高盛 (GS) 2020 Q1 法說會逐字稿

Good morning. My name is Dennis, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs First Quarter 2020 Earnings Conference Call. This call is being recorded today, April 15, 2020. Thank you. Ms. Miner, you may begin your conference.

各位早安。我叫 Dennis，今天將擔任本次會議的主持人。我謹代表高盛，歡迎各位參加高盛 2020 年第一季財報電話會議。本次電話會議於 2020 年 4 月 15 日錄音。謝謝。Miner 女士，您可以開始主持會議。

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. New information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation. This audiocast is copyrighted material of The Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

各位早安。我是 Heather Kennedy Miner，高盛投資人關係主管。歡迎參加我們的第一季財報電話會議。今天我們將引用我們的財報簡報，您可於我們網站 www.gs.com 的投資人關係頁面找到。關於前瞻性陳述與非 GAAP 衡量指標的新資訊，載於財報新聞稿與簡報中。本次音訊網播為高盛集團公司（The Goldman Sachs Group, Inc.）之著作權資料，未經我們同意不得複製、重製或轉播。

Today, I'm joined by our Chairman and Chief Executive Officer, David Solomon; and our Chief Financial Officer, Stephen Scherr. David will start with the firm's response to the COVID-19 pandemic, including our organizational resilience and business continuity and our efforts to support our communities around the world. Then he'll speak to our results in the context of the recent market volatility and the broader operating environment. Stephen will then discuss our first quarter results in detail, including the firm's strong financial position and our execution priorities in the current environment. David and Stephen will be happy to take your questions following their remarks.

今天與我一同出席的有本公司董事長暨執行長 David Solomon，以及財務長 Stephen Scherr。David 將先談本公司對 COVID-19 疫情的因應，包括我們的組織韌性與營運持續性，以及我們支持全球各地社區的努力。接著他將在近期市場波動與更廣泛的營運環境脈絡下，說明我們的業績表現。之後 Stephen 將詳細說明第一季業績，包括本公司強勁的財務狀況，以及在目前環境下的執行重點。David 與 Stephen 將在致詞後很樂意回答各位的提問。

I'll now pass the call over to David. David?

接下來我把電話交給 David。David？

Thanks, Heather, and thank you, everyone, for joining this morning. First and foremost, all of us at Goldman Sachs hope that you and your loved ones are safe and healthy. We are grappling with an unprecedented global crisis that is putting extraordinary pressure on all of society, on families, on small business owners, on large companies, on non-for-profit organizations, on governments and economies around the world and, of course, on the health care system.

謝謝你，Heather，也謝謝各位今天早上加入。首先，高盛的所有同仁都希望您與您的親友平安健康。我們正面對一場前所未有的全球危機，對整個社會、家庭、小型企業主、大型企業、非營利組織、各國政府與全球經濟，當然也對醫療體系，造成極其沉重的壓力。

There is no doubt that some segments of society, particularly our most vulnerable communities and small businesses, are suffering more than others. Thankfully, there are areas of inspiration. To all of the frontline workers, including doctors, the nurses, the individuals showing up to work every day to keep our supermarkets, our pharmacies, and our public transportation operating through this crisis, we are extremely grateful to you, and we are in awe of your courage and dedication.

毫無疑問，社會中的某些族群，特別是我們最脆弱的社區與小型企業，所承受的痛苦比其他人更大。所幸也有令人振奮之處。對所有第一線工作者，包括醫師、護理人員，以及每天到崗維持超市、藥局與大眾運輸在危機期間持續運作的每一位，我們由衷感謝，也對你們的勇氣與奉獻深感敬佩。

From where we sit today, it is too early to know the full impact or to predict the specific path to recovery, but I am confident, particularly in light of the decisive and thoughtful actions being taken around the world by the public and private sector, that together, we will overcome this adversity. Our people have demonstrated, time and time again, extraordinary resilience and the ability to grow and adapt to change. And I'm enormously proud of how our colleagues have risen to the occasion in recent weeks. They have been working tirelessly to help our clients navigate the challenging and volatile markets brought about by this pandemic. And as a leadership team, our first priority remains the safety and well-being of all of our Goldman Sachs teammates.

以我們目前所見，現在仍言之過早，尚無法得知完整影響或預測具體復甦路徑；但我有信心，特別是看到全球公私部門正採取果斷且周延的行動，我相信我們將共同克服這段逆境。我們的同仁一次又一次展現出非凡的韌性，以及成長並適應變化的能力。我也為近幾週同事們挺身而出而深感自豪。他們不知疲倦地協助客戶在疫情引發的艱困且波動的市場中前行。作為管理團隊，我們的首要任務仍是所有高盛團隊成員的安全與福祉。

To do this, we activated a comprehensive global Business Continuity Plan. This has been an extraordinary effort with exemplary performance from all involved. Especially, our engineering and operation teams admits the significant increase in market volatility. Over the past months now, we've been operating with approximately 98% of our global employees working remotely, while handling 2 to 3x the normal trading volumes and maintaining very high levels of engagement across all our stakeholders from corporations and institutions to individuals.

為此，我們啟動了全面性的全球營運持續計畫（Business Continuity Plan）。這是一項非同尋常的努力，所有參與者都展現了典範般的表現。尤其在市場波動顯著升高之際，我們的工程與營運團隊表現出色。過去幾個月，我們約有 98% 的全球員工採遠端工作，同時處理相當於平常 2 到 3 倍的交易量，並在從企業與機構到個人等所有利害關係人之間，維持非常高的互動參與度。

Across the globe, including our teams in Bengaluru, Warsaw, Dallas and Salt Lake City, we successfully outfitted employees with the necessary technology to work, communicate and engage without interruption. Our smooth transition is a testament to our forward planning, technology capabilities and business resiliency. At a time of reduced market liquidity, our people are working relentlessly to support our clients. This effort includes intensive engagement by our operations team, who've worked alongside their industry counterparts to clear the extraordinary volumes of trades, sales and margin activity. Throughout these events, the level of cooperation among financial institutions and the dedication and resiliency of our people is inspiring.

在全球各地，包括我們位於班加羅爾、華沙、達拉斯與鹽湖城的團隊，我們成功為員工配備必要的科技工具，使其能不中斷地工作、溝通與互動。我們順利的轉換證明了我們的前瞻規劃、科技能力與業務韌性。在市場流動性降低之際，我們的同仁仍不懈地支持客戶。這項努力也包括我們營運團隊的密集投入；他們與同業夥伴並肩合作，清算極為龐大的交易、銷售與保證金活動量。在這些事件中，金融機構之間的合作程度，以及我們同仁的投入與韌性，令人振奮。

We are also staying very close to our corporate clients. Over the past few weeks, I've personally spoken to almost 100 CEOs to share best practices, offer advice and often to take advice from them. They face a variety of challenges, including distribution and supply chain disruptions and cash flow uncertainty. Many are working to keep their employees on the payroll despite a significant revenue headwind. I'm broadly impressed by the private sector efforts to work together to help our communities navigate this crisis.

我們也與企業客戶保持非常緊密的聯繫。過去幾週，我個人已與將近 100 位執行長通話，分享最佳實務、提供建議，也常常向他們請益。他們面臨各式挑戰，包括配送與供應鏈中斷，以及現金流不確定性。許多企業即使面臨顯著的營收逆風，仍努力讓員工留在薪資名冊上。我對民間部門攜手合作、協助社區度過危機的努力，整體而言印象深刻。

For our part, to help support corporate financing needs, we are proud that in recent weeks, we have reopened markets and underwritten a record amount of U.S. dollar investment-grade debt for clients. In addition, we have been an active participant in programs announced by the Federal Reserve to support the economy.

就我們而言，為協助支持企業融資需求，我們很自豪在近幾週重新開啟市場，並為客戶承銷創紀錄規模的美元投資級債券。此外，我們也積極參與聯準會宣布的各項支持經濟方案。

We are also supporting the flow of capital in international markets. This year, we've led over $15 billion of fight COVID-19 bonds, including issuances for the African Development Bank, the Inter-American Development Bank, Austria, France and Indonesia, where proceeds will be used to alleviate the economic and social impacts of the pandemic.

我們也在支持國際市場的資本流動。今年以來，我們主導了超過 150 億美元的抗疫（fight COVID-19）債券發行，包括非洲開發銀行、美洲開發銀行、奧地利、法國與印尼等發行案，其募集資金將用於緩解疫情對經濟與社會造成的衝擊。

During this period, we have also been actively engaged with our individual customers across the wealth spectrum. This has included providing advice, financing, execution and investing opportunities for our PWM and high-net-worth clients. And consumer banking has been providing uninterrupted access to our digital deposit, lending and payments products and continuous service through our call centers, which are now operating virtually. We've also taken important steps to support our consumer banking clients through this challenging time. We were early to announce the COVID-19 customer assistance program in March, and we have now extended it to April, giving our customers the flexibility to skip a monthly payment without penalty or interest.

在此期間，我們也積極與各財富層級的個人客戶互動。這包括為我們的私人財富管理（PWM）與高淨值客戶提供建議、融資、交易執行與投資機會。同時，消費金融業務持續不間斷地提供數位存款、放款與支付產品的使用，並透過目前已改為虛擬運作的客服中心提供持續服務。我們也採取重要措施，在這段艱困時期支持消費金融客戶。我們在 3 月即率先宣布 COVID-19 客戶協助方案，現已延長至 4 月，讓客戶可彈性選擇略過一次月付金而不產生罰金或利息。

More broadly, over the past 6 weeks, John, Stephen and I have remained in active dialogue with central banks, governments and regulators. We commend the rapid, forceful and unprecedented fiscal and regulatory responses designed to ensure liquid and well-functioning capital markets and to provide emergency financing to small businesses and individuals that need it most. These actions will undoubtedly help mitigate the demand shocks caused by the virus and speed the economic recovery. The Federal Reserve and the U.S. government, along with the ECB, Bank of England and other global central banks have sent a clear message that they will decisively support the broader economy with the global banking system as an active partner.

更廣泛而言，過去 6 週，John、Stephen 與我持續與各國央行、政府與監管機關保持積極對話。我們肯定其迅速、有力且前所未有的財政與監管回應，旨在確保資本市場具備充裕流動性並維持良好運作，並為最需要的中小企業與個人提供緊急融資。這些行動無疑將有助於緩解病毒造成的需求衝擊並加速經濟復甦。聯準會與美國政府，以及歐洲央行、英格蘭銀行與其他全球央行，已清楚傳達訊息：他們將果斷支持整體經濟，而全球銀行體系將作為積極的合作夥伴。

Goldman Sachs, alongside many other financial institutions, is prepared to play our part to help communities and businesses, both small and large, suffering from the economic impact of this devastating health crisis. We are harnessing our resources, experience and network to help where we can. We are working with public and private sector clients to partner on new initiatives with a focus on community assistance and economic support for businesses and serving our clients and customers.

