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，今天我將擔任你們的會議主持人。歡迎大家參加高盛 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.

我將代表高盛在電話會議開始時發表以下免責聲明。收益報告可以在我們網站的投資者關係頁面上找到，其中包含有關前瞻性陳述和非公認會計原則措施的資訊。此音訊廣播是高盛集團有限公司受版權保護的資料，未經我們同意，不得複製、轉載或轉播。本次通話錄音於今天（2023 年 10 月 17 日）進行。

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.

我現在將把電話轉給董事長兼執行長大衛‧所羅門 (David Solomon)；和財務長丹尼斯·科爾曼。謝謝。所羅門先生，您可以開始會議了。

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，大家早安。感謝大家加入我們。在開始準備好的發言之前，我想花點時間談談中東發生的可怕事件。我們最強烈地譴責針對以色列的恐怖攻擊，並對這麼多無辜者的生命喪失感到心碎。對於該地區來說，這顯然是一個極其困難和不確定的時期。這對我們世界各地的許多人來說非常令人擔憂。隨著這場危機的展開，我們顯然將繼續密切關注。

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.

本月早些時候，我擔任高盛執行長的第五年即將結束。我對公司從未感到如此樂觀，我們的策略也從未如此清晰。我們經營兩項核心業務，即市場領先的全球銀行和市場專營權以及不斷發展的資產和財富管理平台，這兩項業務都旨在在整個週期內提供中位數的回報。

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，高盛的卓越之處在很大程度上依然如故：作為全球領先企業、機構和個人值得信賴的顧問的長期記錄；一個廣泛而深入的全球平台，具有跨產品、地理和解決方案的能力；一個令人嚮往的品牌；傑出的人；以及協作和卓越的文化。

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，在這段時間裡，我們透過將 One Goldman Sachs 的營運精神制度化來發展該組織。這種方法，加上我們一流的人才、建議和執行能力，加強並鞏固了我們在各個業務領域的領導地位。當我們今天坐在這裡時，我們的客戶特許經營權一如既往地強大，使我們能夠始終處於客戶最複雜和最重要交易的中心。

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，美國已有四起大型 IPO 上市，分別是 ARM Holdings、Instacart、Klaviyo 和 BIRKENSTOCK。高盛 (Goldman Sachs) 在這四項交易中的三項交易中處於領先地位，並在第四項交易中擔任聯席牽頭帳簿管理人。沒有其他銀行可以做出這樣的說法。受託幫助公司度過進入市場的關鍵過渡需要長期的客戶關係、深厚的市場專業知識和經驗。

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.

鑑於這些交易的執行，我對資本市場更廣泛重新開放的前景感到鼓舞。如果條件仍然有利，我預期資本市場和策略活動將持續復甦。作為併購諮詢和股票承銷領域的領導者，活動的復甦將成為高盛的順風車。

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.

在資產和財富管理領域，我們的策略正在發揮作用，我們在整個特許經營業務中所取得的成功證明了這一點。雖然一些主動資產管理公司在過去幾年面臨季度資金流出，但我們連續 23 個季度出現長期收費資金流入。我們產生了創紀錄的 24 億美元管理費和其他費用，並且正在順利實現到 2024 年 100 億美元的年度目標。我們也領先 20 億美元的替代管理費目標。

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特許經營權使我們能夠從優勢地位執行，但我們知道我們仍然有工作要做。今年稍早的投資者日，我們制定了一套明確的目標，以縮小我們的策略重點。我們在這些優先事項上取得了重大進展。

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 GreenSky。我們也宣布今年夏天出售個人財務管理業務。我們幾乎出售了所有馬庫斯貸款組合。今年我們將歷史本金投資減少了 90 億美元。我們相信，我們現在所做的工作將為我們在 2024 年及以後提供更強大的平台。

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.

在我評估經營背景時，事實證明，美國經濟比預期更具彈性，儘管有理由保持警覺。過去幾個月美國公債利率大幅上升，10 年期公債殖利率在第三季上漲了 75 個基點。最重要的是，最近的通膨和就業數據超出了預期，推動了市場對長期利率上升的預期。經濟中仍有許多部門尚未吸收升息的影響，特別是考慮到上個季度金融狀況進一步收緊。

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，全球地緣政治壓力不斷升級，烏克蘭戰爭、與中國的持續緊張局勢以及現在的中東衝突。整體風險水準比我們在相當長一段時間內所看到的要高。雖然我們不知道這一切會導致什麼結果，但它可能會影響美國和世界各地的經濟成長和穩定。我們仍保持謹慎立場。

Before I turn it over to Denis, I'd like to spend a moment on 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.

在將其交給丹尼斯之前，我想花點時間討論巴塞爾協議 III 的最終提案，並重申我對此的看法。當然，我們支持合理的監管以及確保我們擁有安全健全的金融體系的願望。有些人最近表示，我們需要吸取 2008 年金融危機的教訓，這推動了對更高監管的需求。

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 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，所提議的規則太過分了，沒有考慮到最大的銀行因多德弗蘭克法案和其他改革而做出的大量改進。銀行在過去 15 年中不僅資本增加了一倍，而且還提高了資本質量，增加了流動性，簡化了每年持續進行壓力測試的業務。需要太多的資本會產生負面後果。

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.

我相信，如果這些規則被實施，將會發生三件事。首先，從大企業到小企業，各種規模的企業的信貸成本都會上升。其次，更多的活動將轉向不受監管的影子銀行部門。事實上，鼓勵將風險轉移到受監管的銀行體系之外的政策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入、流動性最強的。它們是我們經濟的引擎，因為獲得資本可以促進全國的創新和成長。我們作為全球領先經濟體的競爭地位將受到這項提議的負面影響。

The net result of these proposed rules would be slower economic growth in the U.S. and a 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將是美國經濟成長放緩以及銀行體系穩健性的實質改善。我們與客戶和業內其他人一起，一直與監管機構和政府利益相關者密切合作。鑑於這種參與，我們預計將會有持續的辯論並最終對擬議的規則進行修改。

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.

