較去年增加，主要原因是GreenSky相關無形資產減損5.06億美元以及CIE減損3.58億美元。儘管年初至今的一次性支出有所增加，但我們仍將繼續致力於降低非薪酬支出，並朝著4億美元的年度效率目標穩步邁進。

Our effective tax rate for the first 9 months of 2023 was 23.3%, higher versus the first half due to the write-off of deferred tax assets related to GreenSky and the geographic mix of our earnings. For the full year, we expect a tax rate of under 23%.

2023年前9個月的實際稅率為23.3%，高於上半年，主要原因是沖銷了與GreenSky相關的遞延所得稅資產以及我們盈利的地域分佈情況。我們預計全年稅率將低於23%。

Now on to Slide 12. Our common equity Tier 1 ratio was 14.8% at the end of the third quarter under the standardized approach, 180 basis points above our current capital requirement of 13%. In the quarter, we returned $2.4 billion to shareholders, including common stock repurchases of $1.5 billion and common stock dividends of $937 million. Given the uncertainty around the capital rules at this time, we expect to moderate fourth quarter share repurchases versus the third quarter. We remain committed to paying our shareholders a sustainable growing dividend and maintaining a competitive yield.

現在來看第12張投影片。根據標準化方法，截至第三季末，我們的普通股一級資本適足率為14.8%，比我們目前的資本要求13%高出180個基點。本季度，我們向股東返還了24億美元，其中包括15億美元的普通股回購和9.37億美元的普通股股息。鑑於目前資本規則的不確定性，我們預期第四季的股票回購規模將低於第三季。我們將繼續致力於向股東支付可持續成長的股息，並維持具有競爭力的收益率。

In conclusion, our third quarter results reflect the ongoing narrowing of our strategic focus and the execution of our priorities, which will help drive our businesses to produce mid-teens returns through the cycle. We are confident in our ability to deliver for shareholders while continuing to support our clients and remain optimistic about the future opportunity set for Goldman Sachs.

總而言之，我們第三季的業績反映了我們策略重點的持續收窄以及各項優先事項的有效執行，這將有助於推動我們的業務在本週期內實現兩位數中段的回報率。我們有信心在為股東創造價值的同時，繼續為客戶提供支持，並對高盛未來的發展機會保持樂觀。

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

接下來，我們將開放提問環節。

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

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

I guess, just big picture, if we add back all the significant items in the quarter, we're obviously still well short of the mid-teens targets. I know this is super slow times, like decade-lows in investment banking, and you're in the process of hopefully reducing a lot of on-balance sheet stuff.

我想，從整體來看，如果我們把本季所有重要項目都加回去，顯然我們離十幾個百分點的目標還差得很遠。我知道現在是非常低迷的時期，投資銀行業正處於十年來的低谷，你們也正在努力削減資產負債表上的大量項目。

So I wonder if you could help us bridge the gap from here to there. Because in the back of our mind, we also have the potentially up to 25% increase in the denominator. So I wonder if you could bridge the gap of like how much comes, do you think, from improvement in capital markets activity? How much is yet to be freed up capital from the denominator? I know it's tough, but I want to say high level, just (inaudible)

所以我想知道您是否能幫我們彌補從這裡到那裡的差距。因為我們心裡也清楚，分母可能會成長高達25%。所以我想問您，您認為其中有多少成長來自資本市場活動的改善？還有多少資金尚未從分母中釋放出來？我知道這很難，但我只想從宏觀層面來說，（聽不清楚）

Sure, Glenn, and appreciate the question. And so we'll keep it high level and let's separate into what we've got and then we can have a separate discussion about Basel III. But first, we are simplifying the firm and kind of managing the firm to drive us toward the overwhelming majority of the firm to be in two core businesses, our Global Banking & Markets franchise, which is performing very well in an environment that's not a great environment for that business. Investment banking activities are well below 10-year norms. I don't think that will stay that way.

好的，格倫，感謝你的提問。那我們就先從宏觀層面談起，先把我們目前的情況分開討論，之後再單獨討論巴塞爾協議III。首先，我們正在簡化公司架構，並進行管理，以推動公司絕大部分業務集中在兩大核心業務上：一是我們的全球銀行及市場業務，該業務在當前並不利於該業務發展的環境下表現非常出色；二是投資銀行業務遠低於過去十年的平均水平。我認為這種情況不會持續太久。

But if you look at the performance of the business through 9 months, that business, which is kind of 70% of the firm, that is 2/3 or 70% of the firm, that business is operating with a 13.4% ROE in an environment that's not the best environment for that overall business. I can't tell you when the environment will get better, but I do believe that the capital markets and banking environment will improve in the coming years. History tells us that it doesn't stay closed for multiple years at a time.

但如果你觀察過去九個月的業務表現，你會發現，這部分業務（約占公司總業務的70%，也就是三分之二或70%）在當前並不利於整體業務發展的環境下，實現了13.4%的淨資產收益率。我無法預測環境何時會好轉，但我相信未來幾年資本市場和銀行業環境將會改善。歷史經驗告訴我們，市場環境不會持續多年處於低迷狀態。

There is an adjustment. We're making the adjustment. Yes, the world is uncertain. As we mentioned, that could be a headwind. But I do think it will improve. And that business performs well. And we firmly believe that, that business is a mid-teens through-the-cycle business, the way we've materially grown our wallet shares, the way we've grown our financing footprint, which adds more balance to the business and with our market-leading franchises across that business.

我們需要做出調整。我們正在進行調整。沒錯，世界充滿不確定性。正如我們之前提到的，這可能會帶來一些不利因素。但我認為情況會好轉。而且這項業務表現良好。我們堅信，這項業務是能夠貫穿整個經濟週期、獲利能力約15%的業務。我們大幅提升了市場份額，擴大了融資規模，這不僅增強了業務的平衡性，也得益於我們在該業務領域擁有的市場領先的特許經營權。

Second, we have the Asset & Wealth Management business, which we believe is mid-teens or higher returns as we reduce the historical principal investments and make it a lower capital fund business. We're on that journey. I think you see us making progress. We've talked about how we've reduced the historical principal businesses -- the historical principal investments by $9 billion this year. We set a target for $15 billion by next year, which we'll meet, and then close to 0 2 years later.

其次，我們有資產及財富管理業務，我們相信隨著我們減少歷史本金投資並將其轉型為低資本基金業務，該業務的回報率將達到15%甚至更高。我們正在朝著這個方向努力。我想您也看到了我們正在取得進展。我們已經談到如何減少歷史本金業務－今年已減少了90億美元的歷史本金投資。我們設定了明年減少150億美元的目標，我們將實現這一目標，然後在兩年後接近零。

And so that business, we have a high degree of confidence we'll operate at mid-teens or higher as we reposition it. As we've also stated, we're reducing the drag in our platforms. We're narrowing the platforms and reducing the drag. And we're relatively confident that over the next 12 to 24 months, we'll make materially more progress in that. So you add that up with what we have, and I think you can get very comfortable with the mid-teens target.

因此，我們非常有信心，隨著業務的重新定位，我們的業績將達到或超過15%的水平。正如我們之前所說，我們正在減少平台上的阻力。我們正在精簡平台，降低阻力。我們比較有信心，在未來12到24個月內，我們將在這方面取得實質進展。綜上所述，我認為您可以完全放心，我們設定的業績目標將達到15%左右。

Now the Basel rules. The Basel rules, if they were implemented as they're positioned now, would be a headwind to that. But also, that doesn't account for how we'd optimize and how we'd pass through pricing. We've seen these things before -- not to say it won't be a headwind, but I don't want to speculate on what it would do to our targets until we actually understand how it's coming through and what we can do across our businesses to appropriately manage it.

現在說說巴塞爾協議。如果巴塞爾協議以目前的方式實施，將會對我們的目標構成阻礙。但同時，這也沒有考慮到我們將如何優化定價以及如何將成本轉嫁給消費者。我們以前也遇到過類似的情況——這並不是說它不會構成阻礙，但在我們真正了解它的具體實施方式以及我們可以在各個業務部門採取哪些措施來妥善應對之前，我不想妄加猜測它會對我們的目標產生什麼影響。

So we continue to be very optimistic about our view to deliver meaningfully higher returns to our shareholders. And when there's more clarity on Basel, we're committed to giving you a clear picture of that view. But I wouldn't jump to a conclusion on it at this point, I'm not saying you are. I wouldn't jump to a conclusion on it at this point.