高盛與許多其他金融機構一樣，已準備好盡一己之力，協助因這場毀滅性的健康危機所帶來的經濟衝擊而受苦的社區與企業（無論大小）。我們正運用自身資源、經驗與網絡，在力所能及之處提供協助。我們正與公私部門客戶合作，推動以社區援助與企業經濟支持為重點的新倡議，並持續服務我們的客戶與顧客。

For our part, we've taken a number of important steps, including making a $550 million commitment to COVID-19 relief efforts. We will help small business owners weather this challenging time through $500 million for small business loans and $25 million in grants to community development financial institutions who have a long track record of reaching underserved communities and businesses. We have worked with many of these mission-driven lenders for years through our 10,000 Small Business program. In addition, we launched the COVID-19 Relief Fund with $30 million commitment to Goldman Sachs Gives, including a Special Employee Matching Grant Program to help health care workers, families and the most vulnerable populations.

就我們而言，我們已採取多項重要措施，包括承諾投入 5.5 億美元支持 COVID-19 紓困工作。我們將透過 5 億美元的小型企業貸款，協助小型企業主度過這段艱困時期；並提供 2,500 萬美元補助金予社區發展金融機構（CDFI），這些機構長期以來在觸及服務不足的社區與企業方面成效卓著。多年來，我們透過「10,000 小型企業」計畫與許多以使命為導向的放款機構合作。此外，我們也透過 Goldman Sachs Gives 推出 COVID-19 紓困基金，承諾投入 3,000 萬美元，其中包含特別的員工配捐補助計畫，以協助醫護人員、家庭與最脆弱族群。

Lastly, in response to the well-publicized shortage of equipment for health professionals, we continue to donate supplies to frontline workers who need it the most. Across the U.S. and Europe, we have donated 2.5 million surgical masks and 700,000 N95 masks, which we acquired over a number of years following prior epidemics like SARS as a part of our operational risk management efforts. As the situation rapidly evolves, we will continue to adapt our response for supporting the broader financial system, our clients, our people and our communities.

最後，針對廣為報導的醫護人員設備短缺問題，我們持續捐贈物資給最需要的第一線工作者。在美國與歐洲各地，我們已捐出 250 萬個外科口罩與 70 萬個 N95 口罩；這些物資是我們在過去數年、因應 SARS 等先前疫情，作為營運風險管理工作的一部分而逐步取得。隨著情勢快速演變，我們將持續調整因應作為，以支持更廣泛的金融體系、我們的客戶、我們的同仁與我們的社區。

More broadly, these are defining times for organizations. Adversity compels us to innovate, to leverage new technologies and to find new ways of thinking and interacting. At Goldman Sachs, we've always prided ourselves on doing that to help our clients succeed, and we continue to execute on this commitment as we move forward.

更廣泛而言，對各組織來說，這是決定性的時刻。逆境迫使我們創新、運用新科技，並尋找新的思考與互動方式。在高盛，我們一向以此為傲，透過這些作為協助客戶成功；隨著我們持續前行，我們也將繼續履行這項承諾。

With that context, I will turn to the quarter on Page 2 of the earnings presentation to discuss our financial results. In the first quarter, net revenues were $8.7 billion, roughly flat versus a year ago. Net earnings were $1.2 billion, resulting in earnings per share of $3.11, an ROE of 5.7% and a return on tangible equity of 6%. The first quarter proved to be 2 very different operating periods, with a solid January and February, followed by a challenging and volatile backdrop in March. In both context, our franchise businesses performed well. From a client perspective, we maintained our leading position as a strategic adviser to our Investment Banking clients in a period of stress. We delivered solid growth in FICC and Equities on high levels of client engagement as we extended balance sheet liquidity to clients during the most volatile markets in March. We continued to advise our wealth management clients and accelerated deposit growth in our digital consumer banking business. In Asset Management, we saw direct impact from market dislocation as our on-balance sheet equity and debt investments experienced material mark-to-market losses from falling asset prices. We also recognized higher credit losses and bolstered our reserves. Challenges notwithstanding, we maintained a strong and highly liquid balance sheet with capital ratios above our minimums and robust levels of liquidity. Importantly, our franchise remains strong, and we feel well positioned to deliver best-in-class advice, execution and risk expertise to every client engagement.

在此背景下，我將翻到財報簡報第 2 頁，討論本季的財務結果。第一季淨營收為 87 億美元，與去年同期大致持平。淨利為 12 億美元，每股盈餘為 3.11 美元，股東權益報酬率（ROE）為 5.7%，有形股權報酬率為 6%。第一季呈現兩個截然不同的營運階段：1 月與 2 月表現穩健，3 月則面臨具挑戰性且波動劇烈的環境。在這兩種情境下，我們的特許經營業務（franchise businesses）均表現良好。從客戶角度來看，在壓力期間，我們仍維持作為投資銀行客戶策略顧問的領先地位。由於客戶參與度高，且我們在 3 月市場最為波動之際向客戶提供資產負債表流動性支持，我們在固定收益、貨幣與商品（FICC）及股票業務均實現穩健成長。我們持續為財富管理客戶提供建議，並在數位消費金融銀行業務中加速存款成長。在資產管理方面，市場錯位對我們造成直接影響，因資產價格下跌，我們資產負債表內的股權與債務投資出現顯著的按市價評價（mark-to-market）損失。我們亦確認較高的信用損失並提高準備金。儘管面臨挑戰，我們仍維持強勁且高度流動性的資產負債表，資本比率高於最低要求，流動性水準亦十分充裕。重要的是，我們的特許經營基礎依然穩固，並自認具備良好條件，在每一次客戶互動中提供同業最佳的建議、執行與風險專業能力。

Turning to the operating environment on Page 3. The financial market started the year on solid footing fueled by continued economic growth and strong consumer sentiment. Our business performed well in both January and February as markets notched new highs driven by client confidence and activity. This backdrop, however, deteriorated with unprecedented speed in early March as financial markets began to price in the severe risks from the spread of COVID-19 across the globe and the dramatic measures needed to contain it. We witnessed spikes in volatility across most financial assets and global markets. The S&P 500 declined sharply from all-time highs in February, and the VIX hit new highs. We also witnessed significant widening of credit spreads in both investment grade and high yield and derisking from clients across all asset classes.

接著看第 3 頁的營運環境。金融市場在年初以穩健態勢開局，受持續的經濟成長與強勁的消費者信心所帶動。我們的業務在 1 月與 2 月均表現良好，市場在客戶信心與活動推動下創下新高。然而，這樣的背景在 3 月初以前所未有的速度惡化，因金融市場開始將 COVID-19 在全球擴散所帶來的嚴重風險，以及為遏止疫情所需採取的劇烈措施納入定價。我們看到多數金融資產與全球市場的波動性飆升。標普 500 指數自 2 月的歷史高點大幅下跌，VIX 亦創下新高。我們也看到投資級與高收益信用利差明顯擴大，且客戶在所有資產類別上進行去風險（derisking）。

Given our strong finance position, we were able to commit our balance sheet on behalf of clients and support strong volumes across our global markets franchise as investors sought to reduce risk exposures. The very high levels of activities -- of activity demonstrate the strength and scope of our franchise and our ability to serve clients as an important risk intermediary. Looking forward, our economists expect a very significant near-term decline in growth, followed by a rebound in the second half of the year when they expect us to get back about 50% of the decline in output that we lose in the first 2 quarters. More specifically, annualized U.S. GDP is forecasted to decline in excess of 30% in the second quarter before recovering in the third and fourth quarters, resulting in an economic contraction of about 6% of the year. This compares to growth expectations of over 2% just a few months ago.

憑藉我們強勁的財務狀況，我們得以代表客戶動用資產負債表，並在投資人尋求降低風險曝險之際，支持我們全球市場業務的強勁交易量。極高的活動水準——這些活動水準展現了我們特許經營的實力與廣度，以及我們作為重要風險中介機構服務客戶的能力。展望未來，我們的經濟學家預期短期內成長將大幅下滑，之後在下半年反彈；他們預期我們可收復前兩季產出下滑約 50% 的幅度。更具體而言，美國年化 GDP 預估在第二季將下滑超過 30%，並於第三、第四季回升，使全年經濟收縮約 6%。相較之下，就在幾個月前，市場對成長的預期仍在 2% 以上。

There was obviously a wide range of uncertainty around forward projections given the unknown duration of the health crisis. The reality is that none of us know for sure. This is why it is critically important during this difficult period that we maintain a strong financial profile and remain agile and flexible in our service to our clients.

顯然，由於健康危機持續時間未知，對未來預測存在極大的不確定性。事實是，我們都無法確定。因此，在這段艱難期間，維持強健的財務體質，並在服務客戶時保持敏捷與彈性，至關重要。

Lastly, I'll share a few comments on our Investor Day commitments. While January seems distant under these circumstances -- more distant under these circumstances than the 10-or-so weeks that have passed, the strategic direction we laid out for the firm remains no less compelling. Strengthening our core businesses, expanding in new and adjacent businesses and operating with greater efficiency remain ever important to the firm. We established targets that contemplated a normal operating environment, and clearly, this is not a normal operating environment. Yet our targets represent medium and long-term goals, which we still aspire to.

最後，我想就我們投資人日（Investor Day）的承諾分享幾點看法。在這樣的情況下，1 月似乎已相當遙遠——在這樣的情況下，比起已經過去的大約 10 週更顯遙遠；但我們為公司擘劃的策略方向依然同樣具有吸引力。強化核心業務、拓展新業務與相鄰業務，以及以更高效率營運，對公司而言仍然格外重要。我們所設定的目標是以正常營運環境為前提，而顯然，現在並非正常營運環境。然而，我們的目標代表的是中長期目標，我們仍以此為努力方向。

Interestingly, this environment has created opportunities for us to accelerate our strategic plans in certain areas. Our transaction banking rollout remains on track, and our growth in corporate deposits has exceeded expectations. In our alternatives business, we have accelerated fundraising on a strategic solutions fund of meaningful size to help clients take advantage of attractive investment opportunities. In our high-net-worth business, we completed our rebranding of United Capital to Goldman Sachs Personal Financial Management on schedule in March. And our strong growth in consumer deposits continues to underscore the strategic importance of that business.

有趣的是，這樣的環境在某些領域為我們創造了加速推進策略計畫的機會。我們的交易銀行（transaction banking）推廣仍按計畫進行，企業存款成長亦超出預期。在另類投資業務方面，我們加速為一檔具相當規模的策略解決方案基金募資，以協助客戶把握具吸引力的投資機會。在高淨值業務方面，我們於 3 月如期完成將 United Capital 重新品牌為 Goldman Sachs Personal Financial Management。消費者存款的強勁成長也持續凸顯該業務的策略重要性。

You should expect us to manage through the current environment dynamically with our priorities of serving clients and protecting the long-term value of our franchise. We will adjust our tactical response as appropriate, which may impact the timing, cadence or the size of certain investments. That said, our strategic goals remain in place. As we execute, we look forward on updating you -- to updating you on our progress.

