高盛 (GS) 2023 Q4 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to The Goldman Sachs' Fourth Quarter 2023 Earnings Conference Call.

早安.我叫凱蒂，今天我將擔任你們的會議主持人。歡迎大家參加高盛 2023 年第四季財報電話會議。

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 The Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of The Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without consent. This call is being recorded today, January 16, 2024.

我將代表高盛在電話會議開始時發表以下免責聲明，收益簡報可以在高盛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準則衡量標準的資訊。此音訊廣播是高盛集團有限公司受版權保護的資料，未經同意不得複製、轉載或轉播。本次通話錄音於今天（2024 年 1 月 16 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, operator, and good morning, everyone. Thank you for joining us. 2023 was a dynamic year. The U.S. economy proved to be more resilient than expected despite a number of headwinds to growth, including a significant tightening of financial conditions, regional bank failures and an escalation of geopolitical tensions.

謝謝接線員，大家早安。感謝您加入我們。 2023 年是充滿活力的一年。儘管經濟成長面臨諸多阻力，包括金融狀況大幅收緊、地區銀行倒閉和地緣政治緊張局勢升級，但事實證明，美國經濟比預期更具彈性。

Against this backdrop, this was a year of execution for Goldman Sachs. In addition to narrowing our strategic focus, we further strengthened our core businesses. As we enter 2024, the potential for rate cuts in the first half of this year has renewed optimism for a soft landing. We are already seeing signs of potential resurgence in strategic activity, which is reflected in our backlog. I'm starting today's presentation with a strategic update and Denis will provide comments on the financial results.

在此背景下，今年對高盛來說是執行的一年。除了縮小策略重點外，我們還進一步強化了核心業務。進入2024年，今年上半年降息的可能性重燃了對軟著陸的樂觀情緒。我們已經看到戰略活動可能復甦的跡象，這反映在我們的積壓訂單中。我今天的演講將以策略更新開始，丹尼斯將就財務業績發表評論。

Beginning on Page 1. We aspire to be the world's most exceptional financial institution, united by our shared value client service, partnership, integrity and excellence. And over the last 155 years, we have created one of the most aspirational brands and financial services. Goldman Sachs is the preeminent global investment bank and a leader across asset and wealth management. We've continued to simplify our strategy today as an opportunity to take stock of our progress as well as highlight avenues for further growth. Strategic objectives on this page underscore our relentless commitment to serve our clients with excellence to further strengthen our client franchise.

從第 1 頁開始。我們立志成為世界上最卓越的金融機構，透過我們共同的價值觀客戶服務、合作夥伴關係、誠信和卓越團結在一起。在過去 155 年裡，我們創建了最令人嚮往的品牌和金融服務之一​​。高盛是卓越的全球投資銀行，也是資產和財富管理領域的領導者。我們今天繼續簡化我們的策略，以此為契機來評估我們的進展並強調進一步成長的途徑。本頁的策略目標強調了我們不懈地致力於為客戶提供卓越服務，以進一步加強我們的客戶特許經營權。

As we show on Page 2, we have two world-class and interconnected franchises that are well positioned to achieve these strategic objectives. First, Global Banking & Markets, which includes our top rank investment bank with an unparalleled merger franchise and our leading capital markets business. It also includes our #1 equities franchise and top 3 FICC franchise, we are uniquely positioned to serve our clients across geographies and products.

正如我們在第 2 頁所示，我們擁有兩個世界級且相互關聯的特許經營權，它們完全有能力實現這些策略目標。首先是全球銀行與市場，其中包括我們擁有無與倫比的併購專營權的頂級投資銀行和領先的資本市場業務。它還包括我們排名第一的股票特許經營權和排名前三的 FICC 特許經營權，我們擁有獨特的優勢，可以為跨地域和跨產品的客戶提供服務。

And second, our unified Asset & Wealth Management business, where we are a leading global active asset manager with a top 5 alternatives business and a premier ultra-high net worth wealth management franchise. This is a scaled business with over $2.8 trillion in assets under supervision, and where we see significant opportunity for further growth. Across these two businesses, our extraordinary talent and unmatched execution are bolstered by our One Goldman Sachs operating ethos.

其次，我們統一的資產和財富管理業務，我們是全球領先的主動資產管理公司，擁有排名前五的另類業務和首屈一指的超高淨值財富管理特許經營權。這是一個規模龐大的業務，受監管的資產超過 2.8 兆美元，我們看到了進一步成長的巨大機會。在這兩項業務中，我們的「One Goldman Sachs」經營精神支撐著我們非凡的人才和無與倫比的執行力。

On Page 3, we lay out our progress across a number of key priorities that we discussed at our most recent Investor Day in February 2023. Global Banking & Markets, we've maintained and strengthened our leadership positions across investment banking. In FICC & Equities, we have improved our standing with the top 150 clients. We generated record total financing revenues across these businesses in 2023 and have demonstrated impressive growth over the last 4 years.

在第 3 頁，我們列出了我們在 2023 年 2 月最近的投資者日討論的一些關鍵優先事項的進展情況。全球銀行與市場，我們保持並加強了我們在投資銀行領域的領導地位。在 FICC 和股票領域，我們提高了在前 150 家客戶中的聲譽。 2023 年，我們在這些業務中創造了創紀錄的總融資收入，並在過去 4 年中展現了令人矚目的成長。

In Asset & Wealth Management, we've driven solid investment performance and consistent growth and a more durable revenue base of management and other fees and private banking and lending revenues. This past year, we reduced our historical principal investments by $13 billion and also surpassed our 5-year alternatives fundraising target one year ahead of schedule.

在資產和財富管理領域，我們推動了穩健的投資績效和持續成長，以及更持久的管理和其他費用以及私人銀行和貸款收入的收入基礎。去年，我們減少了 130 億美元的歷史本金投資，並提前一年超過了 5 年另類融資目標。

I will talk more about each of these businesses in a moment. Before I do, I would like to speak about how we've narrowed our strategic focus. We made several important decisions and swiftly executed on them. We exited the market's lending business and sold substantially all of our markets loan portfolio. We sold our Personal Financial Management business. We announced the sale of GreenSky, which remains on track to close this quarter. We also sold the majority of our GreenSky loan portfolio, which settled in the fourth quarter.

我稍後將詳細討論這些業務。在此之前，我想先談談我們如何縮小戰略重點。我們做出了幾項重要決定並迅速執行。我們退出了市場貸款業務，並出售了幾乎所有的市場貸款組合。我們出售了個人財務管理業務。我們宣佈出售 GreenSky，該公司仍有望在本季完成。我們還出售了大部分 GreenSky 貸款組合，並於第四季度結算。

We've also reached an agreement with General Motors regarding the process to transition the credit card program to another issuer. We remain committed to supporting the products and servicing customers through the various transition agreements in our consumer activities.

我們也與通用汽車公司就將信用卡計畫轉移到另一家發卡機構的流程達成協議。我們仍然致力於透過消費者活動中的各種過渡協議來支援產品並為客戶提供服務。

I firmly believe companies should innovate and seek out new opportunities for growth, but it is also important to be nimble and make tough decisions when needed. Our consumer ambitions have produced over $150 billion of deposits, which we expect to go further from here. These deposits have materially improved the firm's funding profile. Now we are focusing our growth in other areas where we have a proven right to win. We recognize that scale matters as it allows us -- it allows the firm to operate more efficiently and manage incremental regulatory and other costs, making unit economics more favorable and we need to be measured and focused on our execution. Our narrowed strategy is now focused on our two core businesses where we have a proven right to win with our leadership position, scale and exceptional talent.

我堅信公司應該創新並尋求新的成長機會，但保持敏捷並在需要時做出艱難的決定也很重要。我們的消費雄心壯誌已經產生了超過 1500 億美元的存款，我們預計這一數字將進一步增長。這些存款極大地改善了公司的資金狀況。現在，我們將成長重點放在我們有能力獲勝的其他領域。我們認識到規模很重要，因為它使我們能夠更有效地運作並管理增量監管和其他成本，使單位經濟效益更加有利，我們需要衡量並專注於我們的執行。我們縮小的策略現在專注於我們的兩項核心業務，事實證明，我們有能力憑藉我們的領導地位、規模和卓越人才贏得勝利。

On Page 4, in Global Banking & Markets, our leading and diversified franchise, has produced average revenues of $32 billion over the last 4 years across a number of different market environments, demonstrating the diversity and relative durability of this business in aggregate. In the last several years, we made a concerted effort to grow our wallet share and financing revenues, which have clearly raised the revenue floor for these businesses. We have also generated attractive returns with an average ROE fully allocated of over 16% over the last 4 years.

在第4 頁的「全球銀行與市場」中，我們領先的多元化特許經營業務在過去4 年中在多個不同的市場環境中創造了320 億美元的平均收入，從總體上證明了該業務的多樣性和相對持久性。在過去的幾年裡，我們共同努力增加我們的錢包份額和融資收入，這顯然提高了這些業務的收入底線。我們也創造了相當吸引人的回報，過去 4 年的平均完全分配股本回報率 (ROE) 超過 16%。

Turning to Page 5, a key part of enhancing the durability has been executing on our strategic priorities. Our efforts to materially strengthen the client franchise are evidenced by wallet share gains of roughly 350 basis points since 2019. We've maintained our league table ranking of #1 in announced and completed M&A, #1 in equity and equity-related underwriting, #2 in high-yield debt. In FICC & Equities, we're in the top 3 with 117 of our top 150 clients. These competitive positions are a reflection of our One Goldman Sachs approach and our clients' confidence in us. In addition, we have significantly increased more durable financing revenues. FICC & Equities financing together have grown at a 15% CAGR since 2019 to a new record of nearly $8 billion.

翻到第 5 頁，增強持久性的關鍵部分是執行我們的策略優先事項。自2019 年以來，錢包份額增長了約350 個基點，證明了我們為大幅加強客戶特許經營權所做的努力。我們在已宣布和已完成的併購中保持排名第一，在股票和股票相關承銷方面排名第一，在 # 2.高收益債。在 FICC 和股票領域，我們在 150 家排名前 150 名的客戶中擁有 117 家，位居前 3 名。這些競爭地位反映了我們的 One Goldman Sachs 方法以及客戶對我們的信心。此外，我們也大幅增加了更持久的融資收入。自 2019 年以來，FICC 和股票融資合計以 15% 的複合年增長率增長，達到近 80 億美元的新紀錄。

Turning to Asset & Wealth Management on Page 6. We continue to make progress on bolstering more durable revenue streams. Management and other fees in private banking and lending revenue together have grown at a CAGR of 12% since 2019. We have also made swift progress in reducing our historical principal investments and are already approaching our pretax margin target on an adjusted basis.