因此，我們依然對為股東帶來顯著更高的回報充滿信心。一旦巴塞爾協議的前景更加明朗，我們將立即向您清楚闡述我們的觀點。但就目前而言，我不會妄下結論，我並不是說您應該這樣做。就目前而言，我不會妄下結論。

Okay, I appreciate that. One quickie follow-up on your prepared remarks. You mentioned a number of sectors that have yet to absorb the higher rates. I'm curious if you could give a little color either on which sectors or how meaningful that is. I'm thinking from more of the big-picture economy standpoint, but that caught my ear.

好的，謝謝。關於您準備好的發言，我還有一個小問題。您提到一些行業尚未消化更高的利率。我想請您具體說明是哪些行業，或者這有多重要。我主要是從宏觀經濟的角度來思考這個問題，但您提到的這一點引起了我的注意。

Yes. Glenn, as I listen to you play it back, what I'd say, U.S. economy has been more resilient. The fiscal stimulus has helped mute the material tightening of monetary conditions that's occurred. I'm still of the belief that there's been a lag with this tightening. And across a broad swath of the economy, we will see more sluggishness. Now that doesn't necessarily mean it has to be a recession. And certainly, there's a good debate on where this all lands. But we again in the past quarter materially tightened economic conditions. And I just think there's a lag in most sectors of the economy, not all but most sectors of the economy.

是的，格倫，聽你回放之後，我想說的是，美國經濟的韌性更強了。財政刺激措施有助於緩解貨幣環境的實質收緊。我仍然認為，這種收緊存在滯後性。而且，在經濟的各個領域，我們都會看到更多疲軟的跡象。但這並不一定意味著一定會陷入衰退。當然，關於這一切最終會如何發展，還有很多爭論。但上個季度，我們再次經歷了實質的經濟環境收緊。我認為，經濟的大多數領域，並非所有領域，都存在滯後性。

And I do think over the next 2 to 4 quarters, the impact of that tightening will be more evident and will create slowdowns in some areas. I am hearing, as I interact with CEOs, particularly around consumer businesses, some softness, particularly in the last 8 weeks in certain consumer behaviors. I don't want to overamplify that because I think the economy and the consumer has been more resilient. But I think that gears some watching closely.

我認為未來兩到四個季度，這種緊縮政策的影響會更加明顯，並會導致某些領域的經濟放緩。當我與執行長們交流時，尤其是在消費品產業的執行長們交流時，了解到一些疲軟的跡象，特別是在過去八周里，某些消費行為有所增加。我不想過度誇大這種疲軟，因為我認為經濟和消費者的韌性更強。但我認為這需要密切注意。

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

接下來，我們將回答來自美國銀行的 Ebrahim Poonawala 的下一個問題。

I guess, maybe just one first follow-up, Denis. I just want to make sure I heard you correct. Did you say you marked your CRE exposure by 50% in CRE office? And on that, just give us a sense of visibility even beyond office CRE. Clearly, it's a very manageable issue for you. But it remains sort of a source of nuisance and earnings noise. How much more do we have to go before this is kind of pinned down?

我想，或許我先問一個後續問題，丹尼斯。我只是想確認一下我是否理解正確。您剛剛說您將商業房地產（CRE）在辦公大樓領域的投資比例降低了50%？關於這一點，能否讓我們了解一下除了辦公大樓以外的其他商業房地產領域的投資情況？顯然，這對您來說是一個很容易控制的問題。但這仍然是一個令人煩惱且影響獲利的因素。我們還需要多久才能徹底解決這個問題？

Sure. So yes, to clarify, for our CRE and CIE exposure in the office space, we've either marked or impaired that down by about approximately 50% this year. So that's -- I think that's quite significant. We started the year with about $15 billion of CRE alternative investments. That's been reduced now by about $5 billion. 3/4 of that was either through paydowns or dispositions, the balance through marks and impairments. So we're making very, very significant progress against those exposures.

當然。是的，為了澄清一下，就我們在辦公室領域的商業房地產和商業投資風險敞口而言，我們今年已經將其減值或估值下調了約50%。我認為這相當顯著。年初時，我們的商業房地產另類投資約為150億美元。目前已減少了約50億美元。其中四分之三是透過償還或處置來實現的，其餘部分是透過估值和減損實現的。因此，我們在應對這些風險敞口方面取得了非常顯著的進展。

If you were to look at the same set of exposures in non-office, the adjustment there through marks or impairments is about 15% year-to-date. So we feel we've reduced a lot of notional, appropriately reflected the valuations in those positions. But as indicated by our targets, we intend to continue to move down those exposures.

如果檢視非辦公物業的同類風險敞口，今年迄今，透過減損或估值調整的金額約為15%。因此，我們認為已經大幅降低了名目金額，並適當地反映了這些部位的估值。但正如我們的目標所示，我們計劃繼續降低這些風險敞口。

Got it. And I guess, just a separate question. I mean, I think the capital markets environment, it is what it is. When you look at the firm over the next year or 2, if maybe, David, where do you see the best growth opportunities? One, maybe talk about the client franchise and cap markets financing. Is that getting better or worse? And then there's a lot of talk about private credit, direct lending. You've talked about credit being an opportunity. Just give us a sense of could that be a meaningful source of growth as we think about the next year or 2?

明白了。我想再問一個問題。我的意思是，我認為資本市場環境就是這樣。展望公司未來一兩年的發展，David，您認為最佳的成長機會在哪裡？首先，我們可以談談客戶基礎和資本市場融資。這方面的情況是在好轉還是惡化？此外，現在很多人都在談論私募信貸和直接貸款。您之前也提到過信貸是一個機會。請您談談，在展望未來一兩年時，信貸能否成為重要的成長來源？

Sure. So in our Global Banking & Markets franchise, we still believe that we have opportunities with our focus on our execution to continue to grow our wallet share. We expanded our focus from the top 100 accounts to the top 150 accounts. And we also are expanding the granularity that we look at our accounts from the position of 1, 2 or 3 as opposed to just top 3. And so we still do see some wallet share opportunities, but we obviously have a very strong wallet share. So that's not most significant.

當然。在我們的全球銀行及資本市場業務中，我們仍然相信，透過專注於執行，我們有機會繼續擴大市場份額。我們已將關注範圍從前100名客戶擴大到前150名客戶。此外，我們也提高了分析的細緻程度，不再只關注前3名客戶，而是會關注排名第1、2或3的客戶。因此，我們仍然看到一些市場份額提升的機會，但顯然我們目前的市佔率已經非常穩固。所以，這並非最重要的因素。

We are growing our financing for our Global Banking & Markets franchise. And we expect to continue to grow that financing footprint. And we have a plan to continue to put more financial resources toward growing that financing footprint. And we do think that it has reasonable returns. And it also creates a virtuous cycle for our client franchise in terms of our overall wallet share because we're a significant financer with them.

我們正在擴大全球銀行及資本市場業務的融資規模，並預計將持續成長。我們已製定計劃，繼續投入更多資金擴大融資規模。我們認為這將帶來合理的回報。同時，由於我們是客戶的重要融資方，這也將為我們的客戶業務創造良性循環，提升我們的整體市場佔有率。

When you turn to Asset & Wealth Management, I think we've been very clear at our Investor Day, and Marc stated this, that we think we can grow the revenues in that business by high single digits. That is driven by our continued growth in management fees over time and the continued growth in the wealth management sector, where we are experiencing good growth, and we still see good opportunities in wealth management to grow the franchise all over the world. And we've made continued good progress on that journey.

談到資產與財富管理業務，我認為我們在投資者日上已經非常明確地表達了這一點，馬克也提到過，我們認為該業務的收入可以實現接近兩位數的增長。這主要得益於我們管理費的持續成長以及財富管理產業的持續成長。我們在財富管理領域目前正經歷著良好的成長，並且我們仍然看到在全球範圍內拓展業務的巨大機會。我們在這條路上也取得了持續的良好進展。

When you talk about private credit, we have, as you know, over $100 billion of private credit. We've launched private credit vehicles. We obviously have a very powerful ecosystem when you look at Global Banking & Markets. And what we do with financing, which we think can also be an Asset & Wealth Management opportunity for growth in private credit, but we would expect significant opportunity for the growth in private credit as a part of the overall growth of our Asset & Wealth Management franchise. So those are a handful of things I'd highlight at this point.