儘管監管不確定性和地緣政治風險仍然是首要考慮因素，但我對我們客戶業務的狀況以及高盛的長期機會非常有信心。我們專注於執行我們的策略，以進一步加強我們領先的全球銀行和市場特許經營權並發展我們的資產和財富管理業務。我對我們核心業務的相對錶現感到滿意。我們仍然堅定地致力於為客戶和股東提供服務。

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

我現在將把它交給丹尼斯，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 an earnings per share of $5.47 and a return on equity of 7.1%.

謝謝你，大衛。早安.讓我們從簡報第一頁的結果開始。第三季度，我們淨收入 118 億美元，淨利 21 億美元，每股收益 5.47 美元，股本回報率為 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.

正如大衛所強調的那樣，今年早些時候，我們做出了縮小重點的策略決策。我們在多項活動中取得了巨大進展。我們在所選項目表中提供了與這些決策相關的財務影響的詳細資訊。總的來說，這些項目使淨利潤減少了 8.28 億美元，每股收益減少了 2.41 美元，淨資產收益率減少了 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 markets portfolio and operating the PFM business.

這些項目包括與我們在資產與財富管理領域歷史主要投資相關的結果，包括標記、拋售和 CIE 減損的淨影響，以及與 GreenSky 相關的結果，其中包括我們宣布的出售和持續經營績效的影響。此外，我們強調與我們的剩餘市場投資組合和經營 PFM 業務相關的持續適度損失。

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.

轉向按細分市場劃分的業績，從第 4 頁開始。全球銀行與市場第三季的收入為 80 億美元。由於完成率較低，諮詢收入為 8.31 億美元，較去年同期的強勁水準有所下降。股票承銷收入年增至 3.08 億美元，但產業交易量仍遠低於中長期平均。債務承銷收入也較 2022 年第三季增加 4.15 億美元。

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.

今年迄今為止，我們在已宣布和已完成的併購以及股權承銷方面排名第一，在高收益債務方面排名第二。隨著我們成功地將交易推向市場，我們的積壓訂單環比下降。儘管市場狀況不斷變化，但客戶參與度仍在不斷提高。我們一流的特許經營權仍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 FICC 淨收入為 34 億美元，低於去年的強勁表現，特別是在貨幣和大宗商品方面，但相對於第二季度有所增長。我們創造了創紀錄的 FICC 融資收入 7.3 億美元，該收入因抵押貸款和結構性產品的更好業績而連續增長。此外，我們很高興中標 Signature 銀行的兩個資本催繳設施池，FDIC 在 9 月拍賣的承諾總額剛超過 150 億美元。

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談到的那樣，另類資產管理公司對我們來說是一個有吸引力的客戶群。購買該投資組合使我們能夠增強與該客戶群的聯繫，我們可以透過 One Goldman Sachs 方法為他們提供更全面的服務。這些活動也使我們能夠以有吸引力的風險調整回報來增加持久的收入。

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 in quarter. Both financing revenues across FICC and equities were nearly $6 billion for the year-to-date, representing a record performance for these more durable activities.

該季度股票淨收入為 30 億美元。由於衍生性商品表現較好，股票中介收入為 17 億美元，較去年同期成長 7%，而股票融資收入為 12 億美元，低於本季的創紀錄水準。今年迄今為止，FICC 和股票的融資收入均接近 60 億美元，創下了這些更持久活動的創紀錄表現。

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.

我們的融資結果，加上我們自第一個投資者日以來所獲得的大量股票收益，是我們成功執行該業務既定策略重點的直接結果。儘管整個投資銀行業務活動水準較低，但我們正在提高全球銀行和市場業務的下限，今年迄今的股本回報率為 13.4%。

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.

現在轉到第 5 頁的資產與財富管理。營收年減 32 億美元，主要是因為股權投資績效疲軟所致。管理費和其他費用年增 7%，達到創紀錄的 24 億美元，這主要是由於受監管的平均資產增加所致。私人銀行和貸款收入為 6.87 億美元，比去年同期略有增長，因為我們出售了幾乎所有的 Marcus 貸款組合，抵消了較高的存款餘額和利差。我們仍然非常專注於推動管理和其他費用以及私人銀行和貸款等更持久的收入流的成長，這兩項業務今年迄今都創造了創紀錄的收入。

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.

由於商業房地產投資降價，股權投資產生了 2.12 億美元的淨虧損。總的來說，我們歷史主要投資的損失以及 Marcus 貸款的業績對我們今年迄今該部門 6% 的稅前利潤率產生了 18 個百分點的負面影響。

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.

現在轉到第 6 頁。本季末受監管的總資產達到 2.7 兆美元。我們看到 110 億美元的流動性流入和 70 億美元的長期淨流入，這代表我們連續 23 個季度出現長期收費流入。

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.

請參閱第 7 頁有關替代方案的內容。截至第三季末，另類澳洲總營收為 2,670 億美元，帶動本季管理費及其他費用 5.42 億美元。本季第三方募款總額為 150 億美元，今年迄今為 400 億美元。我們很高興地宣布高盛 Vintage Fund IX 於第三季結束，這是我們最大的私募股權二級基金，也是史上最大的基金之一，規模約為 140 億美元。自 2020 年投資者日以來，第三方籌款總額現已達到 2,190 億美元，這使我們預計提前實現 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主要投資組合相關。第三季度，我們將該投資組合削減了超過 30 億美元，使年初至今的削減額達到 90 億美元。我們預計將實現 2024 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 $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 貸款帳簿相關的1.23 億美元收入減少，這被我們將投資組合轉為持有待售而釋放的6.37 億美元相關準備金所抵銷。

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.

在第 9 頁，第三季全公司淨利息收入為 15 億美元，由於融資成本增加支持交易活動而較上季下降。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，反映了我們信用卡貸款組合中的淨沖銷，被我提到的與 GreenSky 相關的準備金釋放所抵消。此外，在我們的批發投資組合中，減損部分被準備金減少所抵消，準備金減少是由於宏觀經濟環境與上一季相比更加穩定。

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.