轉向第 6 頁的資產與財富管理。我們在支持更持久的收入來源方面繼續取得進展。自2019 年以來，私人銀行業務的管理費和其他費用以及貸款收入合計以12% 的複合年增長率增長。我們在減少歷史本金投資方面也取得了迅速進展，並且已經接近調整後的稅前利潤率目標。

Turning to Page 7. Our solid investment performance across both traditional and alternative channels has driven inflows. Over 75% of our traditional funds performed in the top half of Morningstar funds while on Alternatives over 90% of our funds were in the top half of Cambridge funds, both over the last 5 years. The fourth quarter represents our 24th consecutive quarter of long-term fee-based net inflows across our platform.

翻到第 7 頁。我們在傳統和另類管道上穩健的投資績效推動了資金流入。在過去 5 年裡，我們超過 75% 的傳統基金在晨星基金中表現排名前半，而在另類基金中，超過 90% 的基金在劍橋基金中表現排名前半。第四季是我們平台上連續 24 個季度實現長期收費淨流入。

I want to reiterate that we have reached a milestone by raising over $250 billion in Alternatives since 2019, surpassing our $225 billion target a year early. This fundraising success has been the result of our continued innovation in developing new strategy as well as our ongoing focus on investment products where we have deep expertise and long-standing track record. Fundraising has been broad-based across geographies and asset classes with approximately 40% coming from our ultra-high net worth relationships.

我想重申，自 2019 年以來，我們已經透過另類投資籌集了超過 2500 億美元，提前一年超過了 2250 億美元的目標，達到了一個里程碑。這次募款的成功是我們在製定新策略方面不斷創新以及我們持續關注投資產品的結果，我們在這些產品上擁有深厚的專業知識和長期的業績記錄。籌款範圍廣泛，涵蓋各個地區和資產類別，其中約 40% 來自我們的超高淨值關係。

Very proud of this achievement. When we were preparing for our first Investor Day 4 years ago, I remember how big a reach our initial target of 150 billion seats. We surpassed not only that target, but also our increased target of $225 billion one year ahead of schedule demonstrates the power of our platform and the exceptional depth of talent we have in this business.

對這項成就感到非常自豪。四年前，當我們準備舉辦第一個投資者日時，我記得我們最初的 1500 億席位目標的實現是多麼巨大。我們不僅超越了這一目標，而且提前一年提高了 2,250 億美元的目標，這證明了我們平台的力量以及我們在該業務中擁有的非凡人才深度。

Putting all this together on Page 8, you can see how much we've improved the durability of revenues across the firm. On this slide, baseline revenues are shown in gray, which represent the sum of the trailing 10-year lows for each of the businesses that are considered more cyclical, namely advisory, underwriting and intermediation. We believe this is a very conservative measurement because it's unlikely that every one of these businesses would ever hit a low point all at the same time. In fact, in all of the years since we became a public company, it has never happened.

將所有這些放在第 8 頁上，您可以看到我們在整個公司的收入持久性方面取得了多大的進步。在這張投影片中，基準收入以灰色顯示，代表了被認為更具週期性的每項業務（即諮詢、承銷和中介）過去 10 年低點的總和。我們認為這是一個非常保守的衡量標準，因為這些企業不太可能同時觸及低點。事實上，自從我們成為上市公司以來，這種情況從未發生過。

In dark blue, you can see the more durable revenues from financing management and other fees as well as private banking and lending, which in aggregate have grown at 13% CAGR since 2019. Taken together, these two components make up over 70% of revenues in 2023. On top of that, we consistently generate upside across different market environments because of our diversified franchise. The increase in the consistent baseline and more durable revenue streams, coupled with the diversification of our scaled franchise and our ability to capture upside, demonstrate the revenue generating power of our firm.

在深藍色部分，您可以看到來自融資管理和其他費用以及私人銀行和貸款的更持久的收入，自2019 年以來，這些收入的複合年增長率總計為13%。這兩個組成部分合計佔收入的70% 以上2023 年。最重要的是，由於我們的多元化特許經營權，我們在不同的市場環境中持續創造優勢。一致的基準增加和更持久的收入流，加上我們規模化特許經營的多元化以及我們捕捉優勢的能力，證明了我們公司的創收能力。

Narrowing our strategic focus, our leadership team spent a significant amount of time in 2023 realigning the firm's priorities with our strategic vision, our values and our strengths, which we highlighted on Page 9. You've heard us talk about many of these elements before, starting with our strategic objectives.

為了縮小我們的策略重點，我們的領導團隊在2023 年花費了大量時間，根據我們的策略願景、我們的價值觀和我們的優勢重新調整公司的優先事項，我們在第9 頁上強調了這一點。您之前已經聽過我們討論過其中許多要素，從我們的策略目標開始。

First, the harness One Goldman Sachs to serve our clients with excellence; second, to run world-class differentiated and durable businesses; third, to invest and operate at scale. As you can see on the page, our execution focus areas for 2024 are aligned with these strategic objectives. Taking one example, investing in our people and culture, exceptional quality of our people, supported by our unique culture of collaboration and excellence is critical in solving our clients' most consequential problem, and it's imperative that we continue to invest in them. All in these objectives and execution focus areas will result in our desired outcomes. We continue to be a trusted adviser to our clients, to be an employer of choice for our people and to generate mid-teens returns through the cycle and strong total shareholder return.

第一，利用One Goldman Sachs為客戶提供卓越的服務；第二，經營世界一流的差異化、持久的業務；三是投資規模化、經營規模化。正如您在頁面上看到的，我們 2024 年的執行重點領域與這些策略目標保持一致。舉個例子，投資我們的員工和文化，在我們獨特的協作和卓越文化的支持下，我們員工的卓越品質對於解決客戶最重要的問題至關重要，我們必須繼續對他們進行投資。所有這些目標和執行重點領域都將帶來我們期望的結果。我們將繼續成為客戶值得信賴的顧問，成為員工的首選雇主，並透過週期和強勁的股東總回報創造中位數的回報。

With everything we achieved in 2023, coupled with our clear and simplified strategy, we have a much stronger platform for 2024. I feel very confident about the future of Goldman Sachs, our ability to continue to serve our clients with excellence and that we will continue to deliver for shareholders.

憑藉我們在2023 年所取得的一切成就，加上我們清晰和簡化的策略，我們在2024 年擁有了一個更強大的平台。我對高盛的未來充滿信心，並對我們繼續為客戶提供卓越服務的能力充滿信心，我們將繼續為股東提供服務。

I will now turn it over to Denis to cover our financial results.

我現在將把它交給丹尼斯來報道我們的財務表現。

Thank you, David. Good morning. Let me start on Page 10 of the presentation. In 2023, we generated net revenues of $46.3 billion, net earnings of $8.5 billion and earnings per share of $22.87. As David highlighted, we made significant progress this year in narrowing our strategic focus. We provide details on the financial impact related to these decisions as well as the impact of the FDIC special assessment fees on the slide. In aggregate, these items reduced full year net earnings by $2.8 billion, earnings per share by $8.04 and our ROE by 2.6 percentage points.

謝謝你，大衛。早安.讓我從簡報的第 10 頁開始。 2023 年，我們的淨收入為 463 億美元，淨利潤為 85 億美元，每股收益為 22.87 美元。正如大衛所強調的那樣，我們今年在縮小戰略重點方面取得了重大進展。我們在幻燈片上提供了與這些決定相關的財務影響以及 FDIC 特別評估費的影響的詳細資訊。總的來說，這些項目使全年淨利潤減少了 28 億美元，每股收益減少了 8.04 美元，淨資產收益率減少了 2.6 個百分點。

Turning to performance by business, starting on Page 12. Global Banking & Markets generated revenues of $30 billion for the year, down 8% as higher equities revenues were more than offset by a decline in FICC revenues and investment banking fees versus last year. In the fourth quarter, investment banking fees of $1.7 billion fell 12% year-over-year, driven by a decline in advisory revenues versus a very strong quarter in 2022.

轉向按業務劃分的業績，從第 12 頁開始。全球銀行與市場今年的收入為 300 億美元，下降 8%，因為股票收入的增加被 FICC 收入和投資銀行費用的下降所抵消。第四季度，投資銀行費用為 17 億美元，年減 12%，原因是顧問收入與 2022 年非常強勁的季度相比有所下降。

For 2023, we maintained our #1 league table position in announced and completed M&A as well as in equity and equity-related underwriting and ranked second in high-yield debt underwriting. Our backlog rose quarter-on-quarter, driven by a significant increase in advisory. As David mentioned, we are encouraged by the robust level of dialogues with our corporate client base. And though we're only two weeks into the new year, there have been solid levels of capital markets activity in both the U.S. and Europe.

2023年，我們在已宣布和已完成的併購以及股權和股權相關承銷方面保持第一名，在高收益債券承銷方面排名第二。由於諮詢業務大幅增加，我們的積壓訂單較上季增加。正如大衛所提到的，我們與企業客戶群的強勁對話讓我們感到鼓舞。儘管新年才剛兩週，但美國和歐洲的資本市場活動一直處於穩定水平。

FICC net revenues were $2 billion in the quarter, down 24% from strong performance last year amid lower activity in rates and other macro products. In FICC financing, revenues rose to a record $739 million. Equities net revenues were $2.6 billion in the quarter, up 26% year-on-year. The year-over-year increase in intermediation revenues was driven by better results in derivatives. Financing revenues of $1.1 billion rose year-over-year with continued strength on higher average balances. Across FICC & Equities, financing revenues rose 10% in 2023, consistent with our priority to grow client financing.

由於利率和其他宏觀產品活動減少，該季度 FICC 淨收入為 20 億美元，較去年的強勁表現下降 24%。 FICC 融資方面的收入升至創紀錄的 7.39 億美元。該季度股票淨收入為 26 億美元，年增 26%。中介收入的年成長是由衍生性商品績效的改善所推動的。融資收入年增 11 億美元，平均餘額持續成長。 FICC 和股票的融資收入在 2023 年增加了 10%，這與我們增加客戶融資的首要任務是一致的。

Moving to Asset & Wealth Management on Page 14. For 2023, revenues of $13.9 billion rose 4% year-over-year as an increase in more durable revenues, including record management and other fees and record private banking and lending revenues offset a decline in equity investment revenues and incentive fees. Fourth quarter management and other fees of $2.4 billion were up 9% year-over-year. Full year management and other fees were $9.5 billion, putting us on track to hit our $10 billion target in 2024, notwithstanding the sale of our PFM business. Equity investments produced net revenues of $838 million, higher year-over-year driven by modest gains in our public portfolio versus losses in the fourth quarter of last year. Results in this line item also included a gain of $349 million from the sale of PFM.

轉向第14 頁的資產和財富管理。2023 年，收入為139 億美元，年增4%，原因是更持久的收入（包括創紀錄的管理費和其他費用以及創紀錄的私人銀行和貸款收入）的成長抵消了收入的下降股權投資收入和激勵費用。第四季管理費和其他費用為 24 億美元，年增 9%。儘管出售了我們的 PFM 業務，全年管理費和其他費用為 95 億美元，這使我們預計在 2024 年實現 100 億美元的目標。股權投資產生了 8.38 億美元的淨收入，年成長是由於我們的公共投資組合相對於去年第四季的虧損略有成長。該項目的業績還包括出售 PFM 帶來的 3.49 億美元收益。

Moving on to Page 15. Total firm-wide assets under supervision ended the quarter at a record $2.8 trillion, driven by market appreciation as well as strong net inflows across fixed income and alternative assets, and representing our 24th consecutive quarter of long-term fee-based net inflows.

