高盛 (GS) 2021 Q1 法說會逐字稿

Good morning. My name is Erica, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs First Quarter 2021 Earnings Conference Call. This call is being recorded today, April 14, 2021. Thank you. Ms. Miner, you may begin your conference.

早上好。我叫 Erica，今天我將擔任您的會議主持人。我想歡迎大家參加高盛 2021 年第一季度收益電話會議。今天，即 2021 年 4 月 14 日，此電話正在錄音。謝謝。 Miner 女士，你可以開始你的會議了。

Good morning. This is Heather Kennedy Miner, Head of Investor Relations at Goldman Sachs. Welcome to our first 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. Note, information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation. This audio cast is copyrighted material of The Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

早上好。我是高盛投資者關係主管 Heather Kennedy Miner。歡迎來到我們的第一季度收益電話會議。今天，我們將參考我們的收益報告，該報告可在我們網站 www.gs.com 的投資者關係頁面上找到。請注意，有關前瞻性陳述和非公認會計原則措施的信息出現在收益發布和演示文稿中。此音頻演員是高盛集團的版權材料，未經我們同意不得複制、複製或轉播。

Today, I am joined by our Chairman and Chief Executive Officer, David Solomon; our Chief Financial Officer, Stephen Scherr; and Carey Halio, our incoming Head of Investor Relations, who will host this call beginning in July. Carey most recently served as the firm's Deputy Treasurer and CEO of GS Bank USA and began her career in credit risk as a bank analyst. She brings 22 years experience at Goldman Sachs to her new role. As I leave this seat to assume the role of COO of our asset management business, I want to extend my sincere appreciation to each of you for your partnership over the years.

今天，我們的董事長兼首席執行官大衛·所羅門 (David Solomon) 加入了我的行列；我們的首席財務官 Stephen Scherr；以及即將上任的投資者關係主管 Carey Halio，他將從 7 月開始主持這次電話會議。 Carey 最近擔任該公司的副司庫兼 GS Bank USA 的首席執行官，並以銀行分析師的身份開始了她在信用風險領域的職業生涯。她將在高盛 22 年的工作經驗帶到她的新角色中。在我離開這個職位，擔任我們資產管理業務的首席運營官一職之際，我想對你們每一個人多年來的合作表示衷心的感謝。

On the call today, David will start with a high-level review of our first quarter performance and our client franchise. He will also provide an update on the operating environment and macroeconomic backdrop. Stephen will then discuss our first quarter results in detail. David and Stephen will be happy to take your questions following their remarks. I'll now pass the call to David. David?

在今天的電話會議上，大衛將從對我們第一季度業績和客戶特許經營權的高級審查開始。他還將提供有關運營環境和宏觀經濟背景的最新信息。然後斯蒂芬將詳細討論我們的第一季度業績。大衛和斯蒂芬很樂意在他們的發言之後回答您的問題。我現在把電話轉給大衛。大衛？

Thanks, Heather, and thank you, everyone, for joining us this morning.

謝謝，Heather，謝謝大家今天早上加入我們。

Before I begin my remarks, let me thank Heather for leading the firm's Investor Relations effort for the past 4 years, and welcome Carey to the role.

在我開始發言之前，讓我感謝 Heather 在過去 4 年中領導公司的投資者關係工作，並歡迎 Carey 擔任該職位。

I will begin on Page 1 of the presentation with a summary of our financial results. In the first quarter, we produced record net revenues of $17.7 billion. The strength and breadth of our client franchise continued to be evident as we delivered net earnings of $6.8 billion, record quarterly earnings per share of $18.60, and a return on equity of 31% and a return on tangible equity of 32.9%, the highest in over a decade. Our first quarter results underscore the ongoing strength of our franchise in the supportive environment which we operated during the quarter. These results also evidence our successful execution towards the firm's strategic priorities. We maintained our leading global positions across M&A and equity underwriting. We delivered the best performance in global markets in a decade, with strength in FICC and equities driven by solid client activity across our platform and reinforced by last year's market share gains.

我將從演示文稿的第 1 頁開始，概述我們的財務業績。第一季度，我們創造了創紀錄的 177 億美元的淨收入。我們的客戶特許經營的實力和廣度繼續顯而易見，我們實現了 68 億美元的淨收益、創紀錄的 18.60 美元的季度每股收益以及 31% 的股本回報率和 32.9% 的有形股本回報率，創歷史新高十多年。我們的第一季度業績突顯了我們在本季度運營的支持性環境中的特許經營權的持續實力。這些結果也證明了我們成功地執行了公司的戰略重點。我們在併購和股權承銷方面保持了全球領先地位。我們在全球市場取得了十年來的最佳表現，FICC 和股票的實力受到我們平台上穩健的客戶活動的推動，並得到去年市場份額增長的加強。

In asset management, we recognized significant net gains across our public and private equity positions, And we continued to harvest on-balance sheet investments in our efforts to transition the business to more third-party assets, where we are making progress in raising funds across a range of investing strategies. In wealth management, we continue to provide valuable advice to our ultra-high net worth PWM clients, while we further scale our personal financial management business. And in consumer, we continue to make strong progress on our vision to create the leading digital consumer banking platform. This quarter, we launched Marcus Invest in the U.S., our digital investment offering, which provides consumers access to diversified investment portfolios with as little as a $1,000 investment. The customer response and uptake since launch has been positive, and we are focused on scaling the platform. We're also working toward the launch of digital checking in the U.S. and Marcus Invest in the U.K.

在資產管理方面，我們確認了公共和私募股權頭寸的顯著淨收益，我們繼續收穫表內投資，努力將業務轉移到更多的第三方資產，我們在籌集資金方面取得進展一系列投資策略。在財富管理方面，我們繼續為超高淨值 PWM 客戶提供有價值的建議，同時進一步拓展個人理財業務。在消費者方面，我們繼續在創建領先的數字消費者銀行平台的願景上取得重大進展。本季度，我們在美國推出了 Marcus Invest，這是我們的數字投資產品，消費者只需 1,000 美元的投資即可獲得多元化的投資組合。自推出以來，客戶的反應和吸收一直是積極的，我們專注於擴展平台。我們還致力於在美國推出數字支票，並在英國推出 Marcus Invest。

Importantly, we maintained a resilient and highly liquid balance sheet as we continue to deploy our resources to support clients amid an evolving and dynamic market backdrop.

重要的是，在不斷變化和充滿活力的市場背景下，我們繼續部署資源以支持客戶，因此我們保持了彈性和高流動性的資產負債表。

With that, let me turn now to the operating environment on Page 2. As anticipated, we saw improvement in the macroeconomic backdrop during the first quarter, which was supported by the continued accommodative fiscal and monetary policies of central banks and governments around the world. At this stage, it is clear to me that the U.S. is poised for a strong recovery this year, led by consumer spending that is rebounding to pre-COVID levels. This sentiment is reflected in the capital markets, with U.S. equities hovering at or near records and bolstered by recent U.S. employment data and our economist forecast on GDP growth.

有了這個，現在讓我談談第 2 頁的經營環境。正如預期的那樣，我們看到第一季度宏觀經濟背景有所改善，這得到了世界各國央行和政府持續寬鬆的財政和貨幣政策的支持。在這個階段，我很清楚，在消費者支出反彈至疫情前水平的帶動下，美國今年有望強勁復甦。這種情緒反映在資本市場上，美國股市徘徊在或接近紀錄高位，並受到近期美國就業數據和我們經濟學家對 GDP 增長的預測的支撐。

Despite these positive developments, we recognize that the operating backdrop will undoubtedly evolve and that much of the global economic recovery will depend on the progress around COVID-19. While the rollout of vaccines is well underway in the U.S. and the U.K., distribution has been challenged in a number of other countries around the globe, and the prospect of new variants adds to potential concerns around the trajectory of the economic recovery.

儘管取得了這些積極的進展，但我們認識到運營背景無疑會發生變化，全球經濟復甦的大部分將取決於圍繞 COVID-19 取得的進展。雖然疫苗在美國和英國的推廣工作正在順利進行，但在全球其他許多國家/地區的分銷一直受到挑戰，新變種的前景增加了對經濟復甦軌蹟的潛在擔憂。

As you would expect, we remain vigilant to risks across markets. We are mindful of elevated valuation levels across certain asset classes, increased volatility in certain single-name stocks, and are aware of the inflationary risks inherent in the actions being taken to stimulate continued growth in the economy.

正如您所料，我們對各個市場的風險保持警惕。我們注意到某些資產類別的估值水平升高，某些單一名稱股票的波動性增加，並意識到為刺激經濟持續增長而採取的行動所固有的通脹風險。

Let me now also take a moment to share my views on a few important topics where I've been fielding questions from clients and other stakeholders. First, on the events related to Archegos Capital. This was a case of an investor with highly concentrated and leveraged positions. This is not the first time we've seen a situation like this, and it likely won't be the last. We have robust risk management that governs the amount of financing we provide for these types of portfolios. Our risk controls, all of which were put in place long before the March events worked well. We identified the risk early and took prompt action consistent with the terms of our contract with the client. I am pleased with how the firm handled it, and it's a reflection of the engagement and communication of teams across Goldman Sachs, both in the business and on the control side of our firm.

現在讓我也花點時間分享我對一些重要主題的看法，這些主題我一直在回答客戶和其他利益相關者的問題。首先，關於Archegos Capital的相關事件。這是一個高度集中和槓桿頭寸的投資者的案例。這不是我們第一次看到這樣的情況，也可能不會是最後一次。我們擁有強大的風險管理來管理我們為這些類型的投資組合提供的融資金額。我們的風險控制，所有這些都早在三月事件運作良好之前就已經到位。我們及早發現了風險，並根據我們與客戶的合同條款迅速採取了行動。我對公司的處理方式感到滿意，這反映了高盛團隊在我們公司的業務和控制方面的參與和溝通。

These events raised reasonable questions around market practice and transparency. They are worthy of debate, and we intend to play a constructive role in that dialogue.

這些事件引發了有關市場慣例和透明度的合理問題。它們值得辯論，我們打算在對話中發揮建設性作用。

Next on SPACs, we continue to believe that providing sponsors a mechanism to access public markets for capital formation is an innovation that's here to stay. However, as a meaningful participant in this market, we will continue to be thoughtful regarding the transactions we underwrite with a particular focus on the quality of sponsors, sponsor economics, investor protections and disclosure. We believe the industry should evolve on these important issues in the interest of more efficient and transparent markets.

接下來在 SPAC 上，我們仍然認為，為贊助商提供進入公共市場以進行資本形成的機制是一項將繼續存在的創新。然而，作為這個市場的重要參與者，我們將繼續對我們承銷的交易進行深思熟慮，特別關注保薦人的質量、保薦人的經濟性、投資者保護和披露。我們認為，為了更高效和透明的市場，該行業應該在這些重要問題上發展。

I also want to touch on the topics of cryptocurrency, blockchain and the digitization of money. As activities in these areas progress, there will be significant disruption and change in the way money moves around the world. Many central banks are looking at digital currencies and working to apply this technology to the local markets and determine the longer-term impact on global payment systems. There's also significant focus on cryptocurrencies like bitcoin, where the trajectory is less clear as market participants evaluate their possibility as a store of value.

我還想談談加密貨幣、區塊鍊和貨幣數字化的話題。隨著這些領域的活動取得進展，資金在世界各地的流動方式將發生重大破壞和變化。許多中央銀行正在研究數字貨幣，並努力將這項技術應用於當地市場，並確定對全球支付系統的長期影響。像比特幣這樣的加密貨幣也很受關注，隨著市場參與者評估其作為價值存儲的可能性，其軌跡不太清楚。

At Goldman Sachs, we continue to look for ways to expand our capabilities to support our clients' needs and evaluate applications to improve our organizational efficiency. Of course, we need to operate within the current regulatory guidelines. For example, we cannot own bitcoin or trade it as [principal]. Goldman Sachs will play a role in these innovations as they are important to our clients and important to the future of global financial systems.

在高盛，我們繼續尋找方法來擴展我們的能力以支持客戶的需求並評估應用程序以提高我們的組織效率。當然，我們需要在當前的監管準則範圍內運作。例如，我們不能擁有比特幣或將其作為 [principal] 進行交易。高盛將在這些創新中發揮作用，因為它們對我們的客戶很重要，對全球金融體系的未來也很重要。

Another topic coming up in stakeholder conversations is sustainability. We remain steadfast in our commitments to sustainable finance. Central to our purpose as an organization, our programs are commercially attractive and utilize our expertise and capital to support all of our stakeholders. During the quarter, we issued our first sustainability bond where we raised $800 million, the proceeds of which will be allocated towards initiatives aimed at accelerating climate transition and advancing inclusive growth. We also launched One Million Black Women, an initiative that I'm very proud of and through which the firm will commit $10 billion in direct investment capital and $100 million in philanthropic capital for capacity-building grants over the next decade to narrow the opportunity gaps for black women in the United States. Separately, we also committed an additional $500 million to Launch with GS, our program designed to invest in diverse-led companies and fund managers, bringing our total commitments to $1 billion.

利益相關者對話中出現的另一個話題是可持續性。我們堅定不移地致力於可持續金融。作為一個組織的核心目標，我們的計劃具有商業吸引力，並利用我們的專業知識和資金來支持我們所有的利益相關者。在本季度，我們發行了首個可持續發展債券，籌集了 8 億美元，募集資金將用於加速氣候轉型和促進包容性增長的舉措。我們還發起了“百萬黑人女性”計劃，我對此感到非常自豪，公司將通過該計劃在未來十年投入 100 億美元的直接投資資金和 1 億美元的慈善資金用於能力建設贈款，以縮小機會差距對於美國的黑人女性。另外，我們還承諾向 Launch with GS 追加 5 億美元，該計劃旨在投資於多元化領導的公司和基金經理，使我們的總承諾達到 10 億美元。

Finally, I want to take a few minutes to comment on our people. I continue to hear from clients that the quality and dedication of our people is one of our great differentiators. The firm's quarterly results are product of our client focus and the dedication of the employees of Goldman Sachs day in and day out, notwithstanding the challenges that they have all faced as we mark 1 year into the COVID-19 pandemic, our people have rallied to the needs of our clients. I would like to thank my colleagues around the world. I am in awe of their performance and of our results this quarter due to their hard work, dedication and our culture of teamwork.

最後，我想花幾分鐘時間來評論一下我們的員工。我不斷從客戶那裡聽到，我們員工的素質和奉獻精神是我們最大的差異化因素之一。該公司的季度業績是我們對客戶的關注以及高盛員工日復一日的奉獻的產物，儘管在我們紀念 COVID-19 大流行一年之際他們都面臨著挑戰，但我們的員工已經團結起來我們客戶的需求。我要感謝我在世界各地的同事。由於他們的辛勤工作、奉獻精神和我們的團隊合作文化，我對他們的表現和本季度的業績感到敬畏。

It will always be a priority for our firm to attract and retain the best talent to serve our clients and execute on our strategy. We have a vibrant partnership and a deep bench of talent across the organization. Many will spend their entire career with us. Some will even become clients of the firm. This is a virtuous ecosystem that has been in place for decades. It is also aligned with the evolution of our partnership strategy, where we're working to continue to make the partnership more aspirational.