在我們的優先事項——服務客戶並保護特許經營的長期價值——之下，你們應可預期我們將以動態方式管理當前環境。我們將視情況調整戰術性應對，這可能影響某些投資的時點、節奏或規模。即便如此，我們的策略目標仍維持不變。隨著我們推進執行，我們期待向各位更新——向各位更新我們的進展。

With that, I will turn it over to Stephen.

接下來，我把時間交給 Stephen。

Thank you, David. Good morning to you all. Let me begin with our summary results on Page 4.

謝謝你，David。各位早安。讓我先從第 4 頁的摘要結果開始。

During the first quarter, 3 of our 4 business segments produced revenue growth in excess of 20% versus the year ago period, reflecting the strength of our franchise and the elevated level of activity in March. These results were offset by losses in our Asset Management business due to the significant decline in the fair value of our long-term investments in equity, debt securities and loans. We also took a material provision for credit losses in the quarter. Despite the difficult backdrop, our overall revenue levels remained relatively flat versus a year ago, reflecting the diversification of our businesses.

第一季期間，我們 4 個業務分部中有 3 個的營收較去年同期成長超過 20%，反映出我們特許經營的實力以及 3 月活動水準的提升。這些成果被資產管理業務的虧損所抵銷，原因是我們在股權、債務證券與貸款等長期投資的公允價值大幅下滑。我們在本季也提列了可觀的信用損失準備。儘管背景艱困，我們整體營收水準與去年同期相比仍相對持平，反映出業務的多元化。

Before turning specifically to our results, I want to reflect for a moment on the financial strength of the firm and the U.S. banking system coming into this period of volatility in terms of capital, liquidity and risk. I also want to provide insight into where Goldman Sachs stands on those metrics as we enter the second quarter.

在具體談到我們的業績之前，我想先花點時間回顧公司以及美國銀行體系在進入這段波動期時，在資本、流動性與風險方面的財務實力。我也想就我們進入第二季時，高盛在這些指標上的位置提供一些觀點。

The industry came into this market dislocation with a robust financial position as the capital levels for large banks more than doubled over the past decade to approximately $1 trillion. Our capital stands above our minimums with the reduction in our CET1 ratio during the quarter, a reflection of a very purposeful deployment of balance sheet on behalf of clients. As David noted, our liquidity is very strong, averaging over $240 billion during the quarter and remains at a level higher than that now. Our risk positions remained balanced, controlled and adequately provisioned for, both in terms of counterparty risk and sector exposure. Our ability to serve as a principal intermediary of risk, a source of liquidity and a provider of balance sheet on behalf of clients is rooted in the sound financial footing of the firm and our long history of being a firm that clients turn to in challenging moments.

本產業在此次市場錯位發生前即具備穩健的財務狀況，因大型銀行的資本水準在過去十年間已增加一倍以上，達到約 1 兆美元。我們的資本水準仍高於最低要求；本季普通股權第一類資本（CET1）比率的下降，反映我們為客戶有目的地運用資產負債表。如 David 所述，我們的流動性非常強勁，本季平均超過 2,400 億美元，目前仍維持在更高水準。我們的風險部位保持均衡、受控，且已充分提列準備，無論是交易對手風險或產業曝險皆然。我們能夠作為主要風險中介、流動性來源，以及代表客戶提供資產負債表支持，根基在於公司穩健的財務基礎，以及我們長期以來在艱難時刻成為客戶倚重對象的歷史。

Across Goldman Sachs, our forward planning and risk management practices enabled us to be well prepared. The liquidity and capital buffers we hold are intended for times like these, and we prudently deployed our financial resources to serve our clients during the first quarter. As a function of the regular stress testing that we and the industry have undertaken over the past decade, our liquidity and capital metrics are sized to withstand severely adverse scenarios. During a time of increased market volatility and disruption, our ability to seamlessly serve our clients while the vast majority of our employees work remotely demonstrates the dedication of our people, the strength of our engineering and our business resiliency, in addition to the financial standing of the organization. In short, Goldman Sachs is open for business.

在高盛各部門，我們的前瞻規劃與風險管理作法使我們得以充分準備。我們持有的流動性與資本緩衝本就是為了這樣的時刻而設，我們在第一季審慎地運用財務資源以服務客戶。由於我們與整個產業在過去十年間持續進行例行壓力測試，我們的流動性與資本指標規模足以承受極端不利情境。在市場波動與干擾加劇之際，當絕大多數員工遠端工作時，我們仍能無縫服務客戶，這展現了同仁的投入、工程能力的強大與業務韌性，並且也反映出組織的財務實力。簡言之，高盛照常營運。

Let's turn to our business performance on Page 5, beginning with Investment Banking. Investment Banking produced first quarter net revenues of $2.2 billion, up 6% versus the fourth quarter and up 25% versus a year ago quarter. First quarter financial advisory revenues of $781 million were down 9% sequentially and down 11% versus last year amid fewer deal closings, consistent with lower industry volumes. During the quarter, we participated in nearly $250 billion of announced transactions and closed 68 deals for nearly $200 billion of deal volume. We maintained our #1 position in both announced and completed M&A league table rankings.

接著看第 5 頁的業務表現，先從投資銀行業務開始。投資銀行第一季淨營收為 22 億美元，較第四季成長 6%，較去年同期成長 25%。第一季財務顧問收入為 7.81 億美元，較前一季下滑 9%，較去年同期下滑 11%，主因成交案數較少，與產業整體交易量下降一致。本季我們參與了近 2,500 億美元的已公告交易，並完成 68 筆交易，成交金額近 2,000 億美元。我們在已公告與已完成的併購（M&A）排行榜（league table）排名中均維持第 1 名。

We continue to engage with clients about significant changes in the economic environment and the implications for the M&A business. Given the new set of challenges facing a variety of industries, we expect client demand to evolve as they seek our assistance, bolstering balance sheets, hedging market and financial risks and capturing strategic opportunities. While there are clearly some industries that are more directly impacted than others, dialogues with clients are at elevated levels across all verticals as this crisis impacts clients of all types and in all regions.

我們持續與客戶就經濟環境的重大變化及其對併購（M&A）業務的影響進行交流。鑑於多個產業面臨一系列新的挑戰，我們預期客戶需求將隨之演變；客戶在尋求我們協助時，將著重於強化資產負債表、對沖市場與金融風險，以及把握策略性機會。雖然顯然有些產業受到的直接衝擊較其他產業更大，但隨著這場危機影響各類型、各地區的客戶，我們與客戶的對話在所有垂直領域均維持在高檔水準。

Moving to underwriting. Equity underwriting net revenues of $378 million were flat versus the fourth quarter and up 44% versus a slow period for IPOs in the first quarter of last year. For the quarter, we ranked #2 globally in equity underwriting, with $12 billion in volume across 80 transactions as we executed a number of key IPOs during the first 2 months of the quarter. Additionally, following the market pullback, we helped a number of clients raise capital in the convertible market through public and private transactions. Notably, we led a number of high-profile PIPE issuances for a variety of companies, including Wayfair and Twitter.

接著談承銷業務。股票承銷淨收入為3.78億美元，較第四季持平，較去年第一季（IPO相對低迷的期間）成長44%。本季我們在全球股票承銷排名第2，於80筆交易中完成120億美元的承銷量，並在本季前兩個月執行了多項關鍵IPO。此外，在市場回檔後，我們透過公開與私募交易，協助多位客戶在可轉換債市場籌資。值得注意的是，我們主導了多筆備受矚目的PIPE（私募投資公開股權）發行，涵蓋多家公司，包括Wayfair與Twitter。

Turning to debt underwriting. Net revenues were $583 million, down 3% versus the fourth quarter and up 21% from a year ago. Activity this quarter reflected growth in asset-backed and leveraged finance activity. Our franchise remains well positioned as evidenced by our #4 global debt underwriting league table ranking and our ability to provide clients access to the investment-grade and below-investment-grade markets, even through the challenging environment in March.

再談債務承銷。淨收入為5.83億美元，較第四季下降3%，較去年同期上升21%。本季活動反映資產擔保與槓桿融資活動的成長。從我們在全球債務承銷排行榜排名第4，以及即使在3月充滿挑戰的環境中仍能為客戶提供投資級與非投資級市場的進入管道，可見我們的業務平台仍具備良好優勢。

As David mentioned, in the last 2 full weeks of March, we saw record U.S. dollar investment-grade issuance with over $170 billion of activity. Of that, Goldman Sachs helped raise nearly $75 billion of financing for clients, capturing over 13% share, roughly double versus last year, evidencing our client engagement and commitment to market access.

如David所提，在3月最後兩個完整週，我們看到美元投資級發行量創下紀錄，活動規模超過1,700億美元。其中，高盛協助客戶籌集近750億美元融資，市占率超過13%，約為去年的兩倍，顯示我們與客戶的緊密互動以及對市場可得性的承諾。

Helping clients access public market financing windows also enabled us to better risk manage our portfolio of acquisition finance commitments as certain bridge and other facilities were taken out in permanent financings in the capital markets. Our Investment Banking backlog decreased versus the fourth quarter but rose versus a year ago. Given the environment, we expect announcement time lines on several larger transactions in our backlog to be delayed. That said, we maintain active dialogues with clients across our global franchise and know that market conditions can evolve quickly.

協助客戶把握公開市場融資窗口，也使我們能更妥善地管理收購融資承諾組合的風險，因為部分過橋貸款及其他融資安排已在資本市場以永久性融資方式被取代。我們的投資銀行業務待完成量（backlog）較第四季下降，但較去年同期上升。鑑於目前環境，我們預期待完成量中若干較大型交易的公告時程將延後。即便如此，我們仍在全球平台範圍內與客戶保持積極對話，並了解市場狀況可能迅速變化。

Revenues from corporate lending were $442 million, nearly double the fourth quarter and up over threefold versus a year ago driven by approximately $375 million of hedge gains relating to our relationship lending book on wider credit spreads during the quarter. We maintained single-name hedges on certain larger commitments as a prudent risk management tool. The hedge gains could, of course, reverse in future quarters should credit spreads tighten. As a reminder, corporate lending includes middle market lending, relationship lending and acquisition financing. In the quarter, gains on single-name and index hedges as well as net interest income on the portfolio more than offset fair value marks on our acquisition financing commitments.