轉到第15 頁。受市場升值以及固定收益和另類資產強勁淨流入的推動，本季末公司範圍內受監管的總資產達到創紀錄的2.8 兆美元，這也是我們連續24 個季度的長期費用基於淨流入。

Turning to Page 16 on alternatives. Alternative assets under supervision totaled $295 billion at the end of the fourth quarter, driving $571 million in management and other fees for the quarter and $2.1 billion for the year, surpassing our $2 billion target for 2024. Gross third-party fundraising was $32 billion for the quarter and $72 billion for the year. As David mentioned, third-party fundraising since our 2020 Investor Day now stands at over $250 billion.

請參閱第 16 頁有關替代方案的內容。截至第四季末，受監管的另類資產總額為2,950 億美元，本季管理費和其他費用為5.71 億美元，全年為21 億美元，超過了我們2024 年20 億美元的目標。2024 年第三方融資總額為320 億美元。本季及全年 720 億美元。正如 David 所提到的，自 2020 年投資者日以來，第三方募款現已超過 2,500 億美元。

On-balance sheet alternative investments totaled approximately $46 billion, of which roughly $16 billion is related to our historical principal investment portfolio. In the fourth quarter, we reduced this portfolio by over $4 billion, including sales of $3 billion of CIEs across over 40 positions, bringing reductions for the year to $13 billion. We continue to focus on exiting this portfolio over the medium term, though we don't expect portfolio reductions in 2024 to be at the same pace as in 2023.

資產負債表內的另類投資總額約為 460 億美元，其中約 160 億美元與我們的歷史主要投資組合相關。第四季度，我們將該投資組合削減了超過 40 億美元，其中包括 40 多個職位的 CIE 銷售額 30 億美元，全年削減額達到 130 億美元。我們繼續專注於在中期內退出該投資組合，但我們預計 2024 年投資組合削減的速度不會與 2023 年相同。

I'll now turn to Platform Solutions on Page 17. Full year revenues were $2.4 billion, up 58% versus 2022. Quarterly net revenues of $577 million were up 12% year-over-year on higher consumer platform results amid growth in average credit card balances. As David mentioned, we reached an agreement with General Motors regarding a process to transition their credit card program to another issuer, the impact of which was to move the loans to held for sale and release the associated loan loss reserves of approximately $160 million. We have no additional updates regarding our credit card partnerships at this time.

我現在將轉向第 17 頁的平台解決方案。全年收入為 24 億美元，比 2022 年增長 58%。隨著平均信貸增長，消費者平台業績提高，季度淨收入 5.77 億美元，同比增長 12%卡餘額。正如 David 所提到的，我們與通用汽車就將其信用卡計劃轉移到另一家發行人的流程達成協議，其影響是將貸款轉為待售貸款，並釋放約 1.6 億美元的相關貸款損失準備金。目前我們沒有關於信用卡合作夥伴關係的其他更新。

On Page 18, Firmwide net interest income of $1.3 billion in the fourth quarter was down 13% relative to the third quarter, reflecting an increase in funding costs supporting trading activities. Our total loan portfolio at quarter end was $183 billion, modestly higher versus the third quarter, reflecting an increase in other collateralized lending, which includes the pools of Signature Bank's capital call facilities we won an auction in October. Our provision for credit losses was $577 million. In relation to our consumer portfolio, provisions were driven by net charge-offs and seasonal balance growth, partially offset by the GM reserve release I mentioned. For our wholesale portfolio, provisions were driven by impairments that were generally in line with the last two quarters with roughly half related to CRE.

第 18 頁顯示，第四季全公司淨利息收入為 13 億美元，較第三季下降 13%，反映出支持交易活動的融資成本增加。截至季度末，我們的貸款組合總額為 1,830 億美元，略高於第三季度，反映出其他抵押貸款的增加，其中包括我們在 10 月份拍賣中贏得的 Signature Bank 資本催繳設施池。我們的信貸損失準備金為 5.77 億美元。就我們的消費者投資組合而言，撥備是由淨沖銷和季節性餘額增長推動的，部分被我提到的通用汽車準備金釋放所抵消。對於我們的批發投資組合，撥備是由減損推動的，與過去兩個季度基本一致，其中大約一半與商業房地產相關。

Let's turn to expenses on Page 20. Total operating expenses for the year were $34.5 billion. Excluding severance-related costs of $310 million, compensation expense was flat year-over-year, amidst solid core performance and as the market for talent remains competitive. As of the fourth quarter, we achieved our goal of $600 million in run rate payroll efficiencies, which allowed us to continue investing in our talent. Quarterly noncompensation expenses were $4.9 billion, and included CIE impairments of $262 million. The year-over-year increase in non-comp expenses was driven by the FDIC special assessment fee of $529 million. Our effective tax rate for 2023 was 20.7%. For 2024, we expect a tax rate of 22% to 23%.

讓我們轉向第 20 頁的支出。這一年的總營運支出為 345 億美元。排除與遣散費相關的 3.1 億美元成本，薪資支出較去年同期持平，核心績效穩健且人才市場仍競爭激烈。截至第四季度，我們實現了 6 億美元的薪資運作效率目標，這使我們能夠繼續投資於人才。季度非補償費用為 49 億美元，其中包括 2.62 億美元的 CIE 減損。非補償費用的年增率是由 FDIC 5.29 億美元的特別評估費推動的。我們 2023 年的有效稅率為 20.7%。 2024 年，我們預計稅率為 22% 至 23%。

Turning to capital on Slide 21. Our common equity Tier 1 ratio was 14.5% at the end of the fourth quarter under the standardized approach, 150 basis points above our current capital requirement of 13%. In the fourth quarter, we returned $1.9 billion to shareholders, including common stock repurchases of $1 billion at an average price of $311 and common stock dividends of $922 million. While we expect to remain nimble with respect to capital return, given the ongoing uncertainty around the Basel reproposed rule, our capital management philosophy is unchanged. We prioritize supporting client deployment opportunities, sustainably growing our dividend, and returning excess to shareholders in the form of buybacks, particularly when valuation levels are attractive.

轉向投影片 21 上的資本。按照標準法，第四季末我們的普通股一級資本比率為 14.5%，比我們目前 13% 的資本要求高出 150 個基點。第四季度，我們向股東返還了 19 億美元，其中包括以平均價格 311 美元回購 10 億美元普通股，以及 9.22 億美元普通股股息。儘管我們預計在資本回報方面將保持靈活，但鑑於巴塞爾重新提議規則的持續不確定性，我們的資本管理理念並沒有改變。我們優先考慮支持客戶部署機會，可持續增加股息，並以回購的形式向股東返還多餘的股息，特別是在估值水平有吸引力的情況下。

In conclusion, we made solid progress on narrowing our strategic focus in 2023 with our execution driving a much stronger platform for 2024. Our best-in-class core businesses are well positioned to execute on our strategic objectives. We will continue to harness One Goldman Sachs to serve our clients with excellence, run world-class differentiated and durable businesses and invest to operate our businesses at scale. Additionally, the execution focus areas we've identified for 2024 will help us drive the outcomes of delivering for clients, our people and our shareholders.

總而言之，我們在 2023 年縮小策略重點方面取得了紮實進展，我們的執行力為 2024 年打造了一個更強大的平台。我們一流的核心業務處於有利地位，可以執行我們的策略目標。我們將繼續利用 One Goldman Sachs 為我們的客戶提供卓越服務，經營世界一流的差異化和持久業務，並投資大規模經營我們的業務。此外，我們為 2024 年確定的執行重點領域將幫助我們推動為客戶、員工和股東交付成果。

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

現在，我們將開放提問熱線。

Thank you. Ladies and gentlemen, we will take a moment to compile the Q&A roster. (Operator Instructions) We'll go first to Glenn Schorr with Evercore.

謝謝。女士們先生們，我們將花一點時間來整理問答名單。 （操作員指示）我們將首先與 Evercore 一起前往 Glenn Schorr。

So I wanted to get a mark-to-market, you've been rightfully cautious, but optimistic on green shoots becoming reality in investment banking. You definitely saw some momentum in the fourth quarter. So curious -- and you mentioned that the pipeline is up quarter-on-quarter, so maybe just differentiate between what you're seeing on the corporate side versus sponsor side and just get the mark-to-market on how you're feeling.

所以我想以市值計價，你一直保持謹慎是合理的，但對投資銀行業的萌芽成為現實持樂觀態度。你肯定在第四季度看到了一些勢頭。很好奇——你提到管道逐季度增加，所以也許只需區分你在公司方面和贊助商方面看到的情況，然後根據你的感受按市值計價即可。

Sure. Sure, Glenn. I mean just at a base level, I'm pretty optimistic given the way we've got the firm position, and there's no question that these capital markets and M&A activity levels have been depressed. As I've said before, I don't think that continues year on year on year, and we really started to see in the second half of this year, real improvement.

當然。當然，格倫。我的意思是，就基本水準而言，考慮到我們的堅定立場，我非常樂觀，毫無疑問，這些資本市場和併購活動水準一直在低迷。正如我之前所說，我認為這種情況不會逐年持續，我們在今年下半年才真正開始看到真正的改善。

As Denis highlighted, the M&A backlog saw a really strong replenishment and improvement in the fourth quarter. And I just highlight, and I know this is obvious, but I think it's worth stating, we put up $1 billion of M&A revenue. If the backlog is growing, that means we've got to replace the $1 billion that we put up plus then have growth. And so that's a very, very strong replenishment. And I would just say the level of strategic dialogue has definitely increased, and we're seeing it across our platform.

正如丹尼斯所強調的那樣，第四季度的併購積壓訂單出現了非常強勁的補充和改善。我只是強調，我知道這是顯而易見的，但我認為值得一提的是，我們投入了 10 億美元的併購收入。如果積壓的訂單不斷增加，這意味著我們必須補充我們投入的 10 億美元，然後才能成長。所以這是一次非常非常強烈的補充。我只想說，戰略對話的水平肯定有所提高，我們在我們的平台上看到了這一點。

I'm encouraged by capital markets activity. I'm not going to say it's running back to 10-year averages right away, but it has materially improved. I do think you're going to see some more meaningful IPOs in 2024, and we are just across debt and equity issue and see more activity, more engagement. At the end of the day, people had done a lot of funding that takes them out for a period of time, but they've got to start thinking about their capital structures and accept the reality of the market, and we're seeing that come through.