在第 10 頁，我們提供了與上季類似的 CRE 風險敞口的更多詳細資訊。 CRE 貸款在我們整體貸款帳簿中所佔的比例仍然相對較小，為 14%。 CRE 投資在地域和部位上實現多元化，沒有單一部位佔表內另類投資總額的 1% 以上。在股權投資和 CIE 中，今年我們與辦公室相關的風險敞口顯著或減損了約 50%。

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.

現在轉向第 11 頁的支出。季度營運支出總額為 91 億美元。扣除準備金後，我們的年初至今薪資率為 34.5%，其中包括年初至今約 2.75 億美元的遣散費。在 2 月的投資者日上，我們制定了 2023 年和 2024 年實現 6 億美元薪資運作效率的目標。我們目前正在努力超越這一目標。這些效率使我們能夠對錶現最好的員工進行再投資，特別是在頂尖人才市場競爭仍然激烈的情況下。

Quarterly non-compensation expense was $0.9 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.

季度非薪資費用為 9 億美元。非補償費用的同比增長是由與 GreenSky 相關的 5.06 億美元無形資產減記以及 3.58 億美元的 CIE 減值推動的。雖然今年迄今的一次性費用有所增加，但我們繼續專注於降低非補償費用，並在實現 4 億美元運行率效率目標方面取得進展。

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%.

由於沖銷了與 GreenSky 相關的遞延稅資產以及我們收入的地理組合，我們 2023 年前 9 個月的有效稅率為 23.3%，高於上半年。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 repurchase 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.

現在看投影片 12。按照標準法，第三季末我們的普通股一級資本比率為 14.8%，比我們目前 13% 的資本要求高出 180 個基點。本季度，我們向股東返還 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較第三季放緩。我們仍然致力於向股東支付可持續成長的股息並保持有競爭力的收益率。

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不斷縮小和優先事項的執行，這將有助於推動我們的業務在整個週期中產生中雙位數的回報。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，並對高盛未來的機會保持樂觀。

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

現在，我們將開放提問熱線。

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

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

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，從大局來看，如果我們加回本季的所有重要項目，我們顯然仍然遠低於十幾歲的目標。我知道這是一個非常緩慢的時期，就像投資銀行業十年來的低點一樣，你正在希望減少大量資產負債表上的東西。

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)

所以我想知道你是否可以幫助我們彌補從這裡到那裡的差距。因為在我們內心深處，我們的分母也有可能增加 25%。因此，我想知道您是否可以彌補資本市場活動改善帶來的收入差距？分母中還有多少資本尚未釋放？我知道這很難，但我想說高水平，只是（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.

當然，格倫，感謝你提出這個問題。因此，我們將保持高水平，讓我們分開討論我們已經得到的內容，然後我們可以就巴塞爾協議 III 進行單獨的討論。但首先，我們正在簡化公司並管理公司，以推動公司絕大多數人從事兩項核心業務，即我們的全球銀行和市場特許經營業務，該業務在一個不太好的環境中表現非常好該業務的環境。投資銀行活動遠低於十年正常水準。我認為這種情況不會一直持續下去。

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.

但是，如果你觀察該企業 9 個月的業績，該企業占公司的 70%，即 2/3 或 70%，該企業的 ROE 為 13.4%，這對於整體業務而言並不是最佳環境。我不能告訴你環境什麼時候會好起來，但我相信資本市場和銀行環境在未來幾年將會改善。歷史告訴我們，它不會一次關閉多年。

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.

有一個調整。我們正在做調整。是的，世界是不確定的。正如我們所提到的，這可能是一個逆風。但我確實認為情況會有所改善。該業務表現良好。我們堅信，該業務是一個貫穿整個週期的十幾歲左右的業務，我們大幅增加錢包份額的方式，我們擴大融資足跡的方式，這為業務增加了更多平衡我們在該業務領域擁有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，我們有資產和財富管理業務，我們認為，隨著我們減少歷史本金投資並使其成為較低資本基金業務，該業務的回報率為中位數或更高。我們正踏上這段旅程。我想你看到了我們的進步。我們已經討論了今年如何減少歷史主要業務——歷史主要投資 90 億美元。我們設定了明年 150 億美元的目標，我們將實現這一目標，然後在 2 年後接近 0。

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，當我們重新定位該業務時，我們非常有信心以十幾歲左右或更高的價格運作。正如我們也說過的，我們正在減少平台的阻力。我們正在縮小平台並減少阻力。我們相對有信心在未來 12 到 24 個月內，我們將在這方面取得更多實質進展。因此，將其與我們現有的相加，我認為您可以對十幾歲左右的目標感到非常滿意。

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. With these things (inaudible) not to say it won't be ahead, 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.

現在巴塞爾規則。巴塞爾規則如果按照現在的定位實施，將對此產生不利影響。而且，這並沒有考慮到我們如何優化以及如何定價。有了這些事情（聽不清楚），並不是說它不會領先，但我不想猜測它會對我們的目標產生什麼影響，直到我們真正了解它是如何實現的以及我們可以在我們的業務中採取哪些適當的措施管理它。

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，我們仍然對為股東帶來有意義的更高回報的觀點非常樂觀。當巴塞爾的情況更加清晰時，我們致力於為您提供清晰的視野。但我不會在這一點上草率下結論，我並不是說你是。我現在不會對此妄下結論。

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，我很欣賞。為您準備好的發言進行快速跟進。您提到了一些尚未吸收較高利率的行業。我很好奇您是否可以對哪些部門或這有什麼意義給出一些說明。我更多的是從宏觀經濟的角度來思考，但這引起了我的注意。

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，當我聽你回放時，我想說的是，美國經濟更具彈性。財政刺激措施有助於緩解貨幣狀況的實質緊縮。我仍然相信這種緊縮政策有滯後性。在廣泛的經濟領域，我們將看到更多的低迷。現在這並不一定意味著經濟衰退。當然，對於這一切的結果存在著很好的爭論。但我們在過去的一個季度再次大幅收緊了經濟狀況。我只是認為大多數經濟部門都存在著滯後，不是全部，而是大多數經濟部門。

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.

