高盛 (GS) 2024 Q1 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs First Quarter 2024 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 2024 年第一季財報電話會議。

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, April 15, 2024.

我將代表高盛在電話會議開始時發表以下免責聲明。收益報告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的版權資料，未經同意不得複製、轉載或轉播。本次通話錄音於今天（2024 年 4 月 15 日）進行。

I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman.

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。

Thank you. Mr. Solomon, you may begin your conference.

謝謝。所羅門先生，您可以開始會議了。

Thank you, operator, and good morning, everyone. Thank you all for joining us. We feel very good about our first quarter results, which reflect the strength of our world-class and interconnected franchises and the earnings power of our firm. This performance was aided by the swift actions we took last year to narrow our strategic focus and play to our core strengths.

謝謝接線員，大家早安。感謝大家加入我們。我們對第一季的業績感到非常滿意，這反映了我們世界級和相互關聯的特許經營權的實力以及我們公司的盈利能力。這項業績得益於我們去年採取的迅速行動，縮小了策略重點，發揮了我們的核心優勢。

As you can see, we are delivering on our strategy, and we are pleased with the returns we generated this quarter. As laid out in January, we have three strategic objectives: To harness One Goldman Sachs to serve our clients with excellence; to run world-class, differentiated and durable businesses; and to invest to operate at scale.

正如您所看到的，我們正在實施我們的策略，我們對本季產生的回報感到滿意。如同一月所訂定的，我們有三個策略目標： 利用 One Goldman Sachs 為我們的客戶提供卓越服務；經營世界一流、差異化且持久的企業；並進行投資以實現規模化營運。

Across the firm, we are effectively serving clients in what remains a complex operating environment. Looking back on the last year or so, one of the most common questions clients and investors have asked is around the timing of a broader reopening of the capital markets. I've said before that the historically depressed levels of activity wouldn't last forever. CEOs need to make strategic decisions for their firms, companies of all sizes need to raise capital and financial sponsors need to transact to generate returns for their investors.

在整個公司，我們在複雜的營運環境中有效地為客戶提供服務。回顧過去一年左右，客戶和投資者最常見的問題之一是資本市場更廣泛重新開放的時間。我之前說過，歷史上低迷的經濟活動水準不會永遠持續下去。執行長需要為他們的公司做出策略決策，各種規模的公司需要籌集資金，金融贊助商需要進行交易以為投資者創造回報。

Where we stand today, it's clear that we're in the early stages of a reopening of the capital markets with the first few months of 2024 seeing in reinvigoration in new issue market access. For example, there were a number of large IPOs across geographies, and the strong reception across transactions, including the IPOs for Galderma, Reddit and Rank, is the latest sign that investors' risk appetite is growing.

從我們今天的情況來看，很明顯我們正處於資本市場重新開放的早期階段，2024 年的頭幾個月新發行市場准入將重振旗鼓。例如，跨地區出現了許多大型首次公開募股，交易的熱烈歡迎，包括高德美、Reddit 和 Rank 的首次公開募股，是投資者風險偏好不斷增長的最新跡象。

In debt capital markets, tighter spreads have contributed to a constructive issuance environment in investment grade with volumes hitting a record for the first 3 months of the year. Additionally, refinancing was a major theme with robust high-yield and institutional loan refinancing volumes.

在債務資本市場，利差收窄為投資等級的發行環境帶來了建設性的影響，今年前三個月的發行量創下了歷史新高。此外，再融資是一個主要主題，高收益和機構貸款再融資量強勁。

Given a more accommodative issuance backdrop as well as the potential for increased acquisition financing alongside higher M&A activity, we expect solid levels of debt underwriting activity to continue this year. With our long-standing leadership positions across the global capital markets, we have been at the forefront in helping our clients access the markets, and our firm stands to benefit further as transaction volumes rise from the 10-year lows.

鑑於更寬鬆的發行背景以及收購融資增加和併購活動增加的潛力，我們預計今年債務承銷活動將繼續保持穩定水準。憑藉我們在全球資本市場的長期領導地位，我們在幫助客戶進入市場方面一直處於領先地位，隨著交易量從 10 年低點回升，我們公司將進一步受益。

It's important to note that alongside the reopening we are seeing in capital markets, our intermediation businesses continue to be active and supporting our clients' needs. And we're growing financing revenues across FICC and equities, which together were a record this quarter and rose 18% sequentially. All in, our top-tier intermediation franchise and more durable financing results are helping raise the floor in global banking and markets.

值得注意的是，隨著資本市場重新開放，我們的中介業務繼續活躍並支持客戶的需求。我們的 FICC 和股票融資收入不斷成長，本季這兩項收入合計創歷史新高，較上季成長 18%。總而言之，我們頂級的中介特許經營權和更持久的融資結果正在幫助提高全球銀行業和市場的底線。

In Asset & Wealth Management, assets under supervision rose to a new record of $2.8 trillion this quarter, which represented our 25th consecutive quarter of long-term fee-based net inflows. We have a diversified platform across public and private markets and are delivering solid performance across asset classes. And we continue to invest resources in growing this business, particularly across Wealth Management, alternatives and solutions.

在資產與財富管理領域，本季受監管資產升至 2.8 兆美元的新紀錄，這代表我們連續 25 個季度實現長期收費淨流入。我們在公共和私人市場擁有多元化的平台，並在各個資產類別中提供穩健的績效。我們持續投入資源來發展這項業務，特別是在財富管理、替代方案和解決方案方面。

In Wealth Management, we saw significant strength this quarter with total client assets ending at $1.5 trillion. In alternatives, we raised $14 billion in commitments despite a more difficult fundraising environment. And in solutions, we continue -- we saw continued demand for our outsourced CIO and SMA offerings. These are all areas in which we still see significant opportunities, and we have a proven track record a and demonstrated right to win.

在財富管理領域，本季我們看到了顯著的成長，客戶總資產達到 1.5 兆美元。另一方面，儘管融資環境更加困難，我們還是籌集了 140 億美元的承諾。在解決方案方面，我們繼續看到對外包 CIO 和 SMA 產品的持續需求。在所有這些領域，我們仍然看到了重大機遇，並且我們擁有良好的業績記錄，並證明了我們有獲勝的權利。

I also want to touch on topic coming up virtually every client conversation I have: Artificial intelligence. While there is broad consensus about the transforming potential of AI, there is enormous appetite for perspectives on how certain aspects may play out, including the time line for commercial impact, shape of potential regulation, impact on jobs and where value will accrue in the ecosystem.

我還想談談幾乎每次與客戶交談時都會出現的話題：人工智慧。儘管人們對人工智慧的變革潛力達成了廣泛共識，但人們對某些方面可能如何發揮作用的觀點抱有極大的興趣，包括商業影響的時間表、潛在監管的形式、對就業的影響以及生態系統中價值將在哪裡累積。

Today, we are proud to be at the forefront of advising clients on these topics and how to think about potential use cases in their operations. As we look longer term, to the extent that this technology develops in line with expectations, there will be significant demand for AI-related infrastructure, and as a result, financing, which will be a tailwind to our business.

今天，我們很自豪能夠站在最前沿，就這些主題以及如何思考其營運中的潛在用例向客戶提供建議。從長遠來看，如果這項技術的發展符合預期，對人工智慧相關基礎設施的需求將會很大，因此融資將成為我們業務的順風車。

For our own operations, we have a leading team of engineers dedicated to exploring and applying machine learning and artificial intelligence applications. We are focused on enhancing productivity, particularly for our developers, and increasing operating efficiency while maintaining a high bar for quality, security and controls. Like with any emerging technology, a thoughtful approach and keen eye on risk management will be crucial.

對於我們自己的運營，我們擁有一支領先的工程師團隊，致力於探索和應用機器學習和人工智慧應用。我們專注於提高生產力，尤其是開發人員的生產力，並提高營運效率，同時保持高標準的品質、安全性和控制力。與任何新興技術一樣，深思熟慮的方法和對風險管理的敏銳關注至關重要。

Turning to the macro environment. We continue to be constructive on the health of the U.S. economy. The Fed most recently telegraphed three rate cuts in 2024, but last week's CPI print has lowered market expectations. This will continue to evolve and be highly data-dependent. I'm also mindful that U.S. equity markets are hovering near record levels at a time when we see -- when we continue to see headwinds, including concerns around inflation, the commercial real estate market and escalating geopolitical tensions around the world. This combination could slow growth.

轉向宏觀環境。我們繼續對美國經濟的健康發展持建設性態度。聯準會最近電報稱 2024 年將進行三次降息，但上週的 CPI 數據降低了市場預期。這將繼續發展並且高度依賴數據。我還注意到，當我們繼續看到逆風時，美國股市徘徊在創紀錄水平附近，包括對通貨膨脹、商業房地產市場和全球地緣政治緊張局勢升級的擔憂。這種組合可能會減緩成長。

With that said, the U.S. economy has proven to be resilient, supported by a number of factors, including government spending as well as labor force growth driven by above-trend levels of immigration. So while the environment is constructive and markets expect a soft landing, the trajectory is still uncertain.

話雖如此，美國經濟已被證明具有彈性，並受到多種因素的支持，包括政府支出以及高於趨勢水平的移民推動的勞動力成長。因此，儘管環境具有建設性且市場預期軟著陸，但發展軌跡仍不確定。

Nonetheless, I'm very confident about the state of our client franchise, the caliber of our people and our culture of collaboration and excellence. Every day, as I interact with the people of Goldman Sachs around the world, I am consistently impressed by their talent, capabilities and how tirelessly they work to serve our clients. The quality of our people reinforces my conviction in the long-term opportunity set for Goldman Sachs and our ability to deliver for clients and shareholders.