企業放款收入為4.42億美元，幾乎是第四季的兩倍，較去年同期增加逾三倍，主要受惠於本季信用利差擴大下，與我們關係型放款（relationship lending）組合相關的避險收益約3.75億美元所帶動。作為審慎的風險管理工具，我們對部分較大型承諾維持單一名稱（single-name）避險。當然，若未來季度信用利差收斂，這些避險收益可能反轉。提醒一下，企業放款包含中型市場放款、關係型放款與收購融資。本季，單一名稱與指數避險的收益，以及投資組合的淨利息收入，均足以抵銷我們收購融資承諾的公允價值評價損益。

During the quarter, we saw approximately $19 billion corporate commitment drawdowns in relationship lending as we supported our clients' liquidity needs during this difficult time. While we saw a higher percentage of drawdowns from our noninvestment-grade clients, given the larger size of our investment-grade book, the $19 billion was roughly evenly split on a notional basis between investment grade and noninvestment grade. These draws were within our expectations for a stress scenario and were below the amount prefunded in our liquidity pool.

本季期間，為支持客戶在艱難時期的流動性需求，我們在關係型放款中看到約190億美元的企業承諾動用（drawdowns）。雖然非投資級客戶的動用比例較高，但由於我們投資級放款組合規模較大，這190億美元按名目金額計算在投資級與非投資級之間大致各半。這些動用符合我們對壓力情境的預期，且低於我們在流動性資金池中預先籌措的金額。

During this period, we also saw significant inflows in commercial deposit accounts tied to our new transaction banking platform. These deposit balances total $9 billion, and we're now serving over 80 clients, reflecting the early diversification benefits of our new business growth strategy.

在此期間，我們也看到與新交易銀行平台相關的商業存款帳戶出現顯著資金流入。這些存款餘額合計90億美元，目前我們已服務超過80家客戶，反映我們新業務成長策略所帶來的早期多元化效益。

Moving to Global Markets on Page 6. Net revenues were $5.2 billion in the first quarter, up 48% sequentially and up 28% versus last year. Growth was driven by significantly higher client activity amid wider bid-ask spreads and solid risk management in a challenging market. As we noted at our Investor Day, our results in Global Markets, like all segments, include fully allocated costs. As such, our reported quarterly results in Global Markets were burdened by a charge of approximately $500 million related to valuation adjustments on derivatives associated with widening of credit and funding spreads.

接著看第6頁的全球市場（Global Markets）。第一季淨收入為52億美元，較前一季成長48%，較去年同期成長28%。成長主要來自在買賣價差擴大之際，客戶活動顯著增加，以及在具挑戰性的市場中穩健的風險管理。如同我們在投資人日所提，我們全球市場的業績（與所有業務分部相同）包含完全分攤的成本。因此，我們全球市場本季報告的業績承擔了約5億美元的費用，與信用與資金利差擴大所導致、與衍生性商品相關的估值調整有關。

FICC net revenues were $3 billion, up 68% sequentially and up 33% year-over-year. Growth versus last year was driven by an 18% increase in financing and 36% growth in intermediation revenues. Within FICC intermediation, we saw elevated client flows across all of our businesses, with 4 out of 5 business lines posting higher first quarter net revenues versus last year, again, reflecting the value of our standing commitment to a diversified FICC franchise.

FICC淨收入為30億美元，較前一季成長68%，較去年同期成長33%。相較去年，成長主要由融資收入增加18%及中介（intermediation）收入成長36%所帶動。在FICC中介業務中，我們在所有業務線均看到客戶流量維持高檔；五條業務線中有四條在第一季的淨收入較去年同期更高，再次反映我們長期致力於打造多元化FICC平台的價值。

In currencies, we saw a very active quarter with meaningful revenue improvement as higher volatility drove significantly higher client volume and strong performance in the Americas and Asia. We continue to onboard new clients to our Marquee and eFX platforms during the quarter and produced record results in this business, reflecting our significant investments in recent years, changing client workflows and our willingness to provide liquidity during market stress.

在外匯（currencies）方面，本季非常活躍；更高的波動性帶動客戶交易量大幅提升，且美洲與亞洲表現強勁，使收入顯著改善。本季我們持續為Marquee與eFX平台導入新客戶，並在此業務創下紀錄佳績，反映我們近年來的大量投資、客戶工作流程的改變，以及我們在市場壓力期間提供流動性的意願。

Our rates franchise also performed well, given high levels of client intermediation and despite the challenge of managing risk positions through a significant jump in volatility as central banks around the world cut rates and the Fed and ECB launched significant quantitative easing programs.

我們的利率（rates）平台同樣表現良好，受惠於高水準的客戶中介活動；儘管面臨風險部位管理的挑戰，因為在全球央行降息、以及聯準會與歐洲央行（ECB）推出大規模量化寬鬆計畫之際，市場波動性出現顯著跳升。

In commodities, our business delivered strong results in oil as we worked with our clients to manage extraordinary price volatility. We also generated solid performance in metals. These positive results were partly offset by CVA from wider counterparty credit spreads. In credit, our performance was solid across our global franchise. We benefited from significantly higher client activity in more liquid index CDS products and notably in client portfolio trades, which more than offset the impact of wider credit spreads amid lower liquidity in cash product trading inventory. Like in our currencies business, our technology platforms in credit enabled us to serve clients in period of market dislocation, with both buyers and sellers benefiting from our global franchise, capital commitment and the efficiency of our digital platforms.

在大宗商品方面，我們在原油業務交出強勁成果，並與客戶合作管理異常的價格波動；金屬業務亦表現穩健。這些正面成果部分被交易對手信用利差擴大所帶來的CVA（信用估值調整）所抵銷。在信用產品方面，我們在全球平台的表現整體穩健。更具流動性的指數CDS產品以及客戶投資組合交易的活動顯著增加，帶來助益，且其貢獻足以抵銷在現金產品交易庫存流動性較低情況下、信用利差擴大所造成的影響。與外匯業務相同，我們在信用產品的科技平台使我們能在市場失序期間服務客戶；買方與賣方皆受惠於我們的全球平台、資本承諾以及數位平台的效率。

In mortgages, net revenues fell as significantly higher client activity was offset by wider spreads impacting our inventory, particularly in agencies as we saw deleveraging across the market. Importantly, our performance was cushioned by the capital and risk reduction measures we executed over the past several years. Lastly, in FICC financing, we saw considerable strength in our repo business as we helped clients navigate dislocated funding markets, which have begun to normalize in recent weeks.

在房貸（mortgages）方面，淨收入下滑，因為雖然客戶活動顯著增加，但利差擴大對我們的庫存造成影響，特別是在機構（agencies）產品上，且我們看到市場普遍去槓桿。重要的是，我們過去數年所執行的資本與風險降低措施，為本季表現提供了緩衝。最後，在FICC融資方面，我們的附買回（repo）業務展現相當強勁的動能，協助客戶因應失序的資金市場；而這些市場在近幾週已開始正常化。

Turning to Equities on Page 7. Net revenues for the first quarter were $2.2 billion, up 28% versus the fourth quarter and up 22% versus a year ago. Equities intermediation net revenues of $1.5 billion rose 32% versus a year ago, aided by derivatives, given higher equity market volatility and significantly higher client volumes. This was partially offset by a more difficult market-making backdrop in Europe given unexpected dividend cuts. Equities financing revenues of $666 million rose 4% year-over-year driven by higher average quarterly prime client balances.

接著看第7頁的股票（Equities）。第一季淨收入為22億美元，較第四季成長28%，較去年同期成長22%。股票中介淨收入為15億美元，較去年同期上升32%，在股票市場波動性提高與客戶交易量大幅增加的背景下，衍生性商品業務提供助力。此成長部分被歐洲市場造市環境較為艱難所抵銷，原因在於意外的股利削減。股票融資收入為6.66億美元，較去年同期成長4%，主要由平均季度主經紀（prime）客戶餘額提高所帶動。

Moving to Asset Management on Page 8. Collectively, our Asset Management activities produced negative net revenues of $96 million in the first quarter. First quarter management and other fees totaled $640 million, up 5% versus a year ago driven by higher client assets under supervision. Incentive fees increased to $154 million driven primarily by asset harvesting, including closing a key special purpose acquisition company or SPAC transaction. Growth in management and incentive fees was more than offset by marks on our on-balance sheet investment portfolio. Losses here reflect the sharp market declines during the quarter given the majority of our assets in this segment are accounted for at fair value. Our equity investments produced $22 million of net losses in the first quarter as material gains generated on the pending or closed sale of certain investments in January and February were more than offset by broader markdowns on our public and private equity holdings in March. More specifically, on our $19 billion private equity portfolio, we generated gains of approximately $775 million from event-driven items, including agreements to sell our investment in a U.K. student housing portfolio and our investment in AirTrunk, a data center in Australia. Gains from dispositions were offset by approximately $500 million of marks on our private equity positions, reflecting the underlying operating performance of the businesses and roughly $500 million of marks on our $2 billion public equity portfolio, including a $180 million loss on Avantor and significantly smaller losses across the broader portfolio.

接著看第8頁的資產管理（Asset Management）。整體而言，我們的資產管理活動在第一季產生淨收入為負9,600萬美元。第一季管理費及其他費用合計6.40億美元，較去年同期成長5%，主要由受託管理資產（assets under supervision）增加所帶動。績效費（incentive fees）增加至1.54億美元，主要由資產收割（asset harvesting）驅動，包括完成一筆關鍵的特殊目的收購公司（SPAC）交易。管理費與績效費的成長，仍被我們資產負債表內投資組合的評價損益所抵銷。此處的損失反映本季市場大幅下跌，因為本分部多數資產以公允價值入帳。我們的股權投資在第一季產生2,200萬美元淨損；1月與2月對部分投資的待完成或已完成出售所帶來的重大收益，已被3月對我們公開與私募股權持有部位的更廣泛減記所抵銷。更具體而言，在我們190億美元的私募股權投資組合中，我們因事件驅動項目產生約7.75億美元收益，包括同意出售我們在英國學生宿舍投資組合的投資，以及我們在澳洲資料中心AirTrunk的投資。處分收益被約5億美元的私募股權部位評價損益所抵銷，反映相關企業的基本營運表現；另有約5億美元對我們20億美元公開股權投資組合的評價損益，其中包括Avantor的1.80億美元損失，以及投資組合其餘部分規模顯著較小的損失。

Net revenues from lending and debt investment activities in asset management were a negative $868 million, attributable to mark-to-market losses on debt securities and fair value loans. As shown on Page 9, this segment houses a $29 billion credit portfolio, including $13 billion of fair value debt securities and $16 billion of corporate and real estate loans, of which $4 billion are held at fair value. This portfolio includes a range of investing activities executed by our private credit group and multi-strategy investing teams, which have historically generated solid contributions to firm performance over many years.

資產管理業務中，放款與債務投資活動的淨收入為負 8.68 億美元，主要歸因於債務證券與按公允價值計量貸款的按市價（mark-to-market）損失。如第 9 頁所示，該分部包含一個 290 億美元的信貸投資組合，其中包括 130 億美元的按公允價值計量債務證券，以及 160 億美元的企業與不動產貸款（其中 40 億美元按公允價值計量）。該投資組合涵蓋由我們的私募信貸團隊與多策略投資團隊執行的一系列投資活動，這些活動多年來一向為本公司整體表現帶來穩健貢獻。

That said, in the first quarter, the fair market value component of the portfolio managed by these teams incurred significant credit spread widening, which more than offset the ongoing net interest income from the portfolio itself. This drove significant losses across the portfolio of senior and mezzanine corporate loans and our broader portfolio of liquid corporate debt securities. As we go forward, we will continue to risk manage the credit portfolio prudently.