吸引和留住最優秀的人才為我們的客戶服務並執行我們的戰略始終是我們公司的首要任務。我們在整個組織中擁有充滿活力的合作夥伴關係和深厚的人才儲備。許多人將與我們一起度過他們的整個職業生涯。有些人甚至會成為公司的客戶。這是一個已經存在了幾十年的良性生態系統。這也與我們合作夥伴戰略的發展保持一致，我們正在努力繼續使合作夥伴關係更具抱負。

I recognize there's an enormous amount of discussion about how companies will operate their businesses post-pandemic. For Goldman Sachs, our people operate at their best when they are forging close bonds with colleagues and furthering the apprenticeship culture that has defined us. We have found that the best way to do that is to work together in person on a regular basis.

我承認有大量關於公司在大流行後如何運營業務的討論。對於高盛來說，我們的員工在與同事建立密切聯繫並促進定義我們的學徒文化時，會發揮最佳作用。我們發現，做到這一點的最佳方式是定期親自合作。

Let me be clear, achieving the objective of bringing our colleagues back to the office is not inconsistent with the desire to provide our people with the flexibility they need to manage their personal and professional lives, which is the way we have always run this firm. And given the experience of the past year, I am more confident than ever in our ability to facilitate this approach going forward.

讓我明確一點，實現讓我們的同事重返辦公室的目標與為我們的員工提供管理個人和職業生活所需的靈活性的願望並不矛盾，這也是我們一直以來經營這家公司的方式。鑑於過去一年的經驗，我比以往任何時候都更有信心推動這種方法向前發展。

Over the course of the past few months, we have been welcoming thousands of colleagues back to the office in a manner consistent with safety guidelines in each city in which we operate. We have implemented testing and other protocols across our offices to make for a safer work environment and to provide those returning to the office with a sense of confidence in their return. Importantly, I look forward to increasing the number of employees returning as vaccination programs around the world expand, and we welcome new joiners to the firm's offices this summer.

在過去的幾個月裡，我們以符合我們運營所在城市的安全準則的方式歡迎數千名同事回到辦公室。我們已經在我們的辦公室實施了測試和其他協議，以營造更安全的工作環境，並讓回到辦公室的人對他們的回歸充滿信心。重要的是，隨著全球疫苗接種計劃的擴大，我期待增加返回的員工人數，我們歡迎新員工今年夏天來到公司辦公室。

Regarding our junior bankers and others in the organization who have been working tirelessly to support our clients and at times have been overburdened, I've been passionate about the experience of our junior people throughout my career. As you can now see from our results, client activity is extraordinarily high, and I fully appreciate how busy our people have been. This has been exacerbated by the isolation of working remotely in a COVID-19 environment. To address this, we are taking concrete actions, including additional hiring, reallocating resources, and pursuing stricter enforcements of boundaries. In this 24/7 connected world, we have to help those transitioning into the workforce to understand that Goldman Sachs is a place where we work very hard to serve our clients, but all need to be thoughtful about personal resilience and well-being.

對於我們的初級銀行家和組織中的其他人，他們一直在不知疲倦地支持我們的客戶，有時負擔過重，我一直對我們初級人員在我整個職業生涯中的經歷充滿熱情。正如您現在從我們的結果中看到的那樣，客戶的活躍度非常高，我非常感謝我們員工的忙碌程度。在 COVID-19 環境中遠程工作的隔離加劇了這種情況。為了解決這個問題，我們正在採取具體的行動，包括增加招聘、重新分配資源以及更嚴格地執行邊界。在這個 24/7 全天候互聯的世界中，我們必須幫助那些過渡到勞動力市場的人了解高盛是一個我們非常努力地為客戶服務的地方，但所有人都需要考慮個人的複原力和幸福感。

In closing, I'm very pleased with how our people delivered for our clients and drove attractive returns for our shareholders. I'm confident in the state of our client franchise and the progress we are making as we execute our strategic priorities.

最後，我對我們的員工如何為我們的客戶提供服務並為我們的股東帶來可觀的回報感到非常滿意。我對我們的客戶特許經營狀況以及我們在執行戰略重點時所取得的進展充滿信心。

With that, I will turn it over to Stephen.

有了這個，我會把它交給斯蒂芬。

Thank you, David. And good morning. Let me begin with our summary results on Page 3. During the first quarter, the firm's performance reflected meaningful strength across all 4 of our business segments. In investment banking, clients remained very active in raising capital, particularly in the equity markets. And we witnessed high levels of M&A activity amid elevated strategic dialogues. In global markets, we saw strength across all products and regions as client engagement remained high. In asset management, record performance was attributable to gains from our equity investments, particularly as we harvested private equity positions in an attractive market. We also saw double-digit revenue growth year-over-year in our consumer and wealth management segment for a third consecutive quarter as we further expand our wealth capabilities and scale our consumer offering.

謝謝你，大衛。早上好。讓我從第 3 頁的總結結果開始。在第一季度，公司的業績反映了我們所有 4 個業務部門的顯著實力。在投資銀行領域，客戶仍然非常積極地籌集資金，尤其是在股票市場。在戰略對話升級的情況下，我們見證了高水平的併購活動。在全球市場，我們看到所有產品和地區的實力，因為客戶參與度仍然很高。在資產管理方面，創紀錄的業績歸功於我們的股權投資收益，特別是當我們在一個有吸引力的市場中收穫了私募股權頭寸。隨著我們進一步擴大我們的財富能力並擴大我們的消費者產品範圍，我們的消費者和財富管理部門的收入也連續第三個季度實現兩位數的同比增長。

Turning to specific business performance on Page 4, let me begin with investment banking. Investment banking produced record quarterly net revenues of $3.8 billion, up 73% versus a year ago. Financial advisory revenues of $1.1 billion rose 43% versus last year on increased transaction closings in the quarter. During the quarter, we maintained our #1 league table position as we participated in over $400 billion of announced transactions, over $100 billion ahead of our next closest competitor, and closed over 100 deals for approximately $300 billion of deal volume.

轉向第 4 頁的具體業務表現，讓我從投資銀行業務開始。投資銀行產生了創紀錄的季度淨收入 38 億美元，與一年前相比增長了 73%。由於本季度交易量增加，財務諮詢收入為 11 億美元，較去年增長 43%。在本季度，我們參與了超過 4,000 億美元的已宣布交易，領先第二位最接近的競爭對手超過 1,000 億美元，並以約 3,000 億美元的交易量完成了 100 多筆交易，因此保持了排名第一的位置。

The bigger headline in investment banking again this quarter was equity underwriting, where we generated a record $1.6 billion in revenues, over 4x greater than the levels a year ago. We ranked #1 globally in equity underwriting, with our volumes climbing to nearly $50 billion across roughly 240 deals, including over 90 initial public offerings for companies across all markets like Coupang in Korea, InPost in Poland and Bumble in the U.S. Our equity underwriting market share increased more than 60 basis points during the quarter, largely driven by improved share in IPOs. We experienced strong activity this quarter in follow-ons and new products, including our participation in a growing number of SPAC transactions.

本季度投資銀行業務的更大頭條是股票承銷，我們創造了創紀錄的 16 億美元收入，是一年前水平的 4 倍多。我們在股票承銷方面全球排名第一，我們的交易量在大約 240 筆交易中攀升至近 500 億美元，其中包括為韓國 Coupang、波蘭 InPost 和美國 Bumble 等所有市場的公司進行的 90 多項首次公開募股。 我們的股票承銷市場該季度的份額增加了 60 多個基點，主要是由於 IPO 份額的提高。本季度我們在後續產品和新產品方面經歷了強勁的活動，包括我們參與了越來越多的 SPAC 交易。

In debt underwriting, net revenues were $880 million, up 51% from a year ago, driven by strong activity levels particularly in leveraged finance, and asset-backed transactions. In addition, our engagement with sectors impacted by COVID, including airlines and hospitality, was high.

在債務承銷方面，淨收入為 8.8 億美元，比一年前增長 51%，這得益於強勁的活動水平，特別是在槓桿融資和資產支持交易方面。此外，我們對受 COVID 影響的行業（包括航空公司和酒店業）的參與度很高。

Notwithstanding the significant realization of revenue in the quarter, our investment banking backlog ended the quarter at record levels, with sequential growth supported by sustained M&A activity as well as replenishment from underwriting transactions.

儘管本季度實現了顯著收入，但我們的投資銀行業務積壓在本季度結束時達到創紀錄水平，持續的併購活動以及承銷交易的補充支持了連續增長。

Revenues from corporate lending were $205 million, down 54% versus the first quarter of last year, which included significant gains on hedges maintained with respect to our relationship loan book. Revenues in the quarter reflect net interest income, including from transaction banking and fees from relationship lending, partially offset by approximately $85 million of losses on hedges as spreads tightened modestly.

來自企業貸款的收入為 2.05 億美元，與去年第一季度相比下降了 54%，其中包括與我們的關係貸款賬簿相關的對沖的顯著收益。該季度的收入反映了淨利息收入，包括來自交易銀行業務和關係貸款費用的淨利息收入，部分被約 8500 萬美元的對沖損失所抵消，因為利差適度收緊。

Moving to global markets on Page 5. Our franchise exhibited broad-based strength across businesses in both FICC and equities. Net revenues were $7.6 billion in the first quarter, up 47% versus a year ago and the highest since 2010. During the quarter, we benefited from a supportive market-making environment and facilitated considerable client activity.

在第 5 頁轉向全球市場。我們的特許經營權在 FICC 和股票的業務中表現出廣泛的實力。第一季度淨收入為 76 億美元，與一年前相比增長 47%，是自 2010 年以來的最高水平。在本季度，我們受益於支持性的做市環境並促進了大量的客戶活動。

Turning to FICC on Page 6. First quarter net revenues were $3.9 billion, up 31% versus a year ago, driven by a 36% increase in intermediation where we experienced healthy client flows and demonstrated strong risk management and grew revenues in 4 out of 5 businesses versus last year. In mortgages, revenues rose significantly, bolstered by solid results in agency mortgages and residential loans and high levels of client engagement as the business continues to diversify its revenue across market-making, loan origination and financing.

轉到第 6 頁的 FICC。第一季度淨收入為 39 億美元，比去年同期增長 31%，這得益於中介業務增長 36%，我們經歷了健康的客戶流動，展示了強大的風險管理，五分之四的收入增長了企業與去年相比。在抵押貸款方面，收入顯著增長，這得益於代理抵押貸款和住宅貸款的穩健業績以及客戶參與度高，因為該業務繼續在做市、貸款發放和融資方面實現收入多元化。

In commodities, higher year-on-year performance was driven by solid inventory management across products amid volatile markets and healthy client flows. In rates, revenues rose amidst strong risk management and client engagement, particularly on the back of anticipated fiscal activity in the U.S. and diverging central bank actions during the quarter. In credit, revenues were up versus a year ago as the business benefited from continued improvement in credit spreads, while client activity remained healthy amid robust primary issuance. We also saw increase in volumes related to our automated bond pricing engine and growing activity in electronic trading. In currencies, revenues fell due to lower activity versus a strong quarter a year ago, though client engagement remained high across both the G10 and emerging markets franchises.

在大宗商品方面，在動蕩的市場和健康的客戶流量下，產品的穩健庫存管理推動了同比增長。在利率方面，收入增長得益於強大的風險管理和客戶參與，特別是在美國預期的財政活動和本季度央行行動不同的背景下。在信貸方面，收入與一年前相比有所上升，因為該業務受益於信貸利差的持續改善，而客戶活動在強勁的初級發行中保持健康。我們還看到與我們的自動債券定價引擎和電子交易活動的增長相關的交易量增加。以貨幣計算，收入下降是由於與一年前強勁的季度相比活動減少，儘管 G10 和新興市場特許經營權的客戶參與度仍然很高。

Turning to equities. Net revenues for the first quarter were $3.7 billion, up 68% versus a year ago as we deployed our balance sheet to support clients and intermediated risk with discipline. Equities intermediation produced net revenues of $2.6 billion, up 69%, reflecting the global scale and breadth of our client franchise and aided by elevated client volumes across cash and derivatives as well as strong risk management.

轉向股票。第一季度的淨收入為 37 億美元，與一年前相比增長 68%，因為我們部署了資產負債表來支持客戶並以紀律規避風險。股票中介產生了 26 億美元的淨收入，增長了 69%，這反映了我們客戶業務的全球規模和廣度，並得益於現金和衍生品客戶數量的增加以及強大的風險管理。

In cash, we facilitated client flows across high- and low-touch channels and executed a number of block trades for clients during the quarter. In derivatives, we produced record results as we saw solid activity in flow and structured transactions across both the U.S. and Europe.

在現金方面，我們促進了客戶在高接觸和低接觸渠道的流動，並在本季度為客戶執行了一些大宗交易。在衍生品方面，我們創造了創紀錄的業績，因為我們看到美國和歐洲的流動和結構化交易活動活躍。

Equities financing revenues of $1.1 billion were the best in over a decade, rising 65% year-over-year. Average balances in our prime business grew to record levels as we supported clients amid the volatility and market events of the first quarter. As we continue to grow our prime business, we are well aware of the risks inherent in that business and the resources, including liquidity that are consumed. While we avoided losses related to recent events involving Archegos Capital, as David noted, the situation underscored the potential risks of the business and the corresponding importance of our risk infrastructure and control systems.

11 億美元的股票融資收入是十多年來最好的，同比增長 65%。由於我們在第一季度的波動和市場事件中為客戶提供支持，我們的主要業務的平均餘額增長到創紀錄的水平。隨著我們繼續發展我們的主要業務，我們非常清楚該業務和資源所固有的風險，包括消耗的流動性。正如大衛所說，雖然我們避免了與 Archegos Capital 近期事件相關的損失，但這種情況凸顯了業務的潛在風險以及我們風險基礎設施和控制系統的相應重要性。

As to forward expectations for global markets, it remains difficult to predict client activity. While we do not expect the pace of activity in the first quarter to necessarily persist for the balance of the year, we believe the high levels of primary issuance, the current trajectory of economic recovery and diverging central bank policies, particularly in emerging markets, could continue to support elevated client activity. Our confidence on the forward of global markets rests largely on the market share gains generated last year through a deepening of client relationships and our ongoing investment in technology platforms to enhance client experience and drive efficiencies. As we have noted previously, this progress has improved the structural return profile of the business independent of the wallet opportunity.