儘管如此，我對我們客戶的特許經營狀況、我們員工的素質以及我們的協作和卓越文化非常有信心。每天，當我與世界各地的高盛員工互動時，他們的才華、能力以及他們為客戶服務的不懈努力給我留下了深刻的印象。我們員工的素質增強了我對高盛的長期機會以及我們為客戶和股東提供服務的能力的信心。

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

我現在將其交給丹尼斯，介紹我們本季的財務表現。

Thank you, David. Good morning. Let's start with our results on Page 1 of the presentation. In the first quarter, we generated net revenues of $14.2 billion and net earnings of $4.1 billion, resulting in earnings per share of $11.58, an ROE of 14.8% and an ROTE of 15.9%. We provide details on the financial impact of selected items in the bottom table, the aggregate of which was immaterial this quarter.

謝謝你，大衛。早安.讓我們從簡報第一頁的結果開始。第一季度，我們實現淨收入 142 億美元，淨利潤 41 億美元，每股收益 11.58 美元，ROE 為 14.8%，ROTE 為 15.9%。我們在底部表格中提供了有關選定項目的財務影響的詳細信息，這些影響的總和本季度並不重要。

Let's turn to performance by segment, starting on Page 3. Global Banking & Markets produced revenues of $9.7 billion in the first quarter and generated an 18% ROE on a fully allocated basis.

讓我們從第 3 頁開始按部門劃分業績。

Turning to Page 4. Advisory revenues of $1 billion were up versus a year ago amid higher completed transactions. We remain #1 in the league tables for both announced and completed M&A. Equity underwriting revenues of $370 million and debt underwriting revenues of $699 million both rose significantly year-over-year amid an increase in industry volumes. Our backlog fell quarter-on-quarter as we successfully brought transactions to market, though client engagement and dialogues remain robust.

翻到第 4 頁。在已宣布和已完成的併購方面，我們仍然排名第一。隨著產業規模的增加，股票承銷收入為3.7億美元，債務承銷收入為6.99億美元，較去年同期大幅成長。儘管客戶參與度和對話依然強勁，但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。

FICC net revenues were $4.3 billion in the quarter, up from a strong performance last year as our global scaled franchise continued to serve clients amid a dynamic operating environment. Intermediation results were driven by better performance in mortgages, credit and currencies. Our long history of risk-taking acumen enabled us to effectively make markets across a number of different geographies and asset classes. We produced record FICC financing revenues of $852 million, which rose sequentially primarily on better results in repo. We remain confident in our ability to continue to grow balances and drive growth in this business over time.

本季 FICC 淨收入為 43 億美元，高於去年的強勁表現，因為我們的全球規模特許經營權繼續在動態的營運環境中為客戶提供服務。抵押貸款、信貸和貨幣的更好表現推動了中介績效。我們悠久的冒險頭腦使我們能夠有效地在許多不同的地區和資產類別中建立市場。我們創造了創紀錄的 FICC 融資收入 8.52 億美元，該收入環比成長主要得益於回購業績的改善。我們對隨著時間的推移繼續增加餘額並推動該業務成長的能力充滿信心。

Equities net revenues were $3.3 billion in the quarter. Equities intermediation revenues of $2 billion rose 14% year-over-year on better performance in derivatives. Equities financing revenues of $1.3 billion were modestly higher year-over-year as record average prime balances during the quarter were only partially offset by lower financing spreads.

該季度股票淨收入為 33 億美元。由於衍生性商品表現較好，股票中介營收年增 14%，達 20 億美元。股票融資收入為 13 億美元，年比小幅成長，因為本季創紀錄的平均優質餘額僅被較低的融資利差部分抵銷。

Moving to Asset & Wealth Management on Page 5. Revenues of $3.8 billion were 18% higher year-over-year. Record management and other fees were up 7% year-over-year to $2.5 billion. As a reminder, we closed the sale of Personal Financial Management in November of last year, which contributed approximately $60 million in fees in the year-ago period. Incentive fees for the quarter were $88 million, up sequentially and year-over-year. Based on our bottoms-up analysis, we expect to reach our target of $1 billion in annual incentive fees over the medium term, supported by an estimated $3.8 billion of unrecognized incentive fees as of year-end.

轉到第 5 頁的資產與財富管理。記錄管理費和其他費用年增 7%，達到 25 億美元。提醒一下，我們在去年 11 月完成了個人財務管理業務的出售，該業務在去年同期貢獻了約 6,000 萬美元的費用。本季的激勵費用為 8,800 萬美元，環比和年比均有所上升。根據我們自下而上的分析，我們預計在中期內達到 10 億美元年度激勵費的目標，截至年底估計還有 38 億美元的未確認激勵費。

Private banking and lending revenues were $682 million, up substantially as revenues in the prior year period were negatively impacted by the partial sale of our Marcus loan portfolio. Equity investments and debt investments revenues totaled $567 million. In equity investments, we saw improved performance year-over-year in our private portfolio that was largely offset by a markdown on a large public position.

私人銀行和貸款收入為 6.82 億美元，大幅成長，因為上一年期間的收入受到部分出售我們的 Marcus 貸款組合的負面影響。股權投資和債權投資收入總計5.67億美元。在股權投資方面，我們看到私人投資組合的績效同比有所改善，但這在很大程度上被大量公共頭寸的減價所抵消。

Now moving to Page 6. Total assets under supervision ended the quarter at a record $2.8 trillion. We had $24 billion of long-term net inflows, largely in fixed income, representing our 25th consecutive quarter of long-term fee-based inflows.

現在轉到第 6 頁。我們有 240 億美元的長期淨流入，主要是固定收益，這代表我們連續 25 個季度實現長期收費流入。

Turning to Page 7 on alternatives. Alternative assets under supervision totaled $296 billion at the end of the first quarter, driving $486 million in management and other fees. Gross third-party fundraising was $14 billion in the quarter. We continue to expect to raise between $40 billion and $50 billion in alternatives across private equity and other strategies this year. More broadly, we are leveraging our long-standing leadership position in private credit to capitalize on this secular growth opportunity and expect to grow our assets from roughly $130 billion to $300 billion over the next 5 years.

請參閱第 7 頁有關替代方案的內容。截至第一季末，受監管的另類資產總額為 2,960 億美元，帶動管理費和其他費用達 4.86 億美元。本季第三方募款總額為 140 億美元。我們仍預計今年將透過私募股權和其他策略的另類投資籌集 400 億至 500 億美元。更廣泛地說，我們正在利用我們在私人信貸領域的長期領導地位來利用這一長期成長機會，並預計在未來 5 年內將我們的資產從約 1,300 億美元增加到 3,000 億美元。

On-balance sheet alternative investments totaled approximately $44 billion. In the first quarter, we reduced our historical principal investment portfolio by $1.5 billion to $14.8 billion. We expect reductions at roughly this pace for the rest of 2024 and expect to sell down the vast majority of our HPI portfolio by the end of 2026, consistent with our target.

資產負債表內的另類投資總額約 440 億美元。第一季度，我們將歷史本金投資組合減少了 15 億美元，至 148 億美元。我們預計 2024 年剩餘時間的削減速度大致如此，並預計在 2026 年底出售我們的絕大多數 HPI 投資組合，這與我們的目標一致。

Next, Platform Solutions on Page 8. Revenues were $698 million. Overall, segment profitability has improved with a pretax net loss of $117 million for the quarter. In line with our target, we expect to drive this business to pretax breakeven next year.

接下來是第 8 頁的平台解決方案。總體而言，該部門的獲利能力有所改善，本季稅前淨虧損為 1.17 億美元。根據我們的目標，我們預計明年將推動該業務實現稅前損益平衡。

On Page 9, firm-wide net interest income was $1.6 billion in the first quarter, up sequentially on an increase in interest-earning assets. Our total loan portfolio at quarter end was $184 billion, roughly in line with the fourth quarter, as an increase in other collateralized lending was partially offset by the sale of the remaining GreenSky portfolio. Our provision for credit losses was $318 million, which reflected net charge-offs in our credit card lending portfolio. Within our wholesale portfolio, impairments trended modestly lower versus the levels in the last few quarters.

第 9 頁顯示，第一季全公司淨利息收入為 16 億美元，隨著生息資產的增加而較上季成長。截至季末，我們的貸款組合總額為 1,840 億美元，與第四季度大致持平，因為其他抵押貸款的增加被剩餘 GreenSky 投資組合的出售部分抵消。我們的信貸損失準備金為 3.18 億美元，反映了我們信用卡貸款組合中的淨沖銷。在我們的批發投資組合中，減損趨勢與過去幾季的水平相比略有下降。

Turning to Page 10. We continue to provide additional information detailing our CRE exposure. As you know, we moved early in actively risk managing our CRE exposure and currently have $26 billion in loans, $4 billion AWM alternative equity and debt securities and $2 billion in equity at risk related to CIEs.

請參閱第 10 頁 我們將繼續提供詳細說明我們的商業房地產風險敞口的更多資訊。如您所知，我們很早就開始積極對 CRE 風險進行風險管理，目前擁有 260 億美元的貸款、40 億美元的 AWM 另類股權和債務證券以及 20 億美元的與 CIE 相關的風險股本。

Turning to expenses on Page 11. Total quarterly operating expenses were $8.7 billion, resulting in an efficiency ratio of 60.9%. Our compensation ratio net of provisions was 33%, reflecting improved operating performance for the firm. Non-compensation expenses were $4.1 billion. These costs declined year-on-year, even inclusive of the $78 million FDIC special assessment charge, and were down sharply versus the fourth quarter. Our effective tax rate for the quarter was 21.1%. And for the full year, we expect a tax rate of approximately 22%.