儘管如此，在第一季，這些團隊所管理投資組合中的公允市場價值部分出現顯著的信用利差擴大，且其影響超過了投資組合本身持續產生的淨利息收入。這導致我們的優先與夾層企業貸款投資組合，以及更廣泛的流動性企業債務證券投資組合，均出現重大損失。展望未來，我們將持續審慎地對該信貸投資組合進行風險管理。

With respect to loans, while the majority of the portfolio is noninvestment grade by design, it is well-structured and over 85% is secured. We also would note that if spreads retrace as they have in the first part of the second quarter, we could recoup a portion of the first quarter's losses. But of course, there is no assurance of that outcome.

就貸款而言，雖然該投資組合多數依設計為非投資等級，但其結構良好，且超過 85% 為有擔保。我們亦指出，若利差如第二季前段所見出現回落，我們可能收回第一季損失的一部分。但當然，並無任何保證會出現該結果。

Turning to Consumer & Wealth Management on Page 10. We produced $1.5 billion of revenues in the first quarter, up 6% versus the fourth quarter and up 21% versus a year ago driven by higher average assets under supervision, increased transaction volumes and incentive fees and higher consumer banking revenues from deposits and lending products. For the quarter, wealth management and other fees of $959 million rose 21% versus last year, reflecting both organic growth and the United Capital acquisition. Assets under supervision rose 6% versus the prior year to $509 billion. We also saw higher incentive fees, while private banking and lending revenues declined.

接著看第 10 頁的消費者與財富管理（Consumer & Wealth Management）。第一季我們創造 15 億美元收入，較第四季成長 6%，較去年同期成長 21%，主要受更高的平均受監督資產（assets under supervision）、交易量增加與激勵費用（incentive fees），以及存款與放款產品帶動的消費者銀行收入提升所驅動。本季財富管理及其他費用收入為 9.59 億美元，較去年同期上升 21%，反映內生成長與 United Capital 併購的貢獻。受監督資產較去年同期成長 6% 至 5,090 億美元。我們也看到激勵費用上升，但私人銀行與放款收入下降。

Consumer banking revenues were $282 million in the first quarter, rising nearly 40% versus last year, reflecting higher net interest income from strong growth in deposits and credit card loan balances. Consumer deposits at quarter end totaled $72 billion across the U.S. and U.K., reflecting a record $12 billion of quarterly growth in the consumer platform. Performance in March was solid with $4 billion in monthly growth, providing a valuable source of funding to the firm. Funded consumer loan balances remained stable at $7 billion, of which $5 billion were from Marcus consumer loans and $2 billion from credit card. Going forward, we expect to see a more modest level of growth in both Marcus unsecured loans and Apple Card as we seek to manage our risk profile and reduce the pace of origination during this period of market and economic dislocation.

第一季消費者銀行收入為 2.82 億美元，較去年同期上升近 40%，反映存款與信用卡貸款餘額強勁成長所帶來的淨利息收入增加。季末消費者存款在美國與英國合計達 720 億美元，反映消費者平台單季創紀錄的 120 億美元成長。3 月表現穩健，單月成長 40 億美元，為本公司提供寶貴的資金來源。已撥款的消費者貸款餘額維持穩定於 70 億美元，其中 50 億美元來自 Marcus 消費者貸款，20 億美元來自信用卡。展望未來，為管理風險概況並在此市場與經濟失序期間降低承作（origination）速度，我們預期 Marcus 無擔保貸款與 Apple Card 的成長將更為溫和。

Now let's turn to Page 11 for our firm-wide assets under supervision. Total client assets for which we earn a management fee, including those in Asset Management and Consumer & Wealth Management, totaled $1.8 trillion in the first quarter, down $41 billion versus the fourth quarter but up $219 billion versus a year ago. Our sequential decline was driven by $114 billion of market depreciation, offset by $72 billion of liquidity and $1 billion of long-term inflows.

現在請看第 11 頁的全公司受監督資產。第一季我們可收取管理費的客戶資產總額（包括資產管理與消費者與財富管理）為 1.8 兆美元，較第四季減少 410 億美元，但較去年同期增加 2,190 億美元。按季下降主要由 1,140 億美元的市場貶值所致，部分被 720 億美元的流動性（liquidity）與 10 億美元的長期淨流入所抵銷。

Switching gears on Page 12, let's address net interest income and our lending portfolio. Total firm-wide net interest income was $1.3 billion for the first quarter, up 23% sequentially, reflected in Global Markets and consumer given the impact of lower funding costs and continued deposit growth.

接著在第 12 頁，我們說明淨利息收入與放款投資組合。第一季全公司淨利息收入為 13 億美元，按季成長 23%，主要反映在全球市場（Global Markets）與消費者業務中，受較低資金成本與存款持續成長的影響。

Next, let's review loan growth and credit performance. Our total loan portfolio at quarter end was $128 billion, up $19 billion sequentially driven primarily by funded commercial revolvers in Investment Banking, as I noted earlier. Our provision for credit losses in the first quarter was $937 million, up $600 million versus last quarter. During the quarter, we recognized firm-wide net charge-offs of $131 million, resulting in a net charge-off ratio of 0.5%.

接下來，我們檢視貸款成長與信用表現。季末我們的總貸款投資組合為 1,280 億美元，按季增加 190 億美元，主要由投資銀行業務中已動用的商業循環額度（funded commercial revolvers）所帶動，如我先前所提。第一季信用損失準備（provision for credit losses）為 9.37 億美元，較上季增加 6 億美元。本季我們確認全公司淨沖銷（net charge-offs）為 1.31 億美元，使淨沖銷率為 0.5%。

On the wholesale portfolio, we took impairments and bolstered our reserves, particularly for loans in the oil and gas sector, given recent price declines. In our consumer portfolio, provisions related to markets were higher versus last quarter due primarily to CECL reserve rates even though realized net charge-offs declined. Additionally, we note our provisions during the quarter were impacted by higher levels of reserving for new loan growth under CECL, which we adopted as planned. At quarter end, our allowance for credit losses stood at $3.2 billion. Our allowance for funded loans under accrual accounting was 2.5%.

在批發（wholesale）投資組合方面，鑑於近期價格下跌，我們認列減損並提高準備，特別是油氣產業的貸款。在消費者投資組合方面，與市場相關的提列較上季增加，主要因 CECL 準備率所致，儘管已實現的淨沖銷下降。此外，我們指出，本季提列亦受到在採用 CECL（我們按計畫導入）後，針對新增貸款成長提高提存水準的影響。季末，我們的信用損失備抵（allowance for credit losses）為 32 億美元。按應計會計（accrual accounting）計提之已撥款貸款備抵比率為 2.5%。

Overall, our credit performance remains in line with our expectations given the recent economic deterioration. That said, we continue to monitor the portfolio and broader risk factors closely, and we'll take any and all mitigating actions as appropriate.

整體而言，鑑於近期經濟惡化，我們的信用表現仍符合預期。儘管如此，我們將持續密切監控投資組合與更廣泛的風險因素，並在適當時採取任何及所有緩解措施。

One area of particular focus is our lending and counterparty exposure to the oil and gas sector. At the end of March, we had approximately $14 billion of total lending and counterparty exposure to the oil and gas sector, net of roughly $600 million of hedges. Approximately $4 billion were funded loans. Our total exposure is diversified with no single counterparty over $500 million before hedges. Just over half is noninvestment grade, of which over 70% is secured. And as a proportion of our overall wholesale credit book, our oil and gas exposure remains very manageable.

我們特別關注的一個領域，是對油氣產業的放款與交易對手曝險。3 月底，我們對油氣產業的放款與交易對手總曝險約為 140 億美元，已扣除約 6 億美元的避險。其中約 40 億美元為已撥款貸款。我們的總曝險分散，避險前沒有任何單一交易對手超過 5 億美元。略高於一半為非投資等級，其中超過 70% 為有擔保。且以我們整體批發信貸帳簿（wholesale credit book）的占比而言，油氣曝險仍屬可控。

Now let's turn to expenses on Page 13. Our total quarterly operating expenses of $6.5 billion increased 10% versus last year driven by significantly higher brokerage, clearing and exchange fees, attributable to higher client activity, higher provisions for litigation and an increase in expenses related to real estate consolidated investments, including impairments. Given the challenging operating environment, we are closely reexamining all of our forward spending and investment plans to ensure the best use of our resources. Consistent with our historical focus on expense discipline and the emphasis on cost control at Investor Day, we will assess the timing, magnitude and pace of certain expenses and investments. Importantly, we continue to pursue our medium-term efficiency target. To that end, we expect to realize the effect of planned reductions in noncompensation expenses more significantly through the back half of the year.

現在請看第 13 頁的費用。我們單季總營運費用為 65 億美元，較去年增加 10%，主要由經紀、清算與交易所費用顯著上升所帶動，原因在於客戶活動增加；同時訴訟準備提列提高，以及與不動產合併投資（real estate consolidated investments）相關費用增加（包括減損）。鑑於具挑戰性的營運環境，我們正密切重新檢視所有未來支出與投資計畫，以確保資源的最佳運用。延續我們一貫對費用紀律的重視，以及投資人日（Investor Day）對成本控制的強調，我們將評估部分費用與投資的時點、規模與推進速度。重要的是，我們仍持續追求中期效率目標。為此，我們預期已規劃的非薪酬費用（noncompensation expenses）削減效果，將在下半年更為明顯地反映出來。

Finally, on taxes. Our reported tax rate was 10% for the first quarter. Our lower rate reflected the impact of share-based compensation awards and the lower impact -- and the impact of lower pretax earnings on permanent benefits. As noted previously, we expect our tax rate over the next few years to be approximately 21%.

最後談稅務。第一季我們揭露的稅率為 10%。較低的稅率反映了以股份為基礎的薪酬獎勵（share-based compensation awards）的影響，以及稅前盈餘較低使永久性稅務利益（permanent benefits）的影響更為顯著。先前已提及，我們預期未來幾年的稅率約為 21%。

Turning to select balance sheet data on Slide 14. Let me begin with capital. Our common equity Tier 1 ratio was 12.5% at the end of the first quarter under the Standardized approach, down 80 basis points sequentially driven by balance sheet and RWA growth in light of our meaningful client engagement during the quarter. Our ratio under the Advanced Approach decreased by 140 basis points to 12.3%, with the incremental decline versus Standardized due to higher credit spread volatility. Our SLR was 5.9%, down 30 basis points sequentially, also on balance sheet deployment to clients. This quarter, we returned a total of $2.4 billion of capital to shareholders through share repurchases, notably at the beginning of the quarter and common stock dividends. Our basic share count ended the quarter at another record low of 356 million shares.

