高盛 (GS) 2021 Q4 法說會逐字稿

Good morning. My name is Jamaria, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs Fourth Quarter 2021 Earnings Conference Call. This call is being recorded today, January 18, 2022. Thank you. Ms. Halio, you may begin your conference.

各位早安。我叫 Jamaria，今天將擔任本次會議的主持人。我謹代表高盛，歡迎各位參加高盛 2021 年第四季財報電話會議。本通話將於今日（2022 年 1 月 18 日）錄音。謝謝。Halio 女士，您可以開始主持會議。

Good morning. This is Carey Halio, Head of Investor Relations at Goldman Sachs. Welcome to our fourth quarter earnings conference call. Today, we will reference our earnings presentation, which can be found on the Investor Relations page of our website at www.gs.com. No information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation. This audiocast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

各位早安。我是 Carey Halio，高盛投資人關係主管。歡迎參加我們的第四季財報電話會議。今天我們將引用我們的財報簡報，您可於本公司網站 www.gs.com 的投資人關係頁面查閱。關於前瞻性陳述與非 GAAP 衡量指標的相關資訊，請參閱財報新聞稿與簡報。本次音訊直播為高盛集團（Goldman Sachs Group, Inc.）之著作權資料，未經我們同意，不得複製、重製或轉播。

I am joined by our Chairman and Chief Executive Officer, David Solomon; and our Chief Financial Officer, Denis Coleman. Let me now pass the call to David.

今天與我一同出席的有本公司董事長兼執行長 David Solomon，以及財務長 Denis Coleman。接下來我把電話交給 David。

Thank you, Carey, and good morning, everybody. Thank you all for joining us.

謝謝你，Carey，各位早安。感謝各位加入我們。

Goldman Sachs delivered record results in 2021, and I am extremely pleased with our performance. We generated record full year revenues of $59 billion and record net earnings of $21.6 billion, over 60% greater than the previous all-time high. While our results were supported by healthy operating environment, we delivered the highest annual return among our peer set with an ROE of 23%.

高盛在 2021 年交出創紀錄的成績，我對我們的表現感到非常滿意。我們全年營收創新高，達 590 億美元；淨利亦創新高，達 216 億美元，較先前歷史高點高出逾 60%。儘管我們的成果受惠於良好的營運環境，我們仍以 23% 的股東權益報酬率（ROE）在同業中取得最高的年度報酬。

Our record annual revenues demonstrate that our client-oriented strategy is working. Investment banking had an extraordinary year as clients remained incredibly active and turned to Goldman Sachs time and time again for our industry-leading M&A and capital markets advice and execution. In this business, where we have been the dominant M&A adviser over the last 25 years, we produced segment revenues that exceeded the previous record by over $5 billion.

我們創紀錄的年度營收顯示，以客戶為導向的策略正在奏效。投資銀行業務在客戶持續高度活躍的一年中表現非凡，客戶一次又一次地選擇高盛，仰賴我們在併購（M&A）與資本市場方面領先業界的建議與執行能力。在這項業務中，我們過去 25 年一直是併購顧問的領導者，本年度分部營收較先前紀錄高出逾 50 億美元。

In Global Markets, we have set out to make this business more client oriented and to improve its return profile. We've made great progress, and we now rank in the top 3 with 72 of the top 100 clients, up from 51 in 2019. And we generated a return of 15% for the year.

在全球市場（Global Markets）業務方面，我們致力於讓該業務更以客戶為中心，並改善其報酬結構。我們已取得重大進展；目前在前 100 大客戶中，我們與其中 72 家的排名位居前三，較 2019 年的 51 家大幅提升。此外，我們全年創造了 15% 的報酬率。

Our Asset Management and Wealth Management business both had record years. We're advancing our strategy to expand our third-party alternatives platform where we are a top 5 alternative asset manager globally. In the last 2 years, we have raised over $100 billion in commitments against our 5-year goal of $150 billion. We are keenly focused on growing this business, and we'll be updating our long-term goals.

我們的資產管理與財富管理業務在 2021 年同樣創下紀錄。我們正推進擴大第三方另類投資平台的策略；在該領域，我們是全球前五大另類資產管理機構。過去兩年，我們已募集超過 1,000 億美元的承諾資金，朝五年 1,500 億美元的目標邁進。我們高度聚焦於擴大此業務，並將更新我們的長期目標。

We are also proud to run the fifth largest active asset manager globally with assets under supervision of a record $2.5 trillion. During the year, we generated a record $130 billion in long-term net inflows across the platform. Despite our strong market position and inflows, we are on a path to grow our Asset Management and Wealth Management businesses further and drive higher fee-related revenues.

我們也引以為傲的是，我們是全球第五大主動式資產管理機構，監督管理資產（assets under supervision）創新高達 2.5 兆美元。年內，我們在整個平台上創下 1,300 億美元的長期淨流入新高。儘管我們擁有強勁的市場地位與資金流入，我們仍在持續擴大資產管理與財富管理業務，並推動更高的費用相關收入。

Finally, I continue to be excited by our creation of the consumer banking platform of the future, where we are enabling over 10 million customers to take control of their financial lives. Last week, we introduced My GM Rewards Card, and we look forward to the addition of GreenSky later this quarter and the launch of checking later this year.

最後，我仍對我們打造「未來的消費者銀行平台」感到振奮；我們正協助超過 1,000 萬名客戶掌握其財務生活。上週我們推出 My GM Rewards Card，並期待本季稍晚納入 GreenSky，以及今年稍晚推出支票帳戶服務。

At our Investor Day in early 2020, we committed to do 3 things: grow and strengthen our existing businesses, diversify our franchise into new businesses and operate more efficiently. As shown by today's results, we are delivering on these objectives underpinned by our relentless focus on our clients. Notwithstanding the solid progress we've made to date, we remain committed to driving this organization forward with a keen eye on growth and diversifying our business mix.

在 2020 年初的投資人日（Investor Day）上，我們承諾要做到三件事：擴大並強化既有業務、將我們的特許經營版圖（franchise）多元化至新業務，以及提升營運效率。從今天公布的結果可見，在對客戶的堅定聚焦支撐下，我們正落實這些目標。儘管迄今已取得扎實進展，我們仍致力於持續推動組織向前，並以成長與業務組合多元化為核心。

These efforts will strengthen our ability to elevate the firm's return profile relative to before we took over as a leadership team. As I look ahead, we have great opportunities to grow the firm as we scale our 4 growth initiatives. We invested in these initiatives with the belief that each of them has the potential to add tens of billions of dollars to our market cap over time.

這些努力將強化我們相較於本領導團隊上任前的報酬結構提升能力。展望未來，隨著我們擴大四項成長計畫的規模，我們有很好的機會推動公司成長。我們投資這些計畫，是因為相信每一項都具備在時間推移下為我們的市值增加數百億美元的潛力。

Given it has now been 2 years since our Investor Day, we plan to address the details of the next phase of our execution next month.

鑑於距離投資人日已滿兩年，我們計畫在下個月說明下一階段執行的細節。

Before I turn it over to Denis, let me provide some thoughts on the operating environment. I'll start by saying there continues to be a fair amount of uncertainty. There's no question that the recent surge in Omicron cases contributed to market volatility. However, I'm encouraged by data that shows that Omicron wave is less severe and has already peaked in some countries. Therefore, it is expected to have less of an economic impact.

在把電話交給 Denis 之前，我先談談營運環境。我先說，市場仍存在相當程度的不確定性。毫無疑問，近期 Omicron 病例激增加劇了市場波動。不過，我對相關數據感到鼓舞，顯示 Omicron 這波疫情較不嚴重，且在部分國家已達高峰。因此，預期其對經濟的影響將較小。

My view is that COVID-19 will be endemic, and as a society, we will find a way to live with it, supported by the efficacy of vaccines and new treatments. For our firm, this means being flexible and dynamic with our protocols to adapt to this new state of the world while also enabling the majority of our people to be back in the office safely.

我的看法是，COVID-19 將成為地方性流行病（endemic），而社會將在疫苗效力與新療法的支持下，找到與其共存的方式。對我們公司而言，這意味著我們需要在防疫規範上保持彈性與動態調整，以適應這個新的世界狀態，同時也讓大多數同仁能夠安全地回到辦公室。

More broadly, there's no surprise that the recent surge in cases is putting even more pressure on supply chains. Inflation is persisting in many countries, and major central banks are beginning to raise rates, notably, the Bank of England late last year and the Federal Reserve is now expected by our economists to implement 4 rate hikes in 2022. Based on my experience, it makes sense to coming out of the recent period of easy monetary policy, inflation may be above trend for some time. And in the near term, inflationary pressures may continue to intensify before they start to decrease. I also believe that we could see more volatility as these easing policies are unwound, which will likely have an impact on economic growth, asset prices and client activity.

更廣泛而言，近期病例激增對供應鏈造成更大壓力並不令人意外。許多國家的通膨仍在持續，主要央行也開始升息；其中英格蘭銀行已於去年底升息，而依我們經濟學家的預期，美國聯準會在 2022 年可能實施 4 次升息。依我的經驗，從近期寬鬆貨幣政策的環境走出來之際，通膨可能在一段時間內高於趨勢水準。在短期內，通膨壓力也可能在開始緩解之前持續加劇。我也相信，隨著這些寬鬆政策退場，我們可能會看到更大的波動，這很可能影響經濟成長、資產價格與客戶活動。

In such a dynamic environment, I want to reiterate the importance I place on investing in the people of Goldman Sachs. It is their tireless dedication to the firm, to our clients and our culture of collaboration that drove our record performance this year. And I want to take this opportunity to express my profound thanks for all their hard work. It remains a personal priority of mine that we invest in their success.

在如此動態的環境中，我想再次強調我對投資高盛人才的重要性。他們對公司、對客戶以及對我們協作文化的不懈投入，推動了我們今年的創紀錄表現。我也藉此機會，對他們所有人的辛勤付出致上由衷的感謝。投資他們的成功，仍是我個人的優先事項。

In 2021, we demonstrated this commitment not only through our pay-for-performance approach but also by supporting our people in a variety of other ways, including new benefits and investments in health and safety. We believe these investments are critical components of our people strategy, support our culture and position us for success in the long term.

在 2021 年，我們不僅透過績效導向的薪酬制度展現此承諾，也以多種方式支持同仁，包括新增福利以及在健康與安全方面的投資。我們相信，這些投資是我們人才策略的關鍵組成，能支持我們的文化，並使我們在長期取得成功。

In conclusion, as I said at the outset, we had a very favorable backdrop in 2021, and we outperformed. But make no mistake, as we move into 2022 with excitement and enthusiasm for the opportunities ahead, we remain committed to executing on our strategy and delivering for our shareholders in any market environment.