至於對全球市場的前瞻性預期，仍然難以預測客戶活動。雖然我們預計第一季度的活動步伐不一定會持續到今年餘下時間，但我們認為高水平的初級發行、當前的經濟復甦軌跡以及央行政策的分歧，尤其是在新興市場，可能繼續支持提升的客戶活動。我們對全球市場前景的信心很大程度上取決於去年通過深化客戶關係以及我們對技術平台的持續投資以增強客戶體驗和提高效率所產生的市場份額增長。正如我們之前所指出的，這一進展改善了獨立於錢包機會的業務結構回報情況。

Moving now to asset management on Page 7. In the first quarter, we generated record revenues of $4.6 billion. Management and other fees totaled $693 million, up 8% versus a year ago, driven by higher average assets under supervision, partially offset by fee waivers on money market funds. Incentive fees of $42 million were lower versus a strong year-ago quarter.

現在轉到第 7 頁的資產管理。在第一季度，我們創造了創紀錄的 46 億美元的收入。管理費用和其他費用總計 6.93 億美元，比一年前增長 8%，主要受監管平均資產增加的推動，但部分被貨幣市場基金的費用減免所抵消。 4200 萬美元的激勵費用低於去年同期的強勁季度。

Equity investments produced $3.1 billion of net gains, including appreciation across our public investments and marks related to event-driven activity in our private equity portfolio, such as sales or capital raises. More specifically, on our $3 billion public equity portfolio, we had gains of roughly $340 million. This quarter, we disposed of over $1.5 billion of positions given attractive market conditions. Despite the quantum of public positions sold in the quarter, the more moderate decline in the size of our portfolio reflects the impacts of IPOs in our private portfolio and market appreciation. Across our $17 billion private equity book we generated gains of nearly $2.6 billion from various positions, more than 2/3 of which were driven by events relating to the underlying portfolio of companies, including fundraisings, capital market activities and outright sales. Additionally, we had operating revenues of $225 million related to our portfolio of consolidated investment entities.

股權投資產生了 31 億美元的淨收益，包括我們公共投資的升值以及與我們的私募股權投資組合中的事件驅動活動相關的標記，例如銷售或融資。更具體地說，在我們 30 億美元的公共股票投資組合中，我們獲得了大約 3.4 億美元的收益。鑑於有吸引力的市場條件，本季度我們出售了超過 15 億美元的頭寸。儘管本季度出售的公共頭寸數量眾多，但我們投資組合規模的較溫和下降反映了 IPO 對我們的私人投資組合和市場升值的影響。在我們 170 億美元的私募股權賬簿中，我們從各種職位中獲得了近 26 億美元的收益，其中超過 2/3 是由與公司基礎投資組合相關的事件推動的，包括籌資、資本市場活動和直接出售。此外，我們的綜合投資實體組合相關的營業收入為 2.25 億美元。

We announced or closed on dispositions of private assets of $1.5 billion in the quarter, bringing the total private sales since our 2020 Investor Day to $4.7 billion. There is an implied $2.3 billion of capital associated with those assets. Additionally, we have line of sight on nearly $3 billion of incremental asset sales.

我們在本季度宣布或結束了 15 億美元的私人資產處置，使自 2020 年投資者日以來的私人銷售總額達到 47 億美元。與這些資產相關的隱含資本為 23 億美元。此外，我們對近 30 億美元的增量資產銷售有所了解。

Despite these actions and as I mentioned on our January earnings call, we increased the equity attributed to asset management as a result of our 2020 CCAR stress test. This change was driven by our dynamic capital attribution methodology, which takes various regulatory constraints into consideration. On the forward, a continued reduction in balance sheet positions will produce a more meaningful impact on attributed equity reduction. Importantly, we remain on track to achieve our net reduction in segment capital, consistent with what we presented at our 2020 Investor Day, to below $18 billion by 2024.

儘管採取了這些行動，正如我在 1 月份的財報電話會議上提到的那樣，由於我們的 2020 年 CCAR 壓力測試，我們增加了歸屬於資產管理的股權。這一變化是由我們的動態資本歸因方法驅動的，該方法考慮了各種監管限制。展望未來，資產負債表頭寸的持續減少將對歸屬權益減少產生更有意義的影響。重要的是，與我們在 2020 年投資者日上展示的內容一致，我們仍有望實現到 2024 年將分部資本淨減少至 180 億美元以下。

The ongoing harvesting of our investment portfolio is consistent with our strategy of migrating our business to third party versus on-balance sheet investing, and attractive market valuations have accelerated some sales. We are keen to continue such activity as it would be capital accretive to the firm.

我們投資組合的持續收穫與我們將業務轉移到第三方而不是資產負債表投資的戰略是一致的，有吸引力的市場估值加速了一些銷售。我們熱衷於繼續此類活動，因為這將為公司增加資本。

That said, dispositions at attractive levels now will diminish gains from sales in forward quarters. We are mindful of that trade-off and are working to offset the revenue impact in subsequent years as we look to realize increasing fee income from the number of alternative funds being formed and invested.

也就是說，現在處於有吸引力的水平的配置將減少未來季度的銷售收益。我們注意到這種權衡，並正在努力抵消隨後幾年的收入影響，因為我們希望通過成立和投資的另類基金的數量來實現增加的費用收入。

Finally, in asset management, net revenues from lending and debt investment activities were $759 million on revenues from NII and gains on fair value debt securities and loans. This reflected modestly tighter credit spreads on our portfolio of corporate and real estate investments.

最後，在資產管理方面，來自貸款和債務投資活動的淨收入為 7.59 億美元，來自 NII 的收入以及公允價值債務證券和貸款的收益。這反映了我們的企業和房地產投資組合的信貸利差適度收窄。

Let me now turn to Page 8, where we show the composition of our asset management balance sheet, consistent with the information that we have provided to you in prior quarters. Our equity and CIE portfolios remain highly diversified by sector, geography and vintage. And our debt investment portfolio is also diversified, with loans in the segment largely secured.

現在讓我翻到第 8 頁，我們在其中顯示了我們資產管理資產負債表的構成，與我們在前幾個季度提供給您的信息一致。我們的股票和 CIE 投資組合在行業、地域和年份方面保持高度多元化。我們的債務投資組合也是多元化的，該部門的貸款在很大程度上是有擔保的。

Moving to Page 9. Consumer and wealth management produced $1.7 billion of revenues in the first quarter, up 16% versus a year ago. Management and other fees of $1.1 billion rose 12% versus last year, reflecting higher assets under supervision, which rose 25% to $637 billion. Consumer banking revenues grew to $371 million in the first quarter, up 32% versus last year, reflecting higher credit card loans and deposit growth.

轉到第 9 頁。消費者和財富管理在第一季度創造了 17 億美元的收入，比一年前增長了 16%。管理和其他費用為 11 億美元，比去年增長 12%，反映出受監管資產增加，增長 25% 至 6,370 億美元。第一季度個人銀行業務收入增長至 3.71 億美元，比去年同期增長 32%，這反映了信用卡貸款和存款增長的增長。

Next, let's turn to Page 10 for our firm-wide assets under supervision and firm-wide management and other fees. Total AUS increased to a record $2.2 trillion during the quarter, up over $380 billion versus a year ago. The sequential increase of $59 billion was driven by $37 billion of long-term inflows and $23 billion of liquidity inflows. Our total firm-wide management and other fees grew by 11% versus the first quarter of 2020 to $1.8 billion.

接下來，讓我們轉到第 10 頁，了解我們在監管下的公司範圍內的資產和公司範圍內的管理和其他費用。本季度，澳大利亞總收入增至創紀錄的 2.2 萬億美元，與一年前相比增加了 3800 億美元。 370 億美元的長期流入和 230 億美元的流動性流入推動了 590 億美元的環比增長。與 2020 年第一季度相比，我們的全公司管理和其他費用總額增長了 11%，達到 18 億美元。

On Page 11, we address net interest income and our lending portfolio across all segments. Total firm-wide NII was $1.5 billion for the first quarter, higher versus a year ago, reflecting an increase in interest-earning assets and lower funding costs.

在第 11 頁，我們討論了所有細分市場的淨利息收入和貸款組合。第一季度全公司 NII 總額為 15 億美元，高於一年前，反映了生息資產的增加和融資成本的降低。

Next, let's review loan growth and credit performance across the firm. Our total loan portfolio at quarter end was $121 billion, up $5 billion sequentially, driven by residential real estate warehouse and wealth management lending. In the first quarter, provision for credit losses reflected a net benefit of $70 million. This includes a reserve reduction driven by improvements in the broader economic backdrop and loss expectations, partially offset by portfolio growth, including approximately $180 million in provisions related to the pending acquisition of loan receivables as part of our credit card partnership with General Motors expected to launch by year-end.

接下來，讓我們回顧一下整個公司的貸款增長和信貸表現。在住宅房地產倉庫和財富管理貸款的推動下，我們在季度末的總貸款組合為 1210 億美元，環比增長 50 億美元。第一季度，信貸損失準備金反映了 7,000 萬美元的淨收益。這包括由於更廣泛的經濟背景和損失預期的改善而導致的準備金減少，部分被投資組合增長所抵消，其中包括約 1.8 億美元的準備金與待定收購應收貸款有關，這是我們與通用汽車的信用卡合作夥伴關係的一部分，預計將推出到年底。

Next, let's turn to expenses on Page 12. Our total quarterly operating expenses were $9.4 billion. While our ratio of compensation to revenues net of provisions fell to 34% from 41% in the first quarter of last year, compensation expense increased, reflecting strong performance. Non-compensation expenses were up only 5% versus last year as an increase in transaction-based and technology expenses was largely offset by a decline in litigation and travel and entertainment expenses as well as lower expenses related to our consolidated investment entities.

接下來，讓我們轉向第 12 頁的費用。我們的季度總運營費用為 94 億美元。儘管我們扣除撥備後的薪酬與收入的比率從去年第一季度的 41% 下降至 34%，但薪酬費用卻有所增加，反映了強勁的業績。與去年相比，非補償費用僅增長 5%，因為基於交易和技術費用的增加在很大程度上被訴訟、差旅和娛樂費用的下降以及與我們合併投資實體相關的費用減少所抵消。

Overall, our efficiency ratio for the quarter was 53.3%, reflecting the operating leverage in our business. We remain focused on our expense discipline in a pay-for-performance culture as well as our expense initiatives, where we continue to evaluate additional opportunities for further savings.

總體而言，我們本季度的效率比率為 53.3%，反映了我們業務的經營槓桿。我們仍然專注於按績效付費文化中的費用紀律以及我們的費用計劃，我們將繼續評估進一步節省的額外機會。

Our effective tax rate in the quarter was 18%, primarily reflecting the impact of equity-based compensation of approximately $175 million. As noted previously, we expect our tax rate under the current tax regime to be approximately 21%. I should note that we continue to monitor the impact of various proposals being made in the U.S. on the federal and state level.

我們本季度的有效稅率為 18%，主要反映了大約 1.75 億美元的股權薪酬的影響。如前所述，我們預計當前稅制下的稅率約為 21%。我應該指出，我們將繼續監測美國提出的各種提案對聯邦和州一級的影響。

Turning to our capital levels on Slide 13. Our common equity tier 1 ratio was 14.3% at the end of the first quarter under the standardized approach, down 40 basis points sequentially. The decline was driven by increased lending and higher market RWAs as we stepped in to serve clients, partially offset by strong earnings.

轉向幻燈片 13 上的資本水平。在第一季度末，按照標準化方法，我們的普通股一級比率為 14.3%，連續下降 40 個基點。下降的原因是貸款增加和市場風險加權資產增加，因為我們介入為客戶提供服務，但部分被強勁的收益所抵消。

In the quarter, we returned a total of $3.15 billion to shareholders, including common stock repurchases of $2.7 billion and approximately $450 million in common stock dividends. Our book value per share rose to a record $250.81. While the Federal Reserve has extended the limitations in place on share repurchases and dividend increases, we nonetheless expect to continue our repurchase plans in the second quarter close to the levels of the first quarter. And we'll evaluate an increase to the dividend as permitted.

本季度，我們共向股東返還了 31.5 億美元，其中包括 27 億美元的普通股回購和約 4.5 億美元的普通股股息。我們的每股賬面價值升至創紀錄的 250.81 美元。儘管美聯儲擴大了對股票回購和股息增加的限制，但我們仍預計第二季度的回購計劃將繼續接近第一季度的水平。我們將在允許的情況下評估股息的增加。

Turning to the balance sheet. Total assets ended the quarter at $1.3 trillion, 12% higher versus last quarter as we supported client activity. We maintained high liquidity levels, with our global core liquid assets averaging nearly $300 billion.

轉向資產負債表。由於我們支持客戶活動，本季度末總資產為 1.3 萬億美元，比上一季度增長 12%。我們保持高流動性水平，我們的全球核心流動資產平均接近 3000 億美元。

On the liabilities side, our total deposits rose to $286 billion, up $26 billion versus last quarter. Notably, consumer deposits surpassed $100 billion during the quarter.

在負債方面，我們的總存款增至 2860 億美元，比上一季度增加 260 億美元。值得注意的是，本季度的消費者存款超過了 1000 億美元。

Our long-term debt rose by $6 billion, driven by $20 billion of benchmark issuance. Given the growth in our balance sheet outside of bank entities, particularly due to accretive deployment opportunities in our prime business, we now expect benchmark issuances to be modestly higher than maturities and redemptions this year.

在 200 億美元的基準發行的推動下，我們的長期債務增加了 60 億美元。鑑於我們在銀行實體之外的資產負債表的增長，特別是由於我們主要業務的部署機會增加，我們現在預計今年的基準發行量將略高於到期和贖回。

In conclusion, our first quarter results reflect the diversification and strength of our client franchise. We remain confident that execution of our strategic priorities will continue to drive a better client experience, more durable revenues, and strong returns for shareholders. With that, we'll now open up the line for questions.

總之，我們的第一季度業績反映了我們客戶特許經營的多元化和實力。我們仍然相信，執行我們的戰略重點將繼續為股東帶來更好的客戶體驗、更持久的收入和豐厚的回報。有了這個，我們現在將打開問題線。

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

（操作員說明）您的第一個問題來自 Evercore ISI 的 Glenn Schorr。

I appreciate your comments on the capital freed up on the equity investment sales. The question I have is -- I don't remember every number, but it looks like some of those sales, or a lot of those sales, came from the older vintages, which is good, I think. But now with most of the book or all the book 6 years or younger, does that slow the monetization process? I know you mentioned you had line of sight on $3 billion more. Maybe you could talk about how much capital is -- would be associated with that $3 billion, and maybe how the pipeline looks for third-party capital [raise] for the remainder of the year?