資本市場的活動令我感到鼓舞。我不會說它會立即回到 10 年平均水平，但它已經有了實質性的改善。我確實認為 2024 年你會看到一些更有意義的 IPO，我們只是跨越債務和股權發行，看到更多的活動、更多的參與。歸根結底，人們已經進行了大量融資，需要一段時間，但他們必須開始考慮自己的資本結構並接受市場的現實，我們看到了這一點通過。

So when I look broadly, it feels better. There's a lot going on in the world. And so I think one of our jobs is to always be a risk manager and worry 98% of the time, about the 2% of things that can go wrong. So we're going to continue to take a cautious view in terms of the overall operation of the firm. But I do think the firm is incredibly well levered to this pickup and it feels better, is the way I'd frame it.

所以當我放眼望去時，感覺會更好。世界上發生了很多事情。因此，我認為我們的工作之一就是始終擔任風險經理，並在 98% 的時間內擔心 2% 可能出錯的事情。因此，我們將繼續對公司的整體營運持謹慎態度。但我確實認為該公司對這款皮卡的槓桿作用非常好，而且感覺更好，這就是我的框架方式。

All right, cool. Maybe just a follow-up on that note. Reducing the on-balance sheet investments, as you mentioned, is an important part of the ROE improvement for us in wealth and for Goldman overall. So with that said, the markets are higher, pipelines better, how come the balance sheet reduction of on-balance sheet investments might be slower this year, when the intent, I think, is to get rid of all of it at the right price?

好吧，酷。也許只是該說明的後續行動。正如您所提到的，減少資產負債表內投資是提高我們財富和高盛整體淨值收益率的重要組成部分。因此，話雖這麼說，市場更高，管道更好，為什麼今年表內投資的資產負債表減少可能會更慢，我認為目的是以合適的價格擺脫所有這些投資？

Yes. I -- first of all, I think we've made a lot of progress last year. And so if you look at what we accomplished, I think what we accomplished last year was pretty meaningful, especially given the environment.

是的。我——首先，我認為我們去年取得了很大進展。因此，如果你看看我們所取得的成就，我認為我們去年的成就非常有意義，特別是考慮到環境。

One of the things that happened is we pulled some stuff forward that we didn't expect to monetize in 2023 -- into 2023. And so to be clear, our focus is to get that to 0 as quickly as possible. If you're operating inside this firm and you're operating in that business, you feel enormous focus on reducing that as quickly as possible, but we want to make sure that we manage expectations appropriately. We set a clear target over the next 3 years to get to 0. My guess is we've got a good shot if we executed doing that quicker than that.

發生的事情之一是我們將一些我們預計不會在 2023 年貨幣化的東西提前到了 2023 年。因此需要明確的是，我們的重點是盡快將其變為 0。如果您在這家公司內部運營並且您在該業務中運營，您會感到非常注重盡快減少這種情況，但我們希望確保我們適當地管理期望。我們設定了未來 3 年達到 0 的明確目標。我的猜測是，如果我們執行得更快，我們就有很好的機會。

We'll go next to Ebrahim Poonawala with Bank of America.

接下來我們將與美國銀行一起前往易卜拉欣·普納瓦拉 (Ebrahim Poonawala)。

I just wanted to spend some time on the FICC business. So if I'm looking at the right numbers, it feels like FICC revenues are now back to pre-COVID levels if you go back to 1Q of '19. Maybe if you can unpack it, just looking at Slide 13, it seems like most products were quite weak. Give us some perspective around -- does both the intermediation piece of FICC, does that feel like we are close to trough and unlike seasonality, we should see some improvement in FICC from here? If you can just provide some perspective there.

我只是想花一些時間在 FICC 業務上。因此，如果我看的是正確的數字，如果你回到 19 年第一季度，感覺 FICC 收入現在回到了新冠疫情之前的水平。也許如果你能打開它，看看幻燈片 13，似乎大多數產品都很弱。請給我們一些看法——FICC 的中介部分是否感覺我們已經接近低谷並且與季節性不同，我們應該看到 FICC 從這裡開始有所改善？如果你能提供一些觀點的話。

Sure. I mean at a high level, what I would say this quarter, intermediation activity was quiet and particularly in the back half of the quarter, kind of late November and December, clients are quiet. If you look at the whole year, I don't think it's fair -- I don't have the numbers in front of me, but I don't think it's fair to say the whole year is back to '19 levels. The overall activity levels were up and down during the year.

當然。我的意思是，從高水準來看，本季中介活動很安靜，特別是在本季後半段，即 11 月底和 12 月，客戶很安靜。如果你看看全年，我認為這不公平——我面前沒有數字，但我認為說全年回到 19 年的水平是不公平的。年內整體活動水準上升或下降。

We have a big diversified business. When our clients are active, we execute on it. We continue to grow the financing revenues, which make it overall more durable, but it was a quiet quarter, particularly the back half in terms of intermediation. I don't expect it to continue at that pace. I think Denis' comments in the opening, we're seeing more activity in the first few weeks of the year. But we'll watch it. And as you know, that activity, particularly in that segment can move up and down based on what's going on in the macro environment.

我們擁有龐大的多元化業務。當我們的客戶活躍時，我們就會執行它。我們繼續增加融資收入，這使其整體上更加持久，但這是一個安靜的季度，特別是在中介方面的後半段。我不希望它繼續以這樣的速度發展。我認為丹尼斯在開場時的評論是，我們在今年的前幾週看到了更多的活動。但我們會關注的。如您所知，該活動，尤其是該細分市場的活動，可能會根據宏觀環境的變化而上下波動。

Got it. Maybe just sticking to FICC or maybe both FICC & Equities. On the financing side, if you don't mind reminding us of the opportunity to grow financing over the next year or over the medium term?

知道了。也許只堅持 FICC，也可能同時堅持 FICC 和股票。在融資方面，您是否介意提醒我們明年或中期增加融資的機會？

So thanks, Ebrahim. So we've been clear over the last several years that we see opportunities to grow both FICC & Equities financing, and it's a virtuous activity for us. It dovetails well with our focus on clients and our focus on market share. We have a lot of expertise in this space and we see a lot of demand from clients for us to deploy both into FICC & Equities. We now have leading equities franchise overall. Our equities financing business is in a leadership position and at scale. It has grown significantly, and we continue to see opportunities to increase the activities that we do with our existing clients and bring new clients onto the platform.

謝謝，易卜拉欣。因此，過去幾年我們一直清楚地看到，我們看到了固定收益和股票融資成長的機會，這對我們來說是一項良性活動。它與我們對客戶的關注和對市場份額的關注非常吻合。我們在這個領域擁有豐富的專業知識，我們看到客戶對我們將其部署到 FICC 和股票的大量需求。我們現在總體上擁有領先的股票特許經營權。我們的股權融資業務處於領先地位且具有規模。它已經顯著增長，我們繼續看到機會增加我們與現有客戶的活動並將新客戶引入該平台。

So we look out into 2024 and 2025. We continue to be very focused. I think there's good opportunities across both FICC & Equities financing in GBM.

因此，我們展望 2024 年和 2025 年。我們仍然非常專注。我認為 GBM 的 FICC 和股票融資都有很好的機會。

We'll go next to Brennan Hawken with UBS. Mr. Hawken?

接下來我們將與瑞銀一起前往布倫南·霍肯 (Brennan Hawken)。霍肯先生？

Sorry about that. So just curious about the impact that we should be thinking about around the potential exit from the Apple relationship. I know it's an ongoing thing, but maybe is there anything that you could provide that might help us think about how that impact could flow through?

對於那個很抱歉。所以只是好奇我們應該考慮退出蘋果關係的潛在影響。我知道這是一個持續的事情，但也許您可以提供任何資訊來幫助我們思考這種影響如何傳播？

Denis said in his comments, we've got no other updates on the credit card partnerships other than what he stated. We continue to work with Apple on a partnership with them to serve our customers and to continue to reduce the drag from the partnership, and we continue to make good progress. And the drag in 2024 will be materially less.

丹尼斯在評論中表示，除了他所說的以外，我們沒有得到有關信用卡合作夥伴關係的其他更新。我們繼續與蘋果建立合作關係，為我們的客戶提供服務，並繼續減少合作夥伴關係的阻力，我們繼續取得良好進展。 2024 年的阻力將大大減少。

Okay. Appreciate that. And then when you think about the deposit platform, Marcus, that's been a pretty bright spot on the consumer front and definitely seems to have worked well. What has been your views? Or how has the beta on that deposit base played out versus your expectations? And do you have any plans to adjust your thoughts around, earlier you talked about wanting to be in the top decile of payouts for that product. Is that still the goal? Or has that adjusted as the platform has matured?

好的。感謝。然後，當你想到存款平台時，馬庫斯，這是消費者方面的一個相當亮點，而且似乎運作得很好。您有何看法？或者該存款基礎的測試結果與您的預期相比如何？您是否有任何計劃來調整您的想法，之前您談到希望成為該產品支出的前十分之一。這仍然是目標嗎？或隨著平台的成熟而進行調整？

Sure, Brennan. Thank you for that question. Our Marcus deposit platform has been a real strategic advantage to us in terms of overall firm-wide funding. We did set out a strategy to set our pricing at the higher end of the pricing envelope to maintain, sustain and grow our balances across that platform.

當然，布倫南。謝謝你提出這個問題。就整個公司的融資而言，我們的 Marcus 存款平台對我們來說是一個真正的策略優勢。我們確實制定了一項策略，將我們的定價設定在定價範圍的高端，以維持、維持和增加我們在平台上的餘額。

We haven't adjusted our strategy at this point. We saw good growth across our various strategic deposit funding channels last year, not just Marcus. Overall, deposits were up over $40 billion on the year. And I would just say, as we move into 2024, we continue to focus on driving growth across the strategic channels and be thoughtful about our overall funding mix.

目前我們還沒有調整我們的策略。去年，我們的各種策略性存款融資管道都取得了良好的成長，而不僅僅是馬庫斯。整體而言，今年存款增加超過 400 億美元。我只想說，隨著我們進入 2024 年，我們將繼續專注於推動策略管道的成長，並仔細考慮我們的整體融資組合。

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

謝謝。接下來我們將討論富國銀行證券公司的麥克梅奧。

David, you started off the call saying that 2023 was the year of execution. And that's a year when you had an ROE of 8%, and if we throw in some of the charges, it's 10%, and that's not really executing at your 15% or so desired return. So can you give us a kind of waterfall chart in words on how you get from that core 10% ROE to 15%? And if you could define medium term?

大衛，你在電話會議一開始就說 2023 年是處死年。那一年的 ROE 為 8%，如果我們算上一些費用，則為 10%，這並不能真正實現您 15% 左右的期望回報。那麼您能否為我們提供一種瀑布圖，說明您如何從 10% 的核心 ROE 升至 15%？如果你可以定義中期？

Sure. So I appreciate the question, Mike. And obviously, we're very focused on it. It wasn't an A environment for our core business. In fact, I don't even think it was B environment when investment banking is operating at low levels that is an impact overall.