談到私募信貸，如您所知，我們擁有超過1000億美元的私募信貸資產。我們已經推出了私募信貸工具。顯然，從全球銀行及資本市場來看，我們擁有非常強大的生態系統。我們在融資領域的業務，我們認為也可以為資產及財富管理業務的私募信貸成長帶來機遇，但我們預計，私募信貸的成長將是我們資產及財富管理業務整體成長的重要組成部分。以上是我目前想重點介紹的一些面向。

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

接下來，我們將討論來自 Autonomous Research 的 Christian Bolu 提出的下一個問題。

Just another one on Basel III Endgame, appreciate that you think it's going to change and all that. But now that you've had a chance to digest the actual proposal as is, any more color on how you think it affects the competitiveness of your markets businesses? Are there any particular businesses that are more or less impacted? And then maybe give us some color on potential mitigation actions.

關於巴塞爾協議III的最終方案，我理解您認為它會有所改變等等。但既然您已經仔細研究過提案本身，能否進一步闡述您認為它會對您所在市場企業的競爭力產生哪些影響？是否存在某些特定企業受到的影響更大或更小？此外，能否談談可能採取的緩解措施？

Sure, Christian. I appreciate it. I mean, I'm going to talk very high level because again, this is all fluid. But obviously, if these rules went in place the way they're proposed, they would have an effect on the businesses. But it's different from business-to-business. There are certain activities that would meaningfully impact end users, whether they're corporates or individuals, where it would be obvious that you'd pass on cost. A corporation that wants to hedge and comes to us and we sit opposite in an uncollateralized derivative, I can't imagine that their desire to hedge won't still continue even if the cost of that hedge is higher. Obviously, at some balance, they would think about that differently.

當然，克里斯蒂安，謝謝。我的意思是，我只能從宏觀層面談起，因為一切都還在改變之中。但很顯然，如果這些規則按提議實施，肯定會對企業產生影響。但這與企業間交易有所不同。有些活動會對最終用戶（無論是企業還是個人）產生重大影響，在這種情況下，成本轉嫁是顯而易見的。例如，一家想要對沖風險的企業來找我們，而我們則持有無抵押衍生品，即使對沖成本更高，我也無法想像他們會放棄對沖的意願。當然，在某種平衡點上，他們會做出不同的考量。

There are certain businesses where we might reduce our activity level because with the new Basel rules, the returns don't look attractive. But there are others, and the one I'd point to that's most obvious, which by the way, a significant part of the impact to us would be, is prime, okay? There aren't a lot of alternatives for big institutions in the prime business. There are very few in Europe, a little bit. And obviously, the Europeans, if this was implemented this way, would have an advantage. But at the end of the day, there are a handful of scaled players. There are lots of scaled institutions that need that service.

有些業務我們可能會縮減規模，因為新的巴塞爾協議規定，收益看起來並不吸引人。但還有其他一些業務，其中最顯而易見的，也是對我們影響最大的，就是優質經紀業務。對於大型機構而言，優質經紀業務的替代方案並不多。在歐洲，選擇更是寥寥無幾。顯然，如果新規真的這樣實施，歐洲人會更有優勢。但歸根究底，真正需要這項服務的，還是那些規模龐大的經紀商。

Our belief is we'd be able to optimize and pass on pricing in a reasonable way. We'd have to look at the final rules. We'd have to adjust. So it will affect behavior. It will affect pricing. It will affect optimization. But I know everybody wants to jump to the clear answer. I think you need to see the rules and then institutions and end users need to adapt to the new reality, whatever it is. And it's not binary that it only affects us or others in the industry that are obviously in the process of working through that as we have in the past.

我們相信能夠以合理的方式優化定價並使其有效傳遞。我們需要仔細研究最終規則，並做出相應調整。因此，這將影響行為、定價和優化。但我知道大家都想盡快找到明確的答案。我認為，我們需要先了解規則，然後機構和最終用戶都需要適應新的現實，無論它是什麼。這並非非此即彼，它不僅影響我們，也影響業內其他正在努力應對這項挑戰的企業，就像我們過去所做的那樣。

That's helpful. Maybe a question on the platform businesses here. I just have a two-part question. I guess, firstly, maybe just update us on how you're thinking about the partnership with Apple. Can the economics work for Goldman in the current states? Or does it make sense to further think about disposing of that partnership?

這很有幫助。或許可以問一個關於平台業務的問題。我的問題分為兩部分。首先，能否請您更新一下您對與蘋果合作的看法？在目前的經濟情勢下，這種合作對高盛來說是否可行？或者是否應該進一步考慮終止這項合作？

And then the second question is more on the credit quality in your senior credit cards. Kind of what are you seeing in terms of credit quality in that portfolio? How does it compare to your expectations and the broader sort of credit card industry?

第二個問題更多是關於您老年人信用卡的信用品質。您認為該類信用卡的信用品質如何？與您的預期以及整個信用卡行業的平均水平相比如何？

All right. I'll start on the first part and Denis will make some comments on credit and the portfolio. First, I think you know we hired a gentleman, Bill Johnson, who's got decades of experience, to help us better optimize the credit card portfolio -- the credit card partnerships. As we've stated to you a number of times, and I'll repeat it here very clearly, we've worked to narrow our focus. You've seen us execute around Marcus loans and GreenSky. Our partnerships with Apple and GM are long-term contracts. And we don't have the unilateral right to exit those partnerships.

好的。我先講第一部分，丹尼斯會就信貸和投資組合做一些說明。首先，我想你們都知道，我們聘請了比爾·約翰遜先生，他擁有數十年的經驗，來幫助我們更好地優化信用卡投資組合——也就是信用卡合作關係。正如我們多次向你們說明的那樣，我在這裡再強調一遍，我們一直在努力縮小業務範圍。你們也看到了我們圍繞馬庫斯貸款和GreenSky的成功運作。我們與蘋果和通用汽車的合作都是長期合約。我們沒有單方面終止這些合作關係的權利。

So our focus at the moment is on managing them better, getting rid of the drag and bringing them to profitability. And we're making progress both in the way we run them and against the cost base that we put against them. And Bill Johnson joining is helping with all that. We'll continue as we go forward to work constructively with our partners and examine what's best in the long run for Goldman Sachs. But our core focus is on reducing the drag over the course of the next 12 to 24 months and ensuring we operate them better. Denis, do you want to comment a little bit on the credit quality that we're seeing?

因此，我們目前的重點是更好地管理這些業務，消除拖累因素，並實現盈利。我們在營運方式和成本控制方面都取得了進展。比爾·約翰遜的加入也對此大有裨益。我們將繼續與合作夥伴進行建設性合作，並探討對高盛長遠發展最有利的方案。但我們的核心重點是在未來12到24個月內減少拖累因素，並確保我們能更好地經營這些業務。丹尼斯，您能否就我們目前看到的信貸品質發表一些看法？

Sure. What I'd add is we obviously remain very focused on the overall credit quality of the portfolio. A couple of things to bear in mind. In Consumer, the net charge-off ratio for the quarter was 5.1%, down from 5.8% last quarter. And the total dollar amount of charge-offs is down as well. You'll also see that our coverage ratio now stands at 13.3%, which we think is an appropriate level, given our expectations for the portfolio.

當然。我想補充的是，我們顯然仍然非常關注投資組合的整體信貸品質。有幾點要注意。在消費信貸方面，本季的淨核銷率為5.1%，低於上季的5.8%。核銷總額也有所下降。您還會看到，我們的償付比率目前為13.3%，鑑於我們對投資組合的預期，我們認為這是一個合適的水平。

That adjustment is basically a function of GreenSky being removed from that ratio. And so now that applies to the cards portfolio. But we feel good about where that stands right now. On the overall performance of credit on the forward, we'll continue to be focused. We made a number of adjustments to our credit underwriting box. And we'll continue to monitor that as we move through the economic environment.

這項調整主要是因為GreenSky已從該比例中剔除。因此，現在這項調整適用於信用卡組合。但我們對目前的狀況感到滿意。展望未來，我們將持續關注信貸業務的整體表現。我們對信貸審批流程進行了一些調整，並將隨著經濟環境的變化持續監測。

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

接下來，我們將回答來自 Wolfe Research 的 Steven Chubak 的下一個問題。

So David, you had alluded to increased competition for talent driving some pressure on expenses. I was hoping you could just speak to the commitment to deliver on the 60% efficiency goal. And maybe more specifically, given changes in revenue mix, some recently announced business exits and the heightened competition you cited, how that's going to impact your ability to deliver on that 60%, if at all.

