高盛 (GS) 2024 Q3 法說會逐字稿

Good morning. My name is Katie, and I'll be your conference facilitator to welcome everyone to the government 24 earnings conference call .

早安. 我叫凱蒂，我將擔任會議主持人，歡迎大家參加 24 日舉行的政府財報電話會議。

On behalf of Goldman Sachs, I will begin disclaimer. The earnings presentation can be found on the Investor Relations website and contains information on forward-looking statements and non-GAAP measures and is copyrighted material of Goldman Sachs Group Inc. and may not be duplicated, reproduced or rebroadcast without consent. This call is being recorded today, October 15th, 2024.

我謹代表高盛發表免責聲明。 此收益簡報可在投資者關係網站上找到，其中包含有關前瞻性陳述和非公認會計準則衡量標準的信息，並且是高盛集團有限公司的版權材料，未經同意不得複製、轉載或轉播。 本次通話錄音於今天（2024 年 10 月 15 日）進行。

I will now turn the call over to Chairman and Chief Executive Officer, David Solomon, and Chief Financial Officer, Dennis 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. Good morning, everyone. Thank you all for joining us. In the third quarter produced net revenues of 12.7 billion and generated per share of $8.40, an ROE of 10.4% and an EBIT of 11.1%. Overall, I'm pleased with our performance, especially in our quarter. one results were impacted by selected items included in the narrowing of our consumer footprint, which reduced our OE by 80 basis points.

謝謝你，接線生。 大家早安。 感謝大家加入我們。 第三季淨收入為 127 億美元，每股盈餘為 8.40 美元，淨資產收益率為 10.4%，息稅前利潤為 11.1%。 總的來說，我對我們的表現感到滿意，特別是在我們這個季度。 其中一個結果受到我們消費者足跡縮小中包含的選定項目的影響，這使我們的 OE 降低了 80 個基點。

Performance demonstrates the strength of our world-class and interconnected franchises where we were effectively serving clients a complex backdrop in global markets, we remain the premier M&A advisor and a leading global risk intermediary across investment banking, corporates and sponsors remain actively engaged, and we see significant up demand from our clients.

業績證明了我們世界級和相互關聯的特許經營權的實力，我們在全球市場複雜的背景下有效地為客戶提供服務，我們仍然是跨投資銀行的首要併購顧問和領先的全球風險中介機構，企業和贊助商仍然積極參與，我們看到我們客戶的需求顯著增加。

Our backlog rose again this quarter, driven by advisory, and we expect our leading investment banking franchise to benefit from the continued resurgence in activity and fit. We delivered record financing revenues and facilitated clients' risk intermediation needs, particularly as activity levels picked up towards the end of the quarter.

在諮詢的推動下，本季我們的積壓訂單再次增加，我們預計我們領先的投資銀行業務將受益於活動和健康狀況的持續復甦。 我們實現了創紀錄的融資收入，並滿足了客戶的風險中介需求，特別是在本季末活動水準回升的情況下。

And in equities, we reported a very strong performance across both intermediation and financing. Overall, our global broad and deep platforms remain exceptionally well positioned to support our clients' evolving needs across products and asset classes.

在股票方面，我們報告了中介和融資方面的強勁表現。 總體而言，我們廣泛而深入的全球平台仍然處於非常有利的地位，可以支援客戶在產品和資產類別中不斷變化的需求。

And the asset and wealth management, our position as a leading global active asset manager, a top five alternatives player with a premier ultra high net worth franchise affords us significant opportunities in secular growth areas. Our assets under supervision reached another record this quarter, surpassing 3 trillion and representing our 27th consecutive quarter of long-term net inflows.

在資產和財富管理方面，我們作為全球領先的主動資產管理公司、擁有頂級超高淨值特許經營權的前五名另類投資公司的地位，為我們在長期成長領域提供了重大機會。 本季監理資產規模再創歷史新高，突破3兆，連續27季實現長期淨流入。

We demonstrated further growth and more durable management, other fees and private banking and lending revenues, which together were a record 3.4 billion this quarter and up 9% versus last year. We remain confident in our ability to grow these more durable revenues at a high single digit pace over the coming years.

我們展示了進一步的成長和更持久的管理、其他費用以及私人銀行和貸款收入，本季的收入總計達到創紀錄的 34 億美元，比去年增長 9%。 我們對未來幾年以高個位數速度成長這些更持久的收入的能力仍然充滿信心。

And alternatives fund raising remains strong. We raised over $50 billion year to date and now expect 24 fundraising to exceed $60 billion as we see ongoing demand across asset classes, including private credit, private equity, secondaries and infrastructure and wealth management.

另類資金籌資依然強勁。 今年迄今為止，我們籌集了超過500 億美元，現在預計有24 筆融資將超過600 億美元，因為我們看到包括私人信貸、私募股權、二級市場、基礎設施和財富管理在內的資產類別的持續需求。

We grow our total client assets to $1.6 trillion, and our ultra-high-net-worth franchise is well positioned to continue to grow globally as we expand advisor footprint and our leading offerings and our lending offerings to clients.

我們的客戶總資產增加至 1.6 兆美元，隨著我們擴大顧問足跡、領先的產品和向客戶提供的貸款產品，我們的超高淨值特許經營業務已做好在全球範圍內繼續增長的準備。

Our pretax margin in AWM is up meaningfully from last year and in line with our mid 20s target. We remain focused on further improving the margins and returns in this business while also investing to drive growth across Wealth Management, alternatives and solutions.

我們的 AWM 稅前利潤率較去年大幅上升，符合我們 20 多歲的目標。 我們仍專注於進一步提高該業務的利潤和回報，同時也進行投資以推動財富管理、另類投資和解決方案的成長。

As I look at the operating backdrop, the US economy continues to be resilient. Inflation has been coming down. The recent unemployment supportive. And while we've seen some softness in consumer behavior of the total by recent conversations with clients has been quite constructive, but beginning rate cut cycle has renewed optimism for a soft landing, which should spur increased economic activity.

從我的經營背景來看，美國經濟持續保持彈性。 通貨膨脹一直在下降。 最近的失業支持。 雖然我們最近與客戶的對話顯示整體消費者行為有些疲軟，但降息週期的開始重新燃起了對軟著陸的樂觀情緒，這應該會刺激經濟活動的增加。

More broadly, clients remain highly focused on the trajectory of rates in jurisdictions around the world policy implications of global actions, particularly in the U.S. and the high level geopolitical instability. The against this backdrop, our leading global franchises supporting our clients and position themselves for a range of outcomes. Before I spend a moment on capital above the three revision.

更廣泛地說，客戶仍然高度關注世界各地司法管轄區的利率軌跡對全球行動的政策影響，特別是在美國和高度的地緣政治不穩定。 在此背景下，我們領先的全球特許經營商為我們的客戶提供支持，並為自己定位以取得一系列成果。 在我花一點時間討論上面三個修訂的資本。

Although we are closely following the recent remarks, regulatory officials about the U.S., we continue to have concerns about the overall regulatory the process. There remains a lack of transparency and appreciation through capital requirements across the proposed fundamental review of the trading book car and the GCI. buffer. We recognize assets that will take time.

儘管我們密切關注近期美國監管官員的言論，但我們仍然對整體監管進程感到擔憂。 在擬議的交易帳簿汽車和 GCI 基本審查中，資本要求仍然缺乏透明度和增值性。緩衝。 我們認識到資產需要時間。

But as we've said before, we need to get this right a final rule out a significant impact on the growth and competitive economy, acquiring too much capital increase the cost of credit for businesses large and small and will impact growth across the country. We look forward to receiving more clarity from our regulators published and participating in the new comment period. We remain very, very and as a firm in closing, I feel very good about the trajectory of Goldman Sachs.

但正如我們之前所說，我們需要最終排除對經濟成長和競爭性經濟的重大影響，獲取過多的資本會增加大大小小的企業的信貸成本，並將影響全國的成長。 我們期待監管機構發布並參與新的意見徵詢期提供更多明確資訊。 我們仍然非常非常作為一家即將結束的公司，我對高盛的發展軌跡感覺非常好。

We are leaning into client franchise a stronger than ever. And we continue to harness our one Goldman Sachs approval class talent execution capabilities and risk management expertise firm and allow us to provide differentiated service to our clients and outperform for shareholders through the cycle. Let me now turn over to Dennis to cover our financial results in more detail.

我們比以往任何時候都更傾向於客戶特許經營。 我們將繼續利用我們一家高盛認可的人才執行能力和風險管理專業知識公司，使我們能夠為客戶提供差異化的服務，並在整個週期中為股東提供超越的表現。 現在讓我請丹尼斯更詳細地介紹我們的財務表現。

Thank you, David. Good morning. Let's start with our results on page 1 of the presentation. In the third quarter, we generated net revenues of 12.7 billion, up 7% year over year. Earnings per share of $8.40, up 54% year over year. Roe was 10.4% and our OTE. of 11.1%. As David mentioned, our results were impacted by select items, physician, the GM card platform and to sell our portfolio of seller financing loans. Get these items reduced EPS by $0.62 and our ROE by 80 basis points. Now turning to performance by segment, starting on Page 4. Global Banking and Markets produced revenues of 8.6 billion in the third quarter, advisory revenues of $875 million, both sequentially and versus the prior year period.