感謝您對股權投資銷售所釋放的資本的評論。我的問題是——我不記得每個數字，但看起來其中一些銷售，或者很多銷售來自較老的年份，我認為這很好。但是現在大部分書籍或所有書籍都在 6 歲或以下，這會減慢貨幣化進程嗎？我知道你提到你有 30 億美元的視線。也許您可以談談與這 30 億美元相關的資本是多少，以及管道如何在今年剩餘時間裡尋找第三方資本 [籌集]？

Sure, Glenn. Thanks for the question. So let me just go through the numbers, so we're all level set.

當然，格倫。謝謝你的問題。所以讓我來看看數字，所以我們都是水平的。

In the quarter, we closed on about $1.5 billion of balance sheet reduction, producing about $852 million of AE relief. And as I noted in the prepared remarks, since our Investor Day, we've disposed of balance sheet positions totaling $4.7 billion. That produced about $2.3 billion of relief as well.

在本季度，我們完成了約 15 億美元的資產負債表縮減，產生了約 8.52 億美元的 AE 減免。正如我在準備好的評論中指出的那樣，自我們的投資者日以來，我們已經處置了總計 47 億美元的資產負債表頭寸。這也產生了大約 23 億美元的救濟。

In terms of line of sight, as I said, we have a view into about $3 billion of balance sheet reduction. My view is that the capital attachment associated with that $3 billion would be I would say well in excess of about $1 billion, probably close to $1.4 billion in terms of AE relief there.

正如我所說，就視線而言，我們預計資產負債表將減少約 30 億美元。我的觀點是，與這 30 億美元相關的資本附件將遠遠超過約 10 億美元，就那裡的 AE 減免而言可能接近 14 億美元。

As to the profile vintage and otherwise, I think it's important to recognize that in pursuing the strategy of migrating to more third-party funds, we're going to look across the portfolio regardless of vintage of opportunities, particularly in this market, to advance. It's not only in the pursuit of course of that strategy, but equally it reduces the capital density of that business and holds the promise of reduced capital that the firm would be required to hold overall.

至於簡介年份和其他方面，我認為重要的是要認識到，在追求遷移到更多第三方基金的戰略時，我們將審視投資組合，而不考慮機會的年份，特別是在這個市場上，以推進.它不僅在追求該戰略的過程中，而且同樣降低了該業務的資本密度，並承諾減少公司整體持有的資本。

And so 2 components in the context of what we're trying to achieve strategically: if you look at what we've done just on the last part of your question in terms of fundraising, you'll remember that through 2020, we noted that we had raised funds approximating $40 billion. Taking that and extending it through the first quarter, we're up just north of about $52 billion and are looking to deploy that now where obviously management fees get paid on deployment and investment of that fundraising. And so the roster of ambition of what we're going to do this year is quite real. We're confident in our ability to achieve it. And this is all obviously part and parcel of meeting what I was talking about, which is as we see the harvest of positions now and take that revenue in we will see compensation for that, if you will, in the context of management fees as we grow and deploy capital in the alternative space.

因此，在我們試圖從戰略上實現的目標的背景下，有兩個組成部分：如果你看看我們在籌款問題的最後一部分所做的工作，你會記得到 2020 年，我們注意到我們籌集了大約 400 億美元的資金。考慮到這一點並將其延續到第一季度，我們的資金剛剛超過約 520 億美元，並且現在正在尋求部署這一點，顯然管理費可以通過部署和投資籌集資金來支付。所以我們今年要做的事情的雄心壯志是非常真實的。我們對實現它的能力充滿信心。這顯然是滿足我所說的內容的重要組成部分，因為我們現在看到了職位的收穫並獲得了收入，如果您願意的話，我們將在管理費的背景下看到補償，因為我們在替代空間中增長和部署資本。

I definitely appreciate all that color. Maybe a quick follow-up just quickly on composition of that pipeline that you talked about. I think I heard in your remarks that M&A is pretty darn good, but underwriting actually is not bad also. I guess my question is how dependent is fulfillment of that pipeline on getting past this current SPAC indigestion here that we have? I'm just looking for a little more color on fulfillment of that pipeline?

我絕對欣賞所有這些顏色。也許對您談到的那個管道的組成進行快速跟進。我想我在你的評論中聽說併購非常好，但承銷實際上也不錯。我想我的問題是，這條管道的實現對我們目前的 SPAC 消化不良有多依賴？我只是在為完成該管道尋找更多顏色？

Well, if you look at our overall backlog, which as I noted is at record levels, I would say that notwithstanding very high level of revenue recognition certainly in the investment banking segment, we're nonetheless seeing the backlog replenishment at extraordinarily high levels. And so that's really the sort of best picture forward, if you will, in terms of what our clients are engaged in doing.

好吧，如果你看看我們的整體積壓，正如我所指出的那樣，它處於創紀錄的水平，我會說，儘管投資銀行部門的收入確認水平肯定很高，但我們仍然看到積壓的補充量非常高。因此，就我們的客戶所從事的工作而言，如果您願意的話，這確實是最好的前景。

I think on the forward as it relates, for example, to global markets, there it's difficult to say, as I noted in the comment and David did as well, it's hard to know what the market opportunity will be. The comparative set of results, second and third quarter last year versus this will be challenging, just given the volatility we saw last year in those quarters.

我認為就未來而言，例如與全球市場有關，很難說，正如我在評論中指出的那樣，大衛也做過，很難知道市場機會是什麼。考慮到我們去年在這些季度看到的波動性，去年第二季度和第三季度與今年的比較結果將具有挑戰性。

I think the confidence we're taking in terms of sustainability of results lies in our market share. And we have picked up market share across global markets, across investment banking both in financial advisory and equity capital markets. And we will rely on that to capture kind of our fair share or better of the opportunity set presented.

我認為我們對結果可持續性的信心在於我們的市場份額。我們在全球市場、金融諮詢和股權資本市場的投資銀行業務中都獲得了市場份額。我們將依靠它來獲得我們公平的份額或更好的機會集。

Your next question comes from the line of Christian Bolu with Autonomous.

您的下一個問題來自 Christian Bolu with Autonomous。

First, let me just echo the sentiments on Heather. She's been truly exceptional in the IR role, so will be sorely missed.

首先，讓我回應一下對希瑟的看法。她在 IR 角色中確實非常出色，因此會非常想念。

On to my questions, I guess the first one is on the trading businesses, just to follow up on the -- what you just said in terms of market share gains. It seems like the market share gains are actually accelerating in trading. And I'm just curious if there's any more color really on what exactly is driving EBITDA gains in the quarter or over the last year, just a bit more specifics?

關於我的問題，我想第一個是關於貿易業務的，只是為了跟進你剛才所說的市場份額增長。似乎市場份額的增長實際上在交易中加速。我只是想知道是否真的有更多的顏色真正推動了本季度或去年的 EBITDA 收益，只是更具體一點？

And then I know you -- both you and David have talked about the sustainability issue around trading, but it feels like trends are slowing a little bit here in April as we move into the summer. So just any sort of thoughts around what you think will support strength for the rest of the year?

然後我知道你——你和大衛都談到了圍繞交易的可持續性問題，但感覺隨著我們進入夏季，4 月份的趨勢正在放緩。那麼，關於你認為會在今年餘下時間支持實力的任何想法？

So Christian, I'll start and thanks for the question. First, I'll start at a high level, and then Stephen will probably give you some more granular data.

所以克里斯蒂安，我會開始感謝這個問題。首先，我將從高層次開始，然後斯蒂芬可能會給你一些更細粒度的數據。

But at a high level, one of the things we've been very focused on over the last 2.5 years is the client centricity of our business and trying to really look at the way clients experience us, look at it holistically, see how we're serving their needs holistically. You've heard us talk about our One GS mantra, our ability to bring the whole organization together to deliver better for clients.

但在高層次上，我們在過去 2.5 年中一直非常關注的一件事是以客戶為中心的業務，並試圖真正了解客戶體驗我們的方式，從整體上看待它，看看我們如何'全面滿足他們的需求。您已經聽過我們談論我們的 One GS 口號，我們有能力將整個組織團結在一起，為客戶提供更好的服務。

And one of the things that I'm hearing consistently from clients as I reach out and spend time with clients, is that they feel like there's been a meaningful change in the kind of broad client service they're getting, our focus on them, the resources we're getting, giving -- or bringing to them the coordination of all that. And I think that has contributed meaningfully, that client centricity, that culture is contributing meaningfully to market share gains.

當我與客戶接觸並與客戶共度時光時，我一直從客戶那裡聽到的一件事是，他們覺得他們所獲得的廣泛客戶服務發生了有意義的變化，我們對他們的關注，我們獲得、給予或為他們帶來所有這些協調的資源。我認為，這種以客戶為中心的文化對市場份額的增長做出了有意義的貢獻。

You know and we've put it forward that we talked about looking at the top 100 accounts in global markets. We gave you data last quarter on our progress against those accounts, being top 3 against those accounts. That is a KPI we continue to track. We made progress last year, and we're committed to making further progress this year. And so I think that also has an impact on this.

你知道，我們已經提出，我們談到了查看全球市場的前 100 名賬戶。我們在上個季度向您提供了關於我們對這些賬戶的進展的數據，在這些賬戶中排名前三。這是我們繼續跟踪的 KPI。去年我們取得了進展，我們致力於今年取得更大的進展。所以我認為這也會對此產生影響。

In addition then obviously, you have the market activity that's generated. And so we get the benefit of those market shares gains against that activity.

此外，很明顯，您擁有所產生的市場活動。因此，我們從這些市場份額的收益中獲益。

On your second question, with respect to kind of activity looking forward, what I'd say was the first quarter was an extraordinary quarter. I don't think that the expectation should be that activity will continue at that pace through the second quarter, third quarter and fourth quarter. But I will say that activity levels continue to be elevated from what I would say was a pre-COVID activity level by a meaningful amount. And I think as we said in the script that the environment, the monetary and fiscal stimulus, and in addition the economic recovery, continues to paint a relatively constructive background. But I don't think the expectation should be for it to continue at the pace we saw in the first quarter.

關於你的第二個問題，關於未來的活動，我想說的是第一季度是一個非凡的季度。我認為不應期望該活動將在第二季度、第三季度和第四季度以這種速度繼續下去。但我要說的是，活動水平繼續比我所說的 COVID 之前的活動水平高出一個有意義的數量。我認為正如我們在劇本中所說，環境、貨幣和財政刺激，以及經濟復甦，繼續描繪出一個相對建設性的背景。但我認為不應期望它以我們在第一季度看到的速度繼續下去。

So Christian, just to pivot off of David's comments, all of which I'll give to you and our -- a reflection or a product of the client centricity that David was speaking to. First of all, across the equities business in global markets, I think we're seeing a very clear consolidation of share in and among a discrete number of banks in the U.S., among which we are one. We saw elevated prime levels, part of the strategy that we've been pursuing, and as I noted in my comments, record prime levels that contributed to meaningful uptick in equity financing.

所以克里斯蒂安，只是從大衛的評論出發，所有這些我都會給你和我們的——大衛所說的以客戶為中心的反映或產物。首先，在全球市場的股票業務中，我認為我們看到美國一些離散銀行的份額非常明顯地整合，我們就是其中之一。我們看到了較高的主要水平，這是我們一直在追求的戰略的一部分，正如我在評論中指出的那樣，創紀錄的主要水平有助於股權融資的有意義的上升。

Even on the last call, I had noted that over the course of 2020 across global markets, we had picked up about 120 basis points of wallet share across the patch. And then when you look at -- I'll just take 2 individual businesses in FICC, just to pivot to FICC for a moment. First of all if you look at mortgages, the interesting thing about mortgages is that this business is now sort of pivoted away from sort of straight market-making and is now it's self-engaged in financing and loan origination. And so doing more for more clients has been kind of the signature, if you will, of just expanding in the mortgage space that has grown that business.

即使在最後一次電話會議上，我也注意到，在 2020 年全球市場的整個過程中，我們在整個補丁程序中的錢包份額增加了約 120 個基點。然後，當您查看時-我將僅介紹 FICC 中的 2 家個體企業，只是暫時轉向 FICC。首先，如果你看一下抵押貸款，關於抵押貸款的有趣之處在於，這項業務現在有點脫離了直接的做市，現在它自己從事融資和貸款發放。因此，如果你願意的話，為更多的客戶做更多的事情就是擴大抵押貸款領域的一種標誌，這使該業務得到了發展。

And then if you look at credit, we have picked up meaningful market share, both in cash and loans, in the context of what we're doing. And then the last thing I would say, which I think is a contributor to enhanced share, client engagement and the like has been what we've done in the development of platforms. And credit is a good example of that, where portfolio trading has grown quite considerably. Our place in it is quite high. And so again it's all, as David is saying, client centricity and engagement with clients and meeting clients where they care to execute platforms being a good example.

然後，如果你看一下信貸，在我們正在做的事情的背景下，我們已經獲得了可觀的市場份額，包括現金和貸款。然後我要說的最後一件事是我們在平台開發中所做的，我認為這有助於提高份額、客戶參與度等。信貸就是一個很好的例子，投資組合交易增長相當可觀。我們在其中的位置相當高。因此，正如大衛所說，以客戶為中心、與客戶互動並在他們關心執行平台的地方與客戶會面是一個很好的例子。

Great. Maybe shifting on to expenses and expense management looking forward. I mean I'd argue that the opportunity set across pretty much all your businesses today are much bigger than certainly when you -- so much bigger today than when you set out some of those expense targets at Investor Day in early 2020. I'm just wondering how you're thinking about continuing along the path for those expense targets versus capitalizing on revenue opportunities that are ahead of you?

偉大的。展望未來，也許會轉向費用和費用管理。我的意思是，我認為今天幾乎所有業務所帶來的機會都比你確定的要大得多——今天比你在 2020 年初的投資者日設定一些支出目標時要大得多。我是只是想知道您是如何考慮繼續實現這些費用目標的，而不是利用擺在您面前的收入機會？

Sure. So the way I would think about expenses is the following. First of all in noncomp expense more broadly, there should be no doubt that we have a very keen focus on controlling our expense base. I'm saying that independent of the efficiencies that we laid out at Investor Day which I'll come on to. But as reported, noncomp expense was up 5%; x litigation, up 9%. And within that, literally the totality of the increase in expenses were related to transaction-based expenses, so BC&E relating to elevated levels in global markets and our technology spend. And so I think on the forward, you should expect that where transaction activity is high, where we're meeting our clients, where market opportunity is large, that variable expense will continue to fluctuate consistent with the market and will carry us there.

當然。所以我認為費用的方式如下。首先，在更廣泛的非補償費用方面，毫無疑問，我們非常專注於控制我們的費用基礎。我的意思是，這與我們在投資者日提出的效率無關，我將繼續討論。但據報導，非補償費用增長了 5%； x 訴訟，增長 9%。在這其中，從字面上看，費用增加的總額與基於交易的費用有關，因此 BC&E 與全球市場水平的提高和我們的技術支出有關。因此，我認為，展望未來，您應該期望在交易活躍度高、我們與客戶會面、市場機會大的地方，可變費用將繼續與市場一致波動，並將我們帶到那裡。

The second piece I'll comment on is just the $1.3 billion of expense initiative. Again, independent of the day-to-day focus on non-comp expense. And there we continue to make progress in all of the areas that we had talked about, including our real estate footprint as we just announced that we're opening up offices in Birmingham. We did that as it relates to Hyderabad. All of that is a component piece of what we're trying to achieve in the $1.3 billion of expenses.