轉向第 11 頁的支出。扣除準備金後，我們的薪資率為 33%，反映出公司經營績效的改善。非補償費用為 41 億美元。這些成本年減，甚至包括 7,800 萬美元的 FDIC 特別評估費用，並且與第四季度相比大幅下降。我們本季的有效稅率為 21.1%。我們預計全年稅率約為 22%。

Now on to Slide 12. Our common equity Tier 1 ratio was 14.7% at the end of the first quarter under the standardized approach. In the quarter, we returned $2.4 billion to shareholders, including common stock repurchases of $1.5 billion and common stock dividends of $929 million.

現在轉到投影片 12。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 9.29 億美元的普通股股息。

We are currently running with a 170 basis point buffer above our capital requirements. Given expectations for significant modifications to the Basel III proposed rule, we should have materially more flexibility on capital deployment. We also remain committed to paying our shareholders a sustainable and growing dividend.

目前，我們的緩衝水準比我們的資本要求高出 170 個基點。考慮到對巴塞爾協議 III 擬議規則進行重大修改的預期，我們在資本部署方面應該擁有更大的靈活性。我們也持續致力於向股東支付可持續且不斷增長的股息。

In conclusion, our first quarter results reflect the strength of our leading Global Banking & Markets franchise and our growing Asset & Wealth Management business. Simply put, we are delivering on the things we said we would do. We are focused on our strategic objectives and the execution focus areas for 2024 that we laid out in January which will help our businesses produce mid-teens returns through the cycle. We are confident in our ability to deliver for shareholders and continuing to support our clients. And we remain optimistic about the future opportunity set for Goldman Sachs.

總而言之，我們第一季的業績反映了我們領先的全球銀行和市場特許經營權以及不斷增長的資產和財富管理業務的實力。簡而言之，我們正在兌現我們說過要做的事情。我們專注於 1 月制定的 2024 年策略目標和執行重點領域，這將有助於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並繼續為客戶提供支援的能力充滿信心。我們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 go first to Glenn Schorr with Evercore.

（操作員指示）我們將首先與 Evercore 一起前往 Glenn Schorr。

I got a tough one because you are definitely executing on a lot of the objectives you laid out, and of course, the sustainability of banking is what it is. I noticed your lower pipeline. But the real question I have is the sustainability of the whole package. Meaning, you just had really strong revenue across the board on everything. Comp was up with that normally, but non-comp was down, the provision's down and RWA didn't increase even though you were growing your financing. So I'm giving you a softball here and just saying, what, of that package, can continue to stick?

我遇到了困難，因為你肯定正在執行你所製定的許多目標，當然，銀行業的可持續性就是如此。我注意到你的下管道。但我真正的問題是整個方案的可持續性。這意味著，你在所有方面都獲得了非常強勁的收入。通常情況下，補償金額會增加，但非補償金額會下降，撥備金也會下降，即使您增加融資，風險加權資產也不會增加。所以我在這裡給你一個壘球，只是說，那個包裹中的什麼可以繼續堅持下去？

I appreciate it, Glenn. And I think there are a bunch of things that continue to stick because one of the things you know that we've been focused on is building a more durable business, and that there are a handful of things when you look across the whole package, we've made significant progress over the course of the last 5 years.

我很感激，格倫。我認為有很多事情會繼續存在，因為你知道我們一直在關注的事情之一是建立一個更持久的業務，當你縱觀整個計劃時，有一些事情，過去五年我們取得了重大進展。

Certainly, building our financing business in our markets business is something that's more durable and more sustainable. We still think there's lots of room to grow. And look, the world's growing. And when the world grows and our clients grow, they need us to finance them. We've got the capital to deploy as long as we can drive attractive returns with that client base, and so we stay focused on that.

當然，在我們的市場業務中建立我們的融資業務是更持久、更永續的事。我們仍然認為還有很大的成長空間。看吧，世界正在成長。當世界在發展，我們的客戶在發展時，他們需要我們為他們提供融資。只要我們能夠為客戶群帶來有吸引力的回報，我們就有足夠的資金進行部署，因此我們將繼續專注於此。

We've doubled our management fees on our Asset & Wealth Management business over the last 5 years, and we continue to be very focused on fundraising, our ability to deliver on that. Those are more durable revenues. And there's operating leverage around that business that we still think we have yet to achieve. You've seen the margin improvement obviously in that business, but that business still has a higher capital density than we'd like that business to have. And we continue to focus on our historical principal investments and making progress there.

在過去 5 年裡，我們的資產和財富管理業務的管理費增加了一倍，我們繼續非常專注於籌款以及我們實現這一目標的能力。這些是更持久的收入。我們仍然認為我們尚未實現圍繞該業務的營運槓桿。您已經看到該業務的利潤率明顯提高，但該業務的資本密度仍然高於我們希望的業務。我們將繼續專注於我們歷史上的主要投資並在那裡取得進展。

Overall, I think we've meaningfully improved the client franchise and taken wallet share, and we're just very, very focused on our relative participation and the market opportunity that exists with our big institutional clients. And we've said over the course of the last few years, and there have been lots of questions on it, are those wallet shares sticky? I think the wallet shares are. What I can't tell you for sure is what the opportunity set is on every quarter-to-quarter.

總的來說，我認為我們已經有意義地改善了客戶特許經營權並獲得了錢包份額，而且我們非常非常關注我們的相對參與度以及我們的大型機構客戶存在的市場機會。我們在過去幾年中說過，並且存在許多問題，這些錢包份額是否具有黏性？我認為錢包份額是。我無法確定地告訴您每個季度的機會集是什麼。

But when you look at the breadth, the leadership position, the global nature of these businesses, and you look at the whole package, these are durable businesses that produce accretive returns where we're very well positioned. And we continue to focus on executing and enhancing that position.

但是，當你審視這些業務的廣度、領導地位、全球性質以及整個業務時，你會發現這些業務都是持久的業務，能夠在我們處於非常有利的地位的情況下產生增值回報。我們將繼續專注於執行和加強這一地位。

I definitely appreciate all that. Can we talk just as a follow-up on just the non-comp piece? And you had some big drops in amortization and depreciation and some marketing and stuff. So are those actually run rate levels now going forward also? Because that was a nice positive surprise.

我絕對感謝這一切。我們可以作為非補償部分的後續部分來討論嗎？攤銷和折舊以及一些行銷等方面也出現了大幅下降。那麼，這些實際的運行率水準現在也在繼續嗎？因為那是一個很好的正面驚喜。

Glenn, it's Denis. As we said over the last number of quarters, been very, very focused on non-comp and containing the growth of non-comp. There clearly are inflationary pressures that impact the number of items in our non-comp expense. The sharp decrease sequentially, we're pleased with, as well as the year-over-year decrease. But there were a number of items over the course of last year that we didn't necessarily expect to repeat.

格倫，我是丹尼斯。正如我們在過去幾個季度中所說，我們非常非常關注非競爭性因素並遏制非競爭性因素的成長。顯然，通膨壓力會影響我們的非補償費用中的項目數量。我們對連續大幅下降以及同比下降感到滿意。但去年有很多事情我們不一定會重複。

And so it's good to get on to a more normalized operating trajectory with respect to our non-comp expense base. But it's something we're going to remain very, very focused on managing in a disciplined fashion. But I think this quarter is a much more normal quarter than some of the preceding quarters.

因此，就我們的非補償費用基礎而言，進入更規範化的營運軌跡是件好事。但我們將繼續非常非常注重以嚴格的方式進行管理。但我認為這個季度比之前的一些季度要正常得多。

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 guess I just wanted to follow up, David. You mentioned AI. And I would love -- there is still -- it's hard in our seats to figure out what's hype, what's real. If you can double-click on some of the comments you made around comparing what's going on with AI today versus maybe the dot-com bubble around the runway this might create for capital markets, IB. Not just for this year, but beyond. And then also the other side around is there line of sight of how much more efficient Goldman itself can get by deploying AI?

我想我只是想跟進，大衛。你提到了人工智慧。我希望——仍然存在——在我們的座位上很難弄清楚什麼是炒作，什麼是真實的。如果你能雙擊你發表的一些評論，比較當今人工智慧的發展狀況與可能為資本市場創造的網路泡沫，IB。不只是今年，而且是以後。另一方面，高盛本身透過部署人工智慧可以提高多少效率？

Sure. So I mean, big picture, and look, I'm not a stock picker, so I'm not going to comment when you make a comparison to the Internet explosion in 1999, 2000, 2001. I'm not going to comment around that.

當然。所以我的意思是，從大局來看，我不是一個選股者，所以當你與 1999 年、2000 年、2001 年的互聯網爆炸進行比較時，我不會發表評論。

I think we have -- we've got a lot of stock market capitalization that's being driven by big platforms that I think have an enormous competitive advantage around the scaling of these technologies. But broadly speaking, these technologies require certain things, including infrastructure, power, and these things require financing to drive the scale that's going to be necessary for people to execute on the investments that they see as important to keep their businesses competitive at pace. And that is creating an ecosystem of activity in our investment banking and markets business that we've seen in the context of other areas of significant shift or macro expansion over a long period of time.

我認為我們擁有大量的股票市值，這些市值是由大型平台推動的，我認為這些平台在擴展這些技術方面具有巨大的競爭優勢。但從廣義上講，這些技術需要某些東西，包括基礎設施、電力，而這些東西需要融資來推動人們執行他們認為對維持企業競爭力很重要的投資所必需的規模。這正在我們的投資銀行和市場業務中創建一個活動生態系統，我們在其他領域長期發生重大轉變或宏觀擴張的背景下看到了這一點。

So I actually think there's a very, very constructive runway of opportunity set for us with our clients as people reposition their businesses. And we're talking about a level of scale that is, candidly, unprecedented. And so I think that opportunity is something over the course -- this is not a quarter-to-quarter thing, this is over the next 5 to 10 years. And we're very, very focused on it and very engaged. And by the way, it's not just companies, it's governments, obviously, that are making enormous investments and bringing infrastructure into their locale. And so all of this is something that we're very strategically focused on.