謝謝你，大衛。 早安. 讓我們從簡報第 1 頁的結果開始。 第三季度，我們實現淨收入127億，年增7%。 每股收益8.40美元，年增54%。 Roe 為 10.4%，我們的 OTE。 11.1%。 正如大衛所提到的，我們的業績受到特定項目、醫生、通用汽車卡平台和銷售我們的賣家融資貸款組合的影響。 透過這些項目，每股收益減少 0.62 美元，淨資產收益率減少 80 個基點。 現在從第 4 頁開始按部門劃分業績。

We remain number one of the league tables were announced and completed M&A for the year to date, equity underwriting revenues rose 25% year over year to 185 million as equity capital markets have continued to reopen, though volumes are still below longer-term average debt underwriting revenues rose 46% year over year was $605 million.

迄今為止，我們在宣布和完成的併購方面仍名列第一，隨著股權資本市場繼續重新開放，股票承銷收入同比增長 25%，達到 1.85 億美元，但交易量仍低於長期平均債務水平承保營收年增46%，達到6.05 億美元。

I mean higher leveraged finance and investment grade act equity client demand for committed acquisition financing, which we expect to continue on the back of increasing M&A activity. Overall, our investment banking backlog rose quarter-on-quarter, driven by advisory. Net revenues of 3 billion in the quarter were down from a strong performance last year, I mean relative quieter summer.

我的意思是更高的槓桿融資和投資等級的股權客戶對承諾收購融資的需求，我們預期隨著併購活動的增加，這種需求將持續下去。 整體而言，在諮詢服務的推動下，我們的投資銀行業務積壓量較上季增加。 本季淨收入為 30 億美元，較去年的強勁表現有所下降，我的意思是夏季相對平靜。

So we saw a meaningful pickup in activity in September, a decline intermediation revenues was partially offset by record financing revenues of 909 million, which rose 30% year over year, primarily on better results within mortgage lending Equities net revenues were 3.5 billion in the quarter, 18% versus the prior year. Equities intermediation revenues were $2.2 billion, up 29% year over year, primarily driven by strong performance across derivatives and cash products. Equity financing revenues of $1.3 billion rose versus the prior year.

因此，我們看到9 月的活動顯著回升，中介收入的下降被創紀錄的9.09 億美元的融資收入部分抵消，該收入同比增長30%，主要是由於抵押貸款業務取得了更好的業績。本季股票淨收入為35 億美元，較上年成長 18%。 股票中介營收為 22 億美元，年增 29%，主要受到衍生性商品和現金產品強勁表現的推動。 股權融資收入比前一年增加 13 億美元。

Amid higher average balances across fixed and equity is $0.6 billion of the year to date, a direct result of the successful execution on our strategic priority to improve the database. Moving to Asset & Wealth Management on Page $5 were up 16% year over year. Our more durable management and other fees. Revenues reached a new record this quarter of 3.4 billion percent sequentially to a record $2.6 billion for the quarter and seven year to date, well on the way to achieving our $10 billion annual target for private banking and lending, revenues rose sequentially to 750.

今年迄今為止，固定資產和權益的平均餘額較高，達到 6 億美元，這是我們成功執行改善資料庫策略優先事項的直接結果。 轉到第 5 頁的資產和財富管理，年增 16%。 我們更持久的管理和其他費用。 本季營收創下新紀錄，比上一季成長34 億%，達到本季和今年迄今的創紀錄的26 億美元，有望實現我們私人銀行和貸款業務100 億美元的年度目標，營收比上一季度成長至750 億美元。

You're seeing positive momentum in this business and we remain focused on increasing lending penetration and expanding our loan product offerings. Incentive fees for the quarter were 85. We continue to expect to reach our annual 10 billion over the medium term, approximately 4 billion of unrest.

您看到了這項業務的積極勢頭，我們仍然專注於提高貸款滲透率和擴大我們的貸款產品範圍。 本季的激勵費用為 85。

These as of the last quarter, equity and debt investments revenues totaled 290, reflecting NI in our debt portfolio and markups in our public equity portfolio, we generated 1.5 billion in combined equity and debt investments. Revenues.

截至上季度，股權和債務投資收入總計 290，反映了我們債務投資組合中的 NI 和公共股權投資組合中的加價，我們的股權和債務投資總額達到了 15 億美元。 收入。

Total assets under supervision ended the quarter at a record of 3.1 trillion, bolstered by 37 billion U.S. and $29 billion of long-term net inflows across asset classes see traction in our solutions business, but we are leveraging our SMA capabilities platform to deliver customized multi-asset solutions. It's turning to page 7 on alternatives. US totaled 328 billion at the end of the third quarter, driving 527 million is gross.

本季末，受監管的總資產達到創紀錄的3.1 兆美元，這得益於370 億美元和290 億美元的跨資產類別長期淨流入，這對我們的解決方案業務產生了吸引力，但我們正在利用我們的SMA 功能平台來提供客製化的多元資產管理-資產解決方案。 它正在翻到關於替代方案的第 7 頁。 截至第三季末，美國總營收為 3,280 億美元，帶動總營收 5.27 億美元。

Third party fund raising was $16 billion in the third quarter and over 50 billion for the year to date. Brings cumulative third party fundraising to more than 300 billion since our Investor Day in 2020, we further reduced our historical principal investment portfolio by 1.7 billion in the third quarter to 10.9 billion, bringing year to date reductions, 5.4 billion.

第三季第三方融資額為 160 億美元，今年迄今已超過 500 億美元。 自 2020 年投資者日以來，累計第三方融資已超過 3,000 億美元，我們在第三季進一步減少了歷史本金投資組合 17 億美元，至 109 億美元，今年迄今減少了 54 億美元。

On page 9, firm-wide net interest income was 2.6 billion in the quarter, up versus the prior year period, reflecting an increase in interest earning assets. Our total portfolio at quarter-end was 192 billion up year over year, driven by an increase in other collateralized lending.

第9頁顯示，本季全公司淨利息收入為26億美元，較去年同期成長，反映出生息資產的增加。 在其他抵押貸款增加的推動下，我們季度末的投資組合總額年增 1,920 億美元。

For the third quarter, our provision for credit losses was 397 million, primarily driven by net charge-offs in our credit card portfolio and partially offset by 70 million of net recoveries on previously impaired wholesale loans. Turning to expenses on Page 10, total quarterly operating expenses were 8.3 billion.

第三季度，我們的信貸損失撥備為 3.97 億美元，主要是由我們信用卡組合的淨沖銷推動的，並被先前減值批發貸款的 7000 萬美元淨收回部分抵消。 轉向第 10 頁的支出，季度營運支出總額為 83 億美元。

Year-to-date compensation ratio, net of provisions is 33.5%. Quarterly non-compensation expenses were four or 14% year over year. We remain focused on driving efficiencies across the given ongoing inflationary pressures, competition for talent and our desire to invest in our engineering and technology platforms. Our effective tax rate for the first nine months of 20 to 24 was 22.6%.

年初至今扣除撥備後的補償率為 33.5%。 季度非薪資費用年增 4%，即 14%。 面對持續的通膨壓力、人才競爭以及我們對工程和技術平台的投資意願，我們仍然專注於提高效率。 20 月至 24 日的前 9 個月，我們的有效稅率為 22.6%。

For the full year, we continue to expect the tax rate of approximately 22%. Next capital on Slide 11. In the quarter, we returned $2 billion to common shareholders, including dividends of 970 and stock repurchases of $1 billion. Our common equity Tier one ratio was 0.6% at the end of the third quarter.

對於全年，我們繼續預計稅率約為 22%。 投影片 11 上的下一個資本。 截至第三季末，我們的普通股一級資本比率為 0.6%。

Under the standardized approach during the quarter, the Federal Reserve reduced our SUB. requirement by 20 basis point in time following a successful appeal process, resulting in a standardized Common Equity Tier one ratio requirement of 13.7%, which was effective October first.

在本季的標準化方法下，聯準會減少了我們的 SUB。上訴程序成功後，該要求及時提高了 20 個基點，導致標準化普通股一級資本比率要求達到 13.7%，並於 10 月 1 日生效。

We remain very engaged with our regulators on creating a less volatile and more transparent given our 90 basis point buffer. We continue to have flexibility on capital deployment and are very well-positioned to our clients and return capital to shareholders.

鑑於我們的 90 個基點緩衝，我們仍然與監管機構密切合作，以創造波動性較小、更透明的政策。 我們在資本配置上繼續保持靈活性，為我們的客戶和股東返還資本提供了良好的條件。

In conclusion, our overall performance reflected the strength of our client franchise and the improving operating environment. We are executing on our strategy where we are maintaining and strengthening our global banking and markets and leaning into secular growth opportunities and Asset and Wealth across both businesses, we are making strong progress in growing our more durable.

總之，我們的整體業績反映了我們客戶特許經營的實力和不斷改善的營運環境。 我們正在執行我們的策略，即維持和加強我們的全球銀行和市場，並依靠兩個業務的長期成長機會以及資產和財富，我們在發展更持久的方面取得了強勁進展。

Simply put, we are playing to our strength as a firm, and we remain confident of returns for shareholders while continuing to support our clients.

簡而言之，我們正在發揮作為一家公司的優勢，我們對股東的回報充滿信心，同時繼續支持我們的客戶。

With that, I will now open up the lines for questions. Here, we will take a moment to compile the Q&A roster.

現在，我將開放提問熱線。 在這裡，我們將花一些時間來整理問答名單。

We'll take our first question from Glenn Schorr with Evercore.