接著看第 14 張投影片的部分資產負債表數據。先從資本談起。在標準法（Standardized approach）下，我們第一季末普通股權第一級資本比率（CET1）為 12.5%，按季下降 80 個基點，主要因本季與客戶大量互動使資產負債表與風險加權資產（RWA）成長所致。在進階法（Advanced Approach）下，我們的比率下降 140 個基點至 12.3%，相較標準法的額外下降主要因信用利差波動較高。我們的補充槓桿比率（SLR）為 5.9%，按季下降 30 個基點，同樣反映資產負債表對客戶的部署。本季我們透過股票回購（特別是在季初）與普通股股利，合計向股東返還 24 億美元資本。我們的基本股數在季末再創新低，為 3.56 億股。

As you will recall, Goldman Sachs and members of the Financial Services Forum voluntarily decided to temporarily suspend buybacks through the second quarter of 2020. This pause allows us to continue to deploy our resources to support our clients in the context of the current operating environment. We remain committed to allocating capital to accretive, high-return opportunities and when not deployed, returning excess to shareholders. As it relates to our dividend, given our continued earnings generation and solid capital position, we feel comfortable maintaining our dividend.

如各位所記得，高盛（Goldman Sachs）及金融服務論壇（Financial Services Forum）的成員自願決定，暫時在 2020 年第二季期間停止回購。此一暫停使我們得以在目前的營運環境下，持續部署資源以支持客戶。我們仍致力於將資本配置於具增值性（accretive）、高報酬的機會；若未部署，則把多餘資本返還股東。就股利而言，鑑於我們持續的獲利能力與穩健的資本水準，我們對維持股利感到安心。

Further to the balance sheet, total assets ended the quarter at $1.1 trillion, up 10% versus last quarter. We maintained strong liquidity levels. As referenced earlier, our global core liquid assets averaged a record $243 billion, up $6 billion versus the fourth quarter.

進一步就資產負債表而言，總資產於本季末達到1.1兆美元，較上季增加10%。我們維持了強勁的流動性水準。如先前所提及，我們的全球核心流動資產平均達到創紀錄的2,430億美元，較第四季增加60億美元。

On the liability side, our total deposits increased to $220 billion, up $30 billion versus last quarter, with strong flows through our Marcus and transaction banking channels as we continue to execute on our long-term strategy to remix our liabilities toward deposits. Our total unsecured long-term borrowings were $226 billion driven by $15.7 billion of vanilla debt issuance during the quarter as we accelerated issuance into the first quarter from what was intended for the back part of this year to better position ourselves to be in the service of our clients.

在負債端，我們的存款總額增至2,200億美元，較上季增加300億美元；隨著我們持續執行將負債結構重新配置、提高存款占比的長期策略，Marcus與交易銀行通路的資金流入強勁。我們的無擔保長期借款總額為2,260億美元，主要受本季發行157億美元一般（vanilla）債務所帶動；我們將原本預計在今年後段進行的發行加速至第一季，以更好地定位自身，為客戶提供服務。

In conclusion, our first quarter results reflected the volatile operating environment and our ability to navigate turbulent markets and support our client franchise. As we look toward the balance of the year, we take strength from our robust financial position, including capital and liquidity. Our client franchise remains strong. And with the ongoing dedication of the talented professionals of Goldman Sachs, we will marshal the full resources of the firm to serve our clients during this unprecedented time.

總結而言，我們第一季的業績反映了波動的營運環境，以及我們在動盪市場中穿梭應對並支持客戶業務的能力。展望今年剩餘期間，我們從穩健的財務狀況（包括資本與流動性）中汲取信心。我們的客戶業務仍然強勁。憑藉高盛優秀專業人才持續的投入，我們將調動公司全部資源，在這段前所未有的時期為客戶提供服務。

With that, thank you again for dialing in, and we'll now open the line for questions.

在此，再次感謝各位撥入參與，我們現在開放提問。

(Operator Instructions) And your first question is from the line of Glenn Schorr with Evercore ISI.

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

I guess the tough one on getting you to talk about the linearity of reserves if possible, meaning, you laid out the macro backdrop that you've taken reserves under. If we roll forward a quarter, the world's a little worse or just delayed. Could you talk about how reserves shift as we shift out a quarter? Meaning, if you -- if we start thinking that the economic recovery is more like a 2021 event instead of second half event, could you talk about the $937 million provision taken relative to how that changes with the pushing out of a recovery? I know that's a hard one.

我想問一個比較棘手的問題：如果可以的話，請談談備抵（準備金）隨時間推移的線性變化。也就是說，你們已經說明了提列備抵所依據的總體經濟背景。如果我們往後推一季，世界情況稍微更糟，或只是延後發生。你能談談當我們把時間往後推一季時，備抵會如何變動嗎？換言之，如果我們開始認為經濟復甦更像是2021年的事件，而不是下半年就會發生，你能談談本次提列的9.37億美元備抵，與復甦延後時它會如何變化之間的關係嗎？我知道這很難回答。

Sure, Glenn. Thank you. So as you note, the provision for credit loss we took was $937 million. About $686 million of that were in provisions, and about $200 million of that related to the relationship loan book, with the balance really guided by the crisis relating to COVID and growth in the overall portfolio.

當然可以，Glenn，謝謝。正如你所指出的，我們提列的信用損失準備為9.37億美元。其中約6.86億美元屬於提列準備，約2億美元與關係型貸款組合相關，其餘部分主要由COVID危機相關因素以及整體投資組合的成長所驅動。

In answering your question, I'll point out what we did in this quarter because I think it will reflect the process that we'll continue to look at, which is we weigh a variety of macroeconomic scenarios, one that's optimistic, a base case, and one that's downside. In a quarter in which we sat and if circumstances played, we heavily weighted a downside scenario that doesn't rely exclusively on our own economists, but takes a broad look. And obviously, we don't know what the forward holds in the quarter. And so I think we will hone to the very same process we did, which is looking at a variety of scenarios, putting enough weight on a downside or a base case or for that matter, one that's marginally more optimistic.

在回答你的問題時，我先說明我們本季的作法，因為我認為這反映了我們將持續採用的流程：我們會權衡多種總體經濟情境，包括樂觀情境、基準情境與下行情境。在本季，基於當時的情勢發展，我們對下行情境給予較高權重；這不僅依賴我們自家經濟學家的看法，也會做更廣泛的評估。當然，我們並不知道未來一季會如何發展。因此，我認為我們會沿用同樣的流程：檢視多種情境，並對下行、基準，或甚至略為更樂觀的情境給予適當權重。

It's worth pointing out that in these scenarios, we take a look at what the contraction of GDP is. We look at unemployment. But we don't ignore the fact that there are a number of programs in place across a range of countries, notably the U.S., where central banks and treasuries have put in place monetary and fiscal stimulus that has the potential to serve as some counterbalance, if you will, to what may play. To the extent that holds and that accelerates a recovery, I have every expectation that reserves would reflect it. If this continued on and that didn't have the efficacy that is otherwise intended, one could imagine a scenario that plays more to the downside, and I would expect provisions and losses to reflect the same. And so again, hard to predict what the next quarter or subsequent quarters hold. But I think we'll rely and you should know that we'll rely on a pretty robust modeling exercise that will reflect the circumstances that we see in front of us.

值得指出的是，在這些情境中，我們會觀察GDP收縮幅度，也會看失業率。但我們不會忽略一個事實：在多個國家（尤其是美國），央行與財政部已推出多項貨幣與財政刺激方案，這些方案有可能在某種程度上對沖（counterbalance）可能發生的衝擊。若這些措施有效並加速復甦，我完全預期備抵會反映這一點。若情勢持續惡化，而這些措施未能達到原本預期的效果，就可能出現更偏向下行的情境，我也預期提列準備與損失會相應反映。因此，確實很難預測下一季或之後幾季會如何發展。但我認為我們會依賴一套相當穩健的模型分析，來反映我們眼前所見的情況。

Okay. I appreciate that. Maybe one follow-up on the investment portfolios within Asset Management. And I appreciate the detail you gave. Maybe you could help one -- a part A and part B, one on equity, one on debt.

好的，我理解。也謝謝你的說明。或許再追問一個關於資產管理部門內投資組合的問題。我也很感謝你提供的細節。也許你能協助我把問題分成A與B兩部分：一個關於股權，一個關於債務。

On the equity side, the public are the publics and were down about in line with what the markets were. The private side is only a few percent. So if you could talk to what's differentiated about the portfolio and the cash flow and the composition and the diversity of it. And why it would warrant a lesser mark? And a different question on the debt side, debt and lending side, the marks were pretty robust there, given the spread widening. Just curious if all of that was mark-to-market and nothing sold because spreads have obviously improved so far in April.

先談股權部分，公開市場的部位大致與市場跌幅相當；私募部分只下跌了幾個百分點。所以你能談談這個投資組合在現金流、組成與多元分散上有哪些差異化之處？以及為什麼它值得較小的估值下調（mark）？另外債務端的問題：在債務與放貸部分，考量利差擴大，你們的估值調整看起來相當穩健。我想了解那是否全部都是按市價評價（mark-to-market），且沒有賣出任何資產？因為利差在4月迄今顯然已經有所改善。

No, not a problem. So let me give you kind of a quick decomposition, and I'll start with equity. So we have a $21 billion equity portfolio: $19 billion of that is in private, $2 billion of that is in the public space. When you look at the P&L around it, I would say that on the positive side, we realized about $775 million of gain, principally generated around the harvesting of assets: One, as I mentioned, being the U.K. housing platform; and the other being the AirTrunk asset in Australia. So that generated positive revenues of $775 million. Also embedded in this was a $200 million revenue pickup in the context of CIEs that we keep independent of the equity portfolio. So think of that portfolio generating positive $1 billion or so.

沒問題。我先做一個快速拆解，從股權開始。我們有一個210億美元的股權投資組合：其中190億美元在私募，20億美元在公開市場。就其損益（P&L）而言，我會說正面部分是我們實現了約7.75億美元的收益，主要來自資產收割（harvesting）：其一如我提到的英國住宅平台；其二是澳洲的AirTrunk資產。因此帶來7.75億美元的正向收入。此外，其中也包含約2億美元的收入增加，來自我們獨立於股權投資組合之外所持有的CIEs。你可以把這個投資組合視為大約產生了10億美元左右的正向貢獻。

That was offset by both public and private marks. So in the public realm, we took down about $500 million of loss, most notable within that was $180 million of Avantor. On the $500 million of losses in the balance of the private portfolio, that was spread across about 280 names. And so it's important to just to understand that dispersion.