我要評論的第二部分只是 13 億美元的支出計劃。同樣，獨立於日常對非補償費用的關注。在那裡，我們繼續在我們討論過的所有領域取得進展，包括我們剛剛宣佈在伯明翰開設辦事處時的房地產足跡。我們這樣做是因為它與海得拉巴有關。所有這些都是我們試圖在 13 億美元支出中實現的目標的一部分。

The last piece I'd say is the operating leverage that exists with compensation. As we've said many, many times, we pay for performance. And so that lever is always available to us as and to the extent we see revenue turn down relative to the kind of performance we've otherwise seen in this quarter.

我要說的最後一點是補償存在的經營槓桿。正如我們多次說過的，我們為性能付費。因此，當我們看到收入相對於我們在本季度看到的那種表現下降時，我們總是可以使用這個槓桿。

Our next question comes from the line of Steven Chubak with Wolfe Research.

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

So I wanted to start with a question on capital. Now how does the Fed decision not to extend SLR relief inform your capital management priorities? And maybe just give us a sense as to where you're comfortable running on that measure? Since some of the areas where you noted some gains, like prime, are clearly going to be impacted by the prospect of potentially SLR being binding. And then just on risk-based ratios as well, if you could just speak to how you're thinking about the RWA trajectory as you continue to execute on the planned equity investment sales?

所以我想從一個關於資本的問題開始。現在，美聯儲不延長 SLR 救濟的決定如何告知您的資本管理優先事項？也許只是讓我們了解您在該措施上的舒適度？由於您注意到某些收益的某些領域，例如主要領域，顯然會受到潛在 SLR 具有約束力的前景的影響。然後就基於風險的比率而言，如果您可以談談您在繼續執行計劃中的股權投資銷售時如何考慮 RWA 軌跡？

Sure. So first on SLR, just to be clear, that has not been and is not a binding constraint on us, just to be clear about it. Obviously, 5% at the holdco, 6% at the bank, we stand higher than both of the minimums and don't find that to be a binding constraint to us. And so I would say that at both levels, we have ample growth capacity in terms of balance sheet growth before that comes on to the horizon as being an issue for us. So SLR, not the issue that it is for some of the other commercial banks.

當然。所以首先在 SLR 上，只是要明確一點，這對我們沒有也不是一個約束性約束，只是要明確一點。顯然，控股公司的 5%，銀行的 6%，我們高於這兩個最低要求，並且不認為這對我們有約束力。所以我想說，在這兩個層面上，我們在資產負債表增長方面都有足夠的增長能力，然後這對我們來說是一個問題。所以 SLR，而不是其他一些商業銀行的問題。

In terms of RWA growth, I think that you'll see that commensurate with the nature and level of activity that's there. The one thing I do want to point out is that risk control and risk calibration remains unchanged. It is as disciplined as you would expect it to be, notwithstanding RWA growth. So the opportunity set that's been presented causes us to extend balance sheet and grow risk-weighted assets commensurate with that opportunity, but without compromise to the kind of risk levels that we find.

就風險加權資產的增長而言，我認為你會看到這與那裡的活動性質和水平相稱。我想指出的一件事是風險控制和風險校准保持不變。儘管 RWA 有所增長，但它與您期望的一樣自律。因此，所呈現的機會集使我們擴大資產負債表並增加與該機會相稱的風險加權資產，但不會影響我們發現的風險水平。

I mean the thing I would say, Steve, on this is that if you look at growth in the firm and you look at growth in balance sheet, in the service of our clients as David's been talking about, the resource input to this has been maintained so as to protect the risk flank of the firm. We're sitting with elevated levels of liquidity at GCLA north of $300 billion. We sit in an ample capital position, obviously elevated by where the minimums sit, but within -- in an offensive mode and a buffer prepared to deal and engage with our clients. Marry those 2 resource sort of points alongside risk controls that David spoke about, and we feel quite comfortable with the RWA growth we're experiencing and keeping it in control and checked from a risk point of view.

我的意思是，史蒂夫，我想說的是，如果你看看公司的增長，你看看資產負債表的增長，正如大衛一直在談論的那樣，為我們的客戶服務，對此的資源投入是以保護公司的風險面。 GCLA 的流動性水平超過 3000 億美元。我們處於充足的資本地位，明顯高於最低限度，但處於進攻模式和準備與我們的客戶打交道和互動的緩沖之中。將這兩個資源點與 David 談到的風險控制結合起來，我們對我們正在經歷的 RWA 增長感到非常滿意，並從風險的角度對其進行控制和檢查。

And for my follow-up, I guess both for you and David, just as a follow-up I guess really to Christian's earlier question, just on trading on IB normalization. I know this has been asked a number of different ways on recent calls. But just given the sheer pace of share gains; and David, some remarks you actually made at a conference this quarter noting that industry fee pool should normalize above 2019 levels, it does feel to us like those 2 factors alone should support more than $3 billion in higher run rate IB and trading revenues, which actually compares to a target for incumbent business growth of just 2 billion to 3 billion.

對於我的後續行動，我想對你和大衛來說都是如此，就像我對克里斯蒂安之前的問題的後續行動一樣，只是關於 IB 正常化的交易。我知道在最近的電話中，人們以多種不同的方式詢問了這個問題。但考慮到股價上漲的絕對速度；和大衛，你在本季度的一次會議上實際上發表了一些評論，指出行業費用池應該在 2019 年水平之上正常化，在我們看來，僅這兩個因素就應該支持超過 30 億美元的更高運行率 IB 和交易收入，這實際上，現有業務增長的目標僅為 20 億至 30 億。

So clearly some of the targets that you outlined at Investor Day on the revenue side do appear quite conservative, just given the sheer level of progress. I was hoping you could speak to your confidence around the ability to drive better growth in the incumbent businesses relative to those targets, and maybe if you feel like that north of $3 billion in higher run rate IB and trading is a reasonable expectation, given the underlying trends that you're seeing as well as the improved and deepened client penetration?

很明顯，你在投資者日概述的收入方面的一些目標確實顯得相當保守，只是考慮到進展的絕對水平。我希望你能說出你對推動現有業務相對於這些目標實現更好增長的能力的信心，也許如果你覺得 30 億美元以上的高運行率 IB 和交易是一個合理的預期，考慮到您看到的潛在趨勢以及客戶滲透率的提高和加深？

So Steve, I appreciate the question, and you think about this in a similar way that we do. We've always talked about how long-term market cap growth has led to long-term growth in our business broadly, but you've got to look at it over long periods of time.

所以史蒂夫，我很欣賞這個問題，你以與我們類似的方式思考這個問題。我們一直在談論長期市值增長如何導致我們業務的長期增長，但你必須長期關注它。

I think there are a variety of structural things that has supported growth in our core businesses, and I think we're seeing some of that. I'm not going to comment specifically on your numbers, although I think that your numbers as you point out set very reasonable expectations for us to meet our medium-term targets that we set at Investor Day.

我認為有多種結構性因素支持了我們核心業務的增長，我認為我們正在看到其中的一些。我不會具體評論你的數字，儘管我認為你指出的數字為我們實現我們在投資者日設定的中期目標設定了非常合理的期望。

So I'll start by saying I am extremely confident of our ability to meet our medium-term targets that we set at Investor Day. We also said at Investor Day that, that is not our longer-term aspirations. And as the market continues to evolve, as we come out of the pandemic, as we have more clarity on how the world sets out moves forward, we'll give you clearer communication about our longer-term expectations for our ability to drive the franchise forward. But as we did pre-pandemic at Investor Day, I reiterate now, we do see opportunities to drive the franchises forward and drive higher returns over the long term than what our current medium-term targets are.

因此，我首先要說，我對我們實現在投資者日設定的中期目標的能力非常有信心。我們還在投資者日表示，這不是我們的長期願望。隨著市場的不斷發展，隨著我們擺脫大流行，隨著我們對世界如何向前發展更加清晰，我們將為您提供更清晰的溝通，說明我們對推動特許經營的能力的長期期望向前。但正如我們在投資者日大流行前所做的那樣，我現在重申，我們確實看到了推動特許經營權向前發展的機會，並在長期內推動比我們目前的中期目標更高的回報。

Your next question comes from the line of Mike Carrier with Bank of America.

您的下一個問題來自美國銀行的 Mike Carrier。

First, just a bigger-picture question following on that, on that last one. In terms of the sustainability of some of the things that we're seeing in trading and banking, we haven't seen this level of GDP growth in terms of the forecasts for a very long time. So just wanted to get your historical perspective on how this cycle compares? Can that drive more activity?

首先，關於最後一個問題，這是一個更大的問題。就我們在貿易和銀行業中看到的一些事情的可持續性而言，我們已經很長時間沒有看到這種預測的 GDP 增長水平了。所以只是想從歷史角度了解這個週期是如何比較的？這可以推動更多的活動嗎？

And then, David, I think you mentioned higher inflation as one of the risks or something that you're monitoring. So I guess just if we're in an environment where that starts to ramp up, how do you expect that to impact activity levels?

然後，大衛，我認為你提到更高的通脹是風險之一或你正在監控的事情。所以我想，如果我們處於一個開始增加的環境中，你認為這會如何影響活動水平？

Sure. So I appreciate the question, Mike. And there's no question if you look at a broader historical perspective, growth and activity levels in our business have been correlated to robust GDP growth around the world. And so I'd state quite clearly, and I said in the prepared remarks, that we think that we're going to have very, very robust economic growth in the second half of 2021 into 2022 as vaccines continue to accelerate, as we come out of the pandemic, as we move forward.

當然。所以我很欣賞這個問題，邁克。如果您從更廣泛的歷史角度來看，毫無疑問，我們業務的增長和活動水平與全球強勁的 GDP 增長相關。所以我要非常清楚地說明，我在準備好的評論中說過，我們認為隨著疫苗的繼續加速，我們將在 2021 年下半年到 2022 年實現非常、非常強勁的經濟增長。走出大流行，我們繼續前進。

There's no question that there is meaningful consumer pent-up demand. Consumers have reasonable liquidity and savings higher than they did going into the pandemic. And we expect that all of that economic activity and that pickup in economic activity is a constructive backdrop for our business.

毫無疑問，存在有意義的消費者被壓抑的需求。與大流行相比，消費者擁有合理的流動性和儲蓄。我們預計所有這些經濟活動和經濟活動的回升將為我們的業務提供建設性的背景。

There's no question, given the monetary and fiscal actions, that there's an increasing risk of inflationary activity. We all are watching very carefully comments from central banks around the world as we look forward. I think in my opinion, there's no question that we will see an increase in inflation. The question is how much, how quickly, and how we respond to that.

毫無疑問，鑑於貨幣和財政行動，通脹活動的風險正在增加。在我們期待的過程中，我們都在非常仔細地關注世界各國央行的評論。我認為在我看來，毫無疑問，我們將看到通脹上升。問題是多少，多快，以及我們如何回應。

And I think it's early, it's very early to speculate. But there is a scenario in the distribution where it would accelerate more quickly, and actions would have to be taken that would create more headwinds for our business. I don't see that as obvious on the near-term horizon as we look through this year and we continue to come out of the pandemic. But I do think it's a risk issue for markets that we'll have to continue to watch very closely.

而且我認為現在還為時過早，現在推測還為時過早。但是在分配中存在一種情況，它會更快地加速，並且必須採取行動，這將為我們的業務帶來更多阻力。我認為這在短期內並不像我們今年所看到的那樣明顯，而且我們將繼續擺脫大流行。但我確實認為這對市場來說是一個風險問題，我們必須繼續密切關注。

Great. Stephen, just a quick one follow-up on the asset management business following Glenn's question. Just the fees, the management fees sequentially were a bit lower. I think you mentioned money market fee waivers. How significant was that? And then on the alternative fund-raising, how much of the funds that are being raised do you generate fees on committed capital versus deployed capital?

偉大的。斯蒂芬，只是在格倫的問題之後對資產管理業務的快速跟進。只是費用，管理費依次低一些。我想你提到了貨幣市場費用減免。這有多重要？然後在另類籌資方面，在籌集的資金中，您對承諾資本和部署資本產生了多少費用？

Yes. So on the money market comment, it was approximately $100 million in fee waivers. And bear in mind, very common practice, as you know, throughout the industry, so nothing unusual about that.

是的。因此，在貨幣市場評論中，大約有 1 億美元的費用減免。請記住，正如您所知，在整個行業中都是非常普遍的做法，所以這沒有什麼不尋常的。

On the alternatives space, the management fees that we'll take in are on deployment of the investable capital that's already beginning. And so you'll continue to see that. I did note that on one of the charts that we show, which looks at firm-wide assets under supervision and firm-wide management and other fees, it's a slide where my ambition is to disclose more. Particularly as these alternative funds become deployed, we can start to share more with you about how much of that management fee across the whole of the business, never mind the segment in which it sits, but across the whole of the firm, is being generated by this strategic pivot.

在替代方案領域，我們將收取的管理費用於部署已經開始的可投資資本。所以你會繼續看到這一點。我確實注意到，在我們展示的一張圖表上，該圖表著眼於受監管的公司範圍內的資產以及公司範圍內的管理和其他費用，這是一張幻燈片，我的目標是披露更多信息。特別是隨著這些另類基金的部署，我們可以開始與您分享更多關於整個企業的管理費有多少，不管它所在的細分市場，而是整個公司，正在產生通過這一戰略支點。

Your next question comes from the line of Betsy Graseck with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Betsy Graseck。

Two questions, the first one is on the backlog. You indicated that the backlog is I think you mentioned historic levels. But I'm just trying to understand how much -- like what's the multiple of the prior peak that your backlog is running at right now?

兩個問題，第一個是待辦事項。你表示積壓是我認為你提到的歷史水平。但我只是想了解多少——比如你的積壓工作現在正在運行的先前峰值的倍數是多少？

Betsy, I would say that I'd have to go back and look at where the sort of prior record was set, but it's certainly at a record. I'll give you a little bit of composition in it, which is that it's cutting across a range of businesses. We're seeing higher-than-normal replenishment and backlog build in EMEA and in Asia than we are in the Americas. But bear in mind, overall size of the business in the Americas is quite significant. So notional dollars would be higher there, but it's showing some geographic composition.