我確實認為，在接下來的 2 到 4 個季度中，緊縮政策的影響將更加明顯，並將導致某些領域經濟放緩。當我與執行長們互動時，尤其是在消費者業務方面，我聽到一些軟弱的聲音，特別是在過去 8 週的某些消費者行為中。我不想過度誇大這一點，因為我認為經濟和消費者更具彈性。但我認為這需要一些人密切注意。

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

我們將轉向美國銀行 Ebrahim Poonawala 提出的下一個問題。

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，也許只是第一個後續行動，丹尼斯。我只是想確保我聽到的是正確的。你是說你在CRE辦公室把你的CRE暴露標記了50%嗎？在這一點上，讓我們有一種甚至超越辦公室 CRE 的可見性。顯然，這對您來說是一個非常容易管理的問題。但它仍然是一種滋擾和盈利噪音的來源。在這件事得到確定之前，我們還需要做多少努力？

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。所以，是的，需要澄清的是，對於我們在辦公空間中的 CRE 和 CIE 暴露，我們今年已經將其標記或削弱了約 50%。所以我認為這非常重要。今年伊始，我們進行了約 150 億美元的 CRE 另類投資。現在已經減少了約 50 億美元。其中 3/4 是透過付款或處置，餘額透過標記和減值。因此，我們在應對這些風險方面正在取得非常非常重大的進展。

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.

如果您查看非辦公室的同一組風險敞口，則年初至今透過標記或減損進行的調整約為 15%。因此，我們認為我們已經減少了許多名義上的部位，適當地反映了這些部位的估值。但正如我們的目標所示，我們打算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?

知道了。我想，這只是一個單獨的問題。我的意思是，我認為資本市場環境就是這樣。當你審視公司未來一兩年的情況時，如果可能的話，大衛，你認為最好的成長機會在哪裡？第一，也許可以談談客戶特許經營和資本市場融資。這是變得更好還是更糟？然後還有很多關於私人信貸、直接貸款的討論。您談到信用是一個機會。只是讓我們知道，當我們考慮未來一兩年時，這是否會成為有意義的成長來源？

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。因此，在我們的全球銀行和市場業務中，我們仍然相信，透過專注於執行力，我們有機會繼續增加我們的錢包份額。我們將重點從前 100 個帳戶擴大到前 150 個帳戶。我們也正在擴大我們從 1、2 或 3 的位置查看帳戶的粒度，而不僅僅是前 3 個。因此，我們仍然看到一些錢包份額的機會，但我們顯然擁有非常強大的錢包份額。所以這並不是最重要的。

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.

我們正在增加對全球銀行和市場業務的融資。我們預計將繼續擴大融資規模。我們計劃繼續投入更多財政資源來擴大融資規模。我們確實認為它有合理的回報。就我們的整體錢包份額而言，這也為我們的客戶特許經營權創造了一個良性循環，因為我們是他們的重要融資者。

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.

當你轉向資產和財富管理時，我認為我們在投資者日上已經非常明確，馬克表示這一點，我們認為我們可以將該業務的收入實現高個位數成長。這是由我們的管理費隨著時間的推移持續增長以及財富管理行業的持續增長所推動的，我們在該領域經歷了良好的增長，並且我們仍然看到財富管理在全球範圍內發展特許經營權的良好機會。我們在這過程中不斷取得良好進展。

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.

當你談論私人信貸時，如你所知，我們擁有超過 1000 億美元的私人信貸。我們推出了私人信貸工具。當你看看全球銀行和市場時，我們顯然擁有一個非常強大的生態系統。我們在融資方面所做的事情，我們認為這也可以成為私人信貸成長的資產和財富管理機會，但我們預期私人信貸的成長將成為我們資產和財富管理整體成長的一部分特許經營權。這些是我現在要強調的一些事情。

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

我們將轉向克里斯蒂安·博盧與自主研究提出的下一個問題。

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.

這只是《巴塞爾協議 III 終局之戰》的另一篇文章，感謝您認為它會改變等等。但既然您已經有機會以原樣消化實際提案，那麼您認為它如何影響您的市場業務的競爭力還有更多的色彩嗎？是否有任何特定業務受到或多或少的影響？然後也許可以給我們一些關於潛在緩解行動的資訊。

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。我很感激。我的意思是，我將談論非常高層次的話題，因為這一切都是流動的。但顯然，如果這些規則按照提議的方式實施，它們將對企業產生影響。但這與企業對企業不同。有些活動會對最終用戶產生有意義的影響，無論他們是公司還是個人，很明顯你會轉嫁成本。一家想要對沖的公司來到我們這裡，而我們在無抵押衍生品中處於相對位置，我無法想像他們的對沖願望不會繼續下去，即使對沖成本更高。顯然，在某種平衡下，他們會以不同的方式思考這個問題。

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.

對於某些業務，我們可能會降低我們的活動水平，因為根據新的巴塞爾規則，回報看起來並不有吸引力。但還有其他一些，我要指出的最明顯的一個，順便說一句，對我們影響的很大一部分是，它是首要的，好嗎？對於從事主要業務的大型機構來說，沒有太多選擇。歐洲很少有，一點點。顯然，如果以這種方式實施，歐洲人將擁有優勢。但歸根究底，還是有少數規模化的參與者。有許多規模較大的機構需要這項服務。

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.

我們相信我們能夠以合理的方式優化和傳遞定價。我們必須看看最終的規則。我們必須調整。所以會影響行為。它將影響定價。會影響優化。但我知道每個人都想跳到明確的答案。我認為你需要看到規則，然後機構和最終用戶需要適應新的現實，無論它是什麼。這並不是二元的，它只影響我們或行業中的其他人，他們顯然正在像我們過去一樣解決這個問題。

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。也許是關於這裡的平台業務的問題。我只有一個由兩個部分組成的問題。我想，首先，也許只是向我們介紹一下您對與蘋果合作的看法。在目前的情況下，經濟學對高盛有用嗎？或進一步考慮處置該合作關係是否有意義？

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?