總結來說，正如我一開始所說，2021 年的外部環境非常有利，而我們也交出超越同業的表現。但請不要誤會：當我們帶著對未來機會的期待與熱情邁入 2022 年，我們仍將致力於落實策略，並在任何市場環境下為股東創造價值。

Let me now turn it over to Denis to cover our financial results for the year and the quarter in more detail.

接下來我把電話交給 Denis，請他更詳細說明我們全年與本季的財務結果。

Thank you, David. Good morning. Let's start with our results on Page 2 of our presentation. In the fourth quarter, we generated net revenues of $12.6 billion, net earnings of $3.9 billion and earnings per share of $10.81. This contributed to our record performance for the year across revenues, earnings and EPS.

謝謝你，David。各位早安。我們先看簡報第 2 頁的結果。第四季，我們的淨營收為 126 億美元，淨利為 39 億美元，每股盈餘（EPS）為 10.81 美元。這也促成我們在全年營收、獲利與 EPS 方面的創紀錄表現。

Turning to performance by segment, starting on Page 3. Investment Banking delivered outstanding results in 2021, with revenues rising almost 60% versus very strong results last year. In the fourth quarter, Investment Banking produced its highest quarterly revenues of $3.8 billion. Financial Advisory revenues of $1.6 billion were just shy of last quarter's all-time record. We maintained our #1 league table position in completed M&A for 2021 as we have for 22 of the past 23 years and participated in over $1.8 trillion of announced transactions during the year, driving a volume market share of 31%.

接著看各分部表現，從第 3 頁開始。投資銀行在 2021 年交出亮眼成績，營收較去年已非常強勁的表現成長近 60%。第四季，投資銀行創下單季最高營收 38 億美元。財務顧問（Financial Advisory）營收 16 億美元，僅略低於上季的歷史新高。我們在 2021 年已完成併購（M&A）排行榜（league table）中維持第 1 名，過去 23 年中有 22 年皆為如此；年內我們參與了超過 1.8 兆美元的已公告交易，帶動 31% 的交易量市占率。

M&A activity remains elevated across geographies and industry groups, with particular strength in TMT, industrials and health care. We are also optimistic around the forward outlook for M&A with continued strength and corporate confidence, coupled with an accelerated pace of transformation across industries. This is further bolstered by high levels of investable capital from financial sponsors.

併購活動在各地區與各產業群仍維持高檔，尤其在 TMT、工業與醫療保健領域表現突出。展望未來，我們對併購前景亦持樂觀態度，因為市場持續強勁、企業信心穩健，加上各產業轉型速度加快。此外，金融贊助者（financial sponsors）擁有大量可投資資本，也進一步提供支撐。

In equity underwriting, we produced our fifth consecutive quarter with revenues in excess of $1 billion. We ranked #1 globally for the year with volumes of roughly $140 billion across more than 700 deals, representing volume market share of 10%.

在股票承銷方面，我們已連續第五個季度實現超過 10 億美元的營收。我們以全年約 1,400 億美元、超過 700 宗交易的承銷量位居全球第 1，代表 10% 的承銷量市占率。

In debt underwriting, net revenues were $948 million, with our strong performance supported by record industry leveraged finance volumes as well as solid asset-backed activity. We start the year with an investment banking backlog that is significantly higher than where we started 2021 despite record revenues during the year.

在債務承銷方面，淨營收為 9.48 億美元；我們的強勁表現受惠於創紀錄的行業槓桿融資承銷量，以及穩健的資產擔保相關活動。儘管今年營收創下紀錄，我們在年初的投資銀行業務待辦量仍顯著高於 2021 年初的水準。

Moving to Global Markets on Page 4. Segment net revenues were $4 billion in the quarter, down 7% year-on-year. Full year revenues of $22 billion rose 4%, driven by an increase in equities, which posted its best annual results since 2008. Equities performance was helped by our continued progress in deepening our relationships with the top 100 clients as well as higher financing revenues, consistent with our growth strategy.

接著看第 4 頁的全球市場業務。本季度分部淨營收為 40 億美元，年減 7%。全年營收 220 億美元成長 4%，主要由股票業務帶動；股票業務創下自 2008 年以來最佳年度表現。股票業務表現受惠於我們持續深化與前 100 大客戶的關係，以及更高的融資營收，與我們的成長策略一致。

Turning to Page 5. Our FICC business has generated $1.9 billion of net revenues for the fourth quarter. The decline in FICC intermediation versus a year ago was largely the result of significantly lower revenues and rates, products amid lower market-making opportunities, as well as in credit, primarily on decreased activity. These declines were partially offset by strong revenues in currencies, on solid market-making results and as a divergence in global central bank policies led to higher client activity, particularly in emerging markets. FICC financing revenues of $559 million were up meaningfully year-on-year driven by mortgage lending balances, consistent with our strategy to support the financing needs of clients across the franchise.

接著看第 5 頁。我們的 FICC 業務第四季產生 19 億美元的淨營收。與去年相比，FICC 中介業務下滑主要是因為在做市機會減少的情況下，利率產品的營收顯著降低，以及信貸業務主要因活動減少而下滑。這些下滑部分被外匯業務的強勁營收所抵銷，外匯受惠於穩健的做市成果，以及全球央行政策分歧帶動客戶活動增加，尤其是在新興市場。FICC 融資營收為 5.59 億美元，年增幅度顯著，主要由房貸放款餘額帶動，與我們支持全平台客戶融資需求的策略一致。

Total equity revenues of $2.1 billion were down 11% versus solid results in the fourth quarter of 2020 as an increase in Equities financing was more than offset by a decline in intermediation. Average balances in prime rose to a new record though financing revenues of $819 million were lower sequentially in the absence of outsized opportunities to extend liquidity to clients as mentioned last quarter. Equities intermediation revenues fell year-on-year, driven by significantly lower performance in both derivatives and cash amid fewer market-making opportunities.

股票業務總營收為 21 億美元，較 2020 年第四季的穩健表現下滑 11%，原因是股票融資的增加被中介業務下滑所抵銷。主經紀（prime）平均餘額升至新高，但融資營收 8.19 億美元因缺乏如上季所提及、可向客戶提供流動性的超額機會而較前季下降。股票中介業務營收年減，主要由衍生品與現貨兩者表現顯著走弱所致，反映做市機會減少。

Moving to Asset Management on Page 6. I Fourth quarter segment revenues were $2.9 billion. And for the full year, Asset Management generated record revenues of $14.9 billion, helped by significant gains in equity investments, particularly in the first half of the year. Fourth quarter management and other fees totaled $739 million, which were burdened by approximately $155 million of fee waivers on our money market funds. As rates rise in the U.S., we expect the majority of these waivers to cease. Equity investments produced net revenues of $1.4 billion, driven by over $1.3 billion in gains on our $15 billion private investment portfolio and roughly $570 million in operating revenues and gains related to CIEs, partially offset by $500 million of losses on our $4 billion public portfolio.

接著看第 6 頁的資產管理。我們第四季分部營收為 29 億美元。全年資產管理創下 149 億美元的紀錄營收，受惠於股票投資的顯著收益，尤其是在上半年。第四季管理費及其他費用合計 7.39 億美元，其中約 1.55 億美元為貨幣市場基金的費用減免而造成負擔。隨著美國利率上升，我們預期其中大部分減免將停止。股票投資帶來 14 億美元淨營收，主要由我們 150 億美元私募投資組合超過 13 億美元的收益，以及約 5.7 億美元與 CIEs 相關的營運收入與收益所驅動；部分被我們 40 億美元公開市場投資組合 5 億美元的損失所抵銷。

Moving ahead to Page 8. We show the continued progress in harvesting on-balance sheet equity investments, consistent with our long-term strategy to reduce capital in this segment and increase fee-related earnings. Since we laid out this plan at the beginning of 2020, we have actively harvested positions of $18 billion. which have been partially offset by mark-ups on the portfolio of $9 billion and additions of $6 billion, which include early fund facilitation. The implied capital associated with the total dispositions across both private and public equity positions since our 2020 Investor Day is nearly $10 billion. Additionally, we continue to have line of sight on $1.5 billion of incremental private asset sales corresponding to $1 billion of capital reduction.

接著看第 8 頁。我們展示了持續推進收割（harvesting）資產負債表內股票投資的進展，與我們降低該分部資本占用並提高費用相關收益的長期策略一致。自 2020 年初提出此計畫以來，我們已主動收割 180 億美元的部位；其中部分被投資組合 90 億美元的估值上調（mark-ups）以及 60 億美元的新增投資所抵銷，新增投資包含早期基金促成（early fund facilitation）。自 2020 年投資人日以來，我們在私募與公開股票部位的總處分所對應的隱含資本接近 100 億美元。此外，我們仍可見度明確地預期將額外出售 15 億美元的私募資產，對應約 10 億美元的資本降低。

Moving to Page 9. Consumer & Wealth Management produced revenues of $2 billion in the fourth quarter, contributing to record full year revenues of $7.5 billion that rose 25% versus the prior year. In Wealth Management, quarterly management and other fees rose to a record of $1.3 billion, up 5% versus the third quarter and 24% year-on-year, supported by strong client inflows. Private Banking and lending net revenues of $293 million for the quarter contributed to record full year results of $1.1 billion, which were helped by increased loan penetration with our ultra-high net worth clients. Consumer banking revenues were $376 million in the fourth quarter, reflecting higher credit card loan and deposit balances year-over-year. Sequential results were impacted by higher interest expense on our U.K. deposits where we raised rates ahead of the Bank of England rate increase.

接著看第 9 頁。消費者與財富管理第四季營收為 20 億美元，帶動全年營收創下 75 億美元紀錄，較前一年成長 25%。在財富管理方面，季度管理費及其他費用升至 13 億美元的紀錄，較第三季成長 5%，年增 24%，受惠於強勁的客戶資金流入。私人銀行與放款業務本季淨營收為 2.93 億美元，帶動全年創下 11 億美元的紀錄，主要受惠於我們在超高淨值客戶中的貸款滲透率提升。消費金融業務第四季營收為 3.76 億美元，反映信用卡貸款與存款餘額年增。與前季相比的結果受到英國存款利息費用上升影響，因我們在英格蘭銀行升息前提前調升了利率。

As David mentioned, we now have over 10 million customers across our global consumer platform, up roughly 60% versus last year. And gross loan balances are up by almost 50%. We expect loan growth to continue in 2022, given the pending acquisition of GreenSky and the recent launch of the My GM Rewards Card.