我們將回答 Evercore 的 Glenn Schorr 提出的第一個問題。

Hi, thanks very much. So the trading question. I mean, markets business has been some great markets have been supportive, but but I guess my question is, is to your exception perhaps of trading in general and August looked like a spiky, but looks like you did really well, while this marks many quarters that you and others have done very well for your peers, do you feel the businesses manage your results? Mean anything towards the outcome of regulatory side?

你好，非常感謝。 那麼交易問題。 我的意思是，市場業務一直受到一些偉大市場的支持，但我想我的問題是，對你來說，也許總體交易是例外，八月看起來像一個尖峰，但看起來你做得非常好，而這標誌著許多您和其他人為您的同行做得很好的季度，您認為企業管理您的業績嗎？ 對監管方面的結果意味著什麼？

I'm just curious on on on on what the is the evidence matters. I appreciate the question, Glenn. And I mean if it's if it's a hard question to answer unclear on on some of the advocacy we're doing five. I've also been clear that regulatory environments, Southern Flow can be policy.

我只是好奇證據的重要性。 我很欣賞這個問題，格倫。 我的意思是，這是否是一個很難回答的問題，因為我們正在進行的五項宣傳工作還不清楚。 我也明確表示，監管環境、南方流動可以成為政策。

And so yes, over time, you see shifts in all this and our job. I think we've done this effectively over time, as you know, to adapt and adjust and be nimble and to the different regulatory environments. With respect to the business of markets, which include second remediation and pick financing and equities, intermediation equity financing, I think we have an extraordinary leading franchise that we've invested in over a long period of time.

所以，是的，隨著時間的推移，你會看到這一切和我們的工作發生了變化。 我認為，正如您所知，隨著時間的推移，我們已經有效地做到了這一點，以適應和調整併靈活地適應不同的監管環境。 就市場業務而言，包括二次修復和精選融資以及股票、中介股權融資，我認為我們擁有非凡的領先特許經營權，我們已經投資了很長一段時間。

We have clients who rely on us for a package of services, and that's not going away. And certainly in this environment, this is an environment that filled with uncertainty. There need to constantly be engaging and repositioning and reshaping continues to make them very, very active on a broad global scale.

我們的客戶依賴我們提供一攬子服務，這種情況不會消失。 當然，在這個環境中，這是一個充滿不確定性的環境。 需要不斷地參與、重新定位和重塑，使它們在全球範圍內變得非常非常活躍。

And I think that guy that we've done a number of things to evolve the way we run the business more durable. Certainly our focus on our emphasis on financing and the way we've grown and management financing businesses, what's the level of this that's different than when the businesses were predominantly intermediation businesses for remediation continues to be important service.

我認為我們已經做了很多事情來改善我們更持久的業務運作方式。 當然，我們的重點是我們對融資的重視以及我們發展和管理融資業務的方式，與這些業務主要是用於補救的中介業務時的水平有何不同，這仍然是重要的服務。

And when you really step better and you look more year, these are very broad franchises across numerous silos and they tend to be more resilient and more consistent than you might see when you look quarter to quarter. And so we feel good about the way the franchise position that will continue to invest and grow it. I think the things that people forget is that these businesses are correlated to growth in the world.

當你真正邁出更好的步伐並觀察更多的年份時，這些都是跨越眾多孤島的非常廣泛的特許經營權，它們往往比你逐季度觀察時看到的更有彈性和更一致。 因此，我們對特許經營地位將繼續投資和發展的方式感到滿意。 我認為人們忘記的是這些業務與世界的成長有關。

They're correlated to market cap close in the world. And as long as you believe over the medium, long term, those trends will continue with our capital generation. We have the ability to investors franchises and grow those franchises over time, and we continue to see attractive return opportunities to do that. Now how the regulators and sponsor that over time, I really think is a separate question, and we'll continue to be actively agents who said, as we've said to you, we are hard to ensure that we can manage that appropriately.

它們與全球市值接近相關。 只要您相信從中長期來看，這些趨勢將隨著我們的資本產生而持續下去。 我們有能力投資特許經營權並隨著時間的推移發展這些特許經營權，並且我們繼續看到有吸引力的回報機會來做到這一點。 現在，監管機構和贊助商如何隨著時間的推移，我真的認為這是一個單獨的問題，我們將繼續積極代理，正如我們對你們所說的那樣，我們很難確保我們能夠適當地管理這一點。

I appreciate that that of the funnel be a short follow-up. Tom, with HPI. was weak, but that'll that'll happen on any given quarter. I think if you look over long period of time, you've earn good returns on. But as that and that's left the Form 8-K to take think about the lower revenue corresponding to the lower book going forward.

我很高興漏斗是一個簡短的後續行動。 湯姆，HPI。很弱，但這在任何特定季度都會發生。 我認為，如果你長期觀察，你會獲得豐厚的回報。 但正因為如此，8-K 表格才需要考慮與未來較低的帳簿相對應的較低收入。

On on HPI. So Glenn, is that as I guess what I would what I would suggest you take a look at. We have obviously a commitment to the balance of the historical print as we continue to have success doing that revenue associated with the positions that have now been moved off of the balance sheet, but you will revenue generation associated with some of the co-invest positions that we retain as a piece of driving our overall growth of our third-party fund management business.

在 HPI 上開啟。 格倫，我猜我會建議你看一下。 顯然，我們致力於保持歷史印刷品的平衡，因為我們繼續成功地實現與現已從資產負債表中移出的頭寸相關的收入，但您將產生與某些共同投資頭寸相關的收入我們將其保留作為推動第三方基金管理業務整體成長的一部分。

As to guidance on future projected returns on that on that portfolio, I don't think I have a good answer as to exactly what future returns will be relative to prior prior returns. But I would say to you that we have a very diversified portfolio of exposures on a long stretch, a long-standing track record of delivering good returns for our clients.

至於該投資組合未來預計回報的指導，我認為我沒有一個很好的答案來說明未來回報相對於先前回報的具體情況。 但我要對你們說的是，我們長期擁有非常多元化的投資組合，並擁有為客戶帶來良好回報的長期記錄。

Thank you. We'll take our next question from Ebrahim Poonawala with Bank of America.

謝謝。 我們將回答美國銀行易卜拉欣·普納瓦拉 (Ebrahim Poonawala) 提出的下一個問題。

Good morning. I just had a follow up first on creating and maybe David would appreciate your perspective around when the lead about non-bank trading venue news of getting into fixed income market of disrupting the business for the incumbents. Comment on that, if you could, in terms of other patents to the equity business that we should go.

早安. 我剛剛對創建進行了跟進，也許大衛會欣賞您對非銀行交易場所新聞進入固定收益市場擾亂現有企業業務的看法。 如果可以的話，就我們應該去的股權業務的其他專利發表評論。

And how much of a competitive threat are the non-bank slash non-regulated entities, especially given you commented on the regulatory backdrop and kind of the Basel endgame proposal and the opaqueness around that.

非銀行大幅削減非監管實體的競爭威脅有多大，特別是考慮到您對監管背景、巴塞爾最終提案的類型以及相關的不透明性進行了評論。

Thank you. Yes, sure of that, and I appreciate the question, and this gets a lot of attention and particularly in the press. But I think a couple of things when you stand back that are important to think about and book the equities journey is a relatively good journey.

謝謝。 是的，當然，我很欣賞這個問題，這引起了很多關注，特別是在媒體上。 但我認為，當你退後一步時，有幾件事需要考慮，並預訂股票之旅是相對較好的旅程。

There's been lots of lots of competition are all these days businesses. There's always been competition, but there are very few platforms that offer the leading asset managers in the world, scale and the breadth across all the services that they need and an integrated basis.

如今，各行各業都存在著許多競爭。 競爭一直存在，但很少有平台能夠提供世界領先的資產管理公司、其所需的所有服務的規模和廣度以及綜合基礎。

And that's very, very but you talk to those clients, there can always be competition always will be competition. I just highlight our equity business is large and it's scaled it as profitable as ever. Here is there's been enormous competition in the equity business has been digitization has been changed there. And now I hand the call by a handful, I'd say less than a handful now one or two players that are trying to compete in the credit space, et cetera.

這是非常非常的，但是當你和那些客戶交談時，總是會存在競爭，競爭永遠都會存在。 我只是強調我們的股權業務規模很大，而且規模擴大後獲利能力一如既往。 股權業務中存在著巨大的競爭，數位化已經改變了這一點。 現在我把電話交給了少數人，我想說現在只有一兩個試圖在信用領域競爭的參與者，等等。

And while they compete well, the wind business, of course, the wind business, but these are big markets. We offer scaled solutions that are integrated for our clients. We continue to be enormous liquidity provider, financier of those clients, which, by the way, it's very, very important to them for the way the overall ecosystem works.

雖然他們競爭很好，但風電業務，當然，風電業務，但這些都是很大的市場。 我們為客戶提供整合的規模化解決方案。 我們仍然是龐大的流動性提供者，這些客戶的融資者，順便說一句，這對於他們整個生態系統的運作方式非常非常重要。

So while these businesses always will be competitive and they continue to be competitive again, we feel very good about the way our franchises position to continue to be a leading player for our clients in these spaces. Understood.

因此，雖然這些企業始終具有競爭力，並將繼續保持競爭力，但我們對我們的特許經營商繼續成為這些領域客戶的領導者的方式感到非常滿意。 明白了。

And just a follow up on back to ROE and conversation with investors around. You'll have been a good job or try to performance has been strong. Stocks reflected that as we think about the journey year from a credit, 13% data lead to something that's maybe 15% plus what are the building blocks? one could argue that the market backdrop, not the best, but not the worst, what needs to happen for government to get to a point where we are registering a 15% type of Italy on a more recurring.