Betsy，我會說我必須回去看看之前的記錄是在哪裡設置的，但它肯定是一個記錄。我會給你一些構圖，那就是它跨越了一系列業務。我們看到，歐洲、中東和非洲和亞洲的補貨和積壓訂單高於美洲。但請記住，美洲業務的整體規模相當可觀。所以那裡的名義美元會更高，但它顯示了一些地理構成。

To my memory, I wouldn't view it as a multiple to prior peak. I would call it as probably 10% higher than where the top of that number had been historically.

根據我的記憶，我不會將其視為先前峰值的倍數。我認為它可能比歷史上該數字的最高點高出 10%。

Okay. And then separately, Stephen, I think you mentioned a comment about the dividend and you would look to raise that as soon as you could. Could you give us a sense as to how we should be thinking about the sizing of that is? Typically, people look at the dividend payout ratio relative to estimated forward earnings. I'm guessing that's the metric that you're thinking about, but maybe if you can give us some color. Because of the revenue volatility that you have, some pieces lower, some pieces higher, maybe give us a sense as to what we should be keying in on when we're thinking about where to take dividend in our estimates.

好的。然後分開，斯蒂芬，我認為你提到了關於股息的評論，你會盡快提高。您能否讓我們了解一下我們應該如何考慮它的大小？通常，人們會查看相對於估計的遠期收益的股息支付率。我猜這是您正在考慮的指標，但也許您可以給我們一些顏色。由於您所擁有的收入波動性，有些較低，有些較高，也許讓我們了解當我們考慮在我們的估計中從哪裡獲得股息時，我們應該重點關注什麼。

Yes. So I don't want to peg the exact sort of aspiration of where we'll be, and our ambition is to take the dividend up when the rules permit. But I would say that our ambition is to put the dividend in a more competitive standing than perhaps where it has sat historically.

是的。因此，我不想與我們的具體目標掛鉤，我們的目標是在規則允許的情況下獲得紅利。但我想說，我們的目標是讓股息處於比以往更具競爭力的地位。

By the way, we've already been on that path, having raised the dividend quite considerably since David and John and I all took our seats. And so to my memory, we took it up about 47% or thereabout at the beginning of our tenure, and higher since.

順便說一句，我們已經走上了這條道路，自從大衛、約翰和我都入座以來，我們已經大大提高了股息。所以在我的記憶中，我們在任職之初就佔據了大約 47% 左右，此後更高。

I think that the ambition here is to have the dividend grow commensurate with an increasing durability of revenues in the business. As the more durable businesses or revenue streams and businesses grow, the dividend ought to reflect that, and it will. And so that's probably the best sort of forward view on dividend thinking that I can provide.

我認為這裡的目標是讓股息增長與業務收入的持續性增長相稱。隨著更持久的業務或收入流和業務的增長，股息應該反映這一點，而且會。所以這可能是我能提供的關於股息思維的最好的前瞻性觀點。

Our next question comes from the line of Mike Mayo with Wells Fargo Securities.

我們的下一個問題來自富國證券的 Mike Mayo。

Can you just give more color on it looks like market share gains, but maybe by different category. So one category would be size of client. I know you have this middle market expansion effort. Was that a record, and how is that doing?

你能不能給它更多的顏色，看起來像是市場份額的增長，但可能是不同的類別。所以一類是客戶的規模。我知道你們有這種中間市場擴張的努力。那是一張唱片嗎？那是怎麼回事？

A second category could be kind of corporates versus others. A couple of years ago, you were behind with the corporates. You were trying to catch up.

第二類可能是企業與其他企業的對比。幾年前，你落後於企業。你試圖趕上。

And a third category would be geographic. You mentioned EMEA and Asia on a go-forward basis, but just as we look at the first quarter.

第三類是地理的。您在前進的基礎上提到了 EMEA 和亞洲，但就像我們看第一季度一樣。

So we don't break down the backlog exactly that way, but let me just provide as much color as I can on this. First of all in the middle market, that continues to grow. And the revenue that we've taken in, in investment banking around the growth in the client set has been quite substantial, and frankly I think beyond that which we otherwise thought we would achieve at the Investor Day.

所以我們不會完全那樣分解積壓工作，但讓我盡可能多地提供顏色。首先是在中間市場，繼續增長。我們在投資銀行業務中圍繞客戶群的增長所獲得的收入相當可觀，坦率地說，我認為超出了我們在投資者日之前認為我們會實現的收入。

On the corporate side, you can see it play out in the context of investment banking revenues broadly. I would say equally we're playing to a larger corporate set in our global market segment in terms of those becoming more prolific clients in what we do.

在企業方面，你可以看到它在廣泛的投資銀行收入背景下發揮作用。我想說的是，在我們所做的事情中，我們正在為那些成為更多產客戶的更大的公司在我們的全球細分市場中發揮作用。

And then on the geography, as I mentioned before, we have seen kind of double-digit growth in backlog in EMEA and in Asia. And we continue to see growth in the Americas as well. But again, the Americas presents a much larger set more broadly.

然後在地理上，正如我之前提到的，我們看到歐洲、中東和非洲和亞洲的積壓訂單出現了兩位數的增長。我們也繼續看到美洲的增長。但同樣，美洲的範圍更大，範圍更廣。

I'd also refer you back to a comment David made and we've spoken about before, which is our ambition and our focus around client centricity in global markets. It's always been there as it relates to investment banking, has put us in among the top 3 among 64 of the most prolific clients, top 100 clients in global markets, and that's up from 51 the year before. And so we continue to see growth in the share we're taking. By the way, this is all against the backdrop of consolidation in share, I would say, among U.S. banks relative to the European competitors across a range of product areas in equities and in FICC.

我還要向您推薦大衛發表的評論，我們之前談到過，這是我們的雄心壯志，也是我們對全球市場以客戶為中心的關注。它一直存在，因為它與投資銀行業務有關，使我們在 64 位最多產的客戶、全球市場的前 100 位客戶中名列前三，而這一數字高於前一年的 51 位。因此，我們繼續看到我們所佔份額的增長。順便說一句，這一切都是在美國銀行相對於歐洲競爭對手在股票和 FICC 的一系列產品領域的份額整合的背景下進行的。

And you mentioned record prime balances. So after the recent hedge fund incident, do you see some players retreating, and there you'd have a flight-to-quality effect with players coming to you? Or is something else taking place?

你提到了創紀錄的主要餘額。那麼在最近的對沖基金事件之後，您是否看到一些玩家撤退，並且您會產生與玩家來找您的質量效應？還是發生了其他事情？

I mean I think it's too early to judge whether there'll be a significant shift. I suspect that there'll be certain clients that look to migrate from where they were to a different firm, but it's too early to judge that.

我的意思是，我認為現在判斷是否會發生重大轉變還為時過早。我懷疑會有某些客戶希望從他們所在的地方遷移到另一家公司，但現在判斷還為時過早。

I think the important thing to note is that growth in prime has been a strategic imperative for us. It's not the by-product of the Archegos incident or the like.

我認為需要注意的重要一點是，黃金市場的增長一直是我們的戰略要務。這不是Archegos事件或類似事件的副產品。

And as we grow that, and this is what David was referring to, we continue to maintain quite a vigilant posture as it relates to risk that's embedded in it. We recognize risk of concentration. We recognize the consumptive nature of that business. And so we're going to maintain kind of our threshold of risk tolerance in terms of clients that we bring on. Whether or not it shows consolidation in prime, pricing pressure in prime, I suspect it might, but it's just too early to judge that just yet.

隨著我們的發展，這就是大衛所指的，我們繼續保持相當警惕的姿態，因為它與嵌入其中的風險有關。我們認識到集中的風險。我們認識到該業務的消費性質。因此，就我們帶來的客戶而言，我們將保持一定程度的風險承受能力。無論它是否顯示黃金市場的整合，黃金市場的定價壓力，我懷疑它可能，但現在判斷還為時過早。

Your next question comes from the line of Kian Abouhossein with JPMorgan.

您的下一個問題來自摩根大通的 Kian Abouhossein。

Yes. First of all, thanks to Heather for all her support.

是的。首先，感謝Heather 的所有支持。

I have 2 questions. The first one relates to global markets. You clearly indicated that this has been fueled by the very strong liquidity macro environment that we've seen. And clearly, all sublines have performed extremely well, both last year and the first quarter.

我有 2 個問題。第一個與全球市場有關。您清楚地表明，這是由我們所看到的非常強勁的流動性宏觀環境推動的。很明顯，去年和第一季度，所有子線的表現都非常好。

And I wanted to understand how you make decisions about spending additional dollars in terms of investments structurally in these businesses, considering everything is performing extremely well and most likely asking for budget. So if you can just talk about the business lines that you're investing as well as the geography.

我想了解您如何決定在這些業務的結構性投資方面花費額外的美元，考慮到一切都表現得非常好並且很可能需要預算。因此，如果您可以僅談論您正在投資的業務線以及地理位置。

Well, the one that I would call out is credit in FICC just as an example, and I mentioned it earlier. So this is where we saw a trend line developing around portfolio trading. And so investments that we were making in platforms and technology capabilities and the like have served us well in the capture of a solid percentage of the portfolio trading and the volumes that are going through there. And so that's an example of advancing and enhancing our technology capabilities that are in place.

好吧，我要說的是FICC的信用，只是作為一個例子，我之前提到過。所以這就是我們看到圍繞投資組合交易發展的趨勢線的地方。因此，我們在平台和技術能力等方面的投資為我們提供了很好的服務，幫助我們獲得了相當大比例的投資組合交易和正在經歷的交易量。這是推進和增強我們現有技術能力的一個例子。

I'd also point out more generally that over the last couple of years, we've been spending quite a bit of money on straight-through processing. That is, taking note of the demands among our clients around middle and back office and the overall experience of our clients set not just on the front end of the trade, but all through to the back. Each of those investments, whether it's technology to build platforms that captures portfolio trading credit, or development of enhanced technology to automate and streamline the overall straight-through processing, all of that is subject to an ROI framework with an eye toward improving the overall client and user experience that's there. And so that's just a little bit of insight into how we think about the investment and where we've been making that investment.

我還要更籠統地指出，在過去的幾年裡，我們在直通式處理上花費了很多錢。也就是說，注意到我們客戶對中後台的需求，以及我們客戶的整體體驗不僅放在交易的前端，而且貫穿到後端。每一項投資，無論是構建獲取投資組合交易信用的平台的技術，還是開發增強技術以自動化和簡化整體直通式處理，所有這些都受制於投資回報率框架，著眼於改善整體客戶和那裡的用戶體驗。所以這只是對我們如何看待投資以及我們一直在哪裡進行投資的一點點見解。

And my second question is coming back to technology. Stephen, you also mentioned in your remarks, clearly the focus on technology platforms and the front office experience for clients that you have improved and are improving. But maybe you could elaborate a little bit more in detail.

我的第二個問題是回到技術上。斯蒂芬，您在講話中還提到了您已經改進和正在改進的對技術平台和客戶前台體驗的關注。但也許你可以更詳細地闡述一下。

For example, how much of your business is cloud based? How much do you want to get to cloud? How many platforms do you have on the trading side? And how many do you envision to have in the future?

例如，您的業務中有多少是基於雲的？你想達到多少雲？您在交易方面有多少個平台？你預計未來會有多少人？

And on the front office side, we hear from a lot of banks that they're very good at the new platform operations that they are dealing with. But just wondering what is the experience at Goldman that makes it so different, in your view?

在前台方面，我們從許多銀行那裡聽到，他們非常擅長他們正在處理的新平台操作。但只是想知道在您看來，是什麼讓高盛的經歷如此不同？

Well, I'm not sure I have it at my hand kind of the number of systems and the like. But let me answer the question this way, and let me use transaction banking as being a really good example, okay?

好吧，我不確定我手頭有多少系統等。但是讓我這樣回答這個問題，讓我用交易銀行作為一個很好的例子，好嗎？

Transaction banking is a new platform designed from the front end all the way through to the back, into the books and records of the firm. It is cloud-based engineering, which has all the efficiencies that I'm sure you're aware of in terms of a lower expense to sort of keep it current in terms of developments around engineering and the like.

交易銀行是一個新的平台，從前端一直到後端，進入公司的賬簿和記錄。它是基於雲的工程，我敢肯定，它具有所有效率，我相信你已經意識到，在工程等方面的發展方面，它可以以較低的費用保持最新狀態。

And so our new builds are largely, perhaps not exclusively, but largely cloud-based. We're always looking to rationalize platforms. And I would say one thing I've learned from Marco, Atte and George in engineering is that it's as important to decommission old platforms as it is to put new ones in. We're riveted and focused on doing that so as to eliminate legacy technology, build in the cloud. And I think some of the newer businesses that we're involved in, transaction banking consumer, benefit from the absence of legacy, so that we can build new and efficiently and in the right form.

因此，我們的新版本在很大程度上（也許不完全是）是基於雲的。我們一直在尋求使平台合理化。我想說的是，我從工程方面的 Marco、Atte 和 George 那裡學到的一件事是，退役舊平台與投入新平台同樣重要。我們全力以赴並專注於這樣做，以消除遺留問題技術，構建在雲端。我認為我們參與的一些較新的業務，交易銀行消費者，受益於傳統的缺失，這樣我們就可以以正確的形式高效地建立新的業務。

Your next question comes from the line of Brennan Hawken with UBS.

您的下一個問題來自瑞銀的布倫南·霍肯（Brennan Hawken）。

Just curious that you guys are building out -- Marcus is a big strategic priority for you. You rolled out the Marcus Invest. We've got check writing coming.

只是好奇你們正在建設——馬庫斯對你們來說是一個重要的戰略重點。您推出了 Marcus Invest。我們要寫支票了。

When we look at some of the fintech platforms and what they've embraced recently, there's been a lot of excitement around offering crypto. You made a few comments on crypto and the outlook for how to engage in crypto in your institutional business. But are you also considering including the offering of crypto wallets and whatnot on the consumer front, where it seems as though there might be -- but certainly competitors have found an ability to offer that capability, which has driven a lot of excitement and a lot of growth?

當我們查看一些金融科技平台以及它們最近所接受的內容時，人們對提供加密貨幣感到非常興奮。您對加密貨幣以及如何在您的機構業務中從事加密貨幣的前景發表了一些評論。但是你是否也在考慮在消費者面前提供加密錢包之類的東西，似乎有可能——但競爭對手肯定已經找到了提供這種能力的能力，這引起了很多興奮和很多增長？

Sure. I appreciate the question, Brennan. And at a high level, obviously we're monitoring this all very quickly.

當然。我很欣賞這個問題，布倫南。在高層次上，顯然我們正在非常迅速地監控這一切。

We have a plan at the moment to build a digital bank that's offering an array of integrated basic services in a completely digital, frictionless platform. And we're extremely focused on that.

我們目前計劃建立一家數字銀行，在一個完全數字化、無摩擦的平台上提供一系列綜合基礎服務。我們非常關注這一點。

At the moment, we are not focused on offering a crypto wallet ahead of providing what I'll call more basic set of financial services on a digital platform. We'll obviously monitor how the world evolves with this. We'll see how things progress, and we'll continue to watch it. But I'm not going to comment further on longer-term plans for individuals. We've been focused on other things. And with respect to crypto, payment systems, the digitization of money, we've been much more focused on the institutional side.