第二個問題更多的是關於您的高級信用卡的信用品質。您對該投資組合的信用品質有何看法？與您的期望和更廣泛的信用卡行業相比如何？

All right. I'll start on the first part and Denis will make some comments on credit and the portfolio. First, I think 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。我將從第一部分開始，丹尼斯將對信貸和投資組合發表一些評論。首先，我認為我們聘請了一位擁有數十年經驗的比爾·約翰遜先生來幫助我們更好地優化信用卡組合——信用卡合作夥伴關係。正如我們多次向您說過的那樣，我將在這裡非常清楚地重複一遍，我們一直在努力縮小我們的焦點。您已經看到我們圍繞 Marcus 貸款和 GreenSky 進行執行。我們與蘋果和通用汽車的合作關係是長期合約。我們沒有單方面退出這些夥伴關係的權利。

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它們，擺脫阻力並使它們獲利。我們在營運方式和成本基礎上都取得了進展。比爾·約翰遜的加入正在幫助解決這一切。我們將繼續與我們的合作夥伴進行建設性的合作，並研究從長遠來看對高盛來說什麼是最好的。但我們的核心重點是減少未來 12 至 24 個月內的阻力，並確保我們能更好地運作它們。丹尼斯，您想對我們所看到的信用品質發表一下評論嗎？

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。我要補充的是，我們顯然仍然非常關注投資組合的整體信用品質。有幾點需要牢記。在消費領域，本季的淨沖銷率為 5.1%，低於上季的 5.8%。沖銷總額也有所下降。您還會看到，我們的覆蓋率現在為 13.3%，考慮到我們對投資組合的預期，我們認為這是一個適當的水平。

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.

這項調整基本上是從該比率中刪除 GreenSky 的函數。現在這也適用於卡片組合。但我們對目前的情況感到滿意。關於遠期信貸的整體表現，我們將繼續關注。我們對信用承保框進行了一些調整。隨著經濟環境的變化，我們將繼續監控這種情況。

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

我們將轉向 Wolfe Research 的 Steven Chubak 提出的下一個問題。

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，你提到人才競爭加劇導致了一些開支壓力。我希望您能談談實現 60% 效率目標的承諾。也許更具體地說，考慮到收入結構的變化、最近宣布的一些業務退出以及您提到的競爭加劇，這將如何影響您實現這 60% 的能力（如果有的話）。

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。所以我們繼續致力於60%的效率比。但如你所知，我們正在逐步縮小我們的關注範圍。我們正在處理一些事情，我們正在努力提高透明度，史蒂文，並向您強調。我將向丹尼斯求助，以確保我們得到的數字是正確的。但除去那些一次性項目，本季的效率比率會是多少？

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。因此，從長遠來看，我認為重要的是要強調，我們認為我們所強調的事情不會永遠持續下去。我們正在努力縮小焦點。當我們審視我們的全球銀行和市場業務以及資產和財富管理平台時，我們認為我們的目標是正確的。

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.

現在回到你的觀點，史蒂夫，關於競爭。對人才，尤其是最優秀人才的競爭仍然非常非常激烈。因此，我們認為我們擁有一個非常非常好的人才生態系統。我對我們正在進行的招募感到滿意。我想強調的是，對於我們在大學的分析師職位，我們收到了約 2,600 個職位的 260,000 份申請。去年，高盛有超過 100 萬份求職申請，這是一個非常非常有抱負和渴望的工作場所。但人才競爭依然激烈。

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，我們將在人才投資上取得適當的平衡。您聽到丹尼斯談到了我們的一些效率，以及這些效率使我們能夠對一些最優秀的人才進行再投資的事實。我們對自己所處的位置感覺良好。但我們也相信，隨著我們繼續執行我們的策略，縮小我們的關注範圍，讓我們專注於全球銀行和市場以及資產和財富管理這兩項核心業務，我們正在招聘的效率比率目標——我們在未來幾年強調的是一個合理的目標。

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.

那顏色真棒。我的後續行動是關於贊助商前景的更廣泛的問題。 Alts 籌款活動繼續以健康的速度進行。但私募股權投資面臨許多阻力，無論是有限合夥人分母效應、更高的利率或整體變現活動放緩。我希望您能談談贊助商業務的更廣泛前景以及對贊助商銀行活動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。因此，史蒂文，廣義的贊助商社區，這實際上是廣泛的另類世界，私人資本世界，我想說的第一件事是，我們堅信，仍然存在一個非常非常長期的長期增長趨勢，它完好無損，並將繼續。我認為存在一些非常非常有趣的宏觀動態。我相信嬰兒潮世代持有超過70 兆美元的資產，在未來20 年的某個時候，這些資產要么會被傳遞給年輕一代進行積極投資，要么會被納稅，要么會被捐給慈善基金會，順便說一句，慈善基金會，誰也投資。

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，良好的資金流動和轉向私人資產類別的動力非常非常強勁，特別是考慮到公共市場的規模。因此我們相信這一點是完好無損的。毫無疑問，融資環境比以往更加平靜。我想說，2020 年和 2021 年的表現異常強勁，而且在貨幣政策極為寬鬆的環境下也非常非常強勁。但毫無疑問，隨著新年份和新的重置環境的開啟，所有這些投資都可以取得成功，即使利率更高且營運效率更高。

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.

我對贊助商社群了解的一件事是他們通常透過出售資產來賺錢。贊助商社群擁有龐大的業務組合。當他們購買新資產時，他們也會賺錢。他們現在顯然必須以不同的估值和不同的融資成本購買新資產。我想說的是，在過去 6 個季度、過去 1.5 年裡，社區一直非常安靜。在我們的對話中，他們開始看到更多有趣的機會。

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 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.

我預計在未來12 到24 個月內，贊助商社群的活動水平將再次增加，無論是在銷售方面還是在銷售方面，這都是我對資本市場和我們期待的諮詢活動持樂觀態度的原因之一在接下來的 4 到 8 個季度中，而且在新採購方面也是如此。我並不是說它會回到 2021 年的水平。那是不正常的。但如果你看看 10 年的歷史平均值以及贊助商活動在投資銀行活動中所佔的百分比，我預計你會看到我們回到這些平均水平。目前，我們遠低於當前時間點的平均值。

Our next question comes from Brennan Hawken with UBS.