因此，我實際上認為，隨著人們重新定位其業務，我們與客戶之間存在著非常非常有建設性的機會。坦白說，我們正在談論的規模是前所未有的。所以我認為機會是整個過程中的事情——這不是一個季度一個季度的事情，而是未來 5 到 10 年的事情。我們非常非常專注並且非常投入。順便說一句，顯然，不僅僅是公司，政府也在進行巨額投資並將基礎設施引入當地。因此，所有這些都是我們在策略上非常關注的事情。

Double clicking and getting more narrowly focused on Goldman Sachs. I would just say we see enormous opportunities for productivity gains and also opportunities for efficiency. Our use cases that we're testing and that we're implementing focus on those two areas. But I'd really like the focus to be more on productivity and the ability to scale our smartest people to do more with our clients rather than expecting an efficiency gain that becomes very cost-accretive.

雙擊並更仔細地關注高盛。我只想說，我們看到了提高生產力和提高效率的巨大機會。我們正在測試和正在實施的用例主要集中在這兩個領域。但我真的希望將重點更多地放在生產力和擴大我們最聰明的人員為客戶做更多事情的能力上，而不是期望效率的提高變得非常增加成本。

I think one of the most important things for this firm and the success of this firm is the time our people spend with clients, serving our clients, executing for our clients. And these tools give us more productivity. And also, when we look at our data sets and what we have internally and ability to deliver them a value-added package of information, thought process that we think can be differentiated.

我認為對於這家公司以及這家公司的成功來說，最重要的事情之一就是我們的員工花時間與客戶在一起，為我們的客戶服務，為我們的客戶執行。這些工具為我們帶來了更高的生產力。而且，當我們查看我們的資料集以及我們內部擁有的內容以及向它們提供增值資訊包的能力時，我們認為可以區分思考過程。

And so we're very focused on the productivity side. Although, of course, we have analog systems and processes where there will be efficiency, and we're also focused on bringing those to bear when we look at our overall cost structure.

因此，我們非常關註生產力方面。當然，儘管我們擁有能夠提高效率的模擬系統和流程，但當我們審視整體成本結構時，我們也專注於將這些系統和流程發揮作用。

That's good color. And just separately for the Goldman stock, right, I think from an investor standpoint, a lot of focus on how quickly we can grow the share of asset management. You've talked about the HPIs coming down, alt assets going up. How else should shareholders and prospective investors think about strategy around growing the asset management revenues? And is inorganic growth at all part of the strategy and in terms of how management is thinking about things today?

這顏色真好啊就高盛股票而言，我認為從投資者的角度來看，我們非常關注我們能夠以多快的速度增加資產管理的份額。您談到 HPI 下降，另類資產上升。股東和潛在投資者還應該如何考慮增加資產管理收入的策略？就管理階層目前的思考方式而言，無機成長是否是策略的一部分？

So we -- in January, we said to you, we thought high single-digit growth with margin improvement and less capital density over time. We're executing on that. We are very focused at the moment on our organic execution. The firm obviously generates a lot of capital. There could be a time in the future where something might come up that could be interesting and could accelerate that pace in the overall mix. But at the moment, our focus is on the execution of what we have in front of us, and we are making good progress.

因此，我們在一月份對你們說過，我們認為隨著時間的推移，隨著利潤率的提高和資本密度的降低，高個位數的成長。我們正在執行這一點。我們目前非常專注於我們的有機執行。該公司顯然產生了大量資本。未來某個時候，可能會出現一些有趣的東西，並且可以加快整體組合的步伐。但目前，我們的重點是執行我們面前的工作，我們正在取得良好進展。

But I think we've put out a handful of metrics, both in terms of top line growth, our ability to continue to fundraise. You saw that we highlighted $15 billion of fundraising in alternatives in the first quarter. We said we expect to raise $40 billion to $50 billion this quarter -- this year. Obviously, the $15 billion keeps us on pace for the $40 billion to $50 billion we said we could raise this year. That doesn't stop this year. We think we have a very strong fundraising machine that can continue for a number of years going forward.

但我認為我們已經提出了一些指標，無論是在營收成長方面，還是在我們繼續籌款的能力方面。您看到我們強調了第一季另類投資的融資額為 150 億美元。我們表示，預計今年本季籌集 400 億至 500 億美元。顯然，這 150 億美元使我們能夠繼續實現我們今年所說的 400 億至 500 億美元的目標。今年這種情況不會停止。我們認為我們擁有一個非常強大的籌款機制，可以持續多年。

So we're focused on the things that matter in asset management. What matters? Performance matters, client experience matters. We're incredibly focused on both those things and working hard to make sure we use our global scale and the depth that we have around the world to execute very effectively.

因此，我們專注於資產管理中重要的事情。有什麼重要的？性能很重要，客戶體驗也很重要。我們非常專注於這兩件事，並努力確保我們利用我們在世界各地的全球規模和深度來非常有效地執行。

We'll go next to Christian Bolu with Autonomous Research.

接下來我們將與自主研究中心的 Christian Bolu 進行對話。

Maybe I'll ask Glenn's question in a different way. If I look at that 18% ROE for the Global Banking & Markets business, it really catches my eye here. So how would you characterize this quarter's performance? Is it like sort of normal-ish to you? Does it feel maybe peakish to you? Again, just trying to figure out if 18% ROE is anywhere net sustainable for that business.

也許我會以不同的方式問格倫的問題。如果我看看全球銀行與市場業務 18% 的 ROE，它確實引起了我的注意。那麼您如何評價本季的業績？這對你來說有點正常嗎？你覺得可能達到巔峰了嗎？再次強調，只是想弄清楚 18% 的 ROE 是否對該業務來說是可持續的。

So it was a -- there's no way to shave this. It was a strong quarter for Global Banking & Markets. Peak? I mean, I can point the last few years to quarters in Global Banking & Markets where the returns were higher. But I certainly wouldn't say that this is what we expect to be an average quarter in Global Banking & Markets. We've said clearly we think this is a mid-teens business through the cycle. The performance this quarter was higher, the performance last year was meaningfully lower. I think the right thing to focus on, Christian, is mid-teens through the cycle. That's the way we think about it.

所以這是一個——沒有辦法消除這個問題。對於全球銀行業和市場來說，這是一個強勁的季度。頂峰？我的意思是，我可以指出過去幾年全球銀行和市場領域回報率較高的幾個季度。但我當然不會說這是我們預期的全球銀行業和市場季度平均值。我們已經明確表示，我們認為這是一個處於週期中的青少年業務。本季的業績較高，去年的業績明顯較低。克里斯蒂安，我認為應該關注的正確的事情是在整個週期的青少年時期。這就是我們的想法。

And there was client activity and opportunity set for us this quarter. And I think one of the things that we continue to try to talk about is that when there is opportunity with our clients, there is opportunity in the market. We're good at capturing that, delivering that for shareholders. And then when the environment's more tough, so this is a more durable and sustainable business than people may have looked at it in the past.

本季我們有客戶活動和機會。我認為我們繼續嘗試談論的一件事是，當我們的客戶有機會時，市場上就有機會。我們擅長捕捉這一點，並為股東提供這一點。然後，當環境變得更加嚴峻時，這將是一項比人們過去認為的更持久、更永續的業務。

But I would view this as a very strong quarter on Global Banking & Markets and not what we would target as the average run rate of the business.

但我認為這是全球銀行業和市場非常強勁的一個季度，而不是我們設定的業務平均運作率目標。

Okay. That's very helpful. Maybe on to private wealth. If I'm reading Slide 9 correctly, you had something like $17 billion of inflows into wealth management AUS. So that would equate to something like 9% organic growth, which is well above peers. I would call it best in class. So can you give more color on what's driving that growth? Maybe any color by regions or products as to what's resonating with clients? And again, longer term, how are you thinking about sustainability of that level of organic growth?

好的。這非常有幫助。也許是私人財富。如果我沒看錯投影片 9，那麼大約有 170 億美元流入澳洲財富管理領域。因此，這相當於 9% 的有機成長，遠高於同行。我認為這是班上最好的。那麼您能否進一步說明推動這種成長的因素？也許按地區或產品劃分的顏色能引起客戶的共鳴？再說一遍，從長遠來看，您如何考慮這種有機成長水平的可持續性？

Yes. Again, this I think comes down to focus. And you know we made some very -- we talk about conscious decisions. We have talked about broadening our wealth platform to get much more broadly into what I'd call kind of high net worth wealth management. And with the sale of United Capital, we continue to be very focused on our ultra high net worth platform. It is an extraordinary platform. I do think it's a best-in-class platform.

是的。再說一次，我認為這歸結為焦點。你知道我們做了一些非常——我們談論的是有意識的決定。我們已經討論過擴大我們的財富平台，以更廣泛地進入我所說的高淨值財富管理領域。隨著聯合資本的出售，我們繼續非常專注於我們的超高淨值平台。這是一個非凡的平台。我確實認為這是一個一流的平台。

I do think that the ultra high net worth business is still a very fragmented business. While we have leading share, I think those shares are still, on a global basis, a leader is a single-digit share. There's a lot of wealth in the world. There's a lot of wealth accumulating. We are very, very well positioned to continue to capture that secular trend. And I think the business is performing very, very well.