如 David 所提到的，我們全球消費者平台目前已有超過 1,000 萬名客戶，較去年約成長 60%。而總貸款餘額也增加近 50%。鑑於對 GreenSky 的待完成收購，以及近期推出 My GM Rewards Card，我們預期 2022 年貸款成長將持續。

Page 10 shows the growth in our firm-wide assets under supervision and management and other fees, which is a key component of our forward strategy. As David mentioned, total AUS stands at a record $2.5 trillion, following record long-term net inflows of $130 billion during the year, strengthening our position as a top 5 active asset manager and a top 5 alternative asset manager globally. Firm-wide management and other fees for the fourth quarter rose 14% year-over-year to a record $2 billion, contributing to full year management and other fees of $7.6 billion. Importantly, we've been able to grow these fees at a 9% compounded annual growth rate over the last 3 years. This fee income is a key component of our strategy to diversify our business mix and deliver more durable revenues for shareholders.

第 10 頁顯示我們全公司層級的監督與管理資產（AUS）以及管理費與其他費用的成長，這是我們前瞻策略的關鍵組成。如 David 所提到，總 AUS 創下 2.5 兆美元紀錄，係在全年創紀錄的 1,300 億美元長期淨流入之後達成，強化了我們作為全球前五大主動式資產管理人與前五大另類資產管理人的地位。全公司第四季管理費及其他費用年增 14% 至 20 億美元的紀錄，帶動全年管理費及其他費用達 76 億美元。重要的是，過去 3 年我們以 9% 的年複合成長率成長這些費用。這項費用收入是我們多元化業務組合、並為股東提供更具韌性營收之策略的關鍵組成。

On Page 11, we address net interest income and our lending portfolio across all segments. Total firm-wide NII was $1.8 billion for the fourth quarter, higher versus a year ago reflecting lower funding expenses, including a greater reliance on deposits and an increase in interest-earning assets. As we've noted previously, our business is modestly asset-sensitive. We expected higher rates in 2022, along with the continued expansion of interest-earning assets will provide a net benefit to our results.

在第 11 頁，我們說明各分部的淨利息收入以及放款投資組合。全公司第四季淨利息收入（NII）為 18 億美元，較去年同期增加，反映資金成本下降（包括更依賴存款）以及生息資產增加。如先前所述，我們的業務對資產端利率變動呈溫和敏感。我們預期 2022 年利率走高，加上生息資產持續擴張，將對我們的業績帶來淨正面效益。

Our total loan portfolio at quarter end was $158 billion, up $15 billion sequentially and $42 billion for the full year. The growth in our loan book this year primarily reflects higher balances in conservatively structured warehouse lending, where our typical loan to value is 50% and an increase in high-quality wealth management loans.

本季季末總貸款投資組合為 1,580 億美元，較前季增加 150 億美元，全年增加 420 億美元。今年貸款簿成長主要反映保守結構的倉儲融資（warehouse lending）餘額提高（我們典型的貸款價值比為 50%），以及高品質財富管理貸款增加。

Provision for credit losses of $344 million reflected lending growth during the quarter, primarily in Apple Card, as we expand our consumer business. We expect the provision to grow next year, reflecting increased lending and financing activities across the firm.

信用損失準備金為 3.44 億美元，反映本季放款成長，主要來自 Apple Card，因我們持續擴展消費金融業務。我們預期明年準備金將增加，反映全公司放款與融資活動的提升。

Turning to expenses on Page 12. Our total quarterly operating expenses were $7.3 billion. For the full year, operating expenses were $32 billion, driving an efficiency ratio of roughly 54%, well below our 60% target, and reflecting our ability to exhibit operating leverage.

接著看第 12 頁的費用。我們本季總營運費用為 73 億美元。全年營運費用為 320 億美元，使效率比率約為 54%，明顯低於我們 60% 的目標，並反映我們展現營運槓桿的能力。

On compensation, our philosophy remains to pay for performance, and we are committed to rewarding top talent in a competitive labor environment. Our full year compensation ratio net of provision of 30% is 200 basis points lower than 2020.

在薪酬方面，我們的理念仍是以績效付酬，並致力於在競爭激烈的勞動環境中獎勵頂尖人才。我們全年薪酬比率（扣除提存後）為 30%，較 2020 年低 200 個基點。

Quarterly non-compensation expenses of $4 billion rose year-over-year as we continue to invest across the franchise to accelerate the strategic evolution of the firm. Nearly 2/3 of the increase was driven by higher professional fees, technology spend and market development-related costs. We also incurred $182 million of expenses related to litigation during the quarter.

本季非薪酬費用為 40 億美元，年增，因我們持續在全平台投資以加速公司策略演進。增幅中近 2/3 來自更高的專業服務費、科技支出以及市場開發相關成本。我們本季亦認列與訴訟相關的費用 1.82 億美元。

Turning to capital on Slide 13. Our common equity Tier 1 ratio was 14.2% at the end of the fourth quarter under the standardized approach, up 10 basis points sequentially. In the quarter, we returned a total of $1.2 billion to shareholders, including common stock repurchases of $500 million and nearly $700 million in common stock dividends. We also adopted SACCR in the fourth quarter, which impacted our CET1 ratio by 30 basis points as noted on the last earnings call. Looking ahead, we expect further pressures on our capital position, including the upcoming closing of the NNIP acquisition and other deployment opportunities. Given these headwinds, we currently expect buybacks in the first quarter to be at or around the levels in the fourth quarter.

接著看第 13 頁的資本。在標準法下，我們第四季末普通股權第一級資本比率（CET1）為 14.2%，較前季上升 10 個基點。本季我們合計向股東回饋 12 億美元，包括 5 億美元的普通股回購以及近 7 億美元的普通股股利。我們也在第四季採用 SACCR，如上次財報電話會議所述，這使我們的 CET1 比率受到 30 個基點的影響。展望未來，我們預期資本部位將面臨進一步壓力，包括即將完成的 NNIP 收購交割以及其他資本部署機會。鑑於這些逆風，我們目前預期第一季的回購將大致維持在第四季的水準或接近該水準。

As it relates to our funding plan based on current expectations, we intend to issue materially less benchmark debt for this year versus 2021, though we will remain dynamic with respect to business needs and market opportunities.

就我們基於目前預期的資金籌措計畫而言，我們打算在今年發行的基準債務規模將較 2021 年顯著減少，但我們仍會依業務需求與市場機會保持彈性調整。

In conclusion, our solid fourth quarter and record 2021 results reflect the strength of our client franchise and our successful strategic execution as well as the upside inherent in our business model amid a constructive operating environment. As David noted, we look forward to providing you with an update next month with more detail around our strategic objectives and targets. Importantly, our results bolster our confidence that the execution of our strategic plan will diversify our business mix and drive more durable revenues for shareholders.

總結而言，我們穩健的第四季表現與 2021 年創紀錄的成果，反映出我們客戶基礎的實力、成功的策略執行，以及在有利的營運環境下，我們商業模式所蘊含的上行空間。如 David 所提，我們期待在下個月向各位提供更新，並就我們的策略目標與指標提供更詳細的說明。重要的是，我們的業績結果強化了我們的信心：策略計畫的落實將使我們的業務組合更多元，並為股東帶來更具韌性、更加持久的營收。

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

接下來，我們將開放提問。

(Operator Instructions) Your first question comes from Glenn Schorr from Evercore ISI.

（接線員指示）第一個問題來自 Evercore ISI 的 Glenn Schorr。

I'm trying to ask this question as efficiently as I can, but I think this is a time question. So you know that the 200 basis points (inaudible) ex provision operating leverage, but reviews were amazing. So just the broader (inaudible) to ask is as we think about comp ratio from where it was, someday capital markets revenues might actually moderate? And two, non-comp of 12%, how much of that fits around so people can maybe adjust this high level of structure relative to a high level of revenue?

我會盡可能有效率地提問，但我認為這是一個時點性的問題。你們知道，扣除備抵後的營運槓桿有 200 個基點（聽不清），但表現非常亮眼。所以更廣泛（聽不清）想問的是：當我們思考薪酬比率從目前水準往後走時，某個時點資本市場營收可能會趨於溫和嗎？第二，非薪酬費用成長 12%，其中有多少是相對固定、讓大家可以在高層次上，依據高營收水準來調整對成本結構的看法？

Yes. Glenn, Denis here. Thank you very much for the question. I think I understood it, it was regarding compensation and also non-compensation expenses. And as you noted, for the full year, we were able to take the compensation ratio down by over 200 basis points, while still being able to have a level of compensation and benefits that we thought was appropriate in light of the firm's performance, taking into context the competitive environment for talent and also wanted to ensure that we had our team in place ready to continue to serve our clients and continue to execute on our plan as we go forward.

是的。Glenn，我是 Denis。非常感謝你的問題。我想我理解你的意思，主要是關於薪酬以及非薪酬費用。正如你提到的，全年來看，我們在仍能提供我們認為與公司表現相稱的薪酬與福利水準的同時，將薪酬比率下調了超過 200 個基點；我們也把人才競爭環境納入考量，並希望確保團隊到位，能持續服務客戶並在未來持續推進我們的計畫。

To the extent that the environment in 2022 shifts, that compensation model is highly variable, and that is a lever that we can certainly pull to continue to deliver on our targets with respect to efficiency ratio as well as aggregate level of returns.

若 2022 年的環境出現變化，我們的薪酬模式具有高度可變性，這確實是一個我們可以運用的槓桿，以持續達成我們在效率比率以及整體報酬水準方面的目標。

I think you separately pointed out that non-compensation expenses were up. And those non-compensation expenses were up as we continue to make investments in the firm. Some of the largest drivers of our non-compensation expense in the year with transaction-related activity. That is our largest non-compensation expense. And to the extent that activity were to vary and be different, we would expect those expenses to be different.

我想你也另外指出非薪酬費用上升。而非薪酬費用上升，是因為我們持續對公司進行投資。當年度推升非薪酬費用的最大因素之一，是與交易相關的活動；這是我們最大的非薪酬費用項目。若該活動量有所變動、呈現不同水準，我們預期相關費用也會隨之不同。

Other drivers were professional fees and then also technology spend. And these are technology spend, in particular, technology spend and engineering expense is a strategic expense for the firm. That's one area where we expect to continue to invest. But we similarly have a number of levers across our operating expenses that should the environment prove different in 2022, we would look to make adjustments to.

其他驅動因素包括專業服務費用，以及科技支出。特別是科技支出與工程費用，對本公司而言屬於策略性支出；這是我們預期會持續投入的領域。不過同樣地，在營運費用方面我們也有多項可調整的槓桿；若 2022 年的環境與預期不同，我們會考慮進行相應調整。

Our next question is from Steven Chubak with Wolfe Research.

下一個問題來自 Wolfe Research 的 Steven Chubak。

David, I was hoping you could speak to the tremendous growth that you're seeing in trading revenues this year. It's also consumed a fair amount of capital. Standardized RWAs are up about 20% year-on-year. It's clearly been the right call to lean into those trading opportunities, just given the 15% returns generated in Global Markets. But if the industry activity contracts, can you speak to how we should think about the interplay between revenues and allocated capital and whether we should expect some RWA relief as activity normalizes?