大衛，你之前提到人才競爭加劇會對開銷帶來一些壓力。我希望你能談談公司實現60%效率提升目標的承諾。更具體地說，考慮到收入結構的變化、近期宣布的一些業務退出以及你提到的競爭加劇，這些因素會如何影響公司實現60%效率提升目標的能力（如果有影響的話）。

Yes. So we continue to be committed to the 60% efficiency ratio. But as you know, we're moving through -- we're narrowing our focus. We're moving through some things that we're trying to create more transparency on, Steven, and highlight for you. I'm going to turn to Denis to make sure that we get the number right. But ex those one-off items, the efficiency ratio for the quarter would have been?

是的。所以我們仍然致力於實現60%的效率比率。但正如你所知，我們正在縮小關注範圍。史蒂文，我們正在努力提高一些事項的透明度，並向你重點說明。我這就請丹尼斯確認一下，確保我們計算的數字準確無誤。但是，如果排除那些一次性項目，本季的效率比率應該是多少呢？

About 64.6%.

約 64.6%。

Okay. So putting it in perspective, I think it's important to highlight that we don't think the things that we're highlighting continue in perpetuity. We're trying to narrow the focus. And when we look at our Global Banking & Markets business and our Asset & Wealth Management platform, we think we have the right target.

好的。所以，從整體來看，我認為需要強調的是，我們並不認為我們目前重點關注的這些面向會永遠持續下去。我們正在努力縮小關注範圍。當我們審視我們的全球銀行及資本市場業務以及資產及財富管理平台時，我們認為我們找到了正確的方向。

Now back to your point, Steve, about competition. The competition for talent, especially the best talent, remains very, very strong. And so we think we've got a very, very good talent ecosystem. I feel good about the hiring we're doing. I'd just highlight that for our analyst jobs out in universities, we had 260,000 applications for approximately 2,600 jobs. There are over 1 million applications for employment at Goldman Sachs last year, very, very aspirational and desirous place to work. But the competition for talent remains high.

現在回到你剛才提到的競爭問題，史蒂夫。人才競爭，尤其是頂尖人才的競爭，依然非常激烈。因此，我們認為我們擁有非常優秀的人才生態系統。我對我們目前的招募工作感到滿意。我想特別指出的是，我們在大學招募分析師，大約2600個職位收到了26萬份申請。去年，高盛的求職申請超過100萬份，這裡是一個非常令人嚮往的工作場所。但人才競爭依然十分激烈。

And so we'll strike the right balance and making an investment in our talent. You heard Denis talk about some of our efficiencies and the fact that the efficiencies allow us to make a reinvestment in some of the best talents. We feel good about where we are. But we also believe that as we continue to execute on our strategy, which narrows our focus and keeps us focused on our two core businesses of Global Banking & Markets and Asset & Wealth Management, that the efficiency ratio target that we're hiring -- that we're highlighting over the next few years is a reasonable target.

因此，我們將尋求合適的平衡點，並對人才進行投資。您剛才也聽到了丹尼斯談到我們的一些效率提升措施，以及這些措施如何使我們能夠對一些最優秀的人才進行再投資。我們對目前的狀況感到滿意。但我們也相信，隨著我們繼續執行策略，縮小業務範圍，專注於全球銀行及資本市場和資產及財富管理這兩大核心業務，我們未來幾年將重點關注的效率比率目標是合理的。

That's great color. And just for my follow-up, a broader question on the sponsor outlook. Alts fundraising, it's continued at a healthy clip. But PE is facing numerous headwinds, whether it's the LP denominator effect, higher rates and just slower realization activity in general. I was hoping you could speak to the broader outlook for the sponsor business and the implications for both the sponsor banking activity as well as the alternative asset management business.

這色彩真棒。我還有一個後續問題，想就發起人前景提出一個更廣泛的問題。另類投資的募款活動一直保持著良好的動能。但私募股權基金正面臨許多不利因素，例如有限合夥人分母效應、利率上升以及整體變現速度放緩等。我希望您能談談發起人業務的整體前景，以及這些因素對發起人銀行業務和另類資產管理業務的影響。

Sure. So that broadly defined sponsor community, Steven, which really is the broad alternatives world, private capital world, the first thing I'd just say is we believe strongly that there's still a very, very long-term secular growth trend that is intact and will continue. I think there's some very, very interesting macro dynamics. I believe there's over $70 trillion of assets held by baby boomers that sometime in the next 20 years either will be passed on to a younger generation for aggressive investment, will go to taxes or will go to charitable foundations, by the way, charitable foundations, who also invest.

當然。史蒂文，對於廣義的贊助商群體——實際上指的是整個另類投資領域、私募資本領域——我首先要說的是，我們堅信，長期成長趨勢依然強勁，並且會持續下去。我認為宏觀層面存在一些非常有趣的動態。我相信，嬰兒潮世代持有超過70兆美元的資產，這些資產在未來20年內要麼會傳承給年輕一代進行積極投資，要麼會用於繳稅，要麼會捐贈給慈善基金會——順便一提，慈善基金會也會進行投資。

So there's a very, very strong dynamic of good flows and a shift, especially given the size of the public markets, into private asset classes. And so we believe that's firmly intact. There's no question that the capital raising environment is more muted than it's been. I would say it was extraordinarily robust in 2020 and 2021 and very, very robust in an environment where monetary policy was incredibly accommodative. But there's no question that all of this investing can be successful as new vintages and a new reset environment are opened up, even if rates are higher and they operate higher.

因此，資金流動勢頭強勁，尤其是在公開市場規模龐大的情況下，資金正大量湧入私募資產類別。我們認為這種趨勢依然穩固。毫無疑問，目前的融資環境比以往更為疲軟。 2020年和2021年，融資環境異常強勁，尤其是在貨幣政策極為寬鬆的環境下。但毫無疑問，隨著新一輪投資機會和新一輪市場環境的出現，即使利率上升且運作方式更加激進，所有這些投資仍然能夠取得成功。

The one thing I know about the sponsor community is they generally make money by selling assets. And the sponsor community owns an enormous portfolio of businesses. And they also make money when they buy new assets. They obviously have to buy new assets at different valuations with different financing costs now. And what I'd say is for the last 6 quarters, the last 1.5 years, that community has been very quiet. In our dialogue, they are starting to see more interesting opportunities.

我對發起人群體的了解是，他們通常透過出售資產來獲利。發起人群體擁有龐大的企業投資組合。他們也會透過收購新資產來獲利。顯然，如今他們必須以不同的估值和不同的融資成本來收購新資產。我想說的是，在過去的六個季度，也就是過去一年半的時間裡，這個群體一直非常低調。但在我們交流的過程中，他們開始看到更多有趣的投資機會。

And I would expect in the next 12 to 24 months, the level of activity in the sponsor community will increase again, both in terms of sales, it's one of the reasons why I'm optimistic on capital markets and our advisory activities as we look forward over the course of the next 4 to 8 quarters, but also in terms of new purchases. I'm not suggesting that it will go back to where it was in 2021. That would not be the normal. But if you look at kind of 10-year historical averages and the percentage of investment banking activity the sponsor activity would make up, I would expect that you'll see us go back to those averages. And at the moment, we're well below those averages at the current point in time.

我預計未來12到24個月內，發起人社群的活躍度將再次提升，無論是銷售方面（這也是我對未來4到8個季度資本市場和諮詢業務持樂觀態度的原因之一），還是新收購方面。我並不是說它會回到2021年的水平，那並不正常。但如果參考過去10年的平均值以及發起人業務在投資銀行業務中所佔的比例，我預計我們會回到這些平均值。而目前，我們的水準遠低於這些平均值。

Our next question comes from Brennan Hawken with UBS.

下一個問題來自瑞銀集團的布倫南·霍肯。

I'd love to start on expenses and comp. And David, you just spoke a little to this when answering Steven's question. But the comp ratio, we saw revenue growth broadly quarter-over-quarter and yet the comp ratio ticked up, which is rather unusual for Goldman. Denis, I know you layered in that there was nearly $300 million of severance year-to-date. Was some of that in the third quarter? Or was there any unusual items impacting the comp ratio? Or was this mostly just because of the competition for talent?