這只是對股本回報率以及與周圍投資者對話的跟進。 你將會得到一份很好的工作或努力表現得很強。 股票反映出，當我們思考從信用開始的旅程年時，13% 的數據可能導致 15% 的結果，加上建構模組是什麼？ 有人可能會說，市場背景不是最好的，但也不是最壞的，政府需要發生什麼才能達到我們在更頻繁的情況下註冊義大利 15% 類型的地步。

Thank you. I appreciate the question. And we've been very clear. We have a mid 10s target and that we believe we are on the journey of executing toward it. I think the the first thing that has to happen is we need to continue to execute over a period of time.

謝謝。 我很欣賞這個問題。 我們已經非常明確了。 我們有一個 10 年代中期的目標，我們相信我們正在朝著這個目標執行。 我認為首先要做的就是我們需要在一段時間內繼續執行。

Again, I think it's a pretty simple building block of of a store. We have a global banking and markets business and you can go look at the performance over the last five years of that business and the returns that that business has delivered. We have some tailwinds dynamics around the investment banking activity.

再說一次，我認為這是一個非常簡單的商店構建塊。 我們擁有全球銀行和市場業務，您可以查看該業務過去五年的業績以及該業務所帶來的回報。 我們在投資銀行活動方面有一些有利的動力。

And I'd just highlight that while investment banking revenues have and we've made progress, we are still not operating at 10-year averages in M&A and equity volumes. M&a volumes year to date, our 13% below the averages.

我想強調的是，雖然投資銀行收入已經取得了進展，而且我們也取得了進展，但我們的併購和股權交易量仍然沒有達到 10 年平均水平。 今年迄今的併購交易量比平均值低 13%。

Now that's better than the 25% below 10 year averages that they were for the first nine months of last year, an equity raise volumes at 27% below 10 year averages. Now that's better than the 34, 35%, but they were below 10 year last year.

現在，這比去年前 9 個月的 10 年平均值低 25% 還要好，股權融資量比 10 年平均值低 27%。 現在比 34%、35% 好，但去年低於 10%。

But there's no reason why we're not going to get that 10-year averages. And the tailwind for you can look at the performance in banking markets. And that's one building block in the foundation for mid 10s returns. Second is continued progress, which requires more time more execution on our part around asset and wealth management.

但我們沒有理由達不到 10 年平均值。 您可以看看銀行市場的表現。 這是 10 年代中期回報的基礎之一。 其次是持續的進步，這需要我們在資產和財富管理上投入更多的時間和執行力。

And while we've improved the margins, we still have work to do on the margins and also the returns. And we continue to be very evident over the course of the next few years. So we can bring the returns of our Asset Wealth Management franchise into the mid 10s.

雖然我們提高了利潤率，但我們在利潤率和回報方面仍有工作要做。 在接下來的幾年裡，我們的表現將繼續非常明顯。 因此，我們可以將資產財富管理業務的報酬率提高到 10 多歲。

The next building block of the last building block as we can continue to narrow our consumer footprint and the associated with the platforms that we get to a point full, it's getting closer and blocks together. Actual performance plan, which benefits from continued progress on our business and we are focused on it. We have more work to do, but that is the path.

隨著我們可以繼續縮小我們的消費者足跡以及與我們達到的完整點相關的平台，最後一個構建塊的下一個構建塊將變得越來越接近並且塊在一起。 實際績效計劃，受益於我們業務的持續進展，我們專注於它。 我們還有更多工作要做，但這就是道路。

And I think it's pretty clear.

我認為這很清楚。

Thank you. We'll take our next question from Christian Bolu with Autonomous Research.

謝謝。 我們將回答來自自主研究公司克里斯蒂安·博盧的下一個問題。

Morning. Can you hear me? Thank you, pay. That's just another question on the trading business and the competitive landscape. How are we talking about the maybe the broader competitive landscape we see with other banks, your market shares to ARM.

早晨。 你聽得到我嗎？ 謝謝，付錢。 這只是關於貿易業務和競爭格局的另一個問題。 我們如何談論我們與其他銀行看到的更廣泛的競爭格局，以及您對 ARM 的市場份額。

It's been a bit choppy since then has a market share. Just curious, are you seeing signs of increasing competition from a from anywhere? I'm just curious your thoughts there from when you when you have when you have leading market shares are Global Banking Markets franchise, you bounce around a different activity. But what I'd say is this a step back and you look over the last function up in our market shares broadly across the Platts and so from quarter to you'll see variability.

從那時起，它的市佔率就有點波動。 只是好奇，您是否看到來自任何地方的競爭加劇的跡象？ 我只是很好奇你的想法，當你擁有領先的市場份額是全球銀行市場特許經營權時，你會圍繞不同的活動進行跳躍。 但我想說的是，這是退後一步，您可以查看普氏能源資訊上我們市場份額的最後一個功能，因此每個季度之間您都會看到變化。

But I still think those market shares of position and a leading focused on them were zealously focused on the top one 50 clients, which obviously make a huge business. We're obviously always focused on our overall banking footprint and the opportunities there. And obviously, in a better M&A environment where there's more large-cap M&A, you do see some movement in our market share. So that's what they've always been competitive business and suppression.

但我仍然認為這些市場份額和領先地位集中在前 50 名客戶上，這顯然是一項巨大的業務。 顯然，我們始終關注我們的整體銀行業務足跡和那裡的機會。 顯然，在更好的併購環境中，有更多的大盤併購，你確實會看到我們的市場份額發生一些變化。 所以這就是他們一直以來對企業的競爭與打壓。

Again, we think we're very well and have deep, trusted long-term relationships. And so I won't Goldman Sachs operating PFOs history of delivering for them through this. There's always going to be competition, but the way our business is positioned and I don't see anything that fundamentally changes that but have operated in these businesses.

再說一次，我們認為我們很好，並且擁有深厚、值得信賴的長期關係。 因此，我不會談論高盛營運 PFO 的歷史來為他們提供幫助。 競爭總是存在的，但我們的業務定位方式，我沒有看到任何從根本上改變的東西，但在這些業務中運作。

We've operated in these businesses for a long time. There are always going to be businesses.

我們在這些業務中經營了很長一段時間。 總會有生意的。

Thank you. On private banking just have a set of very strong results there. Think revenue growth of 10 percentage. If I'm doing my math correctly, your organic flows are in the high single-digit range, which would put two, I think, best in class.

謝謝。 在私人銀行業務方面，剛剛取得了一系列非常強勁的成果。 認為營收成長 10%。 如果我的數學計算正確的話，你的自然流量處於高個位數範圍內，我認為這將是同類中最好的兩個。

So just remind us again, what's driving strength there? And then maybe any key initiatives for growth for the next call two years that that should help sustain this growth? So I'll start, and I don't know, Dennis might have something to add, but but at a high level is a strategic decision that we have this big ultra high net worth platform, and we were underinvested in lending to those clients.

那麼再次提醒我們，驅動力是什麼？ 那麼，也許未來兩年有任何有助於維持這種成長的關鍵成長舉措？ 所以我要開始了，我不知道，丹尼斯可能有什麼要補充的，但從高層來看，這是一個戰略決策，我們擁有這個大型超高淨值平台，但我們在向這些客戶提供貸款方面投資不足。

And there's still a lot of historical reasons why that's the case starts the fact that 50 years ago we want to bank. And so we really didn't look at the world that way. But lending into an ultra high net worth franchise is a very good business and it's a very important part of the business.

造成這種情況的原因還有很多歷史原因，從 50 年前我們想要銀行業開始。 所以我們確實沒有那樣看待世界。 但向超高淨值特許經營商提供貸款是一項非常好的業務，也是該業務的一個非常重要的組成部分。

And we understand and we've learned and we've seen it through investment. And we've seen it through markets that when you holistically look at the integration of surpluses that you provide to your clients, including lending, your market share position.

我們透過投資來了解、學習並看到了這一點。 我們透過市場看到，當你全面審視向客戶提供的盈餘（包括貸款）的整合時，你的市場佔有率地位。

So when you look at our wealth franchise versus under other well franchises, we've been underpenetrated to lend into those wealth clients. And we put in place resources, a leadership team focused efforts to inclusivity to these clients. And while we've moved the needle were still under weighted competitors like JPMorgan and I would expect. So we have a relatively good growth trajectory to continue to invest in that capability for our clients. And Dennis, I don't know if there's anything you want to add on that? The only thing I might amplify, which I think we've mentioned before, we feel we've run this play before.

因此，當你看看我們的財富特許經營權與其他良好特許經營權相比，我們在向這些財富客戶提供貸款方面的滲透率還不夠。 我們投入了資源，領導團隊致力於包容這些客戶。 儘管我們已經取得了進展，但我預計摩根大通等競爭對手的權重仍然較低。 因此，我們有一個相對良好的成長軌跡，可以繼續為客戶投資這種能力。 丹尼斯，我不知道你還有什麼要補充的嗎？ 我唯一可以強調的是，我想我們之前已經提到過，我們覺得我們以前已經演過這個戲了。

So we worked a strategy to holistically cover clients in banking and by integrating lending. As part of the holistic suite of services, we provided them improved our market share position with into the same thing across the GBM. Public businesses effect and equities are we still and underpenetrated relative to peers. Today, I am holistic approach to the clients in the wealth business that we can improve our market share and the nature of our relationship with those clients.