David，我希望你能談談今年交易營收所呈現的驚人增長。這也消耗了相當多的資本。標準化風險加權資產（RWA）年增約 20%。考量到全球市場業務產生了 15% 的報酬，顯然加碼把握這些交易機會是正確的決策。但如果產業活動收縮，你能否談談我們應如何看待營收與配置資本之間的互動？以及當活動回歸常態時，是否可預期 RWA 會有一些回落空間？

Thanks, Steve, and I'll start and there might be some stuff that Denis adds. But I think the most important thing and you highlighted it and we feel very good about it, and I think it's one of the reasons why we were able to deliver 23% returns for the year is there was a client opportunity and an activity opportunity, and we allocated to it resources including capital, and therefore, driving RWAs.

謝謝你，Steve。我先回答，Denis 可能也會補充一些內容。我認為最重要的一點是——你也提到了——我們對此感到非常好；而且我想這也是我們能在全年交出 23% 報酬的原因之一：當時存在客戶機會與活動機會，我們將包含資本在內的資源配置到該機會上，因此帶動了 RWA 的增加。

In a different environment, if this normalized, we think we have the nimble ability to be reactive and adjust. We've always been relatively nimble in our capital allocation to the business. I think we made the right decision this year and captured a lot of upside and therefore, a lot of book value growth. But in an environment where the market opportunity and the client opportunity was different, it would be reflected in changes in our balance sheet position and our RWAs.

在不同的環境下，如果這些情況回歸常態，我們認為自己具備靈活快速反應與調整的能力。我們一向在資本配置上相對敏捷。我認為今年我們做了正確的決策，捕捉到大量上行空間，因而帶來了可觀的帳面價值成長。但在市場機會與客戶機會不同的環境中，這會反映在我們資產負債表部位與 RWA 的變化上。

Listening to the first 2 questions, I just again highlight, we look through everything. This management team is looking through everything through the lens of the fact that we laid out a strategic plan 2 years ago to drive higher returns and invest in our businesses, grow certain platforms and run the firm more efficiently. When we had that Investor Day 2 years ago, none of us could have anticipated the environment that we've lived through over the last 2 years and particularly the environment this year, which was obviously a significant tailwind for our business. I think we've done a very good job being nimble and capturing the opportunity that existed because of the increase in client activity. But we in no way see that as a permanent environment that's going to continue at this pace.

聽了前兩個問題，我再強調一次：我們會通盤考量一切。這個管理團隊看待所有事情，都是透過這樣的視角：兩年前我們提出了一個策略計畫，目標是提升報酬、投資於各項業務、擴大某些平台，並以更有效率的方式經營公司。兩年前舉辦投資人日時，沒有人能預見過去兩年我們所經歷的環境，尤其是今年的環境，顯然對我們的業務帶來了顯著順風。我認為我們在把握因客戶活動增加而出現的機會方面做得很好、也很靈活。但我們絕不認為這是一個會以目前速度永久持續的環境。

We continue to be focused on doing exactly what we set out in the Investor Day to deliver higher, more durable returns. We're going to update you on what we think that looks like, but we remain very confident of what we set out at our Investor Day. I think there's more that we can do. And so obviously, if some of the market activity that we saw in 2021 dissipated in 2022, we would change our capital allocation, our RWAs and our expense base accordingly.

我們仍專注於落實投資人日所設定的方向，以交付更高、且更具持久性的報酬。我們會向各位更新我們認為未來會是什麼樣貌，但我們對投資人日所提出的方向仍然非常有信心。我認為我們還能做得更多。因此，若 2021 年我們看到的部分市場活動在 2022 年消退，我們會相應調整資本配置、RWA 以及費用基礎。

Our next question comes from Betsy Graseck with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Betsy Graseck。

Betsy, we can't hear you.

Betsy，我們聽不到你的聲音。

This is Manan Gosalia on for Betsy Graseck. I was wondering, can you talk a little bit about the collaboration you recently announced with AWS? What functionality does that give you on your platform? And do you think that, that will drive more wallet share with existing clients, bring in new clients? Or is it a combination of the 2?

我是代替 Betsy Graseck 的 Manan Gosalia。我想請問，你能否談談你們最近宣布與 AWS 的合作？這會為你們的平台帶來哪些功能？你認為這會提升既有客戶的錢包份額、帶來新客戶，還是兩者兼具？

Sure. And we continue to find more ways to migrate certain platforms to the cloud, which gives us more efficiency and ability to connect with our clients and deliver resources to our clients. This partnership with AWS allows us to take our data sets inside Goldman Sachs. And if you think about SecDB and all the trading data sets and information that we have inside, in the old model, clients come to us, we use that data and we give them feedback so they can transact. In the new model, we're allowing an ability for clients to connect directly into that so they can develop directly on that platform with our data sets, which will allow them to think differently about their execution decisions and priorities.

當然可以。我們持續尋找更多方式，將某些平台遷移到雲端，這能提升效率，也能讓我們更好地與客戶連結並向客戶交付資源。與 AWS 的這項合作，讓我們能把高盛內部的資料集帶到雲端。若你想到 SecDB 以及我們內部所有交易資料集與資訊，在舊模式下，客戶來找我們，我們使用這些資料並回饋給他們，讓他們得以進行交易。在新模式下，我們讓客戶能直接連接進來，使他們可以在我們的資料集之上直接進行開發，這將使他們能以不同方式思考其執行決策與優先順序。

There are different things that can happen from that. One, with certain very large clients. We've got direct feedback from those clients that, that can improve our wallet share because we're delivering real value to them. And secondarily, we actually think there can be opportunities for people to pay for that as a service, given the size of our data set and the resources that we can deploy.

這可能帶來不同的結果。第一，對某些非常大型的客戶而言，我們已直接收到回饋，表示這能提升我們的錢包份額，因為我們為他們提供了真正的價值。第二，我們也認為，鑑於我們資料集的規模以及可部署的資源，可能存在把它作為一項服務收費的機會。

Great. And if I can ask an unrelated follow-up. You had a very strong quarter and year on the M&A advisory side. I know you said the pipeline is still strong across Investment Banking and you have a very positive outlook on M&A. But can you talk about how you expect the environment to evolve as the Fed starts to high grades and as we get into the back half of the year? And are there any differences in how you see sponsor activity playing out versus strategic activity?

很好。如果我可以再問一個不相關的追問：你們在併購（M&A）顧問業務方面，本季與全年都非常強勁。我知道你提到投資銀行各領域的案源仍然強勁，且你對 M&A 的展望非常正面。但當聯準會開始升息、且進入下半年時，你能否談談你預期環境會如何演變？另外，你對贊助方（sponsor）活動與策略型（strategic）活動的走勢看法，是否有任何差異？

Well, I think strategic activity is going to continue to be very high. And one of the things I touched on in my opening comments, we have a very, very interesting macro environment because you have all these supply chain disruptions. And I think those supply chain disruptions are real, having a big effect on business. And so people are looking for opportunities to strategically accelerate in a changing environment. People are looking for further opportunities for scale. We're looking for further opportunities to consolidate. And that's one of the reasons why the activity levels across our M&A platform are quite active.

我認為策略型活動將會持續維持在非常高的水準。我在開場談話中提到的一點是：我們正處於一個非常、非常有意思的總體環境，因為供應鏈中斷四處可見。我認為這些供應鏈中斷是真實存在的，並且對企業造成很大影響。因此，人們正在尋找機會，在變動的環境中以策略方式加速前進；人們也在尋求進一步擴大規模的機會，並尋求進一步整併的機會。這也是為什麼我們的 M&A 平台整體活動水準相當活躍。

And so both from a backlog perspective and real-time activity and just getting around with CEOs broadly, we think there's a good tailwind for continued M&A activity. And the uncertainty in the environment, interestingly, is actually helping that tailwind because it's forcing people to look hard at ways they can strengthen their competitive position. And so I think we have a big reset going on coming out of COVID around supply chains, the way businesses are positioned. And I think that's going to create a significant amount of client activity.

因此，無論從積壓案量的角度、即時的活動情況，還是我們與各界 CEO 的廣泛交流來看，我們認為持續的併購（M&A）活動有不錯的順風。且有趣的是，環境中的不確定性其實正在助長這股順風，因為它迫使人們更認真地尋找能夠強化競爭地位的方法。因此我認為，COVID 之後在供應鏈、企業定位方式等方面正在發生一次重大重置，而這將帶來相當可觀的客戶活動。

Now when you get back into the latter part of the year, you talk about different economic environments, it's very hard to see that far out. But at the moment, the M&A activity tailwind looks reasonably good.

當你回到今年後半段、談到不同的經濟環境時，確實很難看得那麼遠。但就目前而言，併購活動的順風看起來相當不錯。

Your next question comes from Mike Mayo with Wells Fargo Securities.

下一個問題來自富國證券（Wells Fargo Securities）的 Mike Mayo。

Just a clarification, you said next month, we'll get an update. Will that be in the form of a brokerage firm conference or a special one-off Goldman Sachs event?

我想先釐清一下，你說下個月我們會收到更新。那會是以券商會議的形式，還是高盛（Goldman Sachs）特別舉辦的一次性活動？

Mike, we'll put out a press release in the next couple of weeks with the details, Mike.

Mike，我們會在接下來幾週內發布新聞稿，提供相關細節，Mike。

Okay. Then to my questions. I guess the first question is, conceptually, how do you think about taking the benefits of the higher level of revenues and reinvesting in the business?

好的。那回到我的問題。我想第一個問題是，從概念上，你們如何看待把較高水準的營收所帶來的效益再投資到業務中？

Certainly, your efficiency ratio improved from 65% to 54% year-over-year. But in the fourth quarter, it backed up by quite a bit and more than expected. And so trying to get a sense for how much you're willing to invest, whether it's employees, technology, complete that list at the expense of showing positive operating leverage.

當然，你們的效率比率（efficiency ratio）年比從 65% 改善到 54%。但在第四季又明顯回升，而且高於預期。因此我想了解，你們願意投資到什麼程度——不論是員工、科技等，把清單列完——而以犧牲呈現正向營運槓桿（positive operating leverage）為代價。

Well, Mike, I appreciate the question. And again, I just want to take you back. We laid out a plan and we set some targets, and we are very confident of our ability to deliver on those targets. And we're going to provide more information based on what we know in the coming months as to how we think we're going forward. But we're committed to that efficiency ratio target. And I said this clearly in my remarks, in any environment.