當然。所以我很欣賞這個問題，麥克。顯然，我們非常關注它。對於我們的核心業務來說，這不是一個 A 級環境。事實上，我甚至不認為投資銀行業務處於低水平時的 B 環境會對整體產生影響。

I do think that it's important to look at our core business of banking and markets, which is a very significant portion of the firm and do know on a fully allocated basis in this environment, which was not a B+ or an A environment, given the investment banking activity, it had a 12% ROE. We continue to believe through the cycle that, that business is a mid-teens business. And so I don't think we're going to see -- stay at the level of activities that we've been at, and we have that business positioned very well. And so you'll get some upside returns there in a better environment.

我確實認為，重要的是要了解我們的銀行和市場核心業務，這是公司的一個非常重要的部分，並且確實在這種環境下完全分配的基礎上了解，考慮到，這不是B+ 或A 環境。投資銀行業務的 ROE 為 12%。在整個週期中，我們仍然相信該業務是一個十幾歲左右的業務。因此，我認為我們不會看到——停留在我們一直以來的活動水平，而且我們的業務定位非常好。因此，您將在更好的環境中獲得一些上行回報。

And then secondarily, on Asset & Wealth Management, we continue to reduce the balance sheet. The balance sheet has been a drag on returns, but I think we've been pretty clear that we can drive the Asset & Wealth Management with a smaller balance sheet to mid-teens returns are better with a 25% margin. We're on that journey. We're making progress. I think we'll make very good progress over the next 2 years.

其次，在資產和財富管理方面，我們持續縮減資產負債表。資產負債表一直拖累回報，但我認為我們已經非常清楚，我們可以透過較小的資產負債表推動資產和財富管理，以 25% 的利潤率獲得更好的回報。我們正踏上這段旅程。我們正在取得進展。我認為我們將在未來兩年內取得非常好的進展。

And if you look at those two businesses, that's the vast, vast majority of the firm, and I think they can operate mid-teens. We've significantly reduced the other drags. We got a lot of it behind us in this year. That doesn't mean there won't be anything, but the drag from platforms in 2024 will be materially reduced from what it's been. And so I think we're making good progress in the medium terms over the next couple of years, provided that it's a reasonable environment. And so I think you'll see good progress on the overall positioning of the firm over the next 3 to 5 years.

如果你看看這兩家公司，你會發現這兩家公司佔了公司的絕大多數，而且我認為他們可以在十幾歲左右的時間裡運作。我們顯著減少了其他阻力。今年我們已經取得了許多成就。這並不意味著不會有任何影響，但 2024 年平台帶來的阻力將比以往大幅減少。因此，我認為，只要環境合理，我們將在未來幾年的中期取得良好進展。因此，我認為在未來 3 到 5 年內，您將看到公司的整體定位取得良好進展。

And then just to follow up. The other drag you said would be a lot less than 2024 from Platform Solutions, and can you dimension that a little bit? And also as it relates to principal investments, do the higher stock markets help the disposition or not so much?

然後只是跟進。您所說的另一個阻力將比 2024 年平台解決方案要少得多，您能否稍微說明一下這一點？而且，由於它與主要投資有關，股市上漲對處置有多大幫助嗎？

They absolutely do. I mean when markets improve, they help the disposition. There's no question. I also -- when you look at the last 2 years, we've had real headwinds in terms of revenue against the balance sheet that we could have more of that, but on a much smaller balance sheet in 2024.

他們絕對這樣做。我的意思是，當市場改善時，它們有助於處置。毫無疑問。我還——當你看看過去兩年時，我們在收入方面與資產負債表相比確實遇到了阻力，我們可以有更多的阻力，但到 2024 年資產負債表會小得多。

With a better market, you actually might have some benefit to revenue performance. But we're focused on reducing that broadly. You see, you have more transparency now in the platforms as we continue to close on GreenSky, move GM to held for sale. And so you have more transparency on that. We think the drag will be significantly reduced in 2024. When we're comfortable providing more specific color on that, we will provide it. But small in the overall context of the firm and the firm's performance.

有了更好的市場，您實際上可能會對收入表現產生一些好處。但我們的重點是廣泛減少這種情況。你看，隨著我們繼續關閉 GreenSky，將通用汽車轉為持有待售，平台現在變得更加透明。所以你在這方面有更多的透明度。我們認為阻力將在 2024 年顯著減少。當我們願意提供更具體的顏色時，我們將提供它。但從公司的整體背景和公司業績來看，影響很小。

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

我們將回到 JMP 證券的 Devin Ryan。

David and Denis, a question just on kind of interplay between a recovery in investment banking versus trading intermediation. And I know there's probably a lot of assumptions that need to go in here. But if you think about kind of the environment with macro conditions settling down, which would likely support investment banking, I'm assuming some areas of trading could also slow down. And then maybe other areas could pick up as well.

大衛和丹尼斯，問題只是關於投資銀行業復甦與交易中介之間的相互作用。我知道這裡可能需要做很多假設。但如果你考慮宏觀環境穩定下來的環境，這可能會支持投資銀行業務，我假設某些領域的交易也可能放緩。然後也許其他領域也會有所改善。

So just love to maybe hear a little bit about kind of the puts and takes, kind of what you've seen historically there, easier? And just really kind of the key question is just whether you can grow investment banking revenues and trading ex financing at the same time?

所以只是想聽聽一些關於看跌期權的信息，比如你在歷史上看到的情況，更容易嗎？真正的關鍵問題是，您是否可以同時增加投資銀行收入和融資以外的交易？

Yes. So at a high level, Devin, I appreciate the question. I think we can continue to grow our financing activity given the scale and the size of the market, the way market activity is growing. And we will normalize investment banking activity. And obviously, over time, given our position, and if you assume growth in the world, growth in market cap of the world, we will continue, as we have for the last 25, 35 years, grow our investment banking activity.

是的。德文，從高水準上來說，我很欣賞這個問題。我認為考慮到市場的規模和規模以及市場活動的成長方式，我們可以繼續增加我們的融資活動。我們將使投資銀行活動正常化。顯然，隨著時間的推移，考慮到我們的地位，如果你假設世界經濟成長，世界市值成長，我們將像過去 25 年、35 年一樣繼續增加我們的投資銀行活動。

When there's real disruption in the world, we find that FICC can be a little bit countercyclical in some way, shape or form. But that's not the same as saying a normalization of investment banking activity means a slowdown in intermediation on market activity. I think there's a lot going on in the world, the trajectory of rates. There's a point of view on rates and inflation, but it's certainly not certain to me. I think people are going to be active as they adjust to the environment. There's debates about how the Fed continues on its quantitative tightening or it doesn't continue on its quantitative tightening.

當世界出現真正的混亂時，我們發現 FICC 在某些方面、形狀或形式上可能有點反週期。但這並不等於投資銀行活動正常化意味著市場活動中介放緩。我認為世界上正在發生很多事情，例如利率的軌跡。關於利率和通貨膨脹有一個觀點，但對我來說肯定不確定。我認為人們在適應環境時會變得活躍。關於聯準會如何繼續量化緊縮或不繼續量化緊縮存在爭議。

And so all of this, I think, will continue to play into people being active in markets. So I do think just at a high level, look, this is a high level. I think the environment in 2024 feels like it will be better for our mix of businesses than it was in 2023. But I'm not a good predictor and we're prepared to operate in whatever environment we have to operate in.

因此，我認為，所有這一切都將繼續影響人們在市場上的活躍度。所以我確實認為只是在高水平上，看，這是一個高水平。我認為 2024 年的環境對我們的業務組合來說會比 2023 年更好。但我不是一個很好的預測者，我們已經準備好在任何我們必須在其中運作的環境中運作。

Understood. I appreciate that, David. Maybe a quick follow-up for Denis. Just commercial real estate, clearly a big headwind in 2023, I appreciate all the disclosure, their office on balance sheet to only $1 billion now. So when you think about just the environment relative to current marks, how do you feel about kind of the pain being behind the company and just characterize the environment where maybe there still could be material marks? And then just more broadly, kind of expectations for marks as you exit the historical CRE on balance sheet principal investments?

明白了。我很感激，大衛。也許是丹尼斯的快速跟進。只是商業房地產，顯然是 2023 年的一大阻力，我感謝所有的披露，他們的辦公室資產負債表上現在只有 10 億美元。因此，當您考慮與當前標記相關的環境時，您對公司背後的痛苦有何感受，並描述可能仍然存在物質標記的環境？然後更廣泛地說，當您退出資產負債表本金投資的歷史 CRE 時，對馬克的期望是什麼？

Sure, Devin. Thank you. And as you know, we have a new disclosure the last couple of quarters on CRE, in particular, on the nature of the loans in that sector and then as well as the on balance sheet, both CRE and office. In particular, you can obviously see from those disclosures we've made substantial progress moving down the positions over the course of 2023, gave disclosure on the number of CIE positions that we moved down recently, and we've made really significant progress. We disclosed on prior calls and then our office exposures from an impairment and marks perspective, we're sitting at roughly 50%.

當然，德文。謝謝。如您所知，我們在過去幾個季度對商業房地產進行了新的披露，特別是關於該行業貸款的性質以及資產負債表上的商業地產和辦公室貸款的性質。特別是，從這些披露中您可以明顯看到，我們在 2023 年期間降低職位方面取得了實質性進展，披露了我們最近降低的 CIE 職位數量，並且我們取得了非常重大的進展。我們在先前的電話會議上揭露了我們的辦公室風險敞口，從減損和標記的角度來看，我們的比例約為 50%。

So we think that based on the visibility that we had and the activity that we had over the course of 2023 that, that portfolio and the broader portfolio for that matter, sits at the right place. As we move into 2024, there should be opportunities for further dispositions and will remain very focused on what the mix of that disposition activity is.

因此，我們認為，根據我們在 2023 年的知名度和活動，該投資組合以及更廣泛的投資組合處於正確的位置。當我們進入 2024 年時，應該有機會進行進一步的處置，並且我們將繼續非常關注處置活動的組合。

When David was reviewing our expectations with respect to HPI sell-down on the forward, in addition to moving towards our medium-term target. We're also mindful of what the long-term franchise impact of those sell-down activities are. So just to give you a sense for why we may have cautioned on pace. We have some meaningful credit exposures where we enjoy a position of incumbency. And for the long-term benefit of the franchise, we very much hope that we will remain as a lender and a supporter of those clients. To exit those positions in advance of a potential refinancing would be to surrender our incumbency position. And so we're being thoughtful so that we can continue to reduce our risk while continuing to grow the third-party fund management business while supporting clients in the process.

當 David 審查我們對遠期 HPI 拋售的預期以及實現我們的中期目標。我們也關注這些出售活動對特許經營權的長期影響。只是為了讓您了解為什麼我們可能會謹慎行事。我們擁有一些有意義的信用風險，我們在這些信用風險中享有一定的地位。為了特許經營的長期利益，我們非常希望我們能夠繼續作為這些客戶的貸款人和支持者。在潛在的再融資之前退出這些職位將意味著放棄我們現有的職位。因此，我們正在深思熟慮，以便我們能夠繼續降低風險，同時繼續發展第三方基金管理業務，同時在此過程中為客戶提供支援。

We'll go next to Ryan Kenny with Morgan Stanley.