這些正向貢獻被公開與私募的估值調整所抵銷。在公開市場部分，我們認列了約5億美元的損失，其中最顯著的是Avantor的1.8億美元。在私募投資組合其餘部分的5億美元損失，分散在約280個標的之間。因此，理解這種分散度很重要。

I would also say that when you look at the private portfolio, you don't hone exclusively to kind of public market comparables. You look at the underlying performance of those businesses. And just to give you a little bit of insight into that. Of that private portfolio, I would say 65% of it continued to perform well in the context of operating performance in the business. About 20% of that portfolio was impacted by COVID and was the source of a considerable number of the private marks taken. And then 15% of that portfolio was what's on positive gains in the harvesting that was there, just to give you a breakdown and the reliance on underlying performance and/or events and not the exclusive reliance on a public sort of analog in terms of looking at that private portfolio.

我也想補充，當你看私募投資組合時，我們不會只聚焦於公開市場可比公司。我們會看這些企業的基本面表現。為了讓你更了解：在這個私募投資組合中，約65%在企業營運表現的脈絡下仍持續表現良好；約20%受到COVID影響，是我們私募估值下調的主要來源；另外約15%則來自前述資產收割所帶來的正向收益。這樣的拆解是為了說明，我們在評估私募投資組合時，依賴的是基本面表現與／或事件，而非僅以公開市場的類比作為唯一依據。

Let me turn now to answer your question on the debt side. So there, it's a $29 billion portfolio. About $17 billion of that is fair value. So debt security is about $13 billion; loans, about $4 billion; the balance, or $12 billion, are loans on an accrual basis. And so as you can imagine, the mark-to-market on the fair value was largely influenced by dramatic spread widening that was experienced in the quarter. We saw high-yield spreads in the U.S. gap out by about 375 basis points, the same in Europe, gapped out by about 435 basis points.

接著回答你關於債務端的問題。那是一個290億美元的投資組合，其中約170億美元以公允價值計量。具體來說，債務證券約130億美元；貸款約40億美元；其餘約120億美元為以應計基礎入帳的貸款。因此你可以想像，公允價值部分的按市價評價（mark-to-market）主要受到本季劇烈的利差擴大所影響。我們看到美國高收益利差擴大約375個基點，歐洲也擴大約435個基點。

Now as I noted, we have seen some retrenchment of that in the beginning part of the second quarter. That doesn't do anybody any good as it related to marks taken in the first quarter, but just to give you a sense of the market's retrenchment as we began early. Now we'll see what the rest of the quarter holds, but that just gives you a sense of balance in the context of both the equity and the credit portfolio.

如我所提到的，我們在第二季初期已看到利差有些回落。這對第一季已認列的估值調整並沒有幫助，但只是讓你了解市場在早期階段的回撤情況。接下來要看本季其餘時間會如何發展，但以上提供了股權與信用投資組合在此背景下的平衡觀點。

Our next question is from the line of Christian Bolu with Autonomous.

我們的下一個問題來自 Autonomous 的 Christian Bolu。

Maybe first on the sustainability of FICC strength. I think your sequential quarter performance of up 68% is probably the best of all banks that have reported so far. So are you finally seeing payoff from your growth initiatives and seeing actual share gains in this business? And then just given the strength of performance, and more importantly, the countercyclical nature of the business, does it change how you think about allocating capital to FICC over time?

也許先談談 FICC 強勢表現的可持續性。我認為你們本季環比成長 68% 的表現，可能是目前已公布的銀行中最好的。因此，你們是否終於開始看到成長計畫帶來的回報，並在這項業務中實際取得市占率提升？另外，鑑於表現強勁、且更重要的是該業務具備逆週期特性，這是否會改變你們對於長期將資本配置到 FICC 的想法？

Sure. Thanks, Christian. I'll start and Stephen might jump in. We've been -- there are 2 parts to your question in my mind. The first is we have been very committed, this management team, over the last 18 months, to run in a diversified fixed income business at a point in time where the ability to differentiate in the intermediation part of that business was harder. We were in a very low volatility environment for a long period of time. You've seen us stay committed to a diverse business, whereas in some years, some businesses do well, some businesses do poorly. But we really, as we've re-oriented the client focus of the organization, we believe that a full-service platform would, through cycles, pay off for us.

當然。謝謝你，Christian。我先回答，Stephen 也可能補充。在我看來，你的問題有兩個部分。第一，我們這個管理團隊在過去 18 個月一直非常堅定地經營一個多元化的固定收益業務，當時在該業務的中介撮合環節要做出差異化其實更困難。我們在很長一段時間都處於非常低波動的環境。你也看到我們仍然堅持維持多元化的業務組合，因為在某些年份，有些業務表現好、有些業務表現差。但我們相信，隨著我們重新調整組織的客戶導向，一個全方位服務的平台將能在不同週期中為我們帶來回報。

We've spent a lot of time really thinking about the way we connect with clients and the way we're servicing clients and trying to make that business over the last year less transaction-oriented and more client-oriented. Those investments, based on the feedback we have and data we have, having nothing to do with COVID, have borne progress over the course of the last year, from a market share perspective, both on an objective basis and also from the subjective feedback we're getting from our clients.

我們花了很多時間深入思考我們與客戶連結的方式、以及我們服務客戶的方式，並在過去一年努力讓這項業務更少以交易為導向、更多以客戶為導向。根據我們收到的回饋與掌握的數據——與 COVID 無關——這些投資在過去一年確實帶來了進展，從市占率角度來看，不論是客觀指標或我們從客戶那裡得到的主觀回饋都是如此。

In this quarter, you saw all people that operate in the intermediation businesses benefit from higher volatility and more client activity. I'm watching all the reporting of the other banks as you are. We think we benefited meaningfully from that because of the way we've invested in that business and we're well positioned. How it continues going forward will depend on the environment and what the environment brings. In an environment that continues to have more elevated volatility and more changes in risk patterns for our clients, I think our franchise will continue to benefit.

在本季，你看到所有從事中介撮合業務的人都受惠於更高的波動與更多的客戶活動。我和你一樣在關注其他銀行的財報。我們認為，由於我們在這項業務上的投資方式以及我們良好的定位，我們從中獲得了顯著的好處。未來如何發展將取決於環境以及環境帶來的變化。在一個持續具有較高波動、且客戶風險型態變化更大的環境中，我認為我們的特許經營優勢將持續受益。

In terms of capital allocation, I think we've got the right amount of capital in that business. But look, you saw the operating leverage in that business when you look at the returns in that business based on how we're operating now.

就資本配置而言，我認為我們在該業務中配置了適當的資本。不過你也看到，從我們目前的營運方式來看，該業務在報酬表現上展現了營運槓桿。

So again, we've always thought about through the cycle. I think our team performed very, very well in this business. I'm glad we've stayed in a broad array of businesses given the environment that we're now in, but you'll only be able to judge whether we've got the capital right, and we stay zealously focused on this, as we continue to run through the cycle. But we have no plans to change the capital allocation at the moment other than to try to accommodate clients. We grew risk-weighted assets to the business, which obviously attracts capital. We'll continue to do that if it's attractive and it supports our clients.

所以再次強調，我們一直都是以穿越週期的角度來思考。我認為我們的團隊在這項業務中表現非常、非常好。我很高興我們在目前這樣的環境下仍維持廣泛的業務布局；但你只能在我們持續走完整個週期後，才能判斷我們的資本配置是否恰當——而我們也始終高度專注於此。不過目前我們沒有改變資本配置的計畫，除了努力配合客戶需求之外。我們增加了該業務的風險加權資產，這顯然會占用資本。只要具吸引力且能支持客戶，我們就會繼續這麼做。

I mean, Christian, a couple of things I would add to David's answer. First, to his point on capital allocation. It's bearing note, as we report now in the ways we hadn't before, that FICC produced an ROE of 19.7%. And the reflection of the nimbleness and agility of capital, which was a topic discussed at our Investor Day, is the ability to deploy capital where it's required and needed by our clients. And that's the way balance sheet flows in and around the firm and within the firm in terms of capital allocation.

Christian，我想在 David 的回答上補充兩點。第一，關於他提到的資本配置。值得注意的是，隨著我們現在以過去未曾採用的方式揭露，FICC 產生了 19.7% 的 ROE。而我們在投資者日討論過的「資本的靈活性與敏捷性」，反映在能夠在客戶需要之處部署資本。這也就是資產負債表在公司內外、以及公司內部在資本配置上的流動方式。

I'd also point out that I think this business benefited, and you heard us talk about this over the preceding 1 or 2 earnings calls, where we took risk down, generally speaking, within this business. And so as a consequence, we came into this crisis with a more manageable risk profile, and we're able to manage flows and be in the service of intermediating clients more thoroughly.

我也要指出，我認為這項業務受益於——你也在前一兩次財報電話會議中聽我們提到——我們在這項業務中整體降低了風險。因此，我們以更可控的風險輪廓進入這次危機，並能夠管理資金流、也能更充分地在中介撮合上服務客戶。

I should point out, as I may have misspoken, but growth markets produced an ROE, as a segment, of 19.7%, but obviously FICC a big contributor to it in the context of our overall performance.

我應該補充說明，可能我剛才口誤了；19.7% 的 ROE 是成長市場（growth markets）這個分部的 ROE，但在我們整體表現的脈絡下，FICC 顯然是其中的重要貢獻者。

The only other thing, Christian, I'd add, is that we've also been making significant investments in technology platforms to better serve our clients in this business. And we saw a real benefit, especially with everybody working remote, on our technology connectivity in our platform. And we think that's an investment that has paid off.

Christian，我還想補充的唯一一點是，我們也在這項業務上對科技平台進行了大量投資，以更好地服務客戶。我們看到非常明顯的效益，尤其是在大家遠端工作時，我們平台的科技連線能力表現突出。我們認為這是一項已經帶來回報的投資。

Great. Maybe switching to the loan book. I think the loan book has more than doubled over the last 3 years and has been a real source of revenue growth for the firm. I'm just looking forward, how are you thinking about loan growth, both in terms of customer demand and your risk appetite to lend into a global recession?

很好。也許轉到貸款組合。我認為貸款組合在過去 3 年已經增加一倍以上，並且一直是公司營收成長的重要來源。我想往前看，你們如何看待貸款成長——不論是從客戶需求角度，或是在全球衰退下你們放款的風險偏好？

So Christian, I'll take that question. Look, the abiding proposition for us, obviously, is to maintain appropriate risk management and equally be mindful of capital and liquidity, and so taking those 3 as kind of the abiding governors. I have every expectation that the firm will continue both aggressively and offensively to extend credit in the interest of clients across a range of our businesses and equally to meet client needs in the context of corporate drawdowns or other liquidity needs of the client itself.