Mike，我很感謝這個問題。我再帶你回顧一下：我們提出了一個計畫並設定了一些目標，而我們對達成這些目標的能力非常有信心。未來幾個月，我們會根據我們所掌握的資訊，提供更多我們對前進方向的看法。但我們致力於達成那個效率比率目標。我在發言中也很清楚地說過：在任何環境下都是如此。

And so look, this was certainly a very, very interesting year. And I feel very good about the fact that there was an enormous opportunity given client activity for us to capture more of that activity, make some investments around it and deliver really extraordinary returns and really extraordinary book value growth for our shareholders.

所以你看，這確實是非常、非常有意思的一年。我對於這樣一個事實感到非常好：在客戶活動帶來的巨大機會下，我們有很大的空間去捕捉更多活動、圍繞這些活動進行投資，並為股東帶來非常卓越的回報，以及非常卓越的每股帳面價值成長。

In a different environment, I'm confident that there are a number of different levers that we can pull in that different environment to continue to deliver on the targets we set and make the firm more durable and continue to grow our returns. And so we're focused on that. We're not wrapped up in the quarter. We're focused on our 1-, 2- and 3-year version, a vision of how we can continue to drive the firm forward. And so I hope that's helpful. But that's the way we're thinking about it. That's what we're focused on. And there was an extraordinary opportunity this year, and we feel like we captured it.

在不同的環境下，我有信心我們有許多不同的槓桿可以運用，以持續達成我們設定的目標、讓公司更具韌性，並持續提升我們的回報。因此我們專注於此。我們不會被單一季度牽著走；我們專注於 1 年、2 年與 3 年的版本——也就是我們如何持續推動公司向前的願景。希望這對你有幫助。這就是我們的思考方式，也是我們的重點。今年有一個非同尋常的機會，而我們覺得我們把握住了。

And then the tougher question but you're in a better seat to forecast this, how much longer should capital markets stay elevated versus pre-pandemic? And this is a relevant question because you're allocating resources. You said the backlog is close to the record level at the start of last year, but I think the concern is really around the markets businesses. And if you get more volatility, maybe that's good. On the other hand, maybe the best days are behind us. But with higher rates, do you get a lot of money moving in and Goldman Sachs acts as an intermediary? Just how do you think about the ins and outs as it relates to the capital markets levels?

接著是一個更棘手的問題，但你們的位置更適合做預測：資本市場相較於疫情前，還會在高檔維持多久？這個問題很重要，因為你們正在配置資源。你提到積壓案量接近去年年初的紀錄水準，但我認為市場更擔心的是市場業務（markets businesses）。如果波動加大，也許是好事；但另一方面，也許最好的日子已經過去了。不過在利率更高的情況下，是否會有大量資金流動，而高盛作為中介？你們如何看待資本市場水準的進出變化（ins and outs），以及這與資本市場水準之間的關係？

Sure. And look, I don't have a crystal ball, Mike. And so there certainly could be volatility in activity levels, but I think the important thing is to step back again and think about our franchise. And I harken back to our Investor Day when we talked about our position in Global Markets, and we said we wanted to grow our wallet share. We wanted to increase the scalability of our client franchise. We wanted to be more important to our clients. We've materially grown our wallet share. We've materially increased our position, and there was definitely more client activity last year and this year, and so we were able to capture that.

當然。你看，Mike，我沒有水晶球。所以活動水準確實可能出現波動，但我認為重要的是再次退一步，思考我們的特許經營（franchise）。我回想我們在投資人日（Investor Day）談到全球市場（Global Markets）業務的定位時，我們說過希望提升錢包份額（wallet share），希望提高客戶特許經營的可擴展性（scalability），希望對客戶更重要。我們已大幅提升錢包份額，也大幅強化了我們的地位。去年和今年確實有更多客戶活動，因此我們得以把握並捕捉到這些機會。

In a more normalized environment, that opportunity might be different, but we think we have the right resources to continue to be a leader and to capture what that puts forward and deliver reasonable returns against our overall package of returns as a firm. I do think that market levels and activity levels, given we're in a very, very unusual macro environment, are going to continue to be reasonable as we start into this year.

在更正常化的環境下，那樣的機會可能會不同，但我們認為我們擁有正確的資源，能持續保持領先、把握環境所帶來的機會，並在公司整體回報組合下交出合理回報。我確實認為，鑑於我們正處於非常、非常不尋常的總體環境，市場水準與活動水準在今年年初仍將維持在合理水準。

I'm not going to predict what things look like in the second half of the year or next year, but you've still got a lot of volatility around the pandemic. You've got big changes in supply chain. You've got changes in interest rates. There's a lot going on. And so we still see clients being relatively active.

我不會去預測今年下半年或明年的情況，但疫情仍帶來大量波動；供應鏈正在發生重大變化；利率也在變動。有很多事情同時在發生。因此我們仍看到客戶相對活躍。

But what I feel best about is over the last 2 years, we've been executing on our plan. It strengthened our franchise. It's increased our wallet share. We're in better position with our clients. And so -- and we've also done a lot from an efficiency perspective in that business. And so I feel very good about how that business has progressed since we laid out our plan on Investor Day in 2019, and I expect we'll continue to perform well as we move forward from here.

但我最有信心的是，過去兩年我們一直在執行我們的計畫。這強化了我們的特許經營、提升了我們的錢包份額，並讓我們與客戶的關係處於更好的位置。同時——我們也在該業務的效率面做了很多工作。因此，自從我們在 2019 年投資人日提出計畫以來，我對該業務的進展感到非常好，我也預期我們在往前走的過程中會持續有良好表現。

Your next question comes from Kian Abouhossein with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Kian Abouhossein。

The first question is just coming back to the comp ratio. If I ex provisions on the comp ratio, I actually get to 30%, it's actually flat year-on-year. Can you just confirm that? In context of comp, if I just take a simple calculation of taking comp increase minus staff increase, you're up around 20% year-on-year. And if I compare that to peers looking at 9 months or what has been reported so far, it's 10% or less. So just trying to understand your driver to pay more than what we're going to see and what we expect to see from The Street in terms of global peers on the comp side.

第一個問題是回到薪酬比率（comp ratio）。如果我在薪酬比率中排除提存（provisions），我算出來其實是 30%，年比其實持平。你能否確認一下？就薪酬而言，如果我做一個簡單計算：薪酬增加減去員工數增加，你們年比大約上升 20%。而如果我拿同業相比——看 9 個月或目前已公布的數據——大概是 10% 或更低。所以我想了解，你們薪酬增幅高於我們將看到、以及市場（The Street）預期全球同業在薪酬端會呈現的水準，其驅動因素是什麼？

Okay. Thank you, Kian. A couple of comments I would make. You referenced the ratio without taking account of the provisions. And you're correct, that's roughly flat at 30% year-over-year. However, we look at paying out compensation on the basis of revenues net of provisions. These provisions are real. And that's the basis on which we set our compensation ratio.

好的。謝謝你，Kian。我有幾點想說。你提到的是未計入提存的比率。你說得沒錯，年比大約持平在 30%。不過，我們在決定薪酬發放時，是以扣除提存後的營收（revenues net of provisions）為基礎。這些提存是真實存在的。我們就是以此作為設定薪酬比率的基礎。

And 30% is more than 200 basis points lower than it was last year. It's also the lowest comp ratio in our history. So we continue to drive that down, drive efficiency on behalf of our clients.

而 30% 比去年低了超過 200 個基點（basis points）。這也是我們歷史上最低的薪酬比率。因此我們持續把它往下推進，提升效率，以代表我們的客戶。

You made some reference to changes in headcount. I mean something I would offer you up just by way of a perspective, if you look at the roughly 3,400 incremental heads that we have on headcount on a year-over-year basis, approximately 90% of those heads were located in strategic locations of the firm. Only 10% of those heads in hub locations like New York, London, Hong Kong. So there's a lot of things going on as we continue to evolve the complexion of our employee base and grow the firm. And as a matter of efficiency and strategic priority in terms of sourcing talent and sort of redundancies around the world, we're very deliberately growing headcount in different places. And obviously, as you can appreciate, the expense associated with headcount varies very much by location. So that may help you with your numbers.

你也提到人頭數的變化。我可以提供一個角度：如果你看我們年比增加的大約 3,400 名員工，其中約 90% 位於公司策略性地點（strategic locations）。只有 10% 位於像紐約、倫敦、香港這類樞紐地點（hub locations）。因此，隨著我們持續演進員工結構並擴張公司，確實有很多事情同時在進行。就效率與策略優先順序而言——包括人才來源（sourcing talent）以及全球各地的某些重複配置（redundancies）——我們非常刻意地在不同地點增加人力。當然，如你所理解，人力相關費用會因地點而有很大差異。這或許能幫助你理解你的數字。

Your next question comes from Brennan Hawken with UBS.

下一個問題來自瑞銀（UBS）的 Brennan Hawken。

Just curious about the -- some of the different lines in the new businesses, specifically the consumer and wealth segment and the corporate lending line. How should we think about rate sensitivity in those lines? Can you give us any kind of parameters around how we would calibrate magnitude given we're likely to see some rate increases here in the coming year?

我想請教一下新業務中一些不同項目——特別是消費者與財富（consumer and wealth）板塊，以及企業放款（corporate lending）項目——對利率的敏感度應如何看待？鑑於我們很可能在接下來一年看到一些升息，你能否提供任何參數，讓我們可以校準其影響幅度？

Sure. Thank you, Brennan. It's Denis. And look, obviously, recognize we have a different business than some of our large commercial bank peers. But that being said, given our expectation for the rate environment, we see ourselves as remaining modestly asset-sensitive. We are focused on continuing to drive lending, increase our net interest-earning assets. So we would expect a benefit in that environment, in that context.

當然。謝謝你，Brennan。我是Denis。你看，很明顯，我們的業務模式與一些大型商業銀行同業不同。不過即便如此，基於我們對利率環境的預期，我們認為自己仍將保持溫和的資產敏感性。我們專注於持續推動放款、增加我們的淨生息資產。因此，在那樣的環境、在那樣的脈絡下，我們預期會受益。

I mean the other thing I would point out to you, we mentioned in the script that with the first -- or I should say, with the first 25 basis point rate hike, we would expect to be able to roll off the majority of our fee waivers, our money market funds. And just for context, that total number in 2021 was $565 million.

我的意思是，另外一點我想提醒你，我們在講稿中提到，隨著第一次——或者我應該說，隨著第一次25個基點的升息，我們預期能夠取消我們貨幣市場基金中大部分的費用減免。作為背景補充，2021年這個總金額是5.65億美元。

Appreciate it. Also, if I could just sneak in one more. You guys gave some great color around the non-comp. And clearly, there were some noisy items in the fourth quarter. But when we think about building out our outlook into 2022 based on what you can see now, it seems like the environment is still solid. You've talked about good backlogs and whatnot even though they're down a little sequentially, which is understandable.