目前，我們並不專注於在數字平台上提供我所說的更基本的金融服務集之前提供加密錢包。顯然，我們將監視世界如何隨此演變。我們將看到事情的進展，我們將繼續觀察它。但我不打算進一步評論個人的長期計劃。我們一直專注於其他事情。在加密、支付系統、貨幣數字化方面，我們更加關注機構方面。

That's fair. Walk before you run, maybe a little different than some of the fintech competitors.

這還算公平。先走後跑，可能與一些金融科技競爭對手略有不同。

Anyway, let's see, broadening it out a little bit and thinking about your strategic targets and the new directions that you're going. Stephen, you often flag the components and how much of the revenue is recurring, which it's probably underappreciated.

不管怎樣，讓我們看看，把它擴大一點，想想你的戰略目標和你要去的新方向。斯蒂芬，您經常標記組件以及經常性收入的多少，這可能被低估了。

Have you considered -- you guys have done a lot with disclosure, and it's been great and very constructive. Have you considered making some adjustments in the disclosures, which would help investors and analysts to model some of those recurring revenues and show them as more mechanical, so to speak?

你有沒有考慮過——你們在披露方面做了很多工作，這很棒而且很有建設性。您是否考慮過對披露進行一些調整，這將有助於投資者和分析師對其中一些經常性收入進行建模，並可以說它們更加機械化？

For example with consumer banking, I mean consumer banking is the one that seems much clear to me. You just provide the revenue line, but we don't know what the breakdown is in fees versus NII. We don't know what the direct balances are tied to that. We don't know credit metrics that would allow for some sort of more mechanical calculations and I think might assist in the appreciation of how much of your revenue base is actually recurring amongst the analysts and investor community.

例如，對於消費者銀行業務，我的意思是消費者銀行業務對我來說似乎很清楚。您只需提供收入線，但我們不知道費用與 NII 的細分是什麼。我們不知道直接餘額與此有關。我們不知道允許進行某種更機械計算的信用指標，我認為這可能有助於了解您的收入基礎實際上有多少在分析師和投資者社區中重複出現。

Have you considered any of those changes or shifts? And do you think that might help in greater appreciation of those recurring revenue streams?

您是否考慮過這些變化或轉變？您認為這可能有助於更好地欣賞這些經常性收入流嗎？

So Brennan, first of all, thanks for the feedback. I mean it's a big area of focus for us. The strategy has clearly been to develop out businesses that exhibit greater durability to the revenue stream. And there's no question that disclosure will follow, in the context of providing all of you with greater insight into where we think or where we would define recurring and durability of earnings that are there.

所以布倫南，首先，感謝您的反饋。我的意思是這對我們來說是一個很大的關注領域。該戰略顯然是發展對收入流表現出更大耐久性的業務。毫無疑問，在讓大家更深入地了解我們的想法或我們將在哪裡定義經常性和持久性收益的背景下，披露將隨之而來。

On the specific points you raised around consumer, I think as consumer grows, and so David was reflecting before that, that business is now turning a corner to sort of resemble the ambition of a broader platform than it is a series of products. We'd like to find ourselves in a place where we will and can provide greater disclosure on consumer, just as an example.

關於你提出的關於消費者的具體觀點，我認為隨著消費者的增長，大衛之前也在反思，該業務現在正在轉向一個更廣泛的平台，而不是一系列產品的野心。作為一個例子，我們希望找到一個我們願意並且可以提供更多關於消費者信息的地方。

I would say the same will be true as transaction banking becomes more durable. These are areas where as they become more material, and we expect that they will, disclosure will naturally follow. And then I think your feedback is a good one, just in the context of providing a firm-wide perspective through disclosure on durability.

我會說隨著交易銀行業務變得更加耐用，情況也是如此。這些領域隨著它們變得越來越重要，我們預計它們會如此，披露自然會隨之而來。然後我認為您的反饋是一個很好的反饋，只是在通過披露耐久性提供公司範圍的觀點的背景下。

Our next question comes from the line of Devin Ryan with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Devin Ryan。

A question here just on kind of the M&A environment, obviously a lot of activity going on in financials and fintech right now. So I'd love to maybe just get some perspective on what you guys are seeing within Goldman specifically in terms of opportunities and what the appetite is, and also whether anything has changed? Clearly, the stock is at kind of a new level here. It's up 30% year-to-date, still only maybe 10x earnings, but we're at levels that you haven't been at. So I'd just love to maybe get some context on the backdrop overall and then maybe how the appetite might be evolving.

這裡有一個關於併購環境的問題，顯然現在金融和金融科技領域正在進行很多活動。所以我很想了解一下你們在高盛內部看到的具體情況，包括機會和需求，以及是否有任何變化？顯然，這裡的股票處於一個新的水平。今年迄今增長了 30%，仍然可能只有 10 倍的收益，但我們處於您從未達到的水平。因此，我很想了解整體背景的一些背景信息，然後了解人們的胃口可能如何演變。

I appreciate the question, Devin. On the backdrop overall, and I assume by the backdrop overall, you're just talking about broad M&A activity. There's been a meaningful pickup as confidence in the forward has increased. And the comments that Stephen made about backlog broadly and the constructive nature of this environment is obviously leading to clients being extremely engaged around strategic objectives that allow them to drive their businesses forward.

我很欣賞這個問題，德文。就整體背景而言，我假設從整體背景來看，您只是在談論廣泛的併購活動。隨著對前鋒的信心增加，有了有意義的回升。斯蒂芬對積壓工作的廣泛評論以及這種環境的建設性性質顯然導致客戶非常關注戰略目標，這些目標使他們能夠推動業務向前發展。

Really in all businesses everywhere, we continue to see consolidation of those in a strong -- with consolidation by those that are in a strong position. Because all businesses continue in the digital world we're in with further digitization require more tech investment, more scale, more global. And so in that context, obviously leaders are continuing to consolidate their strong positions.

實際上，在世界各地的所有企業中，我們繼續看到那些處於強勢地位的企業進行整合——那些處於強勢地位的企業進行整合。因為所有企業都在數字世界中繼續發展，我們正在進一步數字化，需要更多的技術投資、更大的規模、更全球化。因此，在這種情況下，領導人顯然正在繼續鞏固他們的強勢地位。

With respect to our space broadly and how we think about this, I'm going to repeat verbatim what I said last quarter. And what I've said before, we spend a lot of time looking at opportunities to accelerate the growth of our franchise. In particular as we look at businesses like asset management and wealth, if we could find something that we felt would accelerate our strategic growth objectives, we would certainly consider it. But the bar for anything significant is high. And it has to be the right industrial logic more than the fact that we have a currency because the stock is higher.

關於我們廣泛的空間以及我們對此的看法，我將逐字重複我上個季度所說的話。我之前說過，我們花了很多時間尋找機會來加速我們的特許經營權的增長。特別是當我們研究資產管理和財富等業務時，如果我們能找到一些我們認為可以加速我們的戰略增長目標的東西，我們當然會考慮它。但是任何重要的事情的標準都很高。它必須是正確的工業邏輯，而不是我們擁有貨幣這一事實，因為股票更高。

And so we continue to think about ways that we could accelerate our growth, but the bar to do it is high. Prices are high. It's a competitive environment. And we feel good about our plan, but we'll continue to do the work and be diligent about looking for opportunities where we can accelerate the growth of the firm.

因此，我們繼續思考可以加速增長的方法，但這樣做的門檻很高。價格很高。這是一個競爭環境。我們對我們的計劃感覺良好，但我們將繼續開展工作，並努力尋找可以加速公司發展的機會。

Okay, terrific. And then just a follow-up here, we've received some investor questions just over some of the recent press reports around some management movement or departures even in some of the newer businesses. And I think the question is more -- clearly Goldman has a deep bench and is a large organization, so sometimes I think the context gets lost. But the question is more around whether there's any implication of a strategy evolution or shifts from at least what some of the press is picking up. I'd love to just get a comment if you can on that.

好的，棒極了。然後只是一個跟進，我們收到了一些投資者的問題，就在最近一些關於一些管理運動或離職的新聞報導中，甚至在一些較新的業務中也是如此。而且我認為問題更多 - 顯然高盛有一個很深的板凳並且是一個大型組織，所以有時我認為背景會丟失。但問題更多在於是否存在戰略演變的任何暗示，或者至少與一些媒體正在接受的轉變有關。如果你可以的話，我很想得到一個評論。

Sure. We feel very, very good about our team that's in place. We have a very, very deep bench. And I think we're in a great position with the leaders that are in place.

當然。我們對我們的團隊感覺非常非常好。我們有一個非常非常深的替補席。我認為我們在現有的領導者中處於有利地位。

One of the things I just observe broadly, and it's consistent with our performance, it's consistent with stock market values and prices, it's consistent with the environment that we're in, there is a lot of activity in the world. There's a lot of liquidity in the world. And the world is very, very competitive for great talent.

我只是廣泛觀察到的一件事，它與我們的表現一致，與股票市場價值和價格一致，與我們所處的環境一致，世界上有很多活動。世界上有很多流動性。世界對優秀人才的競爭非常非常激烈。

We've always been a developer of strong talent, and we've always been a place where people come to look for great talent. There's nothing about any of the attrition this year that looks extraordinary when you look back over a multiyear basis. And I think we're very well positioned, but there are a lot of opportunities out there.

我們一直是優秀人才的開發者，我們一直是人們尋找優秀人才的地方。當你回顧多年的基礎時，今年的任何減員都沒有什麼特別之處。而且我認為我們的定位非常好，但是那裡有很多機會。

And at times as I said in my script, people will go choose other things because they have bigger opportunities, and we welcome that. Often, they become clients when they make these moves. We rarely lose people to competitors.

有時，正如我在劇本中所說，人們會去選擇其他事物，因為他們有更大的機會，我們對此表示歡迎。通常，當他們做出這些舉動時，他們就會成為客戶。我們很少將人輸給競爭對手。

So I feel good about where we sit from a talent perspective. I feel good about the interest that we're finding people, have [and] coming to be a part of Goldman Sachs and join the journey that we're on to continue to grow the firm.

所以從人才的角度來看，我對我們所處的位置感覺很好。我對我們正在尋找人的興趣感到滿意，已經[和]成為高盛的一部分，並加入我們正在繼續發展公司的旅程。

Your next question comes from the line of Gerard Cassidy with RBC.

您的下一個問題來自 RBC 的 Gerard Cassidy。

Can you guys give us a little more color? I think you touched on when you're permitted to increase the dividend, which I would assume would be third quarter when we go to the stress capital buffer construct, that that might be an opportunity for the Board to take up a dividend increase. But in terms of just with your CET1 ratio, I believe at Investor Day I think you guys said the medium-term target was 13% to 13.5%. Could you share with us how you expect to manage to that number with share repurchases once we get into the stress capital buffer construct?

你們能給我們多一點顏色嗎？我認為你談到了何時允許增加股息，我認為這將是第三季度，當我們進行壓力資本緩衝結構時，這可能是董事會增加股息的機會。但就你的 CET1 比率而言，我相信在投資者日我認為你們說的中期目標是 13% 到 13.5%。您能否與我們分享一下，一旦我們進入壓力資本緩衝結構，您希望如何通過股票回購來達到這個數字？

Well, I think the way to think about it is that share repurchase is going to follow kind of a long-standing philosophy where we look at opportunities across the firm to deploy capital and where those returns are attractive as they have been this past quarter. We'll continue to do that. Where we don't, we will look to return capital back in the form of share repurchase, with the dividend obviously being a reflection, as I commented earlier, of greater confidence and a more durable set of revenues and that net dividend increase to reflect it.

好吧，我認為考慮它的方式是股票回購將遵循一種長期存在的理念，我們在整個公司中尋找機會來部署資本，以及這些回報與上個季度一樣具有吸引力。我們將繼續這樣做。如果我們不這樣做，我們將尋求以股票回購的形式返還資本，正如我之前評論的那樣，股息顯然反映了更大的信心和更持久的收入組合，淨股息增加以反映它。

On the achievement of the 13% to 13.5%, I would say that the lever is honestly less about share repurchase and more about what we're doing to alter the capital consumptive density of the firm. So key among those initiatives sits in asset management, where the pivot from on-balance sheet to third-party fund is as much about creating a durable, more predictable revenue stream as it is lowering the capital density of that business, and therefore of the firm. And to the extent that happens, we will be doing ourselves the favor of reducing capital intensity. But my expectation is that the Fed will recognize it equally and subsequent CCAR exams will reflect it as lowering of the requirement that we ultimately will have. And it's on top of that, that we'll maintain what I view, we view, as an offensive buffer to deploy capital for clients. So less about share repurchase, more about fundamental shifts in change that we're bringing to the business, both to help ourselves and frankly speaking, to enable the Fed to come to a realization of the lower capital consumption profile of the business.

關於 13% 到 13.5% 的實現，我想說的是，槓桿實際上不是關於股票回購，而是更多的是關於我們正在做些什麼來改變公司的資本消耗密度。因此，這些舉措中的關鍵在於資產管理，從資產負債表內轉向第三方基金，既是為了創造一個持久、更可預測的收入流，也是為了降低該業務的資本密度，因此公司。在這種情況下，我們將有利於降低資本密集度。但我的期望是美聯儲將平等地承認它，隨後的 CCAR 考試將反映它降低了我們最終將擁有的要求。最重要的是，我們將保持我認為的，我們認為的，作為為客戶部署資金的進攻性緩衝。與其說是股票回購，不如說是我們為企業帶來的根本性變革，既是為了幫助我們自己，又是坦率地說，是為了讓美聯儲意識到企業的資本消耗較低。

And then to follow up, the outlook that you guys have described is quite positive. The Federal Reserve has pointed out there's going to be strong growth this year for this economy, the global economy as well as we all are expecting.

然後跟進，你們描述的前景是非常積極的。美聯儲已經指出，今年經濟、全球經濟以及我們都預期的強勁增長。

Aside from the pandemic taking a reversal and it sets us all back, and aside from a recession, what -- and I know, David, you already touched on inflation as being a risk. What are some of risks that you keep your eyes on that could kind of set the outlook back, maybe not as robust as it appears to be for you and some of your peers today?

除了大流行發生逆轉，它讓我們所有人都倒退了，除了經濟衰退，還有什麼——我知道，大衛，你已經提到通貨膨脹是一種風險。您關注的哪些風險可能會使前景倒退，可能不像今天對您和您的一些同行那樣強勁？

Well, there's risk in markets constantly. And part of markets and economic growth is rooted to confidence. And things can go wrong, things can go wrong at any time. And things tend to pop up in places that you don't see or you don't expect.