我確實認為超高淨值業務仍然是一個非常分散的業務。雖然我們擁有領先的份額，但我認為這些份額在全球範圍內仍然是個位數的領先者。世界上有很多財富。累積了大量的財富。我們處於非常非常有利的位置，可以繼續捕捉這一長期趨勢。我認為該業務的表現非常非常好。

Our alts franchise, I think, is differentiated and we're allowed to deliver alts in an effective way to wealth clients. And I think that's something that gives us a strong secular tailwind. We're expanding our private banking activity. That's not something that we have been focused on, which I think is also strengthening our position as a wealth manager. So I think there's a good runway for this business.

我認為，我們的另類投資專營權是與眾不同的，我們可以以有效的方式向財富客戶提供另類投資。我認為這給我們帶來了強大的長期順風。我們正在擴大私人銀行業務。這不是我們一直在關注的事情，我認為這也加強了我們作為財富管理機構的地位。所以我認為這項業務有一個良好的跑道。

I do think it's a best-in-class franchise that has room to grow, and I think you're seeing it perform well, and we're very focused on it. I think the sharp decision around how we're going to focus this business, I think we're benefiting from it at the moment.

我確實認為這是一個一流的特許經營權，有成長的空間，我認為你看到它表現良好，我們非常關注它。我認為圍繞著我們如何專注於這項業務的明智決定，我認為我們目前正在從中受益。

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

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

Can you hear me okay? Great, I just want to make sure. All right. So just two follow-ups. One, I heard all the commentary about how the 1Q is run rate a little bit better than run rate on average over time. But it doesn't take away from the fact that your 1Q was very strong. I just wanted to understand, was there anything that we should understand about the revenues in equities and fixed income, for example, that were different this quarter?

你聽得到我說話嗎？太好了，我只是想確認一下。好的。所以只有兩個後續行動。第一，我聽到了所有關於第一季的運行率如何比一段時間內的平均運行率要好一點的評論。但這並不能消除你的 1Q 非常強大的事實。我只是想了解，例如，本季的股票和固定收益收入有什麼不同我們應該了解的嗎？

And the reason I ask is VaR efficiency was so strong, right? You've delivered very strong trading revenues on VaR that was basically flat Q-on-Q. I mean, a little down, a little up, depending on which asset class you're looking at. So was there anything in the -- when you mentioned you stepped into client activity and opportunity set. Was there anything unique about that opportunity set that enabled you to do this in a way that didn't really tag VaR at all?

我問的原因是VaR效率太強了，對吧？你們在 VaR 上實現了非常強勁的交易收入，與上一季相比基本持平。我的意思是，有點下降，有點上升，這取決於你所關注的資產類別。那麼，當您提到您涉足客戶活動和機會集時，有什麼內容嗎？該機會集是否有任何獨特之處，使您能夠以根本沒有真正標記 VaR 的方式做到這一點？

Sure. So Betsy, it's Denis. Nice to hear from you. Look, to give you some color on that, I wouldn't point to any particular discrete item. I would say the revenue generation, the activity was broad-based. But in addition to the consequence of the focus on market share and wallet share that we've made across the client franchise over time, we also did see good opportunities to risk-intermediate on behalf of clients across geographies, across asset classes.

當然。貝特西，是丹尼斯。很高興聽到你的消息。聽著，為了讓您對此有所了解，我不會指出任何特定的離散項目。我想說的是創收活動是基礎廣泛的。但除了隨著時間的推移我們在整個客戶特許經營中關注市場份額和錢包份額的結果之外，我們還確實看到了代表跨地域、跨資產類別的客戶進行風險中介的良好機會。

And I would observe that over the course of the quarter, it was just a very benign operating environment. Credit spreads were tightening, equity valuations were going up, and that provides a tailwind to our performance across portions of our Global Banking & Markets business as well. The first quarter is obviously often seasonally strong as well.

我觀察到，在整個季度中，這是一個非常良性的營運環境。信貸利差正在收緊，股票估值正在上升，這也為我們全球銀行與市場業務部分的表現提供了動力。第一季顯然也往往是季節性強勁的。

So we think we really captured a lot of the opportunity that was presented by both the environment and our client engagement. And as David said, that may not necessarily be the case each and every quarter, particularly in FICC and equities. So when we talk about like a Global Banking & Markets segment overall, clearly more upside across banking, but a strong performance across both FICC and equities in Q1.

因此，我們認為我們確實抓住了環境和客戶參與所帶來的許多機會。正如 David 所說，不一定每季都是如此，特別是在 FICC 和股票領域。因此，當我們整體談論全球銀行業和市場區隔時，銀行業顯然有更大的上升空間，但第一季 FICC 和股票的表現強勁。

Super. That's really helpful. Just one other follow-up. David, you mentioned you're able to deliver alts in a unique way to the wealth platform that you've got. Could you just give us a little more color as to what you're thinking about there that we should understand?

極好的。這真的很有幫助。只是另一個後續行動。大衛，你提到你能夠以獨特的方式向你擁有的財富平台提供替代品。您能否給我們更多的訊息，說明您的想法是我們應該理解的？

Sure. I think one of the things that our wealth management franchise finds very attractive is we run an open platform. And so when it comes to alts, we obviously have a very, very broad; very, very deep; very, very, very unique offering as one of the top 5 or 6 alt providers on an integrated basis in the world with our own product, what we're manufacturing out of our asset management business.

當然。我認為我們的財富管理特許經營權非常有吸引力的事情之一是我們運行一個開放的平台。因此，當談到替代品時，我們顯然有一個非常非常廣泛的範圍；非常非常深；作為全球排名前 5 或 6 名的另類提供者之一，我們提供非常、非常、非常獨特的產品，與我們自己的產品（我們透過資產管理業務生產的產品）相結合。

But in addition, we want an open platform where we deliver them access to alternative solutions and products from all different world-class managers around the world across the spectrum. And so I think that's a very, very unique offering that very, very affluent people who wealth manage at Goldman Sachs find super attractive and super differentiated.

但除此之外，我們還需要一個開放的平台，讓他們能夠存取來自世界各地不同世界級管理人員的替代解決方案和產品。所以我認為這是一個非常非常獨特的產品，在高盛進行財富管理的非常非常富裕的人會覺得非常有吸引力並且非常與眾不同。

We'll go next to Brennan Hawken with UBS.

接下來我們將與瑞銀一起前往布倫南·霍肯 (Brennan Hawken)。

So wanted to ask one on your M&A franchise. So the recovery in announced M&A has been really impressive, but really kind of dominated by strategics. And given your strong franchise among sponsors, I'm curious to get an update about what you're seeing among that cohort and maybe when you might expect we will see a ramp in announcements from the sponsor side.

所以想詢問一下有關您的併購特許經營權的問題。因此，已宣布的併購活動的復甦確實令人印象深刻，但實際上是由策略主導的。鑑於您在贊助商中的強大影響力，我很想了解您在該群體中所看到的最新情況，也許當您期望我們會看到贊助商方面的公告增加時。

Yes, Brennan, that -- appreciate that question, and that's a sharp observation on your part. The sponsor activity is still muted, but I would say it's definitely picking up. The engagement with sponsors in the quarter was meaningfully improved. And as I've said before, sponsors make money, both for themselves and for their investors by buying things and selling things. And the level of activity has been incredibly muted.

是的，布倫南，感謝這個問題，這是你敏銳的觀察。贊助商的活動仍然很冷淡，但我想說它肯定在回升。本季與贊助商的互動得到了顯著改善。正如我之前所說，贊助商透過買東西和賣東西來為自己和投資者賺錢。而且活動水準極為低迷。

And when you look at the LP community, the LP community is putting a lot of pressure on the financial sponsor community to return more capital and increase the velocity of capital return. And so I do think the pace is going to pick up in the coming quarters. I'd say the activity and interaction and engagement is higher in the first quarter than it was throughout 2023. But I would say it's still operating at lower levels. There's a lot of upside for our business.

當你觀察 LP 社群時，LP 社群正在向財務贊助者社群施加很大的壓力，要求其返回更多資本並提高資本回報速度。因此，我確實認為未來幾季的步伐將會加快。我想說，第一季的活動、互動和參與度高於 2023 年全年。我們的業務有很多優勢。

Our business is very correlated to a pickup in sponsor activity. And so to the degree that it did pick up, that would be a very big tailwind for our business across banking and markets broadly. When I look at our leveraged finance deals book, it's still operating at historically very, very low levels. We feel fortunate that we've got a good amount of capital flexibility, that was to accelerate the deploy, which is obviously very accretive and attractive business. We're not seeing -- accelerate yet, but I think it's coming.

我們的業務與贊助商活動的增加密切相關。因此，就其確實回升的程度而言，這將是我們整個銀行業和整個市場業務的一個非常大的推動力。當我查看我們的槓桿融資交易簿時，它仍然處於歷史上非常非常低的水平。我們感到幸運的是，我們擁有很大的資本彈性，可以加速部署，這顯然是非常具有增值性和吸引力的業務。我們還沒有看到加速，但我認為它即將到來。

And certainly, the sustained level we've had over -- the level we've had over the course of the last 12 to 18 months is not sustainable. It will pick up, it's just a question of when. And so that is a potential tailwind for our business in future quarters.

當然，我們過去 12 到 18 個月的持續水準是不可持續的。它會回升，只是時間問題。因此，這對我們未來幾季的業務來說是一個潛在的推動力。

Great. Thanks for that color, David. I appreciate it. And then another question on alts. So fundraising looks really good. I know there can be some noise in the revenue. So just curious about the alts revenue down year-over-year and the AUS only up sort of marginally. So could you give some color around what was happening in those lines and maybe any potential noise?