我們的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?

我很樂意從費用和補償開始。大衛，你在回答史蒂文的問題時剛剛談到了這一點。但從可比比率來看，我們看到收入環比成長，但可比比率卻有所上升，這對高盛來說相當不尋常。丹尼斯，我知道你今年迄今已支付了近 3 億美元的遣散費。第三季有一些這樣的事情嗎？或是否有任何異常項目影響補償比率？或者這主要只是因為人才的競爭？

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，它的規模非常非常小。我們先前揭露了 2.6 億美元的遣散費。因此，本季有少量遣散費。我們只是認為繼續指出並強調這一點很重要，這樣您就可以在一年中追蹤這一點。就我們全年的想法而言，這顯然已納入我們的總體比率中。我們根據對年終業績的預期以及對員工薪酬的預期，對第三季度的薪酬比率進行了調整。

And we're looking at the entire composition (inaudible) 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.

我們正在考慮整個組成（聽不清楚），並注意我們將繼續按績效付費，但也認識到，特別是在我們的核心業務中，我們在全球銀行和市場領域擁有領先的市場份額，創下了今年迄今的記錄融資活動，記錄年初至今的管理費，記錄年初至今的私人銀行和貸款活動。這些是我們在可預見的未來業務的基石。我們認為，繼續認識和留住那些將在未來釋放我們十幾歲回報的業務相關的人才非常重要。

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。然後當你想到時——感謝 CRE 上的所有顏色和曝光。當您考慮打算在明年年底前繼續出售的這些歷史主要投資時，其中哪些部分是商業房地產或與商業房地產相關的？是否可以對您要出售的資產以及它們對商業房地產或其他行業的影響程度進行說明？

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。所以我之前發表了評論。如果您查看與CRE 相關的資產負債表內投資總額，並查看我們的CIE 投資組合中的貸款、債務證券、股本證券和剩餘股權敞口等資產類別，您會發現，總體而言，現在略低於10 美元10 億美元，97 億美元，今年迄今減少了 50 億美元。其中一些風險敞口的一部分與我們公司範圍內的活動、我們的 CRA 義務和一些共同投資風險敞口有關。如果你看一下——總的來說，CRE 資產負債表內投資的大約 43% 是 HPI。這就是我們希望隨著時間的推移而出售的東西。

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

我們將轉向富國銀行麥克梅奧提出的下一個問題。

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?

這個樞軸並不是什麼新鮮事，它已經被宣傳過了。我想，新的是實際損失。那麼回頭看，誰該負責呢？誰為 GreenSky、馬庫斯貸款和比您現在希望的範圍更廣泛的消費者擴張策略帶來的損失付出代價？然後展望未來，一旦你消除了你想要消除的消費者方面和本金投資，僅此一項就能提高股本回報率多少？

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，謝謝你提出這個問題。公司的領導階層，包括我自己和其他高階領導層，對這裡發生的一切以及我們為股東和員工所做的一切負責。顯然，我們對我們所做的任何決定負責。我之前曾公開表示，我很高興我們的轉變。正如你所說，這個支點並不新鮮。我們已經完成了轉折點。我們說過我們要做某些事。

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，你會以不同的方式做些什麼。我們顯然反思了。我們從所做的事情中學習。但我認為對公司來說嘗試、學習和適應很重要。當你做出一個你認為對股東和公司都是錯誤的決定時，你會做出相對應的調整。所以我們正在這樣做並繼續前進。問題的第二部分是？

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

僅通過放棄額外的本金投資和您想要擺脫的剩餘消費業務，淨資產收益率會提高多少？

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 [marked] accounts 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.

好吧，我想我們已經給了你很大的透明度，麥克，看看這個。但如果你看看本季度 ROE 受到拖累的因素，你會發現本季 ROE 拖累的 75% 是減損和歷史本金投資的[標記]帳戶。如果你回顧過去幾個季度，你會發現對股本報酬率表現影響最大的是歷史本金投資。

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.

現在，歷史上這些歷史主要投資也帶來了好處。但在這種環境下，顯然你看不到這一點。我們認為釋放資本並經營基金業務（較低資本的基金業務）是更好的業務。所以我們正在推動這一點。我想在電話會議的早些時候，我們討論了銀行和市場業務的整個週期表現。

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.

您可以看到銀行和市場現在的淨資產收益率，也可以看到資本較少的資產和財富管理業務的遠期淨資產收益率。來自平台的阻力越來越小。在接下來的 12 到 24 個月內，它也會變得更小，並有望被根除。因此，這將為您帶來更乾淨的股本回報率，我們仍然相信，在整個週期中，股本回報率可以保持在十幾歲左右。

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?

那麼您進行更多回購的能力和意願是什麼？當然是巴塞爾協議III。但如果你放棄了理論上應該釋放更多資本用於回購或再投資到其他地方的主要投資，那麼你的計劃是什麼？你的限制是什麼？

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。所以我認為丹尼斯在準備好的發言中強調了這一點。鑑於我們根據正在採取的行動成功減少了 SCB，我們已經建立了相當大的緩衝和緩衝。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.

現在顯然，巴塞爾已經存在並且不確定，所以我們目前在這方面的操作更加保守。我們已經強調，在我們更加明確之前，我們可能會對回購採取更保守的態度。但我們將繼續回購股票。我們將繼續支付股息。

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.

由於我們對這項策略有了明確的認識，因此應該會釋放更多有意義的資本，最終將有利於進一步回購。但目前，我們希望——在我們繼續前進之前，我們會更加謹慎，對資本規則有更清晰的了解。

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

我們將轉向摩根士丹利瑞安·肯尼 (Ryan Kenny) 提出的下一個問題。

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?