感謝。另外，如果我可以再偷偷問一個。你們對非薪酬（non-comp.）提供了很好的補充說明。而且很明顯，第四季有一些雜訊項目。但當我們根據你們目前所見來建立對2022年的展望時，看起來環境仍然穩健。你們談到良好的在手訂單等，即使按季略有下降，這也可以理解。

Should we -- is the 4Q backing out the charitable contribution and the litigation charge? Is that the right jumping-off point as we think about 2022? Or should we make further adjustments?

我們是否——第四季如果剔除慈善捐款與訴訟費用，這是否是我們思考2022年的正確起點？還是我們應該再做進一步調整？

Look, so I think as we think about non-compensation expense on the forward and taking all of it in totality, and again, all within the framework of our efficiency ratio, our return targets, et cetera, where we sit today, we don't see taking our operating expenses up materially from where they are right now. There will be puts and takes within the portfolio of expenses. And as is an item of consistent focus for the market and certainly for us, one area that you should expect us to continue to invest in is across technology and engineering expense. That number for us this past year was between $4.5 billion and $5 billion, and that's a number that you should see us to continue to invest in. But across the balance of the portfolio, we'll make adjustments based on the environment.

你看，所以我認為，當我們往前看非薪酬費用並把所有因素整體納入考量時——同樣地，一切都在我們的效率比率、報酬目標等框架之內——以我們目前的位置來看，我們不認為會把營運費用從現在的水準大幅提高。費用組合內會有一些增減取捨。而且，作為市場持續關注、當然也是我們持續關注的一個項目，你們應該預期我們會持續投資的一個領域是科技與工程相關費用。我們去年這個數字在45億到50億美元之間，這也是你們應該會看到我們持續投入的項目。但在其餘費用組合方面，我們會依據環境做調整。

Your next question is from Devin Ryan with JMP Securities.

下一個問題來自JMP Securities的Devin Ryan。

I guess first question here just on the M&A backdrop. David, I heard your comments loud and clear just around companies looking to kind of improve their strategic position. And so when we think about, I guess, Goldman Sachs' M&A strategy, your firm has been reasonably active over the past couple of years here. And we are seeing a little bit of a reset in valuations, particularly in the fintech space.

我想第一個問題是關於併購（M&A）背景。David，我很清楚地聽到你剛才的評論，談到企業希望改善其策略定位。因此，當我們思考高盛的併購策略時，你們公司在過去幾年相當活躍。而我們也看到估值出現一些重置，特別是在金融科技（fintech）領域。

So I know that price isn't the first consideration here. But are there any areas that with more maybe attractive pricing or more reasonable valuations that makes sense to get into through M&A versus organic build?

所以我知道價格不是第一考量。但是否有任何領域，在價格更具吸引力或估值更合理的情況下，透過併購進入會比有機自建更有意義？

Yes. So Devin, I appreciate it. And my message here is going to be relatively consistent. We have these areas of the firm, in particular, asset management, wealth management and digital consumer banking platform, where we see real opportunity to expand and grow Goldman Sachs franchise, real opportunity to ultimately diversify the earnings mix and make the firm more durable, more diversified and drive higher returns.

是的。Devin，謝謝。我在這裡要傳達的訊息會相對一致。我們在公司內有幾個領域，特別是資產管理、財富管理以及數位消費者銀行平台，我們看到很大的機會去擴張並成長高盛的特許經營（franchise），也有很大的機會最終讓獲利組合更多元，使公司更具韌性、更分散，並帶來更高的報酬。

And in that context, if there are opportunities to accelerate that plan and add on to those businesses or accelerate the growth of those businesses, we'll certainly consider them. But we always consider them with discipline. The lens through which we never think about doing something that was significant or transformative would be extremely high. But you saw this year, we had an opportunity in asset management business through NN to really strengthen our position in Europe, open up some additional distribution channels. And we think we made a very smart move in that.

在這樣的脈絡下，如果有機會能加速這個計畫、為這些業務加碼，或加快這些業務的成長，我們當然會考慮。但我們一向以紀律來評估。我們看待任何重大或具變革性的交易時，門檻會非常高。不過你也看到今年，我們在資產管理業務上透過NN的機會，確實強化了我們在歐洲的地位，打開了一些額外的通路。我們認為那是一個非常明智的決定。

So that's the lens that we're looking at. Is -- are there ways to accelerate some of the growth and the diversification of the firm that are appropriate? When you get to some of the growthy fintech stuff, I think it gets more complicated.

所以我們的評估角度就是：是否有適當的方法可以加速某些成長與公司多元化？至於一些高成長的金融科技項目，我認為事情會更複雜。

What was interesting about GreenSky to us was the merchant network. We were thinking about how we were going to build a merchant network, and we thought it would take a very long time, and this allowed us to build -- to acquire a merchant network at what we thought was a very attractive price, very attractive merchant network. And so we decided that, that was an appropriate way to accelerate that strategy. And so that's the lens that we're going to look through as we continue to think about ways that we can execute on the strategy the way we laid out in Investor Day.

對我們而言，GreenSky有趣之處在於商戶網路。我們當時在思考要如何建立商戶網路，並認為那會花非常長的時間；而這讓我們能以我們認為非常具吸引力的價格，建立——也就是收購——一個我們認為非常具吸引力的商戶網路。因此我們決定，這是加速該策略的適當方式。這也就是我們在持續思考如何以我們在投資者日所闡述的方式執行策略時，會採用的評估視角。

Your next question is from Ebrahim Poonawala with Bank of America.

下一個問題來自美國銀行的Ebrahim Poonawala。

I guess just one question, David, around the consumer strategy. So you mentioned about being opportunistic, I guess, as things come up. But when we talk to investors, it doesn't feel like the stock is getting the credit or the re-rating as you diversify those earnings.

我想只有一個問題，David，關於消費者策略。你提到在有機會出現時會採取機會主義的做法。但當我們與投資人交流時，感覺股價並沒有因為你們分散獲利來源而獲得相應的肯定或重新評價（re-rating）。

One, like do you think the consumer business and the strategy needs to rethink? Or are you happy with the progress that you've made, I guess, would be the first part of the question.

第一，你是否認為消費者業務與策略需要重新思考？或者你對目前取得的進展感到滿意？我想這是問題的第一部分。

So on the first part of the question, we're very happy with the progress we're making. But again, and I've said this repeatedly, this is something we're building for the long term that we think could be a very, very big business for the firm. We're building it with a lens that we set out return targets for the business, and we're making these investments knowing that we're hugely committed to meet our return targets and move our return targets forward. And this is going to take some time, but we feel like the progress is good. We -- as we said on the call already today, we've grown to 10 million customers. We're expanding the product offering. We have plans to continue to broaden what we're doing, and we feel very, very good about it. I don't think the strategy -- we're very, very clear on what we're doing and how we're doing it.

就問題的第一部分而言，我們對進展非常滿意。但同樣地，我也一再強調，這是我們為長期打造的業務，我們認為它可能會成為公司非常、非常大的業務。我們在建立它時的視角是：我們為該業務設定了報酬目標，並在明知需要投入的情況下進行投資，因為我們非常承諾要達成報酬目標並持續提升報酬目標。這需要一些時間，但我們覺得進展良好。正如我們今天在電話會議中已提到的，我們已成長到1,000萬名客戶。我們正在擴大產品供給。我們也有計畫持續拓展我們正在做的事情，我們對此感覺非常、非常好。我不認為策略需要——我們非常清楚我們在做什麼，以及我們如何去做。

In the short term, I don't expect to get a lot of -- for us to get a lot of credit for it, but we're doing the right thing for the long term for Goldman Sachs and our broad franchise, and we feel very good about the progress that we're making.

短期內，我不預期我們會因此獲得很多——也就是我們不會因此獲得很多肯定，但我們是在為高盛及我們廣泛的特許經營做長期正確的事，我們對目前的進展感到非常好。

Noted. And I guess just one follow-up, Denis, and apologize if this is making you repeat it. But just on credit, like do you worry about taking on a lot more credit risk given the loan growth outlook that you talked about as we are probably close to the peak of the cycle in terms of the health of the consumer? Just talk about in terms of credit quality 2, 3 years out, how do you think about it?

了解。我想再追問一個，Denis，如果這讓你重複回答先說抱歉。但就信用風險而言，鑑於你談到的放款成長展望，而我們可能接近景氣循環高點、就消費者健康狀況而言可能接近峰值，你是否擔心承擔更多信用風險？請談談你如何看待未來2到3年的信用品質？

So thank you for the question. We're very focused on credit risk. We're very focused on risk management across all the risk stripes.

謝謝你的問題。我們非常專注於信用風險。我們也非常專注於所有風險面向的風險管理。

And while David has highlighted our strategic objectives to grow the firm, drive more recurring durable revenues, more financing and lending activities, there is an attractiveness to the stability and predictability of that but all provided that you remain disciplined on credit. And so that is something that we take into account as we think about the growth of our various businesses within the consumer business, within the wholesale business.

雖然David已強調我們擴張公司的策略目標、推動更多經常性且具韌性的收入、更多融資與放款活動，這在穩定性與可預測性方面確實具有吸引力，但前提是你必須在信用上保持紀律。因此，當我們思考消費者業務、批發業務中各項業務的成長時，我們都會把這點納入考量。

And as we think about extension of credit across other segments of the firm, I would point out, for example, that where we grow in the area of FICC financing, we're doing so with secured structures at reasonable LTVs. As we deploy into the wealth segment, these are high-quality wealth management loans.

而當我們思考在公司其他部門擴張授信時，我會指出，例如，我們在FICC融資領域的成長，是在合理的貸款價值比（LTV）下、以有擔保的結構來進行。當我們在財富領域部署資產時，這些都是高品質的財富管理貸款。

And so -- and as David just referenced in the consumer sector, one of the things beyond the value of the 10,000 merchants for GreenSky is the high FICO characteristics of the customer base. And so segment by segment, we're making an effort to grow these types of revenues, grow our balances, but to do so in a credit-sensitive fashion.

因此——而且如David剛才在消費者領域所提到的，除了GreenSky的1萬家商戶所帶來的價值之外，其中一項因素是其客戶群具有較高的FICO特徵。因此，我們在各個細分領域都努力成長這類收入、擴大我們的資產負債表規模，但會以對信用敏感的方式來進行。

Your next question is from Dan Fannon with Jefferies.

您的下一個問題來自 Jefferies 的 Dan Fannon。

I wanted to follow up on the Global Markets business and how you're thinking about market share gains from here given that levels are a little more uncertain at this point. And then also, if you could clarify the fourth quarter sequential decline in the Equities trading part given the market backdrop seem to be more constructive than kind of your results.