接下來我們將與摩根士丹利的瑞安·肯尼進行對話。

So you highlighted in the prepared remarks that Goldman surpassed your fundraising target and alternatives. And so as we look forward, can you give some more color on your strategy to grow particularly in private credit? Any update on how big you expect to get in private credit, how it complements your DCM and wealth franchises and maybe any risks that we should be thinking about would be helpful.

因此，您在準備好的發言中強調，高盛超出了您的籌款目標和替代方案。因此，當我們展望未來時，您能否為您的成長策略（尤其是私人信貸領域）提供更多資訊？任何關於您期望獲得多少私人信貸、它如何補充您的 DCM 和財富特許經營權以及我們應該考慮的任何風險的任何更新都會有所幫助。

Sure. I appreciate the question. It's obviously something Ryan, we're very, very focused on. We feel good about the fundraising progress we've made. I think when you look forward in 2024, you could expect us to raise another $40 billion to $50 billion of alternatives. We're obviously very focused on private credit. We do operate at scale in private credit. We have over $110 billion of private credit.

當然。我很欣賞這個問題。瑞安，這顯然是我們非常非常關注的事情。我們對所取得的籌款進展感到滿意。我認為，當你展望 2024 年時，你可以期望我們再籌集 400 億至 500 億美元的替代品。我們顯然非常關注私人信貸。我們的私人信貸業務確實規模化。我們擁有超過 1100 億美元的私人信貸。

But I think the opportunity for us to continue to grow and scale in private credit, especially given the way our franchise is positioned and the origination connection we have with our broad banking business gives us a unique platform and a unique competitive advantage. So we're going to continue to keep this focus.

但我認為，我們有機會繼續在私人信貸領域發展和擴大規模，特別是考慮到我們的特許經營定位方式以及我們與廣泛的銀行業務的起源聯繫，為我們提供了獨特的平台和獨特的競爭優勢。因此，我們將繼續保持這一重點。

It doesn't stop because we met our goal. Our goal was meant to frame the opportunity set 3.5 years ago, but you'll see us continue to raise money on a year-to-year basis, and we've got some big funds that we're going to be in the market within 2024, and we'll continue to build the partnerships with that client base and both myself, John Waldron and the broad team across our Asset Management division are spending a lot of time with the big capital allocators all over the world and continuing to invest in those relationships.

它不會因為我們實現了目標而停止。我們的目標是要抓住 3.5 年前設定的機會，但你會看到我們繼續逐年籌集資金，而且我們已經有一些大資金將投入市場到2024 年，我們將繼續與該客戶群建立合作夥伴關係，我本人、約翰·沃爾德倫(John Waldron) 以及我們資產管理部門的廣泛團隊將花費大量時間與世界各地的大型資本配置者打交道，並繼續投資在那些關係中。

And then Basel Endgame comment letters are due today. So now that you and other G-SIBs have had time to digest the proposal, could you give us an update on how Goldman might plan to adapt if potential final rule comes through and how the proposal as written might impact your 15% to 17% through the cycle ROTCE target?

巴塞爾終局之戰評論信將於今天到期。現在，您和其他G-SIB 已經有時間消化該提案了，您能否向我們介紹一下最新情況，說明如果潛在的最終規則通過，高盛可能計劃如何調整，以及該提案可能會如何影響您的15 % 至17%通過循環ROTCE目標？

Sure. Well, obviously, today marks the end of the comment period and what I would say, it's certainly not the end of the process. In fact, I would say it's the end of the beginning of the process. And so we're moving into the next phase and continue to be highly engaged with regulators and the broad set of government stakeholders, given our significant concern with the proposed rules.

當然。嗯，顯然，今天標誌著評論期的結束，我想說的是，這當然不是整個過程的結束。事實上，我想說這是過程的開始的結束。因此，鑑於我們對擬議規則的嚴重關切，我們正在進入下一階段，並繼續與監管機構和廣泛的政府利益相關者保持高度接觸。

You'll see comment letters from us, from our peers. You'll also see many letters from end users, including pension funds, insurance companies, corporates, who are particularly concerned about how this rule could affect their access the capital and their ability to ensure and mitigate risk in their business.

您將看到我們和我們同行的評論信。您還會看到許多來自最終用戶的來信，包括退休基金、保險公司、企業，他們特別擔心這項規則會如何影響他們獲得資本以及確保和減輕業務風險的能力。

And I think this is really rooted in the fact that the magnitude of these proposed changes would be felt well beyond the banking industry, and also, I think, disadvantages the U.S. from a competitive perspective. So to be clear, my view is the rule is not proposed appropriately, and it should be withdrawn and reproposed. I don't think speculating on the impact of the rule, as proposed, I think there's a pretty significant view out there that the Fed is listening carefully. They're taking in the feedback and I don't think there is anyone that's looking at a base case that this is going to move forward as proposed.

我認為這實際上植根於這樣一個事實：這些提議的變革的規模將遠遠超出銀行業的範圍，而且我認為，從競爭的角度來看，這對美國不利。因此，需要明確的是，我的觀點是該規則的提出不恰當，應該撤回並重新提出。我不認為按照提議推測該規則的影響，我認為有相當重要的觀點認為聯準會正在認真傾聽。他們正在接受回饋，我認為沒有人會考慮這將按提議向前推進的基本情況。

We're very flexible with our capital, as I've said before. If the rules put certain changes in place, we'll also adjust businesses or pricing of businesses and certain activity to adapt. I think to speculate as to how we'll talk about this once it's in place before we have any idea what the world is going to look like is premature. But we've got a lot of capital flexibility, and we've proven over time, we can be particularly nimble. And so we'll continue to focus.

正如我之前所說，我們的資本非常靈活。如果規則發生某些變化，我們也會調整業務或業務定價以及某些活動以適應。我認為，在我們還不知道世界會是什麼樣子之前，猜測一旦它到位，我們將如何談論它還為時過早。但我們擁有很大的資本彈性，而且隨著時間的推移，我們已經證明，我們可以特別靈活。因此我們將繼續關注。

We'll go next to Dan Fannon with Jefferies.

接下來我們將與傑弗里斯一起前往丹·範農 (Dan Fannon)。

As you think about your efficiency targets, what's a reasonable level of growth for noncomp expense as we -- excluding obviously all the one-timers this year and maybe what the areas of investment are -- priorities when you think about 2024?

當你考慮你的效率目標時，當你考慮 2024 年時，非公司支出的合理成長水準是多少，因為我們——顯然排除了今年所有的一次性支出，也許投資領域是什麼？

Thanks, Dan. So the efficiency ratio is something we are laser-focused on. We continue to orient the firm to drive towards our 60% target. You mentioned the impact of selected items. I mean, if you take the impact over the course of 2023, the efficiency ratio would have been more like 65%. That's obviously not where we want it to be, but significantly better than the fully reported number.

謝謝，丹。因此，效率比是我們非常關注的。我們繼續引導公司朝著 60% 的目標前進。您提到了所選項目的影響。我的意思是，如果考慮到 2023 年的影響，效率比率會更接近 65%。這顯然不是我們想要的結果，但比完整報告的數字好得多。

We have a number of initiatives across the firm to get after our noncompensation expense. We had a very structured process we implemented once we put out some of the efficiency targets at the end of last year, rigorously marking to market our business plan and our execution against it over the course of the year. There's a -- we have a ton of different categories. We're in the process of reviewing each and every category of our noncompensation expense, benchmarking it, reviewing KPIs, thinking about our processes, incentive structures, governance, things that we can do to continue to drive that expense as efficiently as possible.

我們在整個公司範圍內採取了許多措施來彌補非補償費用。去年年底我們提出了一些效率目標後，我們就實施了一個非常結構化的流程，嚴格標記我們的業務計劃以及我們在這一年中的執行情況。我們有很多不同的類別。我們正在審查每一個非薪酬支出類別，對其進行基準測試，審查關鍵績效指標，思考我們的流程、激勵結構、治理以及我們可以採取的措施以繼續盡可能有效地推動該支出。

We do see an impact of inflation across these activities. And it's for that reason that we need to implement the types of processes to mitigate those impacts and manage it as closely as possible. I think as we look into 2024, if you take a look at the disclosure around selected items, we don't expect those types of activities to repeat and we'll be very, very -- remain very, very focused on maintaining our overall noncomp expense spend.

我們確實看到了通貨膨脹對這些活動的影響。正是出於這個原因，我們需要實施各種流程來減輕這些影響並盡可能密切地對其進行管理。我認為，當我們展望 2024 年時，如果你看一下圍繞選定項目的披露，我們預計這些類型的活動不會重複，我們將非常非常 - 仍然非常非常專注於維持我們的整體非補償費用支出。

And the other component of the efficiency ratio is obviously compensation expense. And you saw that over the course of this year. We maintained our pay-for-performance orientation with respect to how we size that, and you should expect the same on the forward into 2024. That is obviously a performance-based and variable component of our overall expense. There are also a number of other items within our expense base that are variable. Our largest items, both compensation as well as transaction expenses are variable. So we will have to see how the types of activities unfold into 2024 and what the mix of our activities are to ultimately determine where we land on an aggregate expense base and an efficiency ratio.

效率比的另一個組成部分顯然是補償費用。你在今年就看到了這一點。在如何調整規模方面，我們維持了績效付費的導向，你應該期望在 2024 年也能保持同樣的態度。這顯然是我們整體費用中基於績效的可變組成部分。我們的費用基礎中還有許多其他可變的項目。我們最大的項目，薪酬和交易費用都是可變的。因此，我們必須了解 2024 年的活動類型如何展開，以及我們的活動組合如何，才能最終確定我們的總支出基礎和效率比率。

Great. And follow-up on Wealth Management. You disclosed 40% of the alternative inflows since 2019 have come from the Wealth channel. Just curious if that was consistent throughout that time period and whether you view that level of contribution as sustainable. And also just the economics to Goldman Sachs, how it differs between that 40% in Wealth and the 60% externally, how does that -- what's the difference in revenues?

偉大的。並跟進財富管理。您透露，自 2019 年以來，40% 的另類資金流入來自財富管道。只是好奇這在整個時期是否一致，以及您是否認為這種貢獻水平是可持續的。還有高盛的經濟學，這 40% 的財富和 60% 的外部收入有什麼不同，收入有什麼不同？

Well, at a high level, that comment is -- looks over the past 4 years that we've grown our Asset Management business, Asset & Wealth Management business, and it highlights the alternative raising over that period, this initial period of investment, what the mix has been between wealth, the institutional client base or other channels like third-party wealth, retail, et cetera.