我想先談談費用和薪水。 David，你剛才回答Steven的問題時也稍微提到了這一點。在薪資比率方面，我們看到營收季比普遍成長，但薪資比率卻略有上升，這對於高盛來說相當不尋常。 Denis，我知道你提到今年迄今的遣散費接近3億美元。其中一部分是在第三季支付的嗎？還是說有什麼特殊項目影響了薪酬比率？還是主要是因為人才競爭激烈造成的？

So in terms of third quarter, it was very, very small. We previously disclosed $260 million of severance. So there's a small amount of severance in the quarter. We just think it's important to continue to call that out and highlight it, so you can track that over the course of the year. That obviously rolls into our overall ratio in terms of what we're thinking for the full year. And we made the adjustment to the comp ratio in the third quarter based on what our expectations are for year-end performance as well as what we expect to pay our people.

所以就第三季而言，金額非常非常小。我們之前披露了2.6億美元的遣散費。因此，本季的遣散費金額很小。我們認為有必要繼續強調這一點，以便大家可以全年追蹤相關情況。這顯然會影響我們對全年整體情況的預期。我們根據對年終業績的預期以及我們預計支付給員工的薪酬，對第三季度的薪酬比率進行了調整。

And we're looking at the entire compensation composition and being mindful that we continue to pay for performance but also recognizing, in particular across our core businesses, we have leading market shares in Global Banking & Markets, record year-to-date financing activity, record management fees year-to-date, record private banking and lending activities year-to-date. And these are the bedrocks of our business for the foreseeable future. And we think it's important that we continue to recognize and retain the talent associated with those businesses that are going to unlock our mid-teens returns in the future.

我們正在審視整體薪酬結構，在繼續按業績支付薪酬的同時，也意識到，尤其是在我們的核心業務領域，我們在全球銀行及資本市場領域擁有領先的市場份額，今年迄今為止的融資活動、管理費收入以及私人銀行和貸款業務均創歷史新高。這些業務在可預見的未來將是我們業務的基石。我們認為，持續認可並留住那些將在未來為我們帶來兩位數中段回報率的業務人才至關重要。

Okay. And then when you're thinking about -- thanks for all the color on the CRE and the exposures. When you're thinking about these historical principal investments that you're intending to continue to sell by the end of next year, what portion of those are CRE or CRE-related? Is it possible to give any color around the assets that you're looking to sell and how exposed they are to CRE or other sectors?

好的。感謝您詳細闡述商業不動產及其相關風險敞口。當您考慮這些計劃在明年年底前繼續出售的歷史性本金投資時，其中有多少是商業房地產或與商業房地產相關的投資？能否詳細說明您計劃出售的資產，以及它們在商業房地產或其他行業的風險敞口？

Sure. So I made a comment earlier. If you look at aggregate CRE-related on-balance sheet investments and you look across asset classes like loans, debt securities, equity securities and remaining exposure of equity in our CIE portfolio, that, in aggregate, now stands at a little bit under $10 billion, $9.7 billion, and down already $5 billion year-to-date. There are portions of some of those exposures that relate to our firm-wide activities, our CRA obligations and some co-invest exposures. If you look at the -- in aggregate, about 43% of the CRE on-balance sheet investments is HPI. And that's what we're looking to sell down over time.

當然。我之前也提到過。如果你看一下資產負債表上與商業房地產相關的投資總額，並查看貸款、債務證券、股權證券以及我們CIE投資組合中剩餘的股權敞口等各類資產，你會發現，目前總額略低於100億美元，為97億美元，年初至今已減少了50億美元。其中一些敞口與我們公司整體業務活動、社區再投資法案（CRA）義務以及一些共同投資敞口相關。總的來說，資產負債表上與商業房地產相關的投資中，約43%是高淨值投資（HPI）。而這正是我們計劃逐步減持的部分。

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

接下來，我們將回答來自富國銀行的麥克梅奧提出的問題。

The pivot is not new, it's been advertised. I guess, what's new is the actual losses. So looking back, who is accountable? And who pays the price for the losses with GreenSky, the Marcus loans and a consumer expansion strategy that was wider than you want it to be now? And then looking ahead, once you eliminate what you want to eliminate both on the consumer side and principal investments, how much would that alone improve ROE?

轉型並非新鮮事，早已公開宣傳。我想，真正的新情況是實際虧損。回顧過去，誰該為此負責？誰該為GreenSky、Marcus貸款以及當時規模過大的消費擴張策略所造成的損失買單？展望未來，一旦剔除消費業務和本金投資中所有你想剔除的部分，僅此一項就能將淨資產收益率提升多少？

Thanks, Mike, appreciate the question. The leadership of the firm, which includes myself and the other senior leadership, are responsible for everything that happens here and everything that we do for our shareholders and for our people. So obviously, we're responsible and accountable for any decision that we make. I've said publicly before that I'm happy that we pivoted. As you say, the pivot is not new. We've made the pivot. We said we were going to do certain things.

謝謝麥克，謝謝你的提問。公司領導階層，包括我和其他高階主管在內，對公司的一切運作以及我們為股東和員工所做的一切負有責任。所以很顯然，我們對所做的任何決定都負有責任。我之前公開說過，我很慶幸我們做出了轉型。正如你所說，轉型並非新鮮事。我們已經完成了轉型。我們之前也說過要採取某些措施。

With hindsight, you'll do certain things differently. We obviously reflect. We learn from the things that we do. But I think it's important for companies to try things, for companies to learn and adapt. When you make a decision that you think is the wrong decision for shareholders and the firm, you adjust accordingly. So we're doing that and we're moving forward. The second part of the question was?

事後看來，有些事情我們會採取不同的做法。我們當然會反思，也會從過往的經驗中學習。但我認為，對公司而言，嘗試、學習和適應至關重要。當你做出一個你認為對股東和公司不利的決定時，就應該做出相應的調整。所以我們正在這樣做，並且正在向前邁進。問題的第二部分是什麼？

How much does ROE improve simply by discarding of your extra principal investments and the remaining consumer businesses you want to get rid of?

如果只拋售多餘的本金投資和想要剝離的剩餘消費業務，淨資產收益率 (ROE) 能提高多少？

Well, I think we've given you a bunch of transparency, Mike, just looking at this. But if you look at what created a drag to ROE this quarter, 75% of the drag to ROE this quarter were the impairments and the write-downs on the historical principal investments. And if you look over the last few quarters, the most significant impact on ROE performance has been the historical principal investments.

嗯，麥克，我覺得我們已經提供了相當多的透明度，僅從這一點來看就足夠了。但如果你仔細分析本季拖累淨資產收益率（ROE）的因素，你會發現其中75%的拖累都來自歷史本金投資的減損和沖銷。而且，如果你回顧過去幾個季度，你會發現對淨資產收益率影響最大的因素也是歷史本金投資。

Now also, there were benefits from those historical principal investments historically. But in this environment, obviously, you don't see that. We think it's a better business to release that capital and run a fund business, a lower capital fund business. And so we're driving that. I think earlier in the call, we talked about the through-the-cycle performance of the banking and markets business.

當然，從歷史上看，這些歷史本金投資也確實帶來了收益。但在目前的環境下，顯然無法再看到這些收益。我們認為，釋放這些資本並經營基金業務，尤其是資本規模較小的基金業務，才是更好的選擇。因此，我們正在積極推進這項業務。我想在之前的電話會議中，我們也討論過銀行和市場業務在整個經濟週期中的表現。

You can see the banking and markets ROE right now and also the forward ROE of the Asset & Wealth Management business with less capital in it. The drag from the platforms is getting smaller. And over the next 12 to 24 months, it will get smaller, too, hopefully eradicated. And so that will give you a cleaner ROE that we continue to believe can be mid-teens through the cycle.

現在您可以看到銀行和市場的淨資產收益率 (ROE)，以及資本投入較少的資產和財富管理業務的預期淨資產收益率。平台業務的拖累正在縮小。未來 12 到 24 個月內，這種拖累還會進一步縮小，並有望最終消除。因此，我們將獲得更清晰的淨資產收益率，我們仍然相信，在本輪週期中，淨資產收益率可以達到 15% 左右。

And then what is your ability and appetite for more buybacks? Basel III, of course. But to the extent that you're discarding of the principal investments that theoretically should free up more capital for either buybacks or reinvestment elsewhere, kind of what are your plans and what are your limitations?