因此想跟進之前有關市場的問題，也許可以用另一種方​​式提出。因此，交易收入顯然非常強勁。固定收益和股票的行業錢包都遠高於大流行前的水平，而且您一直在搶佔份額。但展望未來，是否有任何與巴塞爾殘局相關的場景，我們會看到產業錢包規模縮小？當您考慮長期較高的利率時，您認為這會對各種貿易業務產生什麼影響？

Look, I think the intermediation activity for large institutions and corporations and governments around the world continues. The growth of government (inaudible) 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.

看，我認為世界各地大型機構、公司和政府的中介活動仍在繼續。政府（聽不清楚）世界的發展仍在持續。市場資本世界不斷增長和擴大。我不能也不會猜測巴塞爾最終規則的具體結果以及每個人如何透過這一切進行最佳化。但我認為中介方面沒有任何改變。

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.

我們眾多客戶的職位和活動融資需求正在成長。因此，我繼續認為，對於具有規模和全球足跡並在這些市場業務中處於領先地位的領先企業來說，我認為他們在這些市場業務中處於非常有利的地位。當然，這些業務都會有起有落。但我認為這些業務將繼續表現得非常非常好。

Our next question comes from Devin Ryan with JMP Securities.

我們的下一個問題來自 JMP 證券的 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.

想回歸財富管理。我知道銷售個人理財是一門小生意。但只要您能提醒我們您希望在未來的財富管理領域如何以及在哪裡競爭。大衛，也許你可以對你提到的在全球範圍內看到的一些成長機會給予更多的描述。

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。所以我很欣賞這個問題，德文。我們的重點是超高淨值人士的管理，我們在這方面擁有領先的特許經營權。我只是強調，超高淨值管理——高淨值財富管理仍然是一個非常分散的業務。雖然我們擁有領先的特許經營權，但領先的特許經營權份額為中個位數。而且我們在全球的份額還低於歐洲等地。

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.

我們在歐洲看到了非常好的成長。我們看到美國業務持續成長。隨著我們投入更多資源並投資更多資源來覆蓋客戶，我們有能力繼續發展這項業務。過去 5 年我們看到了良好的成長。我認為我們有（聽不清楚）運行率空間來做到這一點。

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，也是一次重點關注和吸取的教訓，就是出售 United Capital 和 PFM，這是一家小型企業，正如您所強調的，它使我們能夠獲得資源和投資我們可能會致力於成長這一點，並將其添加到我們對超高淨值成長的投資中。我們認為這是一項回報更好的業務，我們非常有信心可以繼續執行。

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.

好吧，太棒了。然後進行快速跟進。因此，與 Signature Bank 合作的 150 億美元資本催繳機制，聽起來您認為這可能有助於獲得另類資產管理公司的份額。您清楚地闡述了為什麼這是高盛如此重要的客戶群。

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.

因此，如果可以的話，也許可以稍微介紹一下這將如何幫助提高市場份額，以及考慮到贊助商作為華爾街客戶的重要性，無論您是否有任何感覺，您如何看待贊助商的位置您處於前三名的位置，或者您可以從第三名上升到第一名的位置，或者只是您存在市場份額機會的任何風格。

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中，我們在併購和槓桿融資方面與贊助商保持領先的份額。這些資本設施對於他們經營業務的方式至關重要。雖然我們一直從事資本融資業務，但這對我們來說是一個成長領域，對我們來說是一個貸款成長領域。這些投資組合的有趣之處在於，這些投資組合為我們帶來了一系列新客戶，而我們不是貸款人，也沒有參與過這項活動。這讓我們對它們產生了依戀。

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，這是一個擴大我們有意義的活動的機會。再次，當我們談論全球銀行和市場業務時，我發表了這一評論，為您的客戶融資可以增強您在他們中的整體地位，因為融資對他們很重要。因此，當我們繼續為贊助商提供資金時，我認為這會加強我們在贊助商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.

我們將轉向 Dan Fannon 和 Jefferies 提出的下一個問題。

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.

我有關於平台解決方案的問題。那麼對於本季來說，如果我們排除減記，這是否是一個合理的費用運行率？當您考慮實現該業務的盈利目標時，這將更多來自費用方面還是收入增長？如果您還可以給出交易銀行業務的前景，那麼考慮到收入連續和同比下降。

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。感謝你的提問。我認為這不是正確的運行速度。我認為，我們對未來 12 個月的收入成長、客戶組成以及費用持續效率的預期是綜合的。所以我認為我們應該優於任何類型的運行率分析。我認為在交易銀行業務方面，我們試圖解釋我們該業務的策略重點，即長期發展更高品質的客戶業務。我們成長得很快。

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.

我們現在專注於與高品質客戶和高品質存款一起成長。正如您所指出的，考慮到一些人向其他高收益機會集的遷移，我認為收入和存款餘額連續略有下降，與行業情況相當一致。但我們確實增加了客戶數量。我們仍然致力於業務。我們認為它與我們的整體投資銀行業務和足跡非常契合。我們認為，從長遠來看，這對高盛來說可能是一個很好的價值釋放。

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?

作為後續行動，您提到了替代方案和籌款、私募股權挑戰。但如果你能廣泛地談論籌款和一些更大的基金，也許你今天就在市場上。然後，當您在替代方案中廣泛考慮業務的成熟度時，您如何考慮未來激勵費用的貢獻？我們什麼時候應該開始看到這些成為整體收入狀況中更重要的組成部分？

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，在另類領域，我們的募款活動本季為 150 億美元，今年迄今為 400 億美元，基礎廣泛。我們擁有廣泛的平台。我們已經提到了二級基金。大衛涵蓋了一些私人信貸領域。這些是我們世界各地的客戶感興趣的重要領域。它們特別相關。我們預計將繼續對這些平台以及整個平台進行更廣泛的投資。

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.

當我們的資金用完時，激勵費用就會出現，我們就可以開始分配利差。因此，激勵費用將是不穩定的。這將取決於不同基金的表現。但我們預計明年及以後將會有更多的激勵費用。當我們在投資者日上列出我們在該領域業績的基石時，我們不僅在頁面上放了大衛之前介紹的頂線目標信息，而且還估算了每年的激勵費用。所以我認為這對我們來說是一個優勢來源。

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

我們將轉向加拿大皇家銀行傑拉德卡西迪提出的下一個問題。

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 had to accept it?