偉大的。謝謝你的顏色，大衛。我很感激。然後是關於替代品的另一個問題。所以籌款看起來真的很棒。我知道收入中可能會有一些噪音。因此，我只是好奇另類收入同比下降，而澳元僅略有上升。那麼您能否對這些線路中發生的情況以及可能存在的任何潛在噪音給出一些顏色？

Sure. Brennan, it's Denis. So a couple of things. Obviously, the movement in AUS is a function of how we fund raise, how we deploy and overall levels. We have had a lot of success fundraising, not just in the last quarter at $14 billion, but now with the whole $265-plus billion since the original Investor Day. But there is a lag in terms of when some of that capital is put to use and actually moves into AUS. Not all of our funds that are raised are AUS-ing immediately. So I think that is something you can look out for in future periods.

當然。布倫南，我是丹尼斯。有幾件事。顯然，澳元的走勢取決於我們的融資方式、部署方式和整體水準。我們在融資方面取得了許多成功，不僅在上個季度籌集了 140 億美元，而且自最初的投資者日以來，現在已經籌集了 265 億美元以上的資金。但部分資本投入使用並實際流入澳洲的時間有落後。並非我們籌集的所有資金都會立即轉入澳元。所以我認為這是你在未來可以關注的事情。

And then in terms of some of the sequentials on alts. As David was walking through our platform, our wealth platform in terms of having Goldman Sachs proprietary funds, also open architecture, third-party platform, some of the alts fees we generate in raising capital for other managers on our platform. As we looked over the sequential period, we had less by way of placement fees associated with those capital raises in the first quarter than we did in the fourth quarter last year.

然後就替代品的一些順序而言。當大衛走過我們的平台時，我們的財富平台擁有高盛專有基金，還有開放式架構、第三方平台，以及我們為平台上的其他經理籌集資金時產生的一些替代費用。當我們回顧連續時期時，我們第一季與這些融資相關的安置費用比去年第四季少。

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

接下來我們將與富國銀行一起去麥克梅奧。

David, you reiterated the desire for Goldman to have a more narrow strategic focus, but you still have some cleanup from the past charges this quarter for GreenSky, the GM card. Platform Solutions still lost $117 million. So I'm just trying to figure out in this context where transaction banking stands.

大衛，你重申了高盛希望有一個更狹窄的戰略重點的願望，但你仍然對本季度過去對通用汽車卡 GreenSky 的指控進行了一些清理。 Platform Solutions 仍損失 1.17 億美元。所以我只是想弄清楚在這種背景下交易銀行業務的立場。

I mean, you had 8% year-over-year growth, so that's decent. But 3 years ago, March 1, you guys said transaction banking, you're building global payments around the world. And then March 8 of this year on Bloomberg, it says that you're closing Japan and now you're focusing on the U.S. and Europe.

我的意思是，同比增長 8%，這還不錯。但三年前，也就是 3 月 1 日，你們說交易銀行業務正在世界各地建立全球支付。然後今年 3 月 8 日，彭博社表示，你們將關閉日本，現在你們將專注於美國和歐洲。

So on the one hand, are you simply pulling back your ambitions? On the other hand, maybe you have more financial discipline, and you're making sure these adjacent activities are generating profits instead of just growth.

所以一方面，你是否只是收回了你的野心？另一方面，也許你有更多的財務紀律，並且你要確保這些相鄰的活動能夠產生利潤而不僅僅是成長。

Look, Mike, I think you summarized it well. I think it's yes to a bunch of the things that you said. We're looking hard, we are. I think it's very important for me to say that we're very committed to transaction banking. We think we've got very, very good technology and a good platform that we can grow and continue to scale over time. But there's no question, we're very focused on making sure that we execute appropriately. And that it's not just top line growth, that it delivers profitability. It's something that fits in our client franchise and adds to the portfolio of things that we can bring to our clients.

聽著，麥克，我認為你總結得很好。我認為你所說的很多事情都是肯定的。我們正在努力尋找，我們確實如此。我認為對我來說非常重要的是我們非常致力於交易銀行業務。我們認為我們擁有非常非常好的技術和良好的平台，我們可以隨著時間的推移不斷發展和擴大規模。但毫無疑問，我們非常注重確保適當執行。這不僅是營收成長，還帶來了獲利能力。它適合我們的客戶特許經營權，並增加了我們可以為客戶帶來的產品組合。

I think some of the ambitions might have been too broad in terms of our ability to execute immediately. And so we've narrowed that, but we remain committed, focused, and growing. And I think this is a medium- and longer-term project that we will deliver on. It's small, but I think we've got the right focus. We made a hire to bolster the expertise in the leadership and we're moving forward on that strategy.

我認為，就我們立即執行的能力而言，某些目標可能過於寬泛。因此，我們縮小了範圍，但我們仍然致力於、專注和成長。我認為這是我們將實施的一個中長期計畫。它很小，但我認為我們的重點是正確的。我們聘用了一名員工來增強領導層的專業知識，並且我們正在推動這項策略。

And with respect to the cleanup, we continue to narrow and clean up. The after-tax loss from the platforms is less than $100 million. We've said clearly that we believe that we can bring the platforms to breakeven or profitability in 2025, and we're executing against that.

在清理方面，我們繼續縮小範圍並進行清理。這些平台的稅後損失不到1億美元。我們已經明確表示，我們相信我們能夠在 2025 年使平台實現盈虧平衡或盈利，並且我們正在為此執行。

Just to follow up on the transaction banking. You said some ambitions were too broad. Again, it's better to have profitable growth than just growth. So point acknowledged. But what happened? I mean where were you kind of underestimating expenses or the build-out costs? Or what was more difficult than you had anticipated?

只是為了跟進交易銀行業務。你說有些野心太大了。再次強調，獲利成長比僅僅成長更好。所以這一點得到了承認。但發生了什麼事？我的意思是，你在哪裡低估了費用或擴大成本？或者什麼事情比你預想的更困難？

Well, I think there were a number of things, Mike, that came together. I think when you're building new businesses, you give authority to the people that are building those businesses and you create metrics and you hold people accountable as you advance. And I think there were things where we thought we could do more globally, that candidly, when we really looked at the cost of executing and delivering, there was more friction in that context. And so we've chosen to narrow some of that in terms of the global footprint of that. That doesn't mean later there might not be opportunity to do it, but we think for now that's the right action.

好吧，麥克，我認為有很多事情結合在一起。我認為，當你建立新業務時，你會向正在建立這些業務的人授予權力，你會創建指標，並在你前進的過程中讓人們承擔責任。我認為有些事情我們認為我們可以在全球範圍內做得更多，坦白說，當我們真正考慮執行和交付的成本時，在這種情況下存在更多摩擦。因此，我們選擇縮小其中的全球足跡。這並不意味著以後可能沒有機會這樣做，但我們認為目前這是正確的行動。

I'd say secondarily, the regulatory environment changed massively and has also raised the bar and created headwinds and a different lens with which we look at the expansion of these kinds of activities. And so that's something else that went into the mix.

其次，監管環境發生了巨大變化，也提高了標準，帶來了阻力，並讓我們以不同的視角來看待此類活動的擴展。所以這就是混合中的其他東西。

And so look, I think one of the things that we try to do is to look at everything with facts, with data, with information, to be unemotional. And to be willing to say, okay, this isn't exactly right, so we're going to adjust. And I think we're showing that we're willing to adjust and make adjustments always with a goal of growing the firm and delivering for shareholders, driving profitable businesses that deliver accretive returns for shareholders.

所以看，我認為我們試圖做的事情之一就是用事實、數據、資訊來看待一切，不帶感情色彩。並且願意說，好吧，這並不完全正確，所以我們要進行調整。我認為我們正在表明，我們願意不斷地進行調整，以實現公司發展和為股東提供服務的目標，推動獲利業務，為股東帶來增值回報。

We get some things right and we get some things wrong. But when we look at the information of the data and it's not exactly perfect, we'll adjust.

我們做對了一些事情，也做錯了一些事情。但當我們查看數據訊息，發現它並不完全完美時，我們就會進行調整。

We'll go next to Steven Chubak with Wolfe Research.

接下來我們將採訪沃爾夫研究中心的史蒂文·丘巴克。

So wanted to follow up, David, with the earlier discussion just on sponsor-related activity. Private credit fundraising remains robust, but the syndicated markets are also reopening. Just wanted to better understand what you're seeing in terms of competition and syndicated versus private markets, how it's impacting your IB and alt franchises? And just given some of the recent price coverage, maybe just speak to your growth ambitions in the private credit space more broadly.

大衛，所以想跟進​​之前關於贊助商相關活動的討論。私人信貸融資依然強勁，但銀團市場也重新開放。只是想更好地了解您在競爭以及銀團市場與私人市場方面所看到的情況，它如何影響您的 IB 和另類特許經營權？考慮到最近的一些價格範圍，也許只是談談您在更廣泛的私人信貸領域的成長雄心。

Sure. I'm going to -- I'll make a couple of comments, but I'm going to ask Denis to comment, too, because as you know, Denis ran these businesses for us for an extended period of time. But I'd just say, first, the narrative that in some way, shape or form, this is about the syndicated market versus the private market, I think, is an oversimplification.

當然。我將--我將發表一些評論，但我也會請丹尼斯發表評論，因為如您所知，丹尼斯在很長一段時間內為我們經營這些業務。但我只想說，首先，我認為，從某種意義上來說，這是關於銀團市場與私人市場的敘述，這種說法過於簡單化了。

As transaction volumes increased, particularly in the sponsor community, the amount of activity that will come out of the syndicated market will obviously increase meaningfully. We're very well positioned for that. We are one of the largest players in that. And that area is operating at cyclical lows at the moment. But that's going to continue to be a very, very important part of capital formation and it's not going away.