那麼，您在股票回購方面的能力和意願如何？當然，這要符合巴塞爾協議III的要求。但是，如果您要放棄那些理論上應該能釋放更多資金用於股票回購或再投資的主要投資，那麼您的計劃是什麼？您的限制又是什麼？

Yes. So I think Denis highlighted this in the prepared remarks. We've built a pretty big cushion and buffer, given that we successfully reduced our SCB based on actions we're taking. We think that under the stress test, as we continue to reduce principal investments, we will have more benefit to SCB.

是的。我認為丹尼斯在事先準備好的演講稿中也強調了這一點。鑑於我們已成功採取措施降低渣打銀行的持股，我們已經建立了相當大的緩衝和緩衝空間。我們認為，在壓力測試下，隨著我們持續減少本金投資，渣打銀行將獲得更多收益。

Now obviously, Basel is out there and it's uncertain, so we're, at the moment, operating a little bit more conservatively around that. And we've highlighted that we probably will be a little bit more conservative on buybacks until we have more clarity. But we will continue to buy back stock. We will continue to pay our dividend.

顯然，巴塞爾協議目前仍存在不確定性，因此我們目前在這方面採取了更保守的策略。我們也強調，在情況更加明朗之前，我們可能會在股票回購方面更加謹慎。但我們將繼續回購股票，並繼續發放股利。

And as we have clarity under this strategy, there should be meaningfully more capital release, which should ultimately benefit to further buyback. But at the moment, we'd like -- we're going to be a little bit more cautious and we'll have a little bit more clarity around the capital rules before we plow ahead.

隨著我們對這項策略的理解不斷加深，應該會有更多資金釋放出來，最終有利於進一步的股票回購。但目前，我們希望──我們會更加謹慎一些，在資本規則更加清晰之後再大舉推進。

We'll move to our next question from Ryan Kenny with Morgan Stanley.

接下來，我們將回答來自摩根士丹利的瑞安肯尼提出的問題。

So wanted to follow up on the earlier questions on markets, maybe asked another way. So trading revenues are clearly extremely strong. Industry wallet in both fixed income and equities is tracking well above pre-pandemic levels, and you've been taking share. But looking forward, is there any scenario related to Basel Endgame where we see industry wallet size shrink? And as you think about higher-for-longer rates, how do you expect that, that impacts the various trading businesses?

所以我想就之前關於市場的問題做個後續討論，或許可以換個方式問。交易收入顯然非常強勁。固定收益和股票領域的產業資金規模都遠高於疫情前水平，而且你們一直在擴大市場份額。但展望未來，在巴塞爾協議最終實施後，是否有任何可能導致產業資金規模縮水的情況？考慮到利率長期高企，您認為這將對各類交易業務產生怎樣的影響？

Look, I think the intermediation activity for large institutions and corporations and governments around the world continues. The growth of governments around the world, it continues. The market capital world continues to grow and expand. I can't and I won't speculate on exactly where the final Basel rules wind up and how everyone optimizes through all that. But I don't think anything is changing in intermediation.

我認為，全球大型機構、企業和政府的金融中介活動仍在持續。世界各國政府的規模也持續成長。市場資本也在持續成長和擴張。我無法也不會去猜測最終的巴塞爾協議會走向何方，以及各方將如何從中獲益。但我認為金融中介活動本身不會有任何改變。

And the need to finance the positions and the activities of so many of our clients is growing. And so I continue to think for leading players that have scale and global footprint and are in a leading position in these markets businesses, I think they're very well positioned in these market businesses. Of course, there will be ups and downs in those businesses. But I think the businesses will continue to perform very, very well.

我們眾多客戶的業務和活動都需要資金支持，而且這種需求還在持續成長。因此，我認為那些規模龐大、業務遍及全球、並在這些市場中佔據領先地位的企業，在這些市場中擁有非常有利的地位。當然，這些業務難免會有起伏，但我認為它們會繼續保持非常優異的業績。

Our next question comes from Devin Ryan with JMP Securities.

下一個問題來自 JMP Securities 的 Devin Ryan。

Want to come back to wealth management. I know that the sale of Personal Financial Management is a small business. But just if you can remind us how and where you want to compete in wealth management moving forward. And David, maybe give a little more color on some of those growth opportunities you alluded to that you're seeing there across the globe.

我想回到財富管理的話題。我知道個人理財管理業務規模不大，但您能否簡要說明您未來在財富管理領域的競爭策略和方向？另外，David，能否更詳細地談談您之前提到的那些在全球範圍內的成長機會？

Yes. So I appreciate that question, Devin. Our focus is on ultra-high-net-worth management, where we have a leading franchise. I just highlight that ultra-high-net-worth management -- high-net-worth wealth management is still a very fragmented business. And while we have a leading franchise, leading franchise is kind of mid-single-digit share. And we have less share than that in places like Europe around the world.

是的，我很感謝你的提問，德文。我們的重點是超高淨值資產管理，我們在這個領域擁有領先的市場佔有率。我想強調的是，超高淨值資產管理——或者說高淨值財富管理——仍然是一個非常分散的產業。雖然我們擁有領先的市場份額，但這個市場份額也只有個位數。在歐洲等世界其他地區，我們的市佔率甚至更低。

We've seen really good growth in Europe. We see continued growth in the U.S. We have an ability, as we put more resources on the ground and invest in more resources to cover clients, to continue to grow that business. We've seen good growth over the last 5 years. I think we have (inaudible) run rate room to do that.

我們在歐洲取得了非常不錯的成長。在美國，我們也看到了持續成長的勢頭。隨著我們投入更多資源到當地，並加大對客戶的投入，我們有能力繼續發展這項業務。過去五年，我們一直保持著良好的成長動能。我認為我們有足夠的成長空間來實現這一目標。

One of the decisions we made, and again, this is on focus and kind of a lesson learned, is by selling United Capital and selling PFM, which was a small business, as you highlight, it allows us to take the resources and the investment we might have geared towards growing that and add it to our investment in ultra-high-net-worth growth. And we think that's a better-returning business and something we're very confident that we can continue to execute on.

我們所做的決定之一，也是我們從中學到的一個教訓，就是出售了United Capital和PFM（正如您所強調的，PFM是一家小型企業）。這使我們能夠將原本可能用於發展PFM的資源和投資，投入到我們對超高淨值客戶成長的投資。我們認為超高淨值客戶成長業務的回報更高，我們也非常有信心能夠繼續取得成功。

Okay, terrific. And then just a quick follow-up. So the $15 billion capital call facilities with Signature Bank, it sounds like you think that could help gain share with alternative asset managers. And you framed out obviously why that's such an important customer base for Goldman Sachs.

好的，太棒了。還有一個後續問題。您認為與Signature Bank達成的150億美元資本募集協議有助於高盛在另類資產管理公司中贏得市場份額。您也詳細闡述了為什麼這部分客戶群對高盛如此重要。

So if you can, maybe just give a little flavor for how that's going to help drive market share and how you think about where you sit with sponsorships, given how important they are as a customer for Wall Street, whether you have any sense of like where you are in the top 3 or where you can go from 3 to #1, or just any flavor for where your market share opportunities exist there.

所以，如果可以的話，請您簡要說明一下，這將如何幫助提升市場份額，以及您如何看待您在贊助方面所處的位置，考慮到贊助對於華爾街客戶的重要性，您是否知道自己在前三名中的位置，或者如何從第三名躍升至第一名，或者只是談談您在市場份額方面存在的機會。

Sure. We have -- in traditional investment banking services, we have leading share with sponsors across M&A and leveraged finance. These capital facilities are key to the way they operate their business. And while we've been in the business of capital facilities, it is an area of growth for us, an area of lending growth for us. One of the things that was interesting about these portfolios is the portfolios bring a series of new clients to us where we haven't been a lender and we haven't been engaged in this activity. And it gives us an attachment to them.

當然。在傳統的投資銀行服務領域，我們在併購和槓桿融資方面與眾多發起人保持著領先的市場份額。這些融資工具對他們的業務運作至關重要。雖然我們一直從事融資業務，但這仍然是我們的成長領域，也是我們貸款業務成長的領域。這些投資組合的有趣之處在於，它們為我們帶來了一系列新客戶，而我們之前從未向這些客戶提供過貸款，也從未涉足過此類業務。這讓我們與他們建立了更緊密的聯繫。

So this was an opportunity to expand an activity that we run meaningfully. Again, and I made this comment when we were talking about the Global Banking & Markets business, financing your clients strengthens your overall position with them because the financing is important to them. And so as we continue to finance sponsors, I think it strengthens an already very strong position with the sponsor community.