因此，我們制定了一項策略，透過整合貸款來全面覆蓋銀行業客戶。 作為整體服務套件的一部分，我們為他們提供了在整個 GBM 中提高我們市場份額地位的服務。 公共企業的影響和股票仍然是我們的，並且相對於同業而言滲透率較低。 今天，我對財富業務的客戶採取整體方法，我們可以提高我們的市場份額以及我們與這些客戶的關係的本質。

As David said, we are allocating incremental resource capabilities and giving our advisors the confidence to offer a competitive product to their clients to improve the overall relationship they have with their clients.

正如大衛所說，我們正在分配增量資源能力，並讓我們的顧問有信心向客戶提供有競爭力的產品，以改善他們與客戶的整體關係。

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。

Hi. First question relates to why do you stop platform solutions as diversifying and what's happening with the apple cart? And do you plan to exit that take charges for that and kind of what what's going on, I guess, two thirds of the firms grow Viking market, many adverse kind of extra business there? Yes.

你好。 第一個問題涉及為什麼你要停止平台解決方案的多樣化以及蘋果車發生了什麼？ 你是否打算退出並為此付費？ 是的。

Thanks, Mike. I mean, I know there's a lot of there's a lot of focus on that. I think I think we've been pretty clear in our messaging that we are continuing to narrow our consumer footprint. And I don't I don't have a lot more to say about where we are with Apple Card other than we're running at improving it. And and and that's really all that I have to say.

謝謝，麥克。 我的意思是，我知道有很多人都非常關注這一點。 我認為我們在資訊中已經非常明確地表明我們正在繼續縮小我們的消費者足跡。 我不知道，除了我們正在努力改進 Apple Card 之外，我對 Apple Card 的進展沒有太多可說的。 這就是我要說的全部。

But I think the direction of travel at this point, it's pretty clear our back back core business and you said M&A is still 13% below our 10-year averages. To what degree are 10 year averages less relevant because of the sponsor activity.

但我認為目前的發展方向，我們的核心業務非常明顯，你說併購仍比我們 10 年平均值低 13%。 由於贊助商活動的原因，10 年平均值的相關性降低到什麼程度？

You guys have said it seems like Chevron has a different number, whether it's JPY1 trillion or $3 trillion of dry powder out there by far there is to pursue acquisitions. And I don't think you've ever had that level of dry powder before.

你們說過，雪佛龍似乎有不同的數字，無論是 1 兆日圓還是 3 兆美元，目前都在尋求收購。 我認為您以前從未接觸過這種程度的乾粉。

So could this be an M&A super cycle to work? And if so, how are you saying that 10-year average to adjust for that? Well, if I mean, I want, I think, are a long-term secular trends around M&A and market cap, which by the way, are also meaningfully below trend.

那麼這會是一個併購超級週期嗎？ 如果是這樣，您如何說要對此進行調整的 10 年平均值？ 好吧，如果我的意思是，我想要的是圍繞併購和市值的長期長期趨勢，順便說一句，這也明顯低於趨勢。

I think that's more driven by the current regulatory environment and the fact that there has not been a lot of large-cap M&A with the market cap expansion, especially now that might be permanent, it might not. But my guess is that will ebb and flow from time to time by your sponsor point, Mike is a very, very good point. The bottom line as responses have been slower to turn on that I would have expected, but they will turn on by the way, if that all that dry powder is deployed.

我認為這更多是由當前的監管環境以及隨著市值擴張而進行的大型併購活動並不多這一事實驅動的，特別是現在這可能是永久性的，也可能不是永久性的。 但我的猜測是，你的贊助商觀點會時不時地潮起潮落，麥克是一個非常非常好的觀點。 底線是，反應的啟動速度比我預期的要慢，但順便說一句，如果部署了所有乾粉，它們就會啟動。

Okay, M&A volumes versus the 10 year averages will go up by the way. If we were sitting here five years ago, the 10-year average was lower fares ago than it is today because the tenure leverage is definitely correlated to market cap growth and economic growth. So I do think we'll operate a 10-year averages. I do think over time, by the end of the decade, the 10-year average will actually be higher than it's been with our historical lens. But I will say sponsor point slower to deploy that we would have expected.

好吧，順便說一句，與 10 年平均值相比，併購數量將會上升。 如果我們五年前坐在這裡，十年前的平均票價比現在要低，因為任期槓桿肯定與市值成長和經濟成長有關。 所以我確實認為我們將採用 10 年平均值。 我確實認為，隨著時間的推移，到本世紀末，十年平均值實際上會高於我們歷史鏡頭下的水平。 但我要說的是，贊助商的部署速度比我們預期的要慢。

We see more activity. Some of that is indicative of the growth in our backlog that we've highlighted. I do think that sponsor activity will continue to accelerate over the next six to 24 months. Thank you. We'll go next to Betsy Graseck with Morgan Stanley. Hi, good morning. Scenario taxi?

我們看到更多的活動。 其中一些表明我們強調了積壓的增長。 我確實認為贊助商活動將在未來 6 到 24 個月內繼續加速。 謝謝。 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)。 嗨，早安。 情境出租車？

Yes. Okay. Great. I think yes. Thank you. Yes. Okay, super. We've been conference capital markets rebound, and it's really nice to see it coming through on two questions. one on expanding loan offerings that you mentioned earlier, and I know we touched on it briefly in the Q&A.

是的。 好的。 偉大的。 我想是的。 謝謝。 是的。 好吧，超級。 我們一直在討論資本市場的反彈，很高興看到它在兩個問題上得到了解決。 您之前提到的一個關於擴大貸款發行的問題，我知道我們在問答中簡要地提到過它。

Just a few questions. I guess what I wanted to make sure I understood is when you think about the RWA impact of private investment funds that you're doing in reducing our portfolio and then increasing the expanded loan offerings into Asset & Wealth Management, you see that isn't RWA neutral, doubling the density of the loan offerings higher or lower than hum investments. The private equity investments that you've got. So that's a good, a very good question.

只是幾個問題。 我想我想確保我理解的是，當你考慮私人投資基金的 RWA 影響時，你正在減少我們的投資組合，然後增加資產和財富管理領域的擴大貸款產品，你會發現這並不是RWA 中性，貸款發行密度比嗡嗡聲投資高或低一倍。 您擁有的私募股權投資。 所以這是一個很好、非常好的問題。

So generally speaking, the density of the HPI. that we have left to sell down as hard and the density of private wealth loans is low. So migrating our W. deployment towards the lending businesses improves the durability that predictability, the recurring nature of it. It brings forth the whole MYSTIC access to the clients, all of their all their wealth management needs, and it is more capital efficient for us.

一般來說，HPI 的密度。我們留下來的賣力很大，私人財富貸款的密度很低。 因此，將我們的 W. 部署遷移到貸款業務可以提高可預測性的持久性及其重複性。 它為客戶提供了完整的 MYSTIC 存取方式，滿足他們所有的財富管理需求，並且對我們來說資本效率更高。

So that is great. I have had an underpinning component of the slides as well. Okay, super, right, because it's collateralized heavily ramp state than the other question I had was just on the GM. Could I want to make sure I understood this. So as far as I get it signed but not closed yet, can you give us a sense as to when you think it's going to close?

所以那太好了。 我也有幻燈片的基礎部分。 好吧，超級，對，因為它是抵押嚴重的坡道狀態，而不是我問的另一個問題只是關於通用汽車。 我想確保我理解這一點嗎？ 據我所知，它已簽署但尚未關閉，您能否告訴我們您認為它何時會關閉？

And are there any trailers in Europe now once it does close for example, or anything we should be aware of it with regard to either payments to on the contract to GM? Or is there like loss cap that you have to be involved? And I'm just trying to make sure I understand how to model this as we go forward.

例如，一旦關閉，歐洲現在是否有任何預告片，或者我們應該了解有關通用汽車合約付款的任何資訊？ 或者是否存在您必須參與的損失上限？ 我只是想確保我理解如何在我們前進的過程中對此進行建模。

Sure, Betsy. So into the timing, it's signed, but not close. There has to be a conversion to the new issue. And that ultimately at closing, our expectations were for targeting Q3 of 2025. So that's sort of timing from a modeling perspective.

當然，貝特西。 所以就時間而言，它已經簽署，但還沒有結束。 必須轉換到新問題。 最終在結束時，我們的預期目標是 2025 年第三季。

And I guess what I would tell you, we obviously have responsibility for upgrading the platform up until that point in time. So we will continue to incur called the run rate operating losses associated with that business. As the guy I would point you do where we were in Q1 of this year or something on the order of negative 50 or 60 million per quarter. Just to give you a sense for how that rolls forward from here until closing.

我想我會告訴你，我們顯然有責任在那之前升級平台。 因此，我們將繼續產生與該業務相關的運行率營運損失。 作為這個人，我會指出你今年第一季的情況，或每季負 50 或 6000 萬的數量。 只是為了讓您了解從這裡到結束是如何進行的。

Thank you. We'll go next to Brennan Hawken with UBS.

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

Good morning. Thanks for taking my question. I wanted to follow up a little bit on the investment banking backlog commentary. I know you said that advisory drove a lot for the growth in the backlog, but we did some answers recently come to the IPO market with some success.