嗯，從高層次來看，這一評論是——在過去的四年裡，我們已經發展了我們的資產管理業務、資產和財富管理業務，它強調了這一時期的另類融資，即投資的初始階段，財富、機構客戶群或第三方財富、零售等其他管道之間的組合如何。

When you look at our strategy, Dan, we -- if you go back 20 years, most of our fundraising for these activities came from our Private Wealth channel and the percentage of the money we manage was much higher than 40% from Private Wealth. So as we continue to invest in broad institutional partnerships in the pension community, the sovereign wealth community areas, where historically we had not raised a lot of alternative funding, that percentage of Wealth funding will probably decrease, but I'm not going to speculate exactly where it will go.

Dan，當你看看我們的策略時，如果你回到20 年前，我們為這些活動籌集的大部分資金都來自我們的私人財富管道，而且我們管理的資金比例遠高於私人財富的40% 。因此，隨著我們繼續投資於退休金領域、主權財富領域的廣泛機構合作夥伴關係，在這些領域，我們歷來沒有籌集到大量替代資金，財富資金的比例可能會下降，但我不會推測它到底會去哪裡。

At scale, the economics associated with all these alternatives are extremely attractive. They're attractive in the Private Wealth channel and they're attractive in our institutional partnerships. But as I think you all know, they're not exactly identical. And people that allocate or enter a partnership with you and allocate $10 billion, definitely have a different economic proposition than somebody that's giving you $50 million or $100 million. And that's been consistent in the business for a long, long time.

從規模上看，所有這些替代方案的經濟效益都極具吸引力。他們在私人財富管道中很有吸引力，在我們的機構合作夥伴關係中也很有吸引力。但我想你們都知道，它們並不完全相同。那些向你分配或與你建立合作夥伴關係並分配 100 億美元的人，肯定與那些給你 5000 萬或 1 億美元的人有著不同的經濟主張。很長一段時間以來，這在行業中一直是一致的。

So we're continuing to scale the business. We have real margin targets for the business. I think we've got lots of opportunities, and we're still in the early stages of using the platform of Goldman Sachs to cement and invest these broad distribution channels for the benefit of our scale Asset & Wealth Management platform, and I'm confident we'll continue to make good progress.

因此，我們正在繼續擴大業務規模。我們為業務制定了實際的利潤目標。我認為我們有很多機會，而且我們仍處於利用高盛平台鞏固和投資這些廣泛的分銷管道的早期階段，以造福我們規模化的資產和財富管理平台，我我們有信心繼續取得良好進展。

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

謝謝。接下來我們將採訪德意志銀行的馬特·奧康納。

There's obviously all the uncertainty on the capital as was discussed earlier. But just in the near term, how do you think about top allocation? You're obviously continuing to lean into financing, which is capital intensive, depending on how banking and if banking comes back, banking consume capital. And then just touch on interest in bolt-on deals and then obviously, ending on buybacks which were pretty solid in '23.

如同前面所討論的，資本顯然存在所有的不確定性。但就短期而言，您如何看待頂級配置？顯然，你會繼續傾向於融資，這是資本密集的，取決於銀行業如何以及銀行業是否恢復，銀行業消耗資本。然後只是談到對補強交易的興趣，然後顯然，以 23 年相當穩固的回購結束。

I'll start and Denis can add some comments. We've always said that when there's activity to support our clients, that's our primary focus on where we can allocate capital. We've increased the amount of capital allocated to our franchise, our client franchises over the course of the last 5 years. And I think one of the reasons why our big broad Global Banking & Markets franchise has performed on a relative basis in different environments, the way it's performed is we've been very, very focused on making sure we have the capital and the financial resources to serve our client base well.

我先開始，丹尼斯可以添加一些評論。我們總是說，當有活動支持我們的客戶時，我們的首要關注點就是我們可以在哪裡分配資本。在過去的五年裡，我們增加了分配給我們的特許經營權和客戶特許經營權的資本金額。我認為，我們龐大的全球銀行與市場特許經營權在不同環境中相對基礎上表現出色的原因之一是，我們一直非常非常注重確保我們擁有資本和財務資源更好地服務我們的客戶群。

Where we see opportunities, we will continue to deploy capital there, and that's in our broad capital planning program. We do generate a lot of capital from earnings. And to the degree that we don't see opportunities to deploy it with our clients, we will return it to shareholders. At the moment, we're taking a more conservative posture around that, just given some of the uncertainty around Basel III Endgame, although, again, I think that's going to continue to evolve. And I also think we have a long track record of being very, very nimble with our ability to deploy.

在我們看到機會的地方，我們將繼續在那裡部署資本，這在我們廣泛的資本規劃計劃中。我們確實從收益中產生了大量資本。如果我們看不到與客戶一起部署它的機會，我們會將其返還給股東。目前，鑑於巴塞爾協議 III 終局之戰存在一些不確定性，我們對此採取了更保守的態度，儘管我再次認為這種情況將繼續發展。我還認為，長期以來，我們的部署能力非常非常靈活。

So we're going to continue to focus on making sure we've got the right resources to serve our clients. And as we generate capital, we have confidence in our capital position, we'll return capital to shareholders. And we've been very focused, as you've seen on growing the dividend, and we plan to continue to do that.

因此，我們將繼續專注於確保我們擁有合適的資源來為客戶提供服務。當我們產生資本時，我們對我們的資本狀況充滿信心，我們會將資本回饋給股東。正如您所看到的，我們一直非常專注於增加股息，並且我們計劃繼續這樣做。

And then just separately, following up on the exit of legacy on balance sheet principal investment, is there an expense reduction opportunity as those investments in some of the infrastructure goes away over time?

然後，在資產負債表上遺留的本金投資退出之後，隨著對某些基礎設施的投資隨著時間的推移而消失，是否存在減少費用的機會？

There's an operating leverage story, which is one of the reasons why the margin in our Asset & Wealth Management business will continue to improve. When we were running an on-balance sheet business with lots and lots and lots of on balance sheet position, the number of people that you need to manage those positions and serve those positions creates a business that scale differently than a traditional fund management business that you would see on someone else's alternative platform.

有一個營運槓桿故事，這是我們資產和財富管理業務的利潤率將持續改善的原因之一。當我們經營資產負債表上有大量頭寸的表內業務時，管理這些頭寸並為這些頭寸提供服務所需的人員數量所創造的業務規模與傳統的基金管理業務不同，您會在其他人的替代平台上看到。

And so we're early in the journey, I'll just give a simple example. We went out last year, 1.5 years ago and raised our first growth equity fund. We used to do that business on balance sheet. We have lots and lots of positions and therefore, a very, very broad team to service that. We raised our first fund. We needed smaller team to manage that fund, but when you go and you raise your second fund, you don't need to increase the scale of the team. And so there's real operating leverage, and that's part of our margin improvement story in Asset & Wealth Management over time.

所以我們還處於起步階段，我只舉一個簡單的例子。去年，也就是 1.5 年前，我們推出了我們的第一隻成長型股票基金。我們過去常常在資產負債表上做這項業務。我們有很多很多的職位，因此有一個非常非常廣泛的團隊來提供服務。我們籌集了第一筆基金。我們需要較小的團隊來管理該基金，但當你籌集第二支基金時，你不需要擴大團隊規模。因此，存在真正的營運槓桿，這是我們資產和財富管理領域隨著時間的推移利潤率改善故事的一部分。

So the answer is yes. I don't want to overstate this because it's not a massive part of the story, but it is a place we have some operating leverage and improvement as we continue to move from balance sheet into fund firm.

所以答案是肯定的。我不想誇大這一點，因為這並不是故事的重要部分，但隨著我們繼續從資產負債表轉向基金公司，我們在這方面擁有一些營運槓桿和改進。

We'll go next to Gerard Cassidy with RBC.

接下來我們將與 RBC 一起去傑拉德卡西迪 (Gerard Cassidy)。

David, in your prepared remarks, David, you were talking about -- I think it was Slide 5 or 6, but about the success in growing the relationships with those top 100 FICC & Equities clients, and you identified that the FICC & Equities financing contributed to that success, and that's been a real hallmark for you guys over the last 2 or 3 years, the growth in that business.

大衛，在你準備好的演講中，大衛，你談論的是 - 我認為是幻燈片 5 或 6，但關於與 100 名 FICC 和股票客戶建立關係的成功，並且你發現 FICC 和股票融資為這項成功做出了貢獻，這對你們來說是過去兩三年該業務的成長的真正標誌。

Can you dig down first and share with us what has attributed to the success? Is it the capital you put into that business, the hiring of additional folks or people in the business and as well as competition? Is the competition been more challenged than some of your competitors, all Credit Suisse, of course, is no longer around. But if you could just give us a little more color on what's driving that success?

您能否先深入挖掘並與我們分享成功的原因是什麼？是您投入該業務的資本、僱用更多人員或業務人員以及競爭嗎？如果競爭比你的一些競爭對手更具挑戰性，那麼所有瑞士信貸當然都不再存在了。但是您能否給我們更多關於推動成功的因素？

Sure, Gerard. At a high level, I'd point to a couple of things, but I'd start with the fact that business is a scale business, and we happen to be in the privileged position of being one of a handful of firms that really does operate those businesses at scale. And I think that's just important to the baseline.

當然，杰拉德。在高層次上，我會指出幾件事，但我首先要考慮這樣一個事實：業務是規模業務，而我們恰好處於特權地位，是少數幾家真正做到這一點的公司之一。大規模經營這些業務。我認為這對基線很重要。

But I think there are a handful of things that we've done well. First, One GS and One GS ethos, if you go back historically, we operated these businesses much more in silos with much less coordination across broad client experience and clients would come into the firm in different places and get different experiences. And we spent a lot of time, and this goes back to 2019 really thinking about how do these clients experience the firm, and we went out, we talked to them, we listened to their feedback. They really wanted to deal with the firm as a partner, One partner. I think we've made through One GS and that ethos real progress in dealing with these very large clients in this business in an integrated approach that's improved their experience. And because it's improved their experience, they feel more partner-like with us, and therefore, that's improved our wallet share.

但我認為我們在一些事情上做得很好。首先，One GS 和One GS 精神，如果你回顧歷史，我們更多地在孤島中運營這些業務，在廣泛的客戶體驗方面的協調要少得多，客戶會在不同的地方進入公司並獲得不同的體驗。我們花了很多時間，這可以追溯到 2019 年，真正思考這些客戶對公司的體驗如何，我們出去，與他們交談，聽取他們的回饋。他們真的很想以合夥人、一個合夥人的身份與該公司打交道。我認為，透過 One GS 和這種精神，我們在與該行業的這些大型客戶打交道時取得了真正的進步，採用了一種綜合方法，改善了他們的體驗。因為這改善了他們的體驗，他們感覺與我們更像合作夥伴，因此，這提高了我們的錢包份額。

Secondarily, we become a much bigger financer of their activities. And when you finance their activities, you get rewarded in other ways through the ecosystem. And number three, we've also tried to really take the same way we have with investment banking clients for a long view, a very long-term approach to transacting with them. They need our help sometimes with things that aren't that economically attractive, we want to be there. If you do that, you do that consistently, you wind up getting opportunities that are more attractive.