因此，這是一個拓展我們一項意義重大的業務的機會。正如我在討論全球銀行及資本市場業務時所提到的，為客戶提供融資能夠增強我們與客戶的整體關係，因為融資對他們至關重要。因此，我認為，隨著我們繼續為發起人提供融資，這將進一步鞏固我們在發起人群體中本已非常強大的地位。

And we'll move to our next question from Dan Fannon with Jefferies.

接下來，我們將回答來自傑富瑞集團的丹‧範農所提出的問題。

I had a question on Platform Solutions. So for the quarter, if we exclude the write-down, is this a reasonable run rate for expenses? And as you think about achieving your target of profitability in this business, is this going to come more from the expense side or revenue growth? And if you could also just give an outlook for transaction banking, just given revenues are down both sequentially and year-over-year.

我有一個關於平台解決方案的問題。如果剔除減損損失，本季的費用運行率是否合理？您認為實現該業務的獲利目標主要依靠費用成長還是收入成長？另外，鑑於交易銀行業務的收入環比和同比均有所下降，您能否也談談該業務的前景？

Sure. Thank you for the question. I don't think it's the right run rate. I think there's a combination of things that we expect over the next 12 months in terms of growth in revenue, composition of the clients as well as ongoing efficiency with respect to expenses. So I think we should be outperforming any type of run rate analysis. I think on transaction banking, we've tried to explain the strategic focus for us for that business, which is to grow a higher-quality client business over the long term. We had grown quickly.

當然。謝謝你的提問。我認為目前的成長率並不準確。未來12個月，我們預期收入成長、客戶結構以及費用控制效率都會有所提高，因此我認為我們的業績應該會優於任何基於成長率的分析。至於交易銀行業務，我們已經闡明了該業務的策略重點，即長期發展更高品質的客戶業務。我們之前的成長速度很快。

We're now focused on growing with high-quality clients, high-quality deposits. As you note, the revenues and the deposit balances were down slightly sequentially, I think, reasonably in line with the industry, given some migration to other higher-yielding opportunity sets. But we did grow our client count. We remain committed to the business. And we think that it works very well with our overall investment banking franchise and footprint. And we think it could be a good value unlock over the longer term for Goldman Sachs.

我們現在專注於與優質客戶和優質存款共同發展。正如您所指出的，收入和存款餘額環比略有下降，我認為這與行業整體情況基本一致，因為部分資金可能流向了其他收益更高的投資機會。但我們的客戶數量確實有所成長。我們仍然致力於這項業務。我們認為它與我們整體的投資銀行業務和佈局非常契合。而且我們認為，從長遠來看，這可能為高盛帶來良好的價值釋放。

And as a follow-up, you mentioned in terms of alternatives and the fundraising, the private equity challenges. But maybe if you could talk broadly about fundraising and some of the bigger funds maybe that you're in the market with today. And then also, as you think about the maturity of the business broadly within alternatives, how are you thinking about the contribution of incentive fees going forward? And when should we start to see those become a more material component of the overall revenue profile?

作為後續問題，您提到了另類投資和融資方面，以及私募股權投資面臨的挑戰。能否請您更廣泛地談談融資，以及您目前參與的一些規模較大的基金？此外，考慮到另類投資業務的成熟度，您如何看待激勵費用在未來的發展？我們何時才能看到激勵費用在整體收入結構中佔有更重要的地位？

So on the alternative space, our fundraising activity, $15 billion in the quarter, $40 billion year-to-date, has been broad-based. We have a broad-based platform. We have mentioned the secondaries fund. David covered some of the private credit spaces. These are big areas of interest for our clients around the world. They're particularly relevant. We expect to continue to invest in those platforms as well as across the platform more broadly.

因此，在另類投資領域，我們的募款活動十分廣泛，本季募資150億美元，年初至今累計募得400億美元。我們擁有一個多元化的投資平台。我們之前提到二級市場基金，David也介紹了一些私募信貸領域。這些都是我們全球客戶非常關注的領域，尤其具有現實意義。我們預計將繼續投資這些平台，並在整個投資平台上進行更廣泛的投資。

Incentive fees come through as we get to the end of funds, we're in a position to start to distribute carry. So incentive fees will be lumpy. It will depend on the performance of different funds. But we expect that there will be more incentive fees next year and beyond. When we laid out at Investor Day the building blocks for our performance in the segment, we put on the page, not only the top line target information that David covered earlier but also estimated incentive fees sort of on an annual basis. So I think that's a source of upside for us.

激勵費用會在基金到期時發放，屆時我們將開始分配收益分成。因此，激勵費用會呈現波動性，這取決於不同基金的表現。但我們預計明年及以後會有更多激勵費用。在投資者日上，我們闡述了該板塊的業績基礎，其中不僅包括David之前提到的主要目標訊息，還包括按年度預估的激勵費用。我認為這對我們來說是一個潛在的成長點。

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

接下來，我們將回答來自加拿大皇家銀行的傑拉德·卡西迪提出的問題。

David, in the past, you -- and you talked about the IPOs, the four that you guys were very involved with this quarter. But in the past, you talked about green shoots. And part of it was the convincing of private equity owners or companies that were owned by private equity that if they wanted to go public, they're going to have to recognize that the valuations today are far below where they were in 2021 at the peak of the cycle. Are you finding those conversations easier today? Are you finding more people are recognizing that's correct and if they want to go public, they just have to accept it?

大衛，過去你曾談到IPO，尤其是你們本季參與的四家公司。你當時也談到市場復甦的跡象。其中一部分原因是，你需要說服私募股權所有者或被私募股權公司控股的公司，如果他們想上市，就必須認識到，目前的估值遠低於2021年周期頂峰時的水平。你覺得現在比較容易進行這類對話了嗎？你覺得更多的人認識到這一點，如果他們想上市，就必須接受這個事實嗎？

Yes. I mean, I appreciate the question, Gerard. I think absolutely, they're easier. And if you look at a handful of the companies that have gone public, you can look at their private market valuations 2 years ago versus the valuation now. But I don't think those discussions are difficult. I think those discussions have a real sense of realism in them. And I think there are a number of companies that recognize the new environment and are focused on what they have to do to advance themselves strategically.

是的。我是說，我很感謝你的提問，傑拉德。我絕對認為，這些事情比較容易解決。如果你看看一些已經上市的公司，你可以比較一下它們兩年前的私募市場估值和現在的估值。但我認為這些討論並不難。我認為這些討論非常務實。而且我認為有很多公司都認識到了新的環境，並專注於如何在策略上推進自身發展。

And Gerard, I'd just add, it's actually especially helpful to have numerous real data points in the market, both in the space for equities and across the leveraged finance space. So the conversations that we're having with our clients now, who are looking to access the markets, they're informed by our leading role and insights into most of the activity that's been accomplished in the last several weeks. And so I think that is an incremental source of our optimism that we have those data points and that insight to share with clients and advise them on how and when they can get to market and what types of terms and pricing.

傑拉德，我還要補充一點，擁有大量真實的市場數據點，無論是在股票市場還是槓桿融資領域，都至關重要。因此，我們目前與那些希望進入市場的客戶的對話，都得益於我們在過去幾週內所發揮的領導作用以及我們對大部分市場活動的洞察。我認為，正是這些數據點和洞察讓我們更有信心與客戶分享，並就他們如何以及何時進入市場、以及適用的條款和定價提供建議。

Okay, very helpful. And then as a follow-up, it's not a big line item obviously for you folks. But can you share with us some of the color in the transaction banking area? That was obviously a new business line that you guys created. Just how is it going? I saw the revenues were down slightly, I think, sequentially. But what's going on in that line of business? And again, granted, it's not a major line of business for you folks at this time.

好的，很有幫助。接下來我想問一個問題，我知道這對你們來說可能不是主要業務，但能否跟我們分享一下交易銀行業務的具體情況？這顯然是你們新開的業務線。目前進展如何？我看到收入環比略有下降。那麼，這個業務線的具體情況又是如何呢？當然，我知道它目前對你們來說並不是主要業務。

Sure. No. Thanks, Gerard. Our transaction banking activity remains a strategic focus. The revenues and the deposit balances are down slightly on a quarter-over-quarter basis. Those things are linked. We have grown our client count. And we remain committed to making the investments to grow high-quality balances and clients in that business over the medium to long term, no change in strategy.