我想追問一下全球市場（Global Markets）業務，以及在目前水準變得更不確定的情況下，你們如何看待接下來的市占率提升。還有，如果可以的話，請你們釐清在市場背景看起來比你們的結果更具建設性的情況下，第四季股票交易（Equities trading）部分的季比下滑。

So I'll start broadly and, Denis will make comment on fourth quarter equities. But again, I'll take you back. We've built our Global Markets business as a client franchise. And that's been something we've been very, very focused on over the last couple of years.

我先從整體面來回答，Denis 會就第四季股票業務做補充。不過我再帶大家回到一個重點：我們是把全球市場業務打造為以客戶為核心的特許經營（client franchise）。而這一直是我們過去幾年非常、非常專注的方向。

As you appropriately point out, Dan, we've materially moved our position with many clients in a very, very meaningful way. I think there's still upside for us from a wallet share perspective, looking at the broad client base. But as we look at it going forward, we'll take more sustainable share from what opportunity the market presents.

如你所說，Dan，我們確實在許多客戶那裡，以非常、非常有意義的方式大幅提升了我們的地位。我認為從錢包份額（wallet share）的角度、放眼整體客戶基礎，我們仍有上行空間。但展望未來，我們會在市場所提供的機會中，取得更可持續的份額。

And that's the nature of that business. I think we've shown over a long period of time that we're very, very good at adapting and capturing the upside that exists in that business, but we do it now from a stronger position of strength, both in terms of the nature of our client franchise, the relationships we have with our clients and also the efficiencies we have in that business. And so we're going to continue to focus on that, and we'll see what environment is put forward as we move forward.

這就是這項業務的本質。我認為我們長期以來已經證明，我們非常、非常擅長適應並捕捉這項業務中存在的上行機會；但現在我們是在更強的優勢基礎上來做這件事——無論是我們客戶特許經營的性質、我們與客戶的關係，還是我們在該業務中的效率。因此我們會持續聚焦於此，並在往前推進時，觀察未來的環境會是什麼樣子。

But my guess is that this business will continue to be a very large business and probably a more consistent business than the general narrative around the business when you go back and look at it over the course of the last 10 years.

但我猜測，這項業務仍會是一個非常龐大的業務，而且如果你回頭看過去 10 年的走勢，它可能會比市場對這項業務的一般敘事所描述的更為穩定一致。

Sure. And maybe just to add some context on the fourth quarter. So looking at the fourth quarter versus third quarter of '21 and also, frankly, versus fourth quarter of '20, the comparison is such that the performance in the prior periods was really stronger. And when we looked at the fourth quarter of 2021, we didn't have the exact same opportunities to deploy capital as we saw in the third quarter, and some of the market making for us was less attractive on a quarter-over-quarter basis, both versus the third quarter and fourth quarter in '20.

當然。我也補充一些第四季的背景。若比較 2021 年第四季相對於 2021 年第三季，以及坦白說相對於 2020 年第四季，因為前幾個期間的表現其實更強，所以比較基期會有差異。當我們看 2021 年第四季時，我們並沒有像第三季那樣有完全相同的資本部署（deploy capital）機會；而且就我們而言，部分做市（market making）在季比上也較不具吸引力——無論是相對第三季，或相對 2020 年第四季。

But again, stepping back, Equities still did deliver its second best performance ever. So from the state of the franchise, the quality of the client dialogue, the investments we've been making and the efficiencies of that business and our focus on growing the financing component of that, that all feels very good to us.

但再退一步看，股票業務（Equities）仍然交出了史上第二佳的表現。因此就特許經營的狀態、與客戶對話的品質、我們持續投入的投資、該業務的效率，以及我們對融資（financing）組成部分成長的聚焦而言，這些都讓我們感覺非常好。

Yes. And also just the only other thing I'd highlight, Dan, on that, just to put it in perspective, our -- and I know everybody wants to focus on the quarter, and that's obviously appropriate, but the markets business was up 4% year-over-year. And when we started the year, nobody believed that the market's business could be up from last year, given the activity level last year and last year's set.

是的。另外我想強調的唯一一點，Dan，為了讓大家更有概念：我們——我知道大家都想聚焦在單一季度，這當然合理——但市場業務（markets business）年增 4%。而在年初時，考量到去年那樣的活動水準以及去年的基期，沒有人相信市場業務還能比去年成長。

So I think there's some structural things that have gone on that have improved the opportunity for all the participants in that business. I'm not saying it's going to level out at the level it's been in the last 2 years. But I do think we've sometimes got to step out of the quarter and think about what's going on in bigger bites of time, especially in that business.

所以我認為，確實有一些結構性的變化發生，改善了這項業務中所有參與者的機會。我不是說它會維持在過去兩年的水準不變；但我確實認為，我們有時必須跳脫單一季度，用更長的時間尺度來思考正在發生的事情，尤其是在這項業務上。

Your next question is from Matt O'Connor with Deutsche Bank.

您的下一個問題來自德意志銀行（Deutsche Bank）的 Matt O'Connor。

There's obviously been a lot of focus on cost this quarter, this year. But is some of it just catch-up from last year? There's been a number of media reports that Goldman Sachs and other firms showed a lot of restraint last year and were looking to catch up a bit.

本季、今年大家顯然非常關注成本。但其中有一部分是否只是對去年的補償性追趕？有不少媒體報導指出，高盛（Goldman Sachs）和其他公司去年相當克制，並希望稍微追趕一些。

And I was just double-checking my model. I think your revenues were up over 20% last year and comp was up only 8%. So is that part of the equation here that we should just better appreciate?

我也只是想再核對一下我的模型。我認為你們去年的營收成長超過 20%，但薪酬（comp）只成長 8%。所以這是否也是我們應該更好理解的一部分？

I think there's a component of that. I mean I wouldn't -- I'd say there's a component where the component of that is most evident is that there is real wage inflation everywhere in the economy, everywhere.

我認為確實有一部分是這樣。我是說——我不會……我會說其中最明顯的一個面向是：整個經濟體到處都存在實質的薪資通膨（wage inflation），到處都是。

And if you talk to any CEO -- and most CEOs obviously run different employee bases than we do, but still at Goldman Sachs, when you look at our 45,000 people around the world, the vast majority of those 45,000 people fall into what you call a more traditional corporate compensation model. And I think there definitely was -- coming out of last year after we went through the compensation process, there were definitely places where, I think, with hindsight and with the constantly evolving environment of COVID and supply chain changes, the monetary and fiscal policy environment, what they did to savings rates, et cetera, where there was a real base pressure on what I'd call base kind of compensation and wage levels. And so that's a component of it, for sure.

如果你和任何一位 CEO 交流——當然多數 CEO 所管理的員工結構與我們不同——但即便在高盛，當你看我們全球 45,000 名員工，其中絕大多數都屬於你所謂較傳統的企業薪酬模式。我認為確實存在——在去年完成薪酬流程之後——一些地方，事後回看，隨著 COVID 環境與供應鏈變化持續演進、貨幣與財政政策環境，以及它們對儲蓄率等的影響，確實對我所稱的基本薪酬（base compensation）與薪資水準形成了實質的基礎壓力。因此這確實是其中一個因素。

There's also when I think it's got to be put -- when people are looking at it, especially in the fourth quarter, when they're looking at the comp numbers in the fourth quarter and people are doing their modeling, we told everyone that we were going to try to do better at really estimating on a quarter-to-quarter basis where the compensation levels needed to be.

另外我認為也必須——當人們在看這件事時，特別是在第四季——當他們看第四季的薪酬數字並進行建模時，我們已經告訴大家，我們會努力在逐季（quarter-to-quarter）的基礎上，更好地估計薪酬水準應該落在哪裡。

And last year, for example, through 3 quarters, our comp ratio was 36% through 3 quarters, and then we wound up going to 32% for the year, which made us, I think, don't hold me to this exactly, approximately 24% from the fourth quarter last year. If we had been this year, we obviously moved more aggressively through the year. We were at 31% through 3 quarters. If we were at 36% like we were last year, the comp ratio in the fourth quarter would have been 7%, and then people would have seen that differently.

例如去年，前三季我們的薪酬比率（comp ratio）是 36%，但全年最後落在 32%，這使得——我想，別完全照字面抓我——大約有 24% 是在去年第四季反映出來的。如果今年我們也那樣做，我們顯然在今年更積極地在年度中逐步調整。我們前三季是 31%。如果我們像去年一樣前三季在 36%，那第四季的薪酬比率就會是 7%，那麼大家看起來就會不一樣。

So again, we're thinking about the year. We're trying to do what's right for the year all through the lines of our strategy to deliver the appropriate returns in any environment over time.

所以再說一次，我們是以全年來思考。我們試圖在全年範圍內做正確的事，並沿著我們的策略主軸，在任何環境下隨時間推移都能交付適當的報酬（returns）。

But I think the question is right, Matt, that there was a component of a reset given the macro environment that I think is affecting business everywhere. And I think we've done a good job kind of addressing that and taking care of that this year. And so that's part of our base going forward.

但我認為你的問題是對的，Matt：在宏觀環境之下，確實存在一個重置（reset）的成分，而我認為這正在影響各行各業。我也認為我們今年在處理與照顧這件事上做得不錯。因此這也會成為我們未來的基礎之一。

Your next question is from Gerard Cassidy with RBC.

您的下一個問題來自 RBC 的 Gerard Cassidy。

David, you pointed out in your opening remarks about moving up to the top 3 position with 72 of your top 100 clients. Two-part question, one, can you share with us or elaborate on what was the driver? I mean where is the success? Is it coming from better execution? Is it coming from using your balance sheet, better relationships?

David，你在開場談到，你們在前 100 大客戶中的 72 家，已提升到前三大（top 3）的位置。我有兩個問題：第一，你能否與我們分享或進一步說明驅動因素是什麼？也就是成功來自哪裡？是更好的執行？是更有效運用資產負債表（balance sheet）？還是更好的客戶關係？

And second, will these reasons that drove you up to 72 from 51 be a real strength in a disruptive market where maybe we have markets down this year and not being up, as you pointed out earlier?

第二，推動你們從 51 提升到 72 的這些原因，是否會在一個具破壞性的市場中成為真正的優勢——例如今年市場下跌而不是上漲，如你先前所提到的那樣？

Yes. So thanks for the question, Gerard. And again, this goes back to the One Goldman Sachs strategy and some things we laid out in a very clear fashion a couple of years ago about the way we wanted to evolve the firm. And while there have been parts of our organization, particularly the investment banking franchise that have always been extremely client-centric, we didn't feel like in our markets business, we were focused enough on the quality of those relationships. We weren't metric-ing. And I know a lot of this is going to sound like very basic stuff. We weren't metric-ing and targeting it appropriately. And there's a lot that we have learned as an organization over time that we thought could apply to the Global Markets business and really improve our position.