其次，我們成為他們活動的更大的資助者。當您資助他們的活動時，您可以透過生態系統以其他方式獲得獎勵。第三，我們也嘗試真正採取與投資銀行客戶相同的方式，以長遠的眼光、非常長期的方式與他們進行交易。有時他們需要我們的幫助來解決經濟上不那麼有吸引力的事情，我們希望在那裡。如果你這樣做，並且持續這樣做，你最終會獲得更有吸引力的機會。

And so I think those three things combined with our scale platform have really helped us when we look at our wallet shares. We continue to spend a lot of time, John and I spend a lot of time and Denis too, talking to these clients in addition to the people running the business, asking for their feedback. And as we take that feedback, we'll continue to make adjustments to make sure we can serve them with real excellence. And as you saw from the presentation that we put up, one of the things that we're really focused on is how our One GS operating ethos allows us to serve our clients with excellence and distinction. It's a big, big tenet of what we're trying to do.

因此，我認為，當我們查看我們的錢包份額時，這三件事與我們的規模平台相結合確實對我們有幫助。我們繼續花費大量時間，約翰和我以及丹尼斯也花費了大量時間，除了與業務運營人員之外，還與這些客戶交談，徵求他們的反饋。當我們收到回饋時，我們將繼續進行調整，以確保我們能夠為他們提供真正卓越的服務。正如您從我們所做的演示中看到的，我們真正關注的事情之一是我們的 One GS 營運精神如何使我們能夠以卓越和卓越的方式為客戶提供服務。這是我們正在努力做的一個非常非常大的原則。

Very good. And then I know you've talked about the pipelines and your comments about what we might be able to see in ECM and other areas this year. Can you also give us a little flavor on what parts of the -- since you're obviously a global force, what parts of the globe are you seeing the best potential? Is it the Americas? Is it Europe? Or is it Asia?

非常好。然後我知道您已經談到了管道以及您對今年我們可能在 ECM 和其他領域看到的內容的評論。您能否也為我們介紹一下全球哪些地區—既然您顯然是一股全球力量，那麼您認為全球哪些地區最具潛力？是美洲嗎？是歐洲嗎？還是亞洲？

Well, it's scale. The Americas is the biggest part of the activity level. And just given the resilience of the U.S. economy, I think you've seen a material pickup there proportionally that's broader than other places. But we are seeing more activity across Europe, particularly strategic dialogue.

嗯，這是規模。美洲是活動水準最大的部分。考慮到美國經濟的彈性，我認為你已經看到那裡的物質回升比例比其他地方更廣泛。但我們看到整個歐洲有更多的活動，特別是戰略對話。

I'd say the one place where I think is slower obviously is in Asia with respect to China. And just given the nature of economic activity there and where things are positioned, that still seems slower, both the M&A side and the capital market side. But those are comments that make it a high level, Gerard.

我想說的是，我認為相對於中國而言，明顯較慢的地方是亞洲。考慮到那裡經濟活動的性質以及事物所處的位置，無論是併購方面還是資本市場方面，這似乎仍然較慢。但杰拉德，這些評論使其達到了高水準。

Thank you. Always appreciate the insights. Thank you.

謝謝。始終欣賞見解。謝謝。

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

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

So I wanted to ask a couple of questions about comp leverage and operating margins. And maybe just to start off, Denis, you noted the adjusted efficiency ratio set at 65% versus the reported figure in the mid-70s. When we try to adjust for various items, at least in the public disclosure, it looks like the core adjusted efficiency somewhere in the upper 60s. And I was hoping you can maybe just help us reconcile some of the different items to get down to that 65% figure and whether that's the appropriate jumping off point that we should be thinking about as we look ahead to '24?

所以我想問幾個關於比較槓桿和營業利益率的問題。也許首先，丹尼斯，您注意到調整後的效率比設定為 65%，而 70 年代中期報告的數字是這樣的。當我們嘗試對各種項目進行調整時，至少在公開揭露的情況下，核心調整後的效率看起來在 60 左右。我希望你能幫助我們協調一些不同的項目，以達到 65% 的數字，這是否是我們在展望 24 世紀時應該考慮的合適起點？

So Steven, I'd say, I think the 65% is a good jumping off point for 2024. And as the business evolves from there, as I indicated on a prior question, we have to ultimately be mindful of the mix of the business that comes into the firm. Certain of our activities attract different degrees of transaction-based and other expenses as we prosecute those activities. And so we'll have to be mindful of what the ultimate business mix looks like. We'll have to be mindful, obviously, what the ultimate scale and magnitude of the activities is as we roll forward in 2024.

所以史蒂文，我想說，我認為 65% 是 2024 年的一個很好的起點。隨著業務的發展，正如我在之前的問題中指出的那樣，我們最終必須注意業務的組合進入公司。當我們進行這些活動時，我們的某些活動會吸引不同程度的基於交易的費用和其他費用。因此，我們必須注意最終的業務組合是什麼樣的。顯然，我們必須留意 2024 年活動的最終規模和規模。

I think on the compensation side of the equation, you noticed our disclosure, that was roughly flat on a year-over-year basis. Our revenues net of PCL in the year were up 1%, and our compensation roughly flat. We observed that we thought that the performance of our core businesses was solid and that we had a year of significant execution activity, and we want to make sure that we're in a position that we have the talent in place to deliver for clients as we look forward into '24 with a bit more optimism for what types of activity we could see.

我認為在等式的薪酬方面，您注意到我們的揭露，與去年同期相比大致持平。我們這一年扣除 PCL 的收入成長了 1%，而我們的薪資基本上持平。我們觀察到，我們認為我們的核心業務表現穩健，並且我們在這一年中開展了重要的執行活動，我們希望確保我們有足夠的人才為客戶提供服務我們對24 年能夠看到的活動類型抱有更樂觀的態度。

In terms of trying to get a handle on the selected items and the degree of repeat potential, most of those are pretty discrete items associated with the exit of activities and the one-off FDIC special assessment. The one area we'll continue to manage carefully is on CIEs as we continue to manage down the balance sheet as we've discussed.

就試圖掌握所選項目和重複潛力程度而言，其中大多數都是與活動退出和一次性 FDIC 特別評估相關的相當離散的項目。我們將繼續謹慎管理的一個領域是 CIE，因為我們將繼續以我們所討論的方式管理資產負債表。

That's great. And just for a follow-up relating to the comments you just made, Denis, on comp leverage, specifically. It looks like the expectation is for revenues to grow about $4 billion this year for The Street. The comp dollars are expected to increase only about $600 million. You do have a good track record of delivering incremental operating leverage or strong marginal margins.

那太棒了。丹尼斯，只是為了跟進您剛剛發表的評論，特別是關於補償槓桿。預計《華爾街》今年的營收將成長約 40 億美元。預計補償金額僅增加約 6 億美元。您確實在提供增量營運槓桿或強大的邊際利潤方面擁有良好的記錄。

But I just wanted to get a sense, given you were alluding to the fact that you're going to pay for talent and you're going to compensate people appropriately that execute well on the platform, how we should be thinking about incremental comp leverage, is an 85% comp margin a realistic expectation given where the revenue growth is ultimately going to come from?

但我只是想了解一下，鑑於您提到了這樣一個事實，即您將為人才付費，並且您將為在平台上表現良好的人員提供適當的補償，我們應該如何考慮增量補償槓桿考慮到收入增長最終來自何處，85% 的利潤率是現實的預期嗎？

Steven, I'll make a comment. David wants to make another one as well. We're very focused on driving operating leverage across the platform. We're also focused on driving scale across the platform. And meanwhile, we're staying true to our mantra of pay-per-performance. It's what our people expect, and it's one of the things that enables us to attract such exceptional talent and deliver excellence for our clients.

史蒂文，我會發表評論。大衛還想再做一個。我們非常注重提高整個平台的營運槓桿。我們也致力於擴大整個平台的規模。同時，我們恪守按績效付費的信條。這是我們員工的期望，也是我們能夠吸引如此傑出人才並為客戶提供卓越服務的原因之一。

The ultimate compensation payout relative to the results in 2024 really are going to come down to what the ultimate mix of those activities are and what we feel is the appropriate amount of compensation to reflect the performance of the team being mindful of talent retention, service of clients as well as driving operating leverage and delivering results for shareholders.

相對於 2024 年結果的最終薪酬支付實際上將取決於這些活動的最終組合是什麼，以及我們認為反映團隊績效的適當薪酬金額，同時注重人才保留、服務客戶以及提高營運槓桿並為股東帶來成果。

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

接下來我們將討論富國銀行證券公司的麥克梅奧。

I was just wondering what you're going to do about the Lead Independent Director, who I guess is no longer on your Board, Bayo, I guess, his firm got purchased and now you need to get a new lead director. Is that someone from the Board currently, someone from outside Goldman Sachs, what type of person is the Board looking for?

我只是想知道你打算怎麼處理首席獨立董事，我猜他已經不再是你的董事會成員了，Bayo，我猜他的公司被收購了，現在你需要找一位新的首席董事。目前是來自董事會的人，還是來自高盛外部的人，董事會正在尋找什麼類型的人？

So I appreciate the question, Mike. As you highlight, at the end of last week, Bayo sold his business to BlackRock. Bayo still is the Lead Director. That deal won't close until sometime in the third or fourth quarter. Bayo is the Lead Director. We have a governance process in place. Our Board has met and at the appropriate time, we'll make announcement as to the transition.

所以我很欣賞這個問題，麥克。正如您所強調的，上週末，巴約將其業務出售給貝萊德。巴約仍然是首席導演。該交易要到第三季或第四季的某個時候才會完成。巴約是首席導演。我們有一套治理流程。我們的董事會已召開會議，我們將在適當的時候宣布有關交接的事宜。

But at this point, other than the fact that because of the sale, it will create a transition. I have nothing more to say other than Bayo is still the Lead Director, and we'll manage the transition in an orderly process and no surprises.

但在這一點上，除了因為出售之外，它將創造一個過渡。我沒有什麼可說的，除了巴約仍然是首席總監，我們將有序地管理過渡過程，不會出現意外。

Okay. So what? You would consider people outside of Goldman Sachs currently for that or?

好的。所以呢？您目前會考慮高盛以外的人嗎？

Well, we're always adding people to our Board, Mike. But I'm not going to make comments. I'm not going to make forward comments about our governance process and our Board looks at this at the time that the Board takes action. We announced a clear transition. I'll be happy to answer questions and talk about it.

好吧，我們一直在向董事會添加人員，麥克。但我不會發表評論。我不會對我們的治理流程做出前瞻性評論，我們的董事會會在採取行動時考慮這一點。我們宣布了明確的過渡。我很樂意回答問題並進行討論。

At this time, there are no additional questions in queue. Ladies and gentlemen, this concludes The Goldman Sachs Fourth Quarter 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect

目前，隊列中沒有其他問題。女士們、先生們，高盛 2023 年第四季財報電話會議到此結束。感謝您的參與。現在您可以斷開連接