大衛，過去，你們談到了首次公開募股，你們本季非常參與的四次首次公開募股。但過去，您談到了新芽。部分原因是讓私募股權所有者或私募股權旗下的公司相信，如果他們想上市，就必須認識到今天的估值遠低於 2021 年的峰值的周期。您今天是否發現這些對話變得更容易了？您是否發現越來越多的人認識到這是正確的，如果他們想公開，他們就必須接受它？

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。我的意思是，我很欣賞這個問題，傑拉德。我認為絕對，它們更容易。如果你觀察一些已經上市的公司，你可以看看它們兩年前的私募市場估值與現在的估值。但我認為這些討論並不困難。我認為這些討論具有真正的現實意義。我認為有許多公司已經認識到新環境，並專注於他們必須採取的措施來策略性地推進自己。

And Gerard, I'd just add, it's actually especially helpful to have numerous real data points in the market, both (inaudible) 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，我想補充一點，在市場上擁有大量真實數據點實際上特別有幫助，無論是股票空間還是整個槓桿金融空間。因此，我們現在與希望進入市場的客戶進行的對話中，他們了解了我們的主導作用以及對過去幾週已完成的大部分活動的見解。因此，我認為這是我們樂觀的一個增量來源，我們擁有這些數據點和洞察力，可以與客戶分享，並就如何、何時進入市場以及什麼類型的條款和定價向他們提供建議。

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，非常有幫助。然後作為後續行動，這對你們來說顯然不是一個大的項目。但您能與我們分享一下交易銀行領域的一些色彩嗎？這顯然是你們創造的新業務線。進展如何？我認為收入環比略有下降。但該業務線發生了什麼事？再說一遍，當然，目前這不是你們的主要業務。

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。我們的交易銀行活動仍然是策略重點。收入和存款餘額環比略有下降。這些事情是相互關聯的。我們的客戶數量增加。我們仍然致力於在中長期內進行投資，以增加該業務的高品質餘額和客戶，策略不會改變。

Our next question comes from Saul Martinez with HSBC.

我們的下一個問題來自匯豐銀行的索爾·馬丁內斯。

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.

我想更深入地了解平台解決方案。我想，丹尼斯，你提到本季的費用或收入運行率不一定很高。但即使是這個季度，如果我對貸款減價和減值進行調整，看起來你是——如果我的數學正確，你的 PPNR 是正值。

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，信用卡帳簿正在老化，而且您仍在擴大該投資組合。但是，如果您能幫助我們分析一些變化的部分，並幫助我們了解在接下來的 24 個月內恢復或接近收支平衡或收支平衡的下滑路徑？

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。因此，只有一些滑行路徑上的事情可以幫助解決問題和背景，所以成長率對於像這樣的企業非常重要，它的成長速度非常非常快，並且顯然採取了符合 CECL 的規定。我們預計該活動的成長率已經放緩，並可能進一步放緩。這有一些正面的影響。

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.

然後，正如大衛所提到的，我們策略性地聘用了一位經驗豐富的行業專業人士。我的意思是，我們正在與他就我們平台的整體運作進行非常非常密切的合作。我們仍在與我們的卡片合作夥伴進行討論，並認真工作，以提高我們的客戶和高盛平台的整體效率。我認為這是我們未來發展方式與我們管理費用和營運效率的結合。

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。也許只是快速跟進。我想您曾提到本季的 NCO（淨沖銷）有所下降。是嗎——你的準備金覆蓋率確實是 13.3%。看來您可能更接近這樣一種情況：配置會大幅下降，尤其是在 CECL 下。但也許只是讓我們了解一下您對信用前景的看法。我的評估是否正確，您的儲備可能會——特別是如果您放慢速度，在未來一年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.

所以你有幾個正確的事實。我們的核銷率確實季減，從 5.8% 降至 5.1%，核銷率也有所下降。我們不一定會描述這就是消費者投資組合中信貸的持續路徑。考慮到環境、考慮到我們發起這些曝光的年份，我們仍然牢記這一點。

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.

我們確實認為13.3%的覆蓋率是適當的。顯然，我們是根據貸款損失的預期壽命來設定這一點的。因此，隨著我們的前進，我們的預期是我們將繼續看到沖銷的增加。當您查看我們的報告時，隨著 GreenSky 退出消費產品線，您將對卡片平台有更純粹的了解。我們確實預計這將顯示沖銷的增加。

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

對於我們的下一個問題，我們將回到富國銀行的麥克梅奧。

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?

只是對我之前的問題進行澄清。因此，如果我沒記錯的話，您的 PE 投資環比減少了 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，這完全相關嗎？那麼，如果您擺脫 210 億美元的剩餘本金投資，是否會釋放 160 億美元？這個球場對嗎？

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，我認為當我們開始談論隨著時間的推移減少歷史主要投資時，我們為整個投資組合釋放了約 90 億美元的資本。所以我不認為——我很樂意與你相處並透過你的數字進行工作。但我認為我們未來不會有 160 億美元的增量，遠遠少於這個數字。

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

那你還剩下多少錢？一旦拋掉剩下的 210 億美元，應該釋放多少資本？

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，從年初至今，根據我們開展的活動，釋放了大約 20 億美元，讓您有一個感覺。所以我們可能還剩下中個位數。

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。就補償比率而言，我們是否應該將這些一次性費用視為補償的一部分？或者當我們考慮我們的模型時會排除這一點嗎？

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.

因此，為了計算補償比率，我們顯然必須將其納入。我們確實認為它們本質上是一次性的。如您所知，我們在今年早些時候進行了裁員。我們目前不期望重複這一點。如果有的話，我們認為我們為調整公司規模所做的工作使我們現在能夠對未來的員工人數進行更有選擇性的投資。

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，我們預期這種遣散費不會重演。在設定補償比例時，我們考慮到遣散費顯然無法用來支付那些留在公司的員工。我們非常注重保留並繼續推動特許經營權。

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。您現在可以斷開連線。