好吧，市場上一直存在風險。市場和經濟增長的一部分植根於信心。事情可能會出錯，事情隨時可能出錯。事情往往會出現在你看不到或沒想到的地方。

I think we have a very, very constructive environment, Gerard, given that the world is dominated by the pandemic and dominated by the actions that central banks and governments are taking to respond to the pandemic. The weightiness of that, the heft of that really overshadows most else that's going on.

杰拉德，我認為我們有一個非常、非常有建設性的環境，因為世界由大流行主導，並且由中央銀行和政府為應對大流行而採取的行動所主導。它的重量，它的重量確實使正在發生的大多數其他事情黯然失色。

I do think over time, we'll be having discussions about the increase in government debt and government spending around the world. There will be consequence to that. That can obviously have an impact over time. There's a general view at the moment that rates are going to be low for very, very long. Certainly, given some of the actions that are taken, you could see a scenario where the perspective on that would change and could change quickly. And that would certainly create headwinds to growth and headwinds to activity.

我確實認為，隨著時間的推移，我們將討論全球政府債務和政府支出的增加。會有後果的。隨著時間的推移，這顯然會產生影響。目前普遍認為利率將在非常非常長的時間內處於低位。當然，鑑於所採取的一些行動，您可能會看到這樣一種情況，即對此的看法會發生變化並且可能會迅速發生變化。這肯定會給增長帶來阻力，也給活動帶來阻力。

But I do think we have a very very good backdrop at the moment with a higher probability or distribution of strong economic growth, because we had such a sharp reaction to the other side given the pandemic. And the unwind of that, I think will dominate as we move through the rest of the year into next year.

但我確實認為，我們目前有一個非常非常好的背景，經濟強勁增長的概率或分佈較高，因為鑑於大流行，我們對對方的反應如此強烈。我認為，隨著我們在今年剩下的時間進入明年，這種放鬆會佔據主導地位。

Your next question comes from the line of Brian Kleinhanzl with KBW.

您的下一個問題來自 Brian Kleinhanzl 與 KBW 的一行。

I had a question on the prime book. I know it says that you're at a record in the first quarter of this year. But is there a way to frame like the overall exposure from prime? Kind of like what the balance sheet exposure is? What the market shares are from that business?

我有一個關於主要書的問題。我知道它說你在今年第一季度達到了創紀錄的水平。但是有沒有辦法像從prime的整體曝光一樣進行構圖？有點像資產負債表風險是什麼？該業務的市場份額是多少？

Well, kind of hard to put precision around that. I would simply say that we have made it, as I've said, a strategic priority to grow prime balances. I would say that our business has skewed historically more to the long short, and less so competitively relative to the comp -- to the quants.

嗯，有點難以精確。我只想說，正如我所說，我們已將其作為增加主要餘額的戰略重點。我想說的是，我們的業務在歷史上更多地偏向於多空，相對於競爭對手而言，競爭力較弱——相對於量化分析。

But our ambition is to continue to grow it. But as I said before, that growth is not going to happen absent corresponding risk insight into how that book grows. We're very, very aware of the embedded risk in it. We're very aware of the liquidity consumption in that book. And so we mind ourselves as we grow volumes in that.

但我們的目標是繼續發展它。但正如我之前所說，如果沒有對這本書如何增長的相應風險洞察力，這種增長就不會發生。我們非常非常清楚其中的嵌入風險。我們非常清楚那本書中的流動性消耗。因此，當我們在這方面增加數量時，我們會注意自己。

But it's been part and parcel again to the theme of durability around financing that goes on in and around that business. And so the balances have grown consistent with that.

但它再次成為圍繞該業務及其周圍進行的融資的持久性主題的重要組成部分。因此，餘額與此一致。

And the only other comment I'd make, Brian, around the business is that there is a clear consolidation going on with the leaders because of scale, because of technology capability. And I think we're well positioned for that trend if that trend continues going forward.

布賴恩，我對業務的唯一其他評論是，由於規模和技術能力，領導者正在進行明顯的整合。而且我認為，如果這種趨勢繼續向前發展，我們就可以很好地應對這種趨勢。

And maybe another look at the prime business, though. Is there any way to frame kind of where leverage is on the underlying client level today versus where it was pre-COVID? I mean are we seeing a lot of massive increase in leverage versus where we were before?

不過，也許再看看主要業務。有沒有什麼方法可以確定目前底層客戶級別的槓桿率與 COVID 之前的槓桿率？我的意思是，與以前相比，我們是否看到槓桿率大幅增加？

Well, I would say -- I mean listen. It depends a lot on the collateral pool that you have.

好吧，我會說——我的意思是聽。這在很大程度上取決於您擁有的抵押品池。

Let me describe it this way. It's hard for us to know what goes on in every other bank around the street. I can only speak to what we know and watch inside of Goldman Sachs.

讓我這樣描述它。我們很難知道街上其他每家銀行都在發生什麼。我只能談論我們在高盛內部所知道和觀察到的情況。

And so what David was describing, particularly around Archegos, the story is less about the events of Archegos as much as how we're set up to monitor it. And so we look at consolidated or overly consolidated concentrated positions in individual accounts. We look for excessive position concentration across the whole of our business. We look and undertake a daily mark-to-market on collateral and corresponding margin. And in tracking concentration and correlation, we adjust what it is that we're doing, the level of margin we take, the clients we take in, the pricing we put against that prime. Those are all the important inputs in terms of how we grow that business broadly.

所以大衛所描述的，尤其是關於 Archegos 的故事，與其說是關於 Archegos 的事件，不如說是我們如何監控它。因此，我們關注個人賬戶中合併或過度合併的集中頭寸。我們在整個業務中尋找過度的頭寸集中度。我們查看並承擔每日按市值計價的抵押品和相應的保證金。在跟踪集中度和相關性時，我們會調整我們正在做的事情、我們的保證金水平、我們接受的客戶、我們針對該主要因素的定價。就我們如何廣泛發展業務而言，這些都是重要的投入。

Your next question comes from the line of Jim Mitchell with Seaport Global.

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

Maybe just talking a little bit about the implications of the explosive growth in the SPAC market. You guys have had pretty good market share there.

也許只是談談 SPAC 市場爆炸性增長的影響。你們在那裡有很好的市場份額。

I guess number one, do you think -- there's clearly a lot of pent-up demand for M&A that has to get done in the next 24 months. Does that make you even more excited about the M&A prospects for you and the industry? And should we see a subsequent sort of cooling off in the underwriting side, just because the demand -- the amount of capital-chasing deals seems very high?

我猜第一，你認為——顯然有很多被壓抑的併購需求必須在未來 24 個月內完成。這是否讓您對您和行業的併購前景更加興奮？我們是否應該看到承保方面隨後出現降溫，僅僅因為需求——資本追逐交易的數量似乎非常高？

So a couple of comments at a high level. I mean there's no question that given the number of SPACs that have been raised, the incentives that are set certainly lead to all those sponsors to look for deals actively. Given our position in the M&A market, that should be a tailwind.

因此，有幾條高層次的評論。我的意思是，毫無疑問，鑑於已籌集的 SPAC 的數量，所設定的激勵措施肯定會導致所有這些贊助商積極尋找交易。鑑於我們在併購市場的地位，這應該是順風。

That said, just to quantify it, when you look at our M&A activity, that M&A activity for us with SPACs last quarter, I think it was a single-digit percentage of the M&A activity that we participated in. So while it's a tailwind, I wouldn't say that that's dominating the M&A activity and the positive constructive comments we made around M&A. In fact, that's really rooted in much more broad strategic activity that we've seen a big pickup in over the course of the last 6 to 9 months.

也就是說，只是為了量化它，當你查看我們的併購活動時，上個季度我們與 SPAC 的併購活動，我認為這是我們參與的併購活動的個位數百分比。所以雖然這是一個順風，我不會說這是主導併購活動以及我們圍繞併購做出的積極建設性評論。事實上，這確實植根於更廣泛的戰略活動，我們在過去 6 到 9 個月的過程中看到了大幅回升。

With respect to underwriting activity, there's no question that it has slowed from the peak of where it was. I think there's a little indigestion in the context of that. You've obviously seen returns and some of the [shells] kind of slowed at this point. I'd also highlight just again kind of backlog, that when you look at ECM revenue last quarter, SPACs were less than 15% of our ECM revenue last quarter.

就承保活動而言，毫無疑問，它已經從巔峰時期放緩。我認為在這種情況下有點消化不良。您顯然已經看到了回報，並且一些 [shell] 在這一點上有所放緩。我還要再次強調一種積壓，當您查看上個季度的 ECM 收入時，SPAC 上個季度不到我們 ECM 收入的 15%。

So this all creates a tailwind. But my guess is in this quarter, you'll see less new issuance than what we saw in the first quarter. And you'll see a continued progress that people try to find M&A targets to destack. All of that should be constructive for our business.

所以這一切都創造了順風。但我的猜測是，在本季度，你會看到比第一季度更少的新發行量。你會看到人們試圖尋找併購目標以進行拆分的持續進展。所有這些都應該對我們的業務具有建設性。

And as a follow-up, do you see any sort of longer-term good or bad with -- you noted that it's an innovation that's probably here to stay. Do you see it a net positive for the investment banking industry? Or just it's another quiver in -- for financing?

作為後續行動，您是否看到任何長期的好或壞 - 您注意到這是一項可能會持續存在的創新。您認為這對投資銀行業有利嗎？還是只是為了融資？

Well, I think it's another form of capital formation and financing. But what I tried to highlight in my remarks, Jim, is that I think it's going to continue to evolve. I think there's room for improvement in disclosures, and you'll see us continue to push to improve disclosures. I think you'll see different structures around incentive alignment for sponsors, and I think you'll see an evolution in that.

嗯，我認為這是另一種形式的資本形成和融資。但我試圖在我的發言中強調的是，吉姆，我認為它會繼續發展。我認為披露還有改進的空間，你會看到我們繼續推動改進披露。我認為您會看到圍繞贊助商激勵調整的不同結構，並且我認為您會看到其中的演變。

So like any other innovation they evolve, they mature. But I do think capital formation that leads to more liquidity in markets and more opportunities for investors to participate is generally a good thing. But how it's done, the disclosure around it, the incentives, the transparency, all those things are things where I think there's room for progress around this innovation.

因此，就像它們發展的任何其他創新一樣，它們成熟了。但我確實認為資本形成能夠帶來更多的市場流動性並為投資者提供更多參與機會，這通常是一件好事。但是它是如何完成的，圍繞它的披露，激勵措施，透明度，所有這些都是我認為圍繞這項創新有進步空間的事情。

Your next question comes from the line of Jeremy Sigee with Exane.

您的下一個問題來自 Jeremy Sigee 與 Exane 的對話。

I just wanted to go back to the Archegos comments you were making early on and what it means for the prime brokerage business more broadly. And I just wondered if you could comment on how unusual Archegos was compared to other funds that you do business with in prime brokerage in terms of their leverage or their investment position? So was this an ordinary situation, like multiple others that you do business with, that just went wrong? Or was this some kind of real outlier to start with?

我只是想回到您早先發表的 Archegos 評論，以及這對更廣泛的大宗經紀業務意味著什麼。我只是想知道您是否可以評論 Archegos 與您在大宗經紀業務中與之有業務往來的其他基金在槓桿率或投資頭寸方面的不同尋常之處？那麼這是一個普通的情況嗎，就像您與之有業務往來的其他多個人一樣，只是出了問題？或者這是某種真正的異常值？

At a high level, in a high level Jeremy, it's hard to make generalizations around these things. But I think what was unusual here was for a variety of reasons. This particular fund wound up with very concentrated positions very quickly, and I think that was unusual. And then the actions that they chose to take, or chose not to take, obviously affected the outcome. But I think it was unusual with respect to the size and the concentration of positions, which changed relatively quickly.

在高層次上，在高層次上，傑里米很難圍繞這些事情進行概括。但我認為這裡不尋常的原因有很多。這個特殊的基金很快就以非常集中的頭寸結束，我認為這很不尋常。然後他們選擇採取或不採取的行動顯然會影響結果。但我認為這在規模和頭寸集中度方面是不尋常的，變化相對較快。

And just to follow up, do you expect any change in how you do business as a result of this incident, or how the industry does business, either in terms of risk limits, margin levels, capital requirements, either that you determine or that maybe the regulators are going to determine for this business?

只是跟進一下，您是否預計此事件會導致您開展業務的方式或行業開展業務的方式發生任何變化，無論是在風險限制、保證金水平、資本要求方面，無論是您確定的還是可能的監管機構將決定為這項業務？

I think we always look at every experience we have on a day-to-day basis, and we always try to learn and we always adjust. And there's no question that we spent a lot of time looking at this, even though I feel that we executed very well here. We got this one right. We don't always get everything right. So we always look at every situation to try to tweak and improve our risk management processes and how we think about these things.

我認為我們總是每天都會審視我們的每一次經歷，我們總是努力學習，我們總是調整。毫無疑問，我們花了很多時間來研究這個，儘管我覺得我們在這裡執行得很好。我們做對了這一點。我們並不總是把所有事情都做好。因此，我們總是關注每一種情況，試圖調整和改進我們的風險管理流程以及我們對這些事情的看法。

I do think that there -- given the visibility of this, I do think there'll be regulatory discussion around it. As I said in my prepared remarks, we'll participate constructively in those discussions. But I think it's too early to speculate one way or another whether it will have any impact.

我確實認為那裡 - 鑑於這一點的可見性，我確實認為會有圍繞它的監管討論。正如我在準備好的發言中所說，我們將建設性地參與這些討論。但我認為現在推測它是否會產生任何影響還為時過早。

I do think to some degree, this was a one-off event. But as I said earlier, we will see from time to time people get overly concentrated. They have too much leverage, and that leads to unwinds.

我確實認為在某種程度上，這是一次性事件。但正如我之前所說，我們會不時看到人們過於集中。他們有太多的影響力，這導致了放鬆。

At this time...

此時...

Okay -- sorry, go ahead.

好的——對不起，繼續。

Well, since there are no more questions, I'd like to take a moment to thank everyone for joining the call. On behalf of our senior management team, we look forward to speaking with many of you in the coming weeks and months. If additional questions arise, in the meantime, please don't hesitate to reach out to Carey and the IR team. Otherwise, please stay safe, and we look forward to speaking with you on our second quarter call in July. Thank you.

好吧，既然沒有更多問題，我想花一點時間感謝大家加入電話會議。我們代表我們的高級管理團隊，期待在未來幾周和幾個月內與你們中的許多人交談。同時，如果出現其他問題，請隨時聯繫 Carey 和 IR 團隊。否則，請保持安全，我們期待在 7 月的第二季度電話會議上與您交談。謝謝你。

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

女士們先生們，高盛 2021 年第一季度收益電話會議到此結束。感謝您的參與。您現在可以斷開連接。