隨著交易量的增加，特別是在贊助商社群中，來自聯合市場的活動量顯然將顯著增加。我們為此做好了充分準備。我們是這方面最大的參與者之一。目前該區域正處於週期性低點。但這將繼續成為資本形成的一個非常非常重要的部分，而且不會消失。

The growth in private credit will continue. I think we're very well positioned for that. We have about $130 billion of private credit assets, which makes us one of the largest players. I've said publicly, we have aspirations to continue to invest and grow, and we see a number of places where we can do that. We're very focused on that.

私人信貸將持續成長。我認為我們已經做好了充分準備。我們擁有約 1,300 億美元的私人信貸資產，這使我們成為最大的參與者之一。我曾公開表示，我們渴望繼續投資和成長，我們看到了許多可以做到這一點的地方。我們非常關注這一點。

I do think it's important to highlight that we've not been through a credit cycle in a very long time. And so while there are lots of private credit players that continue to grow and expand, how those platforms and those businesses will respond when we do go through a credit cycle, and we will go to a credit cycle, is a little bit unclear at the moment. But I think strategically, we're in a very, very interesting position because we have the ability to marry for our clients, both our capabilities in the syndicated market and also our private credit capabilities.

我確實認為重要的是要強調我們已經很久沒有經歷信貸週期了。因此，儘管有許多私人信貸參與者在繼續增長和擴張，但當我們確實經歷信貸週期以及我們將進入信貸週期時，這些平台和企業將如何應對，目前還不清楚。但我認為從策略上講，我們處於一個非常非常有趣的位置，因為我們有能力為我們的客戶聯姻，既有我們在銀團市場的能力，也有我們私人信貸的能力。

And you can see that. I mean, I can point to a transaction that was done in the last few months where we did just that. And in fact, it wasn't just in credit, it was an equity, too. You can look at the Endeavor transaction, and you can look at our ability to participate and lead both as a syndicated lender, but also as a capital provider across the capital structure for our investors, is an example of the way that I think our franchise and our platform is differentiated.

你可以看到這一點。我的意思是，我可以指出過去幾個月我們所做的一項交易。事實上，這不僅是信貸，也是股權。你可以看看奮進交易，你可以看看我們作為銀團貸款人以及作為我們投資者整個資本結構的資本提供者參與和領導的能力，這是我認為我們的特許經營方式的一個例子我們的平台是差異化的。

Denis, do you want to add anything to those comments?

丹尼斯，你想在這些評論中添加什麼嗎？

Sure. I think it's well covered. I mean, I think there's been a lot of discussion over the past year of sort of private credit versus syndicated alternative. But the reality is the syndicated alternative didn't really exist, and so it was really just a discussion around private credit. With first quarter activity levels, you now see a viable, functioning and healthy syndicated loan market. The vast majority of the activity was actually refinancing. A lot of that refinancing was refinancing private credit capital structures with the more attractive pricing available in the broad-based syndicated market.

當然。我認為它覆蓋得很好。我的意思是，我認為過去一年有很多關於私人信貸與銀團替代方案的討論。但現實是銀團替代方案並不真正存在，因此這實際上只是圍繞私人信貸的討論。從第一季的活動水準來看，您現在可以看到一個可行、運作良好且健康的銀團貸款市場。絕大多數活動實際上是再融資。其中很大一部分再融資是為私人信貸資本結構再融資，在基礎廣泛的銀團市場上提供更具吸引力的定價。

So the reality is these are all just forms of credit made available to different borrowers. And over time, I think there will be a much more normalized mix where you'll see underwritten as well as directly lent solutions, in some cases, existing in the same capital structure.

因此，現實情況是，這些都只是向不同借款人提供的信貸形式。隨著時間的推移，我認為將會出現更標準化的組合，在某些情況下，您會看到承保和直接借貸的解決方案存在於相同的資本結構中。

And I think we're just in a healthier environment, but from Goldman Sachs' perspective, is positive because the data points that we now see across the leveraged lending market make sponsor estimated weighted average cost of capital much more observable, and that should unlock their ability to start to price and put together transactions that should fuel some incremental sponsor-related change of control activity.

我認為我們只是處於一個更健康的環境中，但從高盛的角度來看，這是積極的，因為我們現在在槓桿貸款市場上看到的數據點使贊助商估計的加權平均資本成本更加可觀察，這應該會解鎖他們開始定價和整合交易的能力應該會推動一些與贊助商相關的增量控制活動的變化。

So I think the sort of two markets functioning side-by-side is good in terms of activity and what it means on the forward for Goldman Sachs.

因此，我認為，就活動而言，這兩個市場並肩運作是有好處的，而且這對高盛的前景也意味著什麼。

Really helpful color. And for my follow-up, just on capital management. Your CET1 continues to build. You're well in excess of the regulatory minimums. The direction of travel on Basel III in terms of expectations around the proposal, certainly more favorable. At the same time, it now looks like you might be more constrained by the SLR, which declined to 5.4%. I know that's never intended to be the binding constraint, but I was hoping you could just speak to how you're managing to the leverage constraint, which at least appears to be binding at the moment, and what we should act in terms of the pace of buyback and whether that actually informs your expectation there?

真的很有幫助的顏色。我的後續行動只是關於資本管理。您的 CET1 繼續提高。您遠遠超出了監管最低限度。就巴塞爾III的前進方向而言，各地提案的預期肯定更為有利。同時，現在看來你可能會受到單眼相機的更多限制，它下降到了 5.4%。我知道這從來都不是約束性約束，但我希望你能談談你是如何管理槓桿約束的，至少目前看來是具有約束力的，以及我們應該採取什麼行動回購的速度以及這是否真的符合您的預期？

Sure. Thanks, Steven. So yes. You're right on all counts. Obviously, we have a variety of both capital and liquidity ratios that we manage to over time. The SLR is a slower-moving ratio, as you know, but our bindingness can move back and forth between various ratios over time. And we have a bunch of levers that we can pull with respect to our activities to manage that. But I appreciate the question.

當然。謝謝，史蒂文。所以是的。你在所有方面都是對的。顯然，隨著時間的推移，我們擁有各種資本和流動性比率。如您所知，單眼相機的比率變化較慢，但隨著時間的推移，我們的約束力可以在各種比率之間來回移動。我們有很多可以利用的槓桿來管理我們的活動。但我很欣賞這個問題。

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

接下來我們將與 Citizens JMP 的 Devin Ryan 進行對話。

Great. First question just on kind of maybe a bigger picture on the wallet share in markets. I know this has really been ongoing work for the firm, and obviously not just the quarter, but really the past few years, this has been pretty consistent story.

偉大的。第一個問題可能是關於市場錢包份額的更大圖景。我知道這確實是該公司正在進行的工作，顯然不僅僅是本季度，而是過去幾年，這一直是相當一致的故事。

So if we kind of move aside financing, I'd love to maybe just drill down on some of the individual products that are accelerating in equities and FICC. And where are you most pleased with the execution that has occurred over the last several years? And then you -- still where you see the biggest room to close any gaps that are maybe still there.

因此，如果我們把融資放在一邊，我可能會想深入研究一些在股票和 FICC 領域正在加速發展的個別產品。您對過去幾年的執行最滿意的地方是什麼？然後你仍然看到最大的空間來彌補可能仍然存在的任何差距。

At a high level, and this was one of the things that we observed, and I think we got right over a period of time. We started with the top 100, we're now focused on the top 150 clients in these businesses. The top 150 clients provide a very significant portion of all the activity in this franchise. And so your share with them and managing the share with them has a big impact on your wallet shares.

在高水平上，這是我們觀察到的事情之一，我認為我們在一段時間內做對了。我們從前 100 名客戶開始，現在將重點放在這些企業中的前 150 名客戶。前 150 位客戶在該特許經營的所有活動中佔據了非常重要的部分。因此，您與他們的共享以及管理與他們的共享對您的錢包共享有很大影響。

I think the thing that we've done well and that we see is really the case is that they all operate across all products and all activities in all silos. And the ability to create a very seamless experience for them across the firm is a big change for us versus where we might have been a decade ago. And so it's something we're very focused on.

我認為我們做得很好並且我們看到的實際情況是，它們都在所有孤島中的所有產品和所有活動中運作。與十年前相比，能夠為整個公司的員工創造非常無縫的體驗對我們來說是一個巨大的改變。所以這是我們非常關注的事情。

There are times when there's more activity in commodities. There's time when there's more activity in credit. There's time when there's more activity in mortgages. It moves and it ebbs and flows. But what we're really trying to do is to make sure we have the full package to serve them in the most effective way, and we've made real progress in that over the course of the last couple of years.

有時大宗商品的活動會較多。有時信貸活動會更活躍。有時抵押貸款活動會更加活躍。它移動、潮起潮落。但我們真正想做的是確保我們擁有完整的方案，以最有效的方式為他們服務，並且在過去幾年中我們在這方面取得了真正的進展。

I think the opportunity for us to continue to make progress comes from the fact that, in the top 150, I think we stand at slightly under top 3 with 117 of them. Don't hold me to that number exactly. It's probably, okay, 117 of them. So obviously, we have progress to make because there's no reason why Goldman Sachs shouldn't be top 3 with the overwhelming majority, much closer to 90% of those 150.