早安. 感謝您提出我的問題。 我想對投資銀行積壓的評論進行一些跟進。 我知道你說過，諮詢對積壓訂單的成長起到了很大的推動作用，但我們最近在 IPO 市場上做了一些回答，並取得了一些成功。

And so curious about what I am IPO side, particularly as we see early signs of sponsors reengaging with that distribution channel facts. So I'm so thanks for that. And as I mean, there's no question equity activity picked up. But as I highlighted a few moments ago, volumes are still running 25% below your 10-year averages. And and IPOs, you're running even more significantly below 10 year averages.

我對 IPO 方面感到非常好奇，特別是當我們看到贊助商重新參與分銷管道事實的早期跡象時。 所以我對此非常感謝。 正如我的意思，毫無疑問，股市活動有所回升。 但正如我剛才強調的那樣，成交量仍比 10 年平均值低 25%。 就 IPO 而言，您的運行速度甚至比 10 年平均水平還要低得多。

Do some of this is sponsor monetization and because sponsors have had their portfolios marked a little bit higher. So they've been slow and accounting waiting for growth to bring up some values. But I do see an acceleration of continue. And there's no fundamental reason why equity volumes ultimately shouldn't run a 10-year averages and that those averages will grow over time with the growth in market cap and a growth of the deployment of the sponsor Capital.

其中一些是贊助商貨幣化，因為贊助商的投資組合標記得更高一些。 因此，他們一直在緩慢地進行會計核算，等待成長來帶來一些價值。 但我確實看到了繼續的加速。 沒有根本原因說明為什麼股權交易量最終不應該達到 10 年平均水平，而且這些平均水平將隨著市值的增長和發起人資本部署的增長而隨著時間的推移而增長。

Thanks for that color, David. I know in several partnerships and system in the private credit late and giving your heritage and plan to approach and process very broad I and interest in credit platform at you know, is is integrated into one GS. way to some degree on a differentiated way than many of the people we compete. We obviously as a credit originator in our investment banking business, one of the leading credit originators,

謝謝你的顏色，大衛。 我知道在私人信貸領域的幾個合作夥伴和系統中，您的遺產和計劃非常廣泛，我和您對信貸平台的興趣都被整合到一個 GS 中。在某種程度上，我們的競爭方式與我們的許多競爭者有所不同。 顯然，我們作為投資銀行業務的信貸發起人，領先的信貸發起人之一，

a leading position leverage loans and done and high yield debt for quite some time and a leading position with sponsors and the origination of that, we obviously we originate and distribute. We also in our asset management business. We are a leading player in prime credit with 140 billion of private credit app assets and growing and investing in that.

在相當長一段時間內，槓桿貸款和已完成的高收益債務處於領先地位，並且在贊助商和其起源方面處於領先地位，顯然我們是我們發起和分配的。 我們也從事資產管理業務。 我們是優質信貸領域的領導企業，擁有 1,400 億美元的私人信貸應用程式資產，並且正在不斷發展和投資。

One of the things that's interesting when you look at the discussion and the integration of this around the street, there is plenty of capital that is interesting and deploying into private credit valuable part of the ecosystem is origination channels in there, obviously, some private credit players that have interesting origination channels and platforms.

當你看到街上的討論和整合時，有趣的事情之一是，有大量有趣的資本，並且部署到私人信貸生態系統中有價值的部分是其中的發起渠道，顯然，有一些私人信貸擁有有趣的起源管道和平台的玩家。

But I would say when you look across Goldman Sachs, our origination ecosystem across both our Global Banking & Networks business and also in our Asset Wealth Management business is unique and differentiated and something that I think we'll continue to differentiate the firm. We continue to lean into and grow our private credit platform.

但我想說，當你縱觀高盛時，我們的全球銀行和網路業務以及資產財富管理業務的創始生態系統都是獨特且與眾不同的，我認為我們將繼續讓公司脫穎而出。 我們繼續致力於並發展我們的私人信貸平台。

Thank you. We'll go next to Steven Chubak with. Hi, good morning.

謝謝。 我們將和 Steven Chubak 一起去。 嗨，早安。

So why is this amendment? I want to spend some time just looking at are unpacking some of his self-help levers at the business is still burdened by higher capital consumption from some of the non-core assets, whether it's in Consumer Equity Investments.

那為什麼會有這樣的修改呢？ 我想花一些時間看看他正在解開他的一些自助槓桿，該業務仍然受到一些非核心資產較高資本消耗的負擔，無論是在消費者股權投資方面。

Dennis, I believe in your prepared remarks, you alluded to an 80 bps drag on ROE away from consumer. And was hoping you could maybe provide a more holistic or just frame the drag on returns from various non-core activities today. And are there any remaining self-help levers that could bolster returns as you may still be on the come?

丹尼斯，我相信在您準備好的演講中，您提到消費者權益回報率會受到 80 個基點的拖累。 希望您能提供更全面的信息，或僅說明當今各種非核心活動對回報的拖累。 當您可能還在路上時，是否還有任何剩餘的自助槓桿可以提高回報？

Sure. I think ag is the is the simplest way to understand the impact of those items, which we have identified as the select announced. We are in the process of disposing of. Obviously, if we complete some if we were to completely exit all consumer related activities, there would be more associated capital relief.

當然。 我認為 ag 是了解這些項目影響的最簡單方法，我們已將其確定為選擇宣布的項目。 我們正在處理中。 顯然，如果我們完成一些工作，如果我們完全退出所有與消費者相關的活動，將會有更多的相關資本減免。

And we can obviously, you guys on moved the vast majority, the HBI. exposure that current billion have attributed equity associated with it. So you have the dynamic, reducing the at the P&L components. And then over time, we will remove the capital.

顯然，我們可以，你們移動了絕大多數，HBI。當前十億美元的風險敞口已歸屬於與之相關的股權。 因此，您可以動態地減少損益成分。 然後隨著時間的推移，我們將移除首都。

So say with HPI. and then ultimately moving the capital associated with the consumer businesses until tailwinds to us over time. That's great. And just on buybacks, just the stock is currently trading at 1.6 times book. Does suggest some expectation the market turns to get closer to that mid-teens ROE target.

用 HPI 來說。然後最終轉移與消費業務相關的資本，直到隨著時間的推移對我們有利。 那太棒了。 僅就回購而言，該股目前的交易價格是帳面價值的 1.6 倍。 確實暗示了市場將轉向接近十幾歲左右的淨資產回報率目標的一些預期。

Just wanted to hear prospectivity to buyback at current valuation levels, anticipation at least David first fund citing prioritization of organic growth opportunities to deploy capital organically today. Sure. So I think on our capital deployment philosophy, unchanged. I think if you take some of our comments and their prepared remarks about the outlook that we have, some, the engagement we're seeing from clients, potential opportunities for the capital markets reopening to take the next step for award and see committed acquisition financing.

只是想聽聽在當前估值水平下回購的前景，至少預計大衛第一個基金會優先考慮有機成長機會，以有機地部署資本。 當然。 所以我認為我們的資本配置理念沒有改變。 我認為，如果您聽取我們的一些評論以及他們對我們的前景準備的評論，我們從客戶那裡看到的一些評論，資本市場重新開放的潛在機會，以採取下一步的獎勵措施並看到承諾的收購融資。

That is an activity that's very core to Goldman Sachs. We have a historical leading market share position there given omitting up our advisory franchise and our at our underwriting capabilities. And so that would be an attractive place for us to deploy incremental capital, continuing occurring revenue streams across wealth and other financing business and Publix and attractive deploy capital.

這是高盛的核心活動。 考慮到我們的諮詢特許經營權和承保能力，我們在那裡擁有歷史領先的市場份額地位。 因此，對我們來說，這將是一個有吸引力的地方，可以部署增量資本、財富和其他融資業務以及 Publix 中持續產生的收入流，以及有吸引力的部署資本。

And that is our priority as we sit here today with our with our 90 basis point buffer heading into the fourth quarter. But we also remain very committed, as we've said before, to sustain a core part of our philosophy. And we do believe it's important. We also continue to return capital to shareholders. We do have a higher valuation. We do think about that sensitive to that. But I don't believe that our current valuation is such that we shouldn't be also returning capital to shareholders.

這是我們今天坐在這裡的首要任務，我們的 90 個基點緩衝即將進入第四季。 但正如我們之前所說，我們仍然非常致力於維持我們理念的核心部分。 我們確實相信這很重要。 我們也繼續向股東返還資本。 我們確實有更高的估值。 我們確實對此很敏感。 但我認為，以我們目前的估值，我們不應該向股東返還資本。

Thank you. We'll go next to Devin Ryan with out with Citizens JMT.

謝謝。 我們將在沒有公民 JMT 的情況下前往德文·瑞安 (Devin Ryan)。

Thanks so much. Good morning, David and Dennis. Question on some key alternative asset management fundraising, and I'm looking at the fee rate. So the largest bucket, corporate equity in a declining fee rates in 2022. I know there are some legacy funds in there that are some setting, but it would be great to get an update on the outlook for the fee rate, just given all that fund raising that you've done in all in recent years.

非常感謝。 早安，大衛和丹尼斯。 關於一些關鍵的另類資產管理融資的問題，我正在研究費率。 因此，最大的一類是 2022 年費率下降的企業股權。近年來完成的所有籌款活動。

And just when we should think about the inflection occurring has reached a one moves into fee earning and then how we should think about kind of right steady-state can would seem like there's a lot of upside there.