是的。謝謝你的問題，Gerard。再說一次，這要回到「One Goldman Sachs」策略，以及我們在幾年前以非常清楚的方式所闡述、我們希望如何演進公司的方向。雖然我們組織中的某些部分——特別是投資銀行特許經營（investment banking franchise）——一直都非常以客戶為中心，但我們覺得在市場業務（markets business）上，我們對關係品質的聚焦還不夠。我們沒有做足量化衡量（metric-ing）。我知道這聽起來可能很基本，但我們確實沒有適當地量化、也沒有適當地設定目標。隨著時間推移，我們作為一個組織學到了很多，我們認為這些經驗可以應用到全球市場業務，並真正改善我們的地位。

The move from 51 to I think it's 71 or 72, 72 right now, comes from the execution over the last 2 years of that strategy. We are actively taking feedback and looking at metrics on our performance against this client base. The feedback is very, very strong from our clients that they see a change in the way we're interacting with them, and that's benefiting our wallet share. I think there's still some upside in that. Moving -- if you're not top 3 from -- with more than 51 of them and now you go to 71, your top 3, well, for some of them, you're #3, you can still be #2 or #1. And we think the base number of 72 can be higher. You're not going to get to be top 3 with all 100, but we think it can be higher than 72.

從 51 提升到我想是 71 或 72——目前是 72——來自於過去兩年對該策略的執行。我們主動蒐集回饋，並檢視我們在這個客戶群上的表現指標。客戶給我們的回饋非常、非常強烈：他們看到我們與他們互動方式的改變，而這正在提升我們的錢包份額（wallet share）。我認為這仍有一些上行空間。當你從「在超過 51 家客戶中不是前三」到「在 71 家中進入前三」，你成為前三了，但對其中一些客戶而言，你是第 3 名，你仍可能成為第 2 名或第 1 名。我們也認為 72 這個基礎數字可以更高。你不可能在全部 100 家都成為前三，但我們認為可以高於 72。

So we do think there's still some more upside in that if we continue to execute on a very client-centric strategy. If clients have a good experience with us, if they feel like we're taking their long-term interest at heart in every interaction and everything we do, it improves our activity with them.

因此，我們確實認為，如果我們持續執行以客戶為中心的策略，這方面仍有進一步上行空間。若客戶與我們互動時有良好體驗，若他們感受到我們在每一次互動與所做的每一件事中都把他們的長期利益放在心上，就會提升我們與他們之間的業務活動。

To the latter part of your question, I do think in any environment, we have a more sustainable franchise, and we will benefit from that. And so I think we'll continue to benefit from that investment, but more work to do for sure.

至於你問題的後半段，我確實認為在任何環境下，我們都擁有更具可持續性的特許經營優勢，而我們也將從中受益。因此，我認為我們會持續受益於這項投資，但毫無疑問仍有更多工作要做。

Your next question is from Jim Mitchell with Seaport Global.

下一個問題來自 Seaport Global 的 Jim Mitchell。

Maybe a question on the acquisitions as we get closer to the closing of NNIP and GreenSky. Are you feeling better, worse about the strategic synergies? And do you see these deals having any noticeable impact on earnings and returns in the intermediate term? Or these are longer-term projects?

想請教一下併購方面的問題，隨著 NNIP 與 GreenSky 越來越接近交割完成。你們對策略協同效應的感受是更好還是更差？另外，你們是否認為這些交易在中期會對盈餘與報酬率帶來任何明顯影響？還是說這些是更長期的專案？

I appreciate the question, Jim. I mean we absolutely feel -- we feel just as good about them today as when we decided to do them. I think what I can report is whenever you do something like this, you start planning integration. And we have integration teams on both deals, and the work that we're doing to prepare for integration as these deals come to close is going very well and in sync with what we expected in some places, some upside to what we expected.

謝謝你的問題，Jim。我的意思是，我們絕對覺得——我們今天對它們的信心，和當初決定進行這些交易時一樣強。我可以回報的是，每當你做這類事情時，就會開始規劃整合。我們在兩筆交易上都有整合團隊，而我們為整合所做的準備工作、隨著交易接近完成，進展非常順利，並且與我們的預期一致；在某些方面，甚至比我們預期的還要更好。

That said, these are medium- to longer-term acquisitions. In the short term, there's expense pressure and things that come through the P&L, which obviously we're accounting for as we talk about our return targets. But we feel very good about the medium and longer-term contribution that these will make, just as I said earlier, to strengthen and bolster and accelerate these franchises.

話雖如此，這些屬於中期到長期的併購。短期內，會有費用壓力以及一些會反映在損益表（P&L）上的項目，這點我們在談論報酬目標時當然已納入考量。但我們對它們在中期與長期所能帶來的貢獻非常有信心；正如我先前所說，將能強化、支撐並加速這些特許經營業務的發展。

Your next question is from Jeremy Sigee with BNP Paribas Exane.

下一個問題來自 BNP Paribas Exane 的 Jeremy Sigee。

You talked about headwinds to the capital ratio. I just wondered if you could scope for us what -- how big the main ones are, what are the major items and how big they are?

你提到資本比率面臨逆風。我想請你們幫我們界定一下主要逆風有多大——主要項目有哪些、各自規模大概是多少？

And sort of linked to that, how soon would you expect to move back up to a higher pace of share buybacks? Is that a 2Q reality? Or is that too soon? Will it take longer?

另外與此相關的是，你們預期多久會回到更高速度的庫藏股回購？第二季就會發生嗎？還是那樣太快、需要更久？

So a couple of things I would mention to you as we think about capital ratio. So obviously, ending at -- ending the year at 14.2%, what I was focused on in particular in terms of a discernible headwind is actually the announced but not yet closed acquisition of NNIP. We expect that to close in the beginning part of the second quarter and that would take sort of 20 basis points of the ratio to address that.

關於資本比率，我想提幾點。很明顯地，年底資本比率為 14.2%；我特別聚焦的一個可辨識的逆風，其實是已宣布但尚未完成交割的 NNIP 收購案。我們預期它會在第二季初完成交割，這將使該比率下降約 20 個基點。

And as it relates to sizing up our share buybacks, I mentioned the expectation that for the first quarter, we'd be at or around the level of the fourth quarter. And the reason for that is to ensure that we do have the capacity to support client activity. And having referenced that, our investment banking backlog is up significantly year-over-year. And given the outlook for markets where we have a path towards rate normalization, ongoing energy transition, single stock volatility, we see lots of opportunities. We want to make sure we're available to support our clients' strategic objectives. So hopefully, that's helpful context for you.

至於庫藏股回購的規模，我提到我們預期第一季會大致維持在第四季的水準附近。原因是要確保我們有能力支援客戶活動。提到這點，我們的投資銀行業務在手訂單（backlog）年增幅度顯著。考量市場展望——我們正走在利率正常化的路徑上、能源轉型持續進行、單一股票波動加大——我們看到很多機會。我們希望確保自己隨時可用，以支援客戶的策略目標。希望這些背景資訊對你有幫助。

Your next question is a follow-up from Steven Chubak with Wolfe Research.

下一個問題是 Wolfe Research 的 Steven Chubak 的追問。

Just wanted to ask on the Transaction Banking business. It's not one that got much airplay on this call, but it's admittedly tough to ignore the firm-wide deposit growth of 40% year-on-year. And certainly, this business is contributing to that momentum.

我想就交易銀行（Transaction Banking）業務提問。這個業務在本次電話會議上著墨不多，但全公司存款年增 40% 的表現確實很難忽視，而這項業務無疑正在推動這股動能。

I was hoping you could speak to the revenue contribution from the business today or in the most recent quarter and the success you're having, specifically in attracting operational deposits from these clients.

我希望你們能談談該業務目前或最近一季的營收貢獻，以及你們在吸引這些客戶的營運性存款（operational deposits）方面所取得的成效。

Okay. Steve, it's Denis. I'll take that. Thank you for that question. I mean, obviously, transaction banking, 1 of the 4 initiatives that David highlighted and an opportunity from an addressable market perspective that is very, very large and one where we're seeing very good momentum. So we focused obviously on our tech on the platform, on the user interface. That's now been well validated by clients coming on board the platform. We have active clients in excess of 350 at this point in time. The deposit growth, as you noted, over $50 billion and ahead of target, feeling very, very good about that.

好的。Steve，我是 Denis，我來回答。謝謝你的問題。很明顯地，交易銀行是 David 強調的四項倡議之一；從可服務市場（addressable market）的角度來看，這是一個非常、非常大的機會，而且我們正看到非常好的動能。因此，我們顯然把重點放在平台技術與使用者介面上。現在，隨著客戶加入平台，這些已獲得充分驗證。目前我們的活躍客戶已超過 350 家。正如你所指出的，存款成長超過 500 億美元，且超出目標，我們對此感到非常、非常滿意。

On the last quarter's call, we mentioned that operational and insured deposits as a percentage of core deposits had ticked up over 25%. That's now ticked up over 30%. So again, as David indicated, in terms of metrics and management and targets and the way in which we look to grow and build these strategic businesses, we're trying to provide these benchmarks, which we hold ourselves accountable to make progress time over time.

在上一季的電話會議上，我們提到營運性與受保存款（insured deposits）占核心存款的比例已上升至超過 25%。現在已上升至超過 30%。因此，再次呼應 David 所說，就指標、管理、目標以及我們如何看待成長並打造這些策略性業務而言，我們試圖提供這些基準，並以此自我要求，隨時間推進持續取得進展。

I guess on the revenue front, we've also made very good progress. So revenues for 2021 are up more than 50% and now north of approximately $225 million for the year. So across each of the aspects of that build and that business and in light of what we see is a very, very attractive addressable market that leverages our core competency with the corporates, we feel good about the progress to date and on the forward.

至於營收方面，我想我們也取得了非常好的進展。2021 年營收成長超過 50%，全年目前已超過約 2.25 億美元。因此，無論是在建置與經營該業務的各個面向，或是考量我們所看到的、非常非常具吸引力且能運用我們在企業客戶核心能力的可服務市場，我們對迄今的進展以及未來展望都感到樂觀。

At this time, there are no further questions. Please continue with any closing remarks.

目前沒有其他問題。請繼續進行結語。

Great. So since there are no more questions, we'd just like to thank everyone for joining the call. And if additional questions do arise, please don't hesitate to reach out to me or others on the Investor Relations team. And otherwise, please stay healthy, and we look forward to speaking with you soon.

好的。既然沒有更多問題，我們想感謝各位參與本次電話會議。如果之後還有其他問題，請隨時與我或投資人關係團隊的其他同仁聯繫。除此之外，請大家保重健康，我們期待很快再與各位交流。

Ladies and gentlemen, this concludes the Goldman Sachs Fourth Quarter 2021 Earnings Conference Call. Thank you for your participation. You may now disconnect.

各位女士、先生，以上為高盛 2021 年第四季財報電話會議的全部內容。感謝各位的參與。您現在可以掛線。