我認為我們繼續取得進步的機會來自於這樣一個事實：在前 150 名中，我認為我們以 117 名的成績略低於前三名。不要讓我嚴格遵守這個數字。好吧，可能有 117 個。顯然，我們還有進步的空間，因為高盛沒有理由不以壓倒性的多數位列前三，接近這 150 家銀行中的 90%。

And also when you look at top 3, there are also clients were we're third, where we absolutely should be first or second. So we continue to drill down, we continue to go talk to our clients, listen to our clients, get feedback on how we can do a better job serving them. And that discipline and that rigor I think is helping us execute for them, but there's more work to do. We don't take our position for granted. We try to create the right culture of focus and intensity that allows us to continue to deliver and execute for them.

而且當你看前三名時，也有一些客戶是我們排在第三位的，而我們絕對應該排在第一或第二位。因此，我們繼續深入研究，繼續與客戶交談，傾聽客戶的意見，並獲得有關如何更好地為他們服務的回饋。我認為這種紀律和嚴謹正在幫助我們執行他們的任務，但還有更多的工作要做。我們並不認為我們的地位是理所當然的。我們努力創造正確的專注和強度文化，使我們能夠繼續為他們交付和執行。

Yes. Okay. Great. Maybe a quick follow-up here for Denis just on the equity investments line. Not a great quarter there, not a drag either. It feels like it's been some time since we've seen maybe a more normal quarter without big puts and takes. And so just given the reconstitution of that book, how would you frame what a more normal quarter should look like from a revenue perspective? And then how the private portfolio is positioned if we are moving into a better exit environment? Obviously, it's been tough there as well.

是的。好的。偉大的。也許丹尼斯在股權投資方面的快速跟進。這不是一個很好的季度，也不是一個拖累。感覺我們已經有一段時間沒有看到一個沒有大的看跌期權的更正常的季度了。因此，考慮到該書的重構，從收入角度來看，您將如何建立一個更正常的季度？那麼，如果我們進入更好的退出環境，私人投資組合將如何定位？顯然，那裡的情況也很艱難。

So a couple of things, and it may have been embedded in your question, but obviously, looking at some of the progress in the equity investment line on a sequential basis. Just a reminder that in Q4 when we sold Personal Financial Management, that was reflected as a gain in equity investments, about $350 million. That did not repeat. So that will give you some insight into how that's trending sequentially.

有幾件事，它可能已經嵌入到你的問題中，但顯然，按順序查看股權投資線的一些進展。只是提醒一下，在第四季度，當我們出售個人財務管理時，這反映為股權投資的收益，約為 3.5 億美元。那就不重複了。這樣您就可以深入了解其連續趨勢。

On a year-over-year basis, we are seeing performance in the private portfolio sort of in line with what you're suggesting we might expect. But we did see a particular markdown in the public portfolio that sort of netted into the ultimate equity investment results. We also, as you know, have been focused on selling down a portion of our historical principal investments. So a combination of the ultimate size of the notional remaining in our portfolio, combined with what the market conditions are, will obviously contribute to the ultimate performance.

與去年同期相比，我們看到私人投資組合的表現與您建議的我們可能預期的一致。但我們確實看到公共投資組合出現了特別的降價，這在某種程度上影響了最終的股權投資結果。如您所知，我們也一直致力於出售部分歷史主要投資。因此，我們投資組合中名義剩餘的最終規模，再加上市場狀況，顯然將有助於最終的表現。

The other guidance that we've put out there, generally medium-term guidance, is that across both equity and debt investments, you're looking at a number of about $2 billion on a year. So you put that in the quarter, about $500 million. Those are some pieces of color I'd give you.

我們發布的其他指引（通常是中期指引）是，無論是股權投資還是債務投資，每年的投資金額約為 20 億美元。因此，您將其計入本季度，約為 5 億美元。這些是我會給你的一些顏色。

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

接下來我們將採訪德意志銀行的馬特·奧康納。

Actually, just a follow-up on the last question and comment. The runoff of the historical principal investment from the $15 billion here. The $2 billion that you just referenced, is that the runoff that you expect? Or was that alluding to the revenues per year?

實際上，這只是最後一個問題和評論的後續。這裡的歷史本金投資額為 150 億美元。您剛才提到的20億美元，是您所期望的徑流嗎？還是這是指每年的收入？

Sure. Thanks. Let me clarify. I was making a comment with respect to revenue. And then separately, as it relates to the rundown in that portfolio, I guess the way to think of it, picking up questions from last earnings and/or this one, the progress that we made in the first quarter of roughly $1.5 billion, we think that's a decent assumption for the pace over the course of this year. And then we just reiterated our commitment to selling down substantially all of it in line with our target.

當然。謝謝。讓我澄清一下。我正在就收入發表評論。然後，單獨地，因為它與該投資組合的概要相關，我想思考它的方式，從上次收益和/或本收益中提出問題，我們在第一季度取得的約 15 億美元的進展，我們認為這是對今年進程的一個不錯的假設。然後我們只是重申了我們的承諾，即根據我們的目標大幅拋售全部資產。

Okay. So $1.5 billion per quarter is what you're implying from here for the rest of the year?

好的。那麼您所說的今年剩餘時間每季 15 億美元就是這個意思嗎？

On the historical principal investment portfolio, yes, we would expect something roughly in line with $1.5 billion per quarter for the balance of the year.

是的，就歷史本金投資組合而言，我們預計今年剩餘時間的投資組合將大致相當於每季 15 億美元。

We'll go next to Saul Martinez with HSBC.

我們接下來是匯豐銀行的索爾·馬丁內斯。

Wanted to ask about your financing business in markets. And obviously, there's uncertainty about the Basel endgame proposal. As you mentioned, the direction of travel seems to be -- for it to be materially lightened or even reproposed. But one of the areas where it is very punitive versus other jurisdictions is in securities financing, the risk weightings for unlisted entities.

想詢問你們的市場融資業務。顯然，巴塞爾殘局提案存在不確定性。正如你所提到的，旅行的方向似乎是——實質地減輕甚至重新提議。但與其他司法管轄區相比，其懲罰性最強的領域之一是證券融資，即非上市實體的風險權重。

If that part of the proposal isn't materially altered, and it doesn't seem like it necessarily is a focus, does that impact your ability to grow your financing revenues? Is it a threat? Is it not a big deal? Can you offset it through pricing, product design? Just curious if you could provide a little color on that.

如果提案的這一部分沒有發生實質改變，而且它似乎不一定是焦點，這是否會影響您增加融資收入的能力？這是威脅嗎？是不是沒什麼大不了的？你能透過定價、產品設計來抵銷它嗎？只是好奇你是否可以對此提供一點顏色。

Sure. So obviously, where Basel III ends up and which components of the rule actually are put in place and how they're drafted and how they're calculated, et cetera, will be highly determinative. But I'd say the breadth of our financing activities across both FICC and equity are much broader than that particular component. And we expect that the underlying demand from our clients for financing across both FICC and equities will remain high. We have leading market shares and capabilities there, so we'll expect to be able to deliver in that regard. And depending on where various pieces of regulation end up, we'll make whatever adjustments we need either to pricing or the mix of our businesses or look for other ways to serve our clients.

當然。顯然，巴塞爾協議 III 的最終結果、規則的哪些組成部分實際上已到位、它們是如何起草的以及如何計算的等等，都將具有高度的決定性。但我想說的是，我們在固定收益和股權方面的融資活動的廣度比該特定部分要廣泛得多。我們預計客戶對 FICC 和股票融資的潛在需求將保持在較高水準。我們在那裡擁有領先的市場份額和能力，因此我們期望能夠在這方面實現目標。根據各種監管的最終結果，我們將根據需要對定價或業務組合進行任何調整，或尋找其他方式來服務我們的客戶。

Okay. That's helpful. And then maybe just following up on Basel and the implications of it being soft. And Denis, you mentioned more flexibility on capital deployment, and given the direction of travel on Basel. I mean, how should we be thinking about buyback activity from here? You did $1.5 billion. Is there -- do you feel like there is scope to increase that and potentially bring your payout ratio even closer to 100% of earnings?

好的。這很有幫助。然後也許只是跟進巴塞爾及其軟性的影響。丹尼斯，您提到了資本部署的更大靈活性，以及​​巴塞爾會議的發展方向。我的意思是，我們應該如何考慮這裡的回購活動？你做了 15 億美元。您是否覺得還有空間提高這一點，並有可能使您的派息率更接近收益的 100%？

Sure. I appreciate the question. We were deliberate in our script remarks about the degree of capital flexibility that we expected, but also pick up on something that David said earlier on the call, which is that we remain very committed to our capital deployment hierarchy, which starts with our client franchise. And some of the activities where historically we've been able to deploy capital have been less active.

當然。我很欣賞這個問題。我們在腳本中對我們預期的資本靈活性程度進行了深思熟慮，但也注意到了大衛早些時候在電話會議上所說的內容，即我們仍然非常致力於我們的資本部署層次結構，這從我們的客戶特許經營權開始。歷史上我們能夠部署資本的一些活動並不那麼活躍。

And so we have a good amount of cushion and flexibility at this point in time. As our clients become more active, the first place that we're going to look to deploy our capital is to support our clients and their activities. And then after that, we would, of course, as you know, continue to be focused on a sustainable and growing dividend. And only after that would we think about return of capital.

因此，我們目前有足夠的緩衝和靈活性。隨著我們的客戶變得更加活躍，我們首先要考慮部署資本的地方是支持我們的客戶及其活動。在那之後，正如您所知，我們當然會繼續關注可持續且不斷增長的股息。只有在那之後我們才會考慮資本回報。

Thank you. At this time, there are no further questions. Ladies and gentlemen, this concludes the Goldman Sachs First Quarter 2024 Earnings Conference Call. Thank you for your participation. You may now disconnect.

謝謝。目前，沒有其他問題了。女士們、先生們，高盛 2024 年第一季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。