就在我們應該考慮發生的拐點已經進入收費階段時，然後我們應該如何考慮某種正確的穩態似乎有很多上升空間。

Sure. Thank you. Appreciate I appreciate the question. Obviously, we put that disclosure out there so you can track it and followed over time. It's obviously very much our mix dependent in terms of the secular, all types of assets that are coming in. one thing, which is a strategic initiative that is very valuable to our growth of our asset management franchise and important to a lot of our investment banking.

當然。 謝謝。 感謝我感謝這個問題。 顯然，我們將這一披露公佈出來，以便您可以追蹤它並隨著時間的推移進行追蹤。 顯然，這在很大程度上取決於我們的長期投資組合，所有類型的資產都會進入。很重要銀行業。

Other clients are the services we provide through our OCIO. offerings in certain of those portfolios. We do bring on board some alts assets. And the effective fee associated with that is lower than holiday. Goldman Sachs fund generated alternative fee.

其他客戶是我們透過我們的OCIO提供的服務。其中某些投資組合中的產品。 我們確實引進了一些另類資產。 與此相關的有效費用低於假期。 高盛基金產生替代費用。

So we have a multichannel asset accumulation strategy that we're deploying to grow the overall scale and scope of that business and for having having scale is an important contributor, ultimately driving margins, efficiencies and returns in the business.

因此，我們有一個多通路資產累積策略，我們正在部署該策略，以擴大該業務的整體規模和範圍，而規模是一個重要的貢獻者，最終將提高業務的利潤、效率和回報。

But not each of the channels comes with the same exact effective fee. So you may see some slight variation in that over time.

但並非每個管道都有完全相同的有效費用。 因此，隨著時間的推移，您可能會看到一些細微的變化。

Okay. Thanks, Dennis. And I was just a follow up on the trading business. We are results have been incredibly resilient and then the pharmacy market or so, once we get a little bit of a flavor, if you can just around how much are trading revenue today is driven by could your electronic trading capabilities and how that's evolved over the past handful of years?

好的。 謝謝，丹尼斯。 而我只是貿易業務的跟進者。 我們的結果具有令人難以置信的彈性，然後醫藥市場左右，一旦我們有了一點味道，如果你能知道今天的交易收入有多少是由你的電子交易能力驅動的，以及它是如何演變的過去幾年？

I know there's been a lot of investment there and you guys have some pretty differentiated offerings. So just wanted to give a bit of Central Bank and then how that plays in Q2. You the story of market share from here just shows you become more relevant with clients.

我知道那裡有很多投資，而且你們提供了一些非常差異化的產品。 因此，我只想介紹一下央行的情況，以及它在第二季的表現。 這裡的市場份額故事只是表明您與客戶的關係變得更加密切。

Thanks. Sure. Thank you. Thanks for the question. When we look at at at equity and And frankly, if, in fact, trading activities, the strategy facing clients is multichannel again. So we have and we have electronic and increasingly we're finding ways to integrate, integrate the those activities to optimize ultimately the way that we can make markets and solutions for clients.

謝謝。 當然。 謝謝。 謝謝你的提問。 當我們審視股票時，坦白說，如果事實上是交易活動，那麼客戶面臨的策略又是多通路的。 因此，我們已經有了電子化，我們越來越多地尋找整合這些活動的方法，以最終優化我們為客戶創造市場和提供解決方案的方式。

So we have both call it run repaid, more plain vanilla intermediation activities. We have the capacity side, our take on board, more interesting structured are complicated trades with or without deployment of risk capital in the process. And the approaches have a distributed set of channels across the public side trading businesses.

因此，我們都稱之為有償的、更簡單的中介活動。 我們有能力方面，我們的看法，更有趣的結構是複雜的交易，在過程中有或沒有部署風險資本。 這些方法在公共交易業務中擁有一套分散式管道。

Thank you. We'll go next to Dan Fannon with Jefferies.

謝謝。 接下來我們將與傑弗里斯一起前往丹·範農 (Dan Fannon)。

Thanks. Good morning. Dennis, why don't we come back to a comment you made about reiterating 1 billion of our goal for performance fees and I think you said 4 billion of unrecognized gains for obviously run-rating well below that two year year to date. Can you talk about time period, you seem to get to that 1 billion and is there seasonality certain maybe liquid products are typically more recognized in the fourth quarter? Or is this something that's more pro rata? So the 4 billion is versus the stock of of outstanding funds that are in process of deploying completing harvesting and migrating their way to the end of their to their investment cycle.

謝謝。 早安. 丹尼斯，我們為什麼不回到您關於重申我們 10 億績效費目標的評論，我認為您說過 40 億未確認的收益明顯遠低於今年迄今為止的兩年。 您能談談時間段嗎？ 還是這是更按比例的事情？ 因此，這 40 億美元是與正在部署、完成收穫並遷移到投資週期結束的未償基金存量相比的。

Given a lot of the other commentary that we've been discussing about level of equity strategically opened of capital markets, in particular, equity capital markets, sponsor, monetization activity, et cetera. As it relates to our portfolio, where we own some balance sheet investments and we own investments and funds, we have not had as much monetization in line with where the market has been generally. So as activity improves, we will also see more monetization.

鑑於我們一直在討論資本市場策略性開放股權水準的許多其他評論，特別是股權資本市場、贊助商、貨幣化活動等。 由於它與我們的投資組合有關，我們擁有一些資產負債表投資以及我們擁有的投資和基金，因此我們沒有獲得與市場總體水平相符的那麼多貨幣化。 因此，隨著活動的改善，我們也將看到更多的貨幣化。

And we expect that over the next several years, we will move towards those medium-term targets of a run rate, 1 billion worth of incentive fees. But I can't tell you exactly the rate at which that comes in that will be totally these funds are harvest and when we're in a position to ultimately pay carry to investors and recognize our own incentive fees.

我們預計，在接下來的幾年裡，我們將朝著運行率、價值 10 億激勵費的中期目標邁進。 但我無法確切地告訴您這些資金的收穫率以及我們最終何時能夠向投資者支付利差並確認我們自己的激勵費用。

Got it. And then just a follow-up on Wealth Management, understanding the strategy of growing lending. Can you talk about the growth overall of the advisor base and how you're thinking about that over the next kind of one to two years in terms of net recruiting layers and ultimately investment in that business beyond just diverse so far, the revenue streams?

知道了。 然後是財富管理的後續內容，了解增加貸款的策略。 您能否談談顧問基礎的整體成長，以及您如何看待未來一到兩年的淨招聘層以及最終對該業務的投資，而不僅僅是到目前為止的多元化收入流？

Sure. So I think, Tom, we have made a strategic advisors needs to be a strong strategic and sustained investment program. So rather than and flow across different market environments are based on what the firm's perceived capacity to invest may or may not beyond that different years. In the past, I think part of the strategy really outstanding business at Goldman Sachs, where we're the premier ultra high net worth a firm. We are making a sustained commitment to investment advisors.

當然。 所以我認為，湯姆，我們所製定的策略顧問需要一個強而有力的策略和持續的投資計畫。 因此，不同市場環境中的資金流動取決於公司對不同年份的投資能力的認知。 過去，我認為該策略的一部分在高盛確實非常出色，我們是首屈一指的超高淨值公司。 我們對投資顧問做出持續的承諾。

So that is sort of an of foundational underpinning of how we're looking to invest in that business. When David make comments about our ability to drive growth and returns across a W Lam and that we are focused not just on margins and to grow. one of the places that we think some attractive place to invest and grow is actually in the advisor.

因此，這是我們如何投資該業務的基本基礎。 當 David 評論我們推動 W Lam 成長和回報的能力，以及我們不僅僅關注利潤和成長。 我們認為投資和發展有吸引力的地方之一實際上是顧問。

Thank you. We'll go next to Gerard Cassidy with RBC.

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

I did. Can you give us your Goldman's and the unique position I think, to be able to share with investors the benefit? David, you mentioned you have 140 billion in private credit assets. And when you see your clients choosing or just monies for new, whether it's private credit or just lending, can you share with us the advantages that you see through private credit or the regular loan portfolio that your customers may benefit from?

我做到了。 您能否向我們介紹一下您的高盛以及我認為的獨特地位，以便能夠與投資者分享利益？ David，您提到您擁有 1400 億的私人信貸資產。 當您看到您的客戶選擇或只是購買新資金時，無論是私人信貸還是只是貸款，您能否與我們分享您透過私人信貸或常規貸款組合看到的客戶可能受益的優勢？

So I appreciate the question, Gerard. I think one of the things that that's interesting about this as this gets framed, yes, we're very binary ways and obviously, private credit, a broad term, and it refers to a lot of things that certainly refers to a lot of great lending, a lot of which is on insurance company balance sheet. It kind of refer to direct lending in the below investment grade business, which by the way, as a component of our syndication activity in origination activity, particularly with sponsors, it can be direct lending for small and medium-sized enterprises.

所以我很欣賞你的問題，傑拉德。 我認為其中一件有趣的事情是，當它被框架時，是的，我們是非常二元的方式，顯然，私人信貸，一個廣泛的術語，它指的是很多事情，當然也指的是很多很棒的事情貸款，其中很多都在保險公司的資產負債表上。 它是指投資級別以下業務的直接貸款，順便說一句，作為我們發起活動中銀團活動的一部分，特別是與贊助商，它可以是針對中小企業的直接貸款。

So there's a wide there's a wide range of things. When I listen to your question was what I pay always you're asking a particular about leverage finance activity and how our clients choose channels in terms of where to get capital. And I'd say they don't go in with a bias. They're actually looking for a capital structure that works for their particular solution.