當然。不，謝謝，傑拉德。我們的交易銀行業務仍然是策略重點。收入和存款餘額環比略有下降。這兩者是相關的。我們的客戶數量有所增長。我們將繼續致力於在中長期內投資，以增加該業務的高品質客戶和存款餘額，策略不變。

Our next question comes from Saul Martinez with HSBC.

下一個問題來自匯豐銀行的 Saul Martinez。

I wanted to drill down a little bit more on Platform Solutions. I think, Denis, you mentioned that this quarter isn't necessarily a great run rate for expenses or revenues. But even this quarter, if I adjust for the loan markdown and the impairment, it seems like you are -- if my math is correct, you are PPNR positive.

我想更深入地了解一下平台解決方案。丹尼斯，你之前提到過，本季的支出和收入成長可能不太理想。但即使是本季度，如果我調整貸款減損和資產減損的影響，我的計算似乎是正確的——如果我沒算錯的話，你們的淨利潤是正的。

Obviously, credit costs are high, the credit card book is seasoning and you're still growing that portfolio. But if you can just help us parse through some of the moving parts and help us understand the glide path to getting back to -- or getting to close to breakeven or breakeven over the next, say, 24 months?

顯然，信貸成本很高，信用卡帳簿還在不斷成長，而且你們的信用卡組合還在擴大。但是，如果你們能幫我們理清一些複雜因素，並幫助我們了解在未來24個月內如何才能恢復到盈虧平衡點，或者接近盈虧平衡點，那該多好？

Sure. Thanks, Saul. So just a couple of things on glide path to help with the question and the context, so rate of growth is important in a business like this that's been growing very, very quickly and obviously taking provisions in line with CECL. We expect the growth rate for that activity has been slowing and could slow further. And that has some positive impacts.

當然。謝謝，索爾。關於滑行路徑，有幾點需要說明，這有助於回答問題並理解背景。對於像這樣成長非常迅速的業務而言，成長率至關重要，而且顯然需要根據預期信用損失（CECL）提列準備金。我們預計該業務的成長率已經放緩，並且可能進一步放緩。這會帶來一些正面影響。

And then as David mentioned, we made a strategic hire of a very seasoned industry professional. I mean, we're working very, very closely with him on the overall operations of our platform. We remain in discussions with our card partners and working carefully to improve the overall efficiency for the platforms for our clients and for Goldman Sachs. I think it's a combination of the way we're going to grow on the forward combined with how we manage the expense and the operating efficiency.

正如大衛所提到的，我們策略性地聘請了一位經驗豐富的行業專家。我們正與他密切合作，共同推動平台的整體運作。我們仍在與信用卡合作夥伴進行磋商，並努力提昇平台的整體效率，以便更好地服務我們的客戶和高盛。我認為這取決於我們未來的發展方向，以及我們如何控製成本和提高營運效率。

Okay, that's helpful. And just maybe a quick follow-up there. I think you mentioned that NCOs, net charge-offs, were down this quarter. Is that -- and you do have a 13.3% reserve coverage. It does seem like you're maybe closer to a scenario where provisioning to come down quite a bit, especially under CECL. But just maybe just give us a sense of how you're feeling about the credit outlook. And is my assessment right that your reserving could -- especially if you slow down, it could come down pretty materially over the next year to 2 years?

好的，這很有幫助。還有一個後續問題。我記得您曾提到本季淨沖銷額（NCO）有所下降。是嗎？而且您的準備金覆蓋率是13.3%。看起來您可能更接近大幅降低撥備的情況，尤其是在預期信用損失（CECL）模型下。能否請您談談對信用前景的看法？我的理解是否正確，您的撥備——尤其是在您放緩成長速度的情況下——在未來一到兩年內可能會大幅下降？

So you have a couple of facts that are right. We did have a charge-off ratio that was down sequentially quarter-over-quarter from 5.8% to 5.1% and lower charge-offs. We are not necessarily depicting that's the ongoing path for credit in the consumer portfolio. It's something we're still mindful of, given the environment, given the vintages in which we've originated those exposures.

所以，您說的幾個事實是正確的。我們的核銷率確實季減，從5.8%降至5.1%，核銷金額也減少。但我們不一定認為消費信貸組合的未來趨勢會如此。鑑於當前的市場環境以及我們發放這些貸款的年份，我們仍然對此保持關注。

We do feel that the coverage ratio at 13.3% is appropriate. And we obviously set that based on our expected life of loan losses. So as we move forward, our expectation is we'll continue to see elevated charge-offs. And as you look at our reporting on that, with GreenSky pulled out of the consumer line, you'll have a more pure look at the cards platform. And we do expect that will show elevated charge-offs.

我們認為13.3%的償付能力覆蓋率是適當的。顯然，我們是根據預期的貸款損失期限來設定的。因此，我們預計未來一段時間內，核銷率將持續上升。隨著GreenSky退出消費信貸業務，您在查看我們的相關報告時，將能更清楚地了解信用卡平台的情況。我們預期信用卡平台的核銷率也會上升。

For our next question, we'll return to Mike Mayo with Wells Fargo.

下一個問題，我們請富國銀行的麥克‧梅奧解答。

Just a clarification on my prior question. So if I have this right, you reduced your PE investments by $3 billion quarter-over-quarter. And that allowed a $2.5 billion reduction in capital allocated to the Asset & Wealth Management segment. I mean, is that completely correlated? So if you get rid of the $21 billion of remaining principal investments, does that free up, say, $16 billion? Is that ballpark right?

關於我之前的問題，我想澄清一下。如果我理解正確的話，你們的私募股權投資季減了30億美元。這使得分配給資產和財富管理部門的資本減少了25億美元。我的意思是，這兩者之間完全相關嗎？如果你們剝離剩餘的210億美元本金投資，是不是就能釋放出約160億美元的資金？這個估算對嗎？

No. Mike, I think when we started talking about the reduction of our historical principal investments over time, we gave a number of about $9 billion of capital release for the entire portfolio. So I don't think -- I'd be happy to get on with you and sort of work through your numbers. But I don't think we have $16 billion incremental on the forward, significantly less than that.

不，麥克，我想當我們開始討論隨著時間推移減少歷史本金投資時，我們曾提到整個投資組合大約可以釋放90億美元的資本。所以我覺得——我很樂意和你一起仔細研究你的數字。但我認為我們未來不會有160億美元的增量，遠低於這個數字。

So how much do you have left? Once you discard the $21 billion that remains, how much capital should be freed up?

那麼還剩下多少呢？扣除剩餘的210億美元後，應該釋放多少資金？

I mean, on a year-to-date basis, based on the activity that we've undertaken, that's a release of about $2 billion, to give you a sense. So we probably have remaining mid-single digits.

我的意思是，就今年迄今為止我們開展的活動而言，釋放的資金約為20億美元，這樣您就能有個概念了。所以我們可能還剩下個位數的資金。

Okay. And as far as the comp ratio, should we consider these one-time charges as part of comp? Or would that be excluded when we think about our models?

好的。至於補償比率，我們應該把這些一次性費用計入補償嗎？還是在考慮我們的模型時應該排除在外？

So we obviously have to include it for the purpose of the comp ratio accrual. We do think of them as more one-time in nature. We, as you know, did a headcount reduction earlier in this year. That's not our current expectation to repeat that. If anything, we think that the work we've done to rightsize the firm is something that puts us in a position to now make more selective investments in our headcount on the forward.

所以，為了計算薪酬比率，我們顯然必須將其納入考慮。我們認為這些支出更像是一次性支出。正如您所知，我們今年早些時候進行了裁員。我們目前不打算再次裁員。相反，我們認為，我們為公司規模調整所做的工作，使我們能夠在未來更有針對性地進行人員配置投資。

So we don't expect that type of severance to repeat itself. And we are taking into account, as we set the compensation ratio, that severance payments is obviously not available to pay those employees that remain with the firm. We're very focused on retaining to continue to drive the franchise.

因此，我們預期不會再出現類似的遣散情況。在製定薪資比例時，我們也考慮到遣散費顯然無法用於支付那些留在公司的員工。我們非常注重留住人才，以繼續推動公司的發展。

At this time, there are no further questions. Ladies and gentlemen, this concludes the Goldman Sachs Third Quarter 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect.

目前沒有其他問題了。女士們、先生們，高盛2023年第三季財報電話會議到此結束。感謝您的參與。您可以斷開連線了。