所以事情範圍很廣。 當我聽到你的問題是我支付的費用時，你總是在詢問槓桿融資活動以及我們的客戶如何選擇獲得資金的管道。 我想說他們不會帶著偏見。 他們實際上正在尋找適合其特定解決方案的資本結構。

And I think that one of the things that is we are a unique player. We have an ability to either syndicate, underwrite and distribute. We have an ability to direct land. We have an ability to show clients alternatives. There might needs might be different in different transactional situations.

我認為其中一件事就是我們是一個獨特的球員。 我們有能力進行聯合、承銷和分銷。 我們有能力指揮土地。 我們有能力向客戶展示替代方案。 在不同的交易情況下，需求可能會有所不同。

So we like our positioning there. I do say that I believe from a secular perspective, there will be continued growth in private credit, particularly in the leveraged finance space and looking to capture that. But if it's more complicated than our different channels and origination efforts and then sometimes the way this is all per trade, but we feel like we're well positioned across the spectrum to be a significant participant in this space.

所以我們喜歡我們在那裡的定位。 我確實說過，我相信從長期角度來看，私人信貸將會持續成長，特別是在槓桿融資領域，並希望能抓住這一點。 但如果它比我們不同的管道和發起工作更複雜，有時甚至是每筆交易的方式，但我們覺得我們在整個領域處於有利地位，可以成為這個領域的重要參與者。

And then, David, just a quick follow-up on that. Very thorough primary competitors. Again, you're in a unique position, I think, to be able to benefit from this who do you bump into the most. So it depends what it depends, what you do it.

然後，大衛，對此進行快速跟進。 非常徹底的主要競爭對手。 再說一次，我認為，你處於一個獨特的位置，能夠從你最常遇到的人中受益。 所以這取決於它取決於什麼，你做什麼。

So it goes back to exactly what I said. It depends what you're doing. And if you're if you're if you're in the leveraged finance market and you're looking at a syndicated capital structure and you're going to bump into JPMorgan at, for example,

所以這又回到了我所說的。 這取決於你在做什麼。 如果你在槓桿金融市場，並且你正在考慮銀團資本結構，那麼你將會遇到摩根大通，例如，

If on the other hand, you're looking at direct lenders, then you're going to bump into a bunch of pure play a leading role in that space, which could include people like HPS. or area other direct platforms. If you're looking at investment grade insurance company, balance sheet, you know, you might run into Apollo.

另一方面，如果您正在尋找直接貸款機構，那麼您將遇到一群在該領域發揮主導作用的純粹機構，其中可能包括像 HPS 這樣的人。或其他直接平台。 如果您正在查看投資等級保險公司的資產負債表，您知道，您可能會遇到阿波羅。

I mean, it really depends what they need is and what the activity is. It's actually quite a broad uncomplicated space. I mean the other thing I'd add to the job, we just think about it, David, is laid this out really well to think about where Goldman Sachs is positioned against this opportunity set.

我的意思是，這實際上取決於他們需要什麼以及活動是什麼。 這其實是一個相當廣闊、不複雜的空間。 我的意思是，我要在工作中添加的另一件事是，大衛，我們只是想一想，它的佈局非常好，可以思考高盛在這個機會集上的定位。

We have capacity to lend to, for example, who are deploying into the private credit space. We have the capacity to underwrite and distribute different types of investment grade and non-investment grade capital structure is how we have the capacity to offer investment opportunities to clients who want to get exposure to this asset class.

例如，我們有能力向正在進入私人信貸領域的人提供貸款。 我們有能力承銷和分銷不同類型的投資等級和非投資等級資本結構，這就是我們有能力為想要接觸該資產類別的客戶提供投資機會的方式。

And while we compete with all of those different parties that David enumerated, I'm hard pressed to find many people that have the breadth of exposure to each other aspect of this ecosystem. Now relative to us. So we really like our position in terms of the secular trends there and how we can support clients in each and every aspect of the continuum.

雖然我們與大衛列舉的所有不同各方競爭，但我很難找到很多人對這個生態系統的各個方面都有廣泛的了解。 現在相對於我們而言。 因此，我們非常喜歡我們在長期趨勢方面的立場，以及我們如何在連續體的各個方面為客戶提供支援。

Thank you. We'll take our next question from Saul Martinez with with HSBC.

謝謝。 我們將接受匯豐銀行索爾·馬丁內斯提出的下一個問題。

Hi, good morning. I wanted to ask about margin trajectory and ask them to wealth management. We've got a 24% pretax margin. You've already essentially medium term target. I know you talked about that margin expanding beyond that.

嗨，早安。 我想詢問保證金軌跡並請他們進行財富管理。 我們的稅前利潤率為 24%。 您基本上已經設定了中期目標。 我知道你談到了利潤率超出了這個範圍。

How do we think about work and ultimately land and the time horizon around the bigger obviously, you're growing your old business. You have 4 billion unrecognized incentive fees that you talked about private banking and lending platform. Just be can you get to a margin of above 30% like your peers? And again, how do we think both Verizon and Venmo?

我們如何看待工作以及最終的土地和時間範圍，顯然，你正在發展你的舊業務。 您談到私人銀行和借貸平台時有 40 億未確認的激勵費用。 只是你能像你的同行一樣獲得30%以上的利潤嗎？ 再說一遍，我們如何看待 Verizon 和 Venmo？

Sure. Thanks. Thank you. Saw also in obviously, we've just arrived at our mid 20s target and that we consolidate our we consolidate our position there. We can we think there are plenty of opportunities to continue to drive margins higher as we scale top line as we improve the mix of alternatives across our platform.

當然。 謝謝。 謝謝。 顯然，我們剛剛達到了 20 多歲的目標，我們正在鞏固我們的地位。 我們認為，隨著我們改善整個平台的替代方案組合，擴大營收規模，有很多機會繼續提高利潤率。

And we look to drive other operating efficiencies across the business segments. There are plenty of competitors that have margins as you as you cite that are 30% or higher. So our commitment is to continue to improve the margins on. But we're also think that we have to scale and create value for the long term. So we are going to trial for margin improvement and making the right investment decisions that unlock long-term value in this segment. But for the time being, we think that both can be achieved.

我們希望提高各個業務部門的其他營運效率。 正如您所說，有很多競爭對手的利潤率為 30% 或更高。 因此，我們的承諾是繼續提高利潤率。 但我們也認為，從長遠來看，我們必須擴大規模並創造價值。 因此，我們將嘗試提高利潤率，並做出正確的投資決策，以釋放該領域的長期價值。 但就目前而言，我們認為兩者都是可以實現的。

Got it. Thanks. That's helpful. And then maybe if I could follow up on capital and seeking. I know you've talked about your capital strategy a bit, but how are you thinking about capital allocation bags given the uncertainty around Basel? We have a proposal. We have the speech outlining the proposal of agency, the C. one of the agencies, you obviously resisting seemingly that the proposal we have an election that could come on play a big role in terms of influencing whatever outcome happens.

知道了。 謝謝。 這很有幫助。 然後也許我可以跟進資本和尋求。 我知道您已經談論過您的資本策略，但考慮到巴塞爾的不確定性，您如何考慮資本配置包？ 我們有一個建議。 我們有概述機構提案的演講，C. 機構之一，您顯然反對我們可能進行的選舉的提案，在影響發生的任何結果方面發揮重要作用。

So just I mean, how are you thinking about your capital? And why do you think the 90 basis point buffer to is the right offer, given given all that uncertainty site? Um, thank you. Like what I would say for the last period of quarters and years, we've been we've been operating in an environment with a bunch of regulatory, uncertain operating uncertainty as well. I think the economic trajectory outlook and client franchises is coming more into focus on from that presents opportunities.

我的意思是，你如何看待你的資本？ 考慮到所有的不確定性，您為什麼認為 90 個基點緩衝是正確的報價？ 嗯，謝謝。 就像我在過去幾個季度和幾年裡所說的那樣，我們一直在一個充滿監管、不確定的營運不確定性的環境中運作。 我認為經濟軌跡前景和客戶特許經營權越來越受到人們的關注，因為這帶來了機會。

So we run a buffer so that we have pent-up capacity to support incoming client opportunities for given other uncertainties in the world, which include regulatory on L. as to when we will have the next bit of clarity and be able to interpret exactly what that means for our our capital position. I couldn't tell you right now, but we have a long history of making adjustments to our activities. When we get that regulatory feedback from everything we know there are generally timelines as associated with those rules coming into effect.

因此，我們運行了一個緩衝，以便我們有被壓抑的能力來支持新客戶的機會，以應對世界上的其他不確定性，其中包括對L. 的監管，即我們何時才能獲得下一個清晰的資訊並能夠準確解釋什麼這意味著我們的資本狀況。 我現在無法告訴你，但我們長期以來一直在調整我們的活動。 當我們從我們所知道的一切中獲得監管反饋時，通常會有與這些規則生效相關的時間表。

We feel like this is the right place to run capital to support the client franchise and be prepared for other unexpected developments, including regulatory.

我們認為這是營運資本以支援客戶特許經營並為其他意外發展（包括監管）做好準備的正確場所。

Thank you. At this time, there are no additional questions. Ladies and gentlemen, this concludes the Goldman Sachs Third Quarter 2024 earnings conference call. Thank you for your participation. You may now disconnect.

謝謝。 目前，沒有其他問題。 女士們、先生們，高盛 2024 年第三季財報電話會議到此結束。 感謝您的參與。 您現在可以斷開連線。