Christian，這題我來回答。你看，對我們而言長期不變的原則，顯然是維持適當的風險管理，同時也要留意資本與流動性；因此把這三者視為長期的約束與準則。我完全預期公司將會持續、且以更積極與進攻性的方式，在我們多項業務中為了客戶利益而提供信貸，同時也在企業動用額度（drawdowns）或客戶自身其他流動性需求的情境下，滿足客戶需求。

The book obviously stands at $128 billion. There was meaningful growth in the quarter, occasioned by the relationship loan book being drawn by about $19 billion. But I think risk is obviously an important governor. And so I would just point out as an example, in the context of the Consumer book, we're ever committed to that business. But at this moment, in this environment, we will be quite cautious in terms of credit extension and growing that book. And we'll return to grow that book once this sort of circumstance and market volatility passes. Just as an example of how risk needs to be the governor in the context of managing this profile and the loan book overall.

目前這個組合規模顯然是 1,280 億美元。本季有顯著成長，主要是關係型貸款組合被動用約 190 億美元所致。但我認為風險顯然是一個重要的約束。因此我舉例說明，在消費金融（Consumer）組合方面，我們仍然致力於該業務；但在目前這個環境下，我們在授信擴張與擴大該組合方面會相當謹慎。等這種情況與市場波動過去後，我們會再回到擴大該組合。這只是用來說明，在管理這個風險輪廓與整體貸款組合時，風險必須是主要的約束。

Your next question is from the line of Michael Carrier with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Michael Carrier。

First question, just a follow-up on the asset management business, and thanks for all the color so far. On the private equity portfolio versus the public equity portfolio, historically, like how much of the valuations tend to be fairly close to the public markets versus what could we expect on a lag basis if the challenging backdrop ends up continuing?

第一個問題，延續資產管理業務的話題，也謝謝你們目前提供的所有細節。關於私募股權投資組合相對於公開股權投資組合，從歷史上看，估值通常有多少會與公開市場相當接近？如果具挑戰性的背景持續下去，我們可以預期有多少會以滯後的方式反映？

Sure. So the philosophy that we brought and the accounting rigor we've brought to marking our private portfolio, frankly, has not at all changed this quarter relative to what it has been historically. Meaning, we always look at events that play out as a reference point against which names or companies in which there's been an event, either a sale or another investment into that name, we mark it in that context. Where there isn't an event, we look at the underlying performance in the business, in just the way I described, we did it this way. And so underlying -- the underlying performance of those businesses is kind of the true north in the way in which we look to mark that portfolio.

當然。我們在私募投資組合估值（marking）上所採用的理念與會計嚴謹度，坦白說，本季相較於過去並沒有任何改變。也就是說，我們一向會把已發生的事件作為參考點；對於已出現事件的標的或公司——不論是出售，或是對該標的進行另一筆投資——我們都會在該脈絡下進行估值調整。若沒有事件，我們就看該業務的基本面表現，正如我剛才描述的方式，我們就是這樣做的。因此，這些業務的基本面表現，是我們評估並調整該投資組合估值時的「北極星」指標。

Now as we look forward, to the extent that we come into a quarter or multiple quarters, which ultimately weigh on the underlying performance and the underlying profitability of that portfolio of company or set of companies, there obviously then could be further marks and loss occasioned by that, and that would therefore be a lag. But I just want to lay out the methodology we use in the context of how we mark it and equally point out that this quarter is no different than any other in the way in which we mark that book.

展望未來，如果我們進入某一季或多季，最終對該投資組合中某家公司或一組公司的基本面表現與獲利能力造成壓力，那麼顯然可能會出現進一步的估值調整與由此產生的損失，而這因此會以滯後方式反映。但我想說明的是，我們用來估值的方式方法，以及同時指出，本季在估值該組合的方式上與其他任何季度並無不同。

Okay. That makes sense and helpful. And just as a follow-up, results in trading and banking held up well. And I realize it's impossible to predict or to have too much clarity. But can you help us out or provide some context or color on where you're continuing to see elevated activity versus areas where we could expect some normalization or fall-off, just given some of the pockets that we've seen over the past 4 months?

好的。這很合理，也很有幫助。再追問一下，交易與投行的結果表現都維持得不錯。我也理解這不可能預測或有太高的能見度。但你們能否協助我們理解，或提供一些背景與細節：目前你們仍在哪些領域看到活動維持在高位？又有哪些領域可能會出現正常化或回落——考量到過去 4 個月我們看到的一些局部現象？

Sure, Michael. I mean, I'll take a stab at talking a little bit about that. First, in the Investment Banking business, the advisory business is always a lag. So we have backlog of M&A deals that were struck earlier. Many of them will continue to close. That will bring some revenue into the second quarter. But as we go longer and we continue to be in an environment where there's very, very low confidence, obviously, as you've witnessed over the last few weeks, there's been very little new M&A activity that's been initiated. During a time of low confidence, I would expect that to continue. So over time, the velocity of revenue accrual on the M&A side will slow until we get to a period of higher confidence.

當然，Michael。我是說，我先嘗試談一點這方面。首先，在投資銀行業務中，顧問業務一向具有滯後性。因此我們有先前已敲定的併購（M&A）交易存量。許多交易將會持續完成交割，這會在第二季帶來一些收入。但隨著時間拉長，且我們持續處於信心非常、非常低迷的環境中——顯然如你過去幾週所見——新啟動的併購活動非常少。在低信心時期，我預期這種情況會延續。因此，隨著時間推移，併購端的收入累積速度將放緩，直到我們進入信心較高的時期。

With respect to the financing side of the Investment Banking business, you've obviously seen in the last few weeks record levels of investment-grade issuance, one record week after another. And so debt financing has been very strong. You've seen some equity issuance. And certainly, with more stability in equity markets, or companies are trying to bolster their balance sheets, bolster their liquidity and position themselves to ride out what may be a longer period of economic contraction, that actually should accrue to our benefit in that business because I think we're well positioned to capture our fair share of providing that liquidity and financing support.

就投資銀行業務的融資端而言，你顯然看到過去幾週投資級發行量創下紀錄，一週接著一週刷新紀錄。因此債務融資一直非常強勁。你也看到一些股權發行。而且，隨著股市更穩定，或公司試圖強化資產負債表、提升流動性，並讓自己能度過可能更長的經濟收縮期，這實際上應該會對我們該項業務有利，因為我認為我們具備良好條件，能取得我們應得的份額，提供那樣的流動性與融資支持。

In the trading businesses in the early part of the quarter, we've seen heightened levels of activity in the early part of the quarter. There's no guarantee, obviously, that continues as we go through the quarter. But in the early part of the quarter, we've seen our investing clients continue to be very, very active. I think we're going through a period -- we were going through, in March, a period of significant derisking. We've now been going through a period of repositioning. So our clients have been active. As you point out, it's very hard to say what that's going to look like 2, 3 months from now, but that's the view I'd give you at the moment.

在交易業務方面，本季初我們看到活動水準升高。當然，無法保證這種情況在整個季度都會持續。但在季度初期，我們看到投資客戶仍然非常、非常活躍。我認為我們正經歷一段時期——我們在3月經歷了一段顯著去風險（derisking）的時期。現在我們又進入了一段重新配置（repositioning）的時期。因此客戶一直很活躍。正如你所指出的，很難說2、3個月後會是什麼樣子，但這就是我目前能給你的看法。

Our next question is 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 wanted to start off with a question on funding. One of the biggest drivers of the ROTCE build you laid out at Investor Day was the $1 billion benefit from funding optimization. And we tracked the deposit costs pretty closely, we've seen a lot of your competitors aggressively match the Fed rate cuts, but you've maintained very competitive deposit payouts. Certainly helped contribute to strong deposit growth this quarter. I was just hoping you could update us on how your deposit strategy is evolving in the low rate environment and whether the flat yield curve and still-elevated deposit payouts could impact that $1 billion fund benefit you cited at Investor Day.

我想先從資金來源（funding）問起。你們在投資人日所提出的ROTCE提升計畫中，最大的驅動因素之一是透過資金來源優化帶來的10億美元效益。我們一直密切追蹤存款成本，也看到許多同業積極跟進聯準會降息，但你們仍維持相當具競爭力的存款支付利率，這確實有助於本季強勁的存款成長。我想請你更新一下，在低利率環境下你們的存款策略如何演進，以及平坦的殖利率曲線與仍偏高的存款支付利率，是否可能影響你們在投資人日所提到的那10億美元資金效益。

Sure. Thank you, Steve. So let me start with sort of strategy around rate. We took our rate down actually yesterday in the U.S. relative to where it had been. Our strategy remains unchanged in that regard, which is we aim to be certainly not the top rate payer but somewhere in the 3 or 4 category. And we'll continue to do that with an eye toward building out greater product attributes and a more formidable relationship with depositors such that we rely less on rate in the context of both drawing and maintaining deposits. But it's against that strategy that we saw, at least for us, record inflows on the deposit side.

好的。謝謝你，Steve。那我先從利率策略談起。我們其實昨天在美國把利率下調到相較先前更低的水準。我們在這方面的策略沒有改變，也就是我們的目標當然不是支付最高利率，但會落在第3或第4名的區間。我們會持續這麼做，同時著眼於打造更豐富的產品屬性，並與存款客戶建立更具黏著度的關係，使我們在吸引與維持存款時，對利率的依賴降低。也正是在這個策略之下，至少對我們而言，存款端出現了創紀錄的流入。

In terms of the medium-term target which we set out in Investor Day of achieving $1 billion of savings, occasioned by the migration of our funding mix, that's no less an imperative for us now than it was then. And I'd simply point out that the market will pull some volatility into that measurement. So again, this is a medium-term target that we will achieve. We will move closer and closer to 50% of our funding in deposits.

至於我們在投資人日所設定的中期目標——透過資金結構的遷移來達成10億美元的節省——這對我們而言現在並不比當時更不重要。我只想指出，市場會使這個衡量指標出現一些波動。因此再次強調，這是一個我們將會達成的中期目標。我們會一步步更接近讓存款占我們資金來源的50%。

The amount or the delta of savings, if you will, will be a function of where we take deposit rates in as much as where wholesale funding obviously takes itself. And I think, particularly in this market and most notably in March, this was a really good, very stable source of funding for us.

至於節省的金額或差額（delta），可以說將取決於我們如何調整存款利率，以及批發融資成本顯然會走到哪裡。我認為，特別是在這個市場環境下，尤其是在3月，存款對我們而言是一個非常好的、非常穩定的資金來源。

But I think the forward trajectory, both as a strategy and then equally as it relates to our ability to harvest the kind of savings that we talked about over the medium term is one that we are going to continue to adhere to and watch and achieve.

但我認為，無論是作為策略的前進軌跡，還是就我們在中期內收割（harvest）我們所談到的那類節省的能力而言，我們都會持續遵循、持續觀察並最終達成。

And Stephen, just for my follow-up, relating to expense management, I wanted to unpack some of your comments a bit more. You talked about savings initiatives helping reduce noncomps in the back half of this year. But just in terms of the near-term outlook, are you still comfortable with maintaining -- I believe the guidance was calling for flat noncomps, ex litigation, in 2020. And just given some of the recent disruption from COVID, whether that has informed or changed your strategy around executing on the long-term savings target of $1.3 billion.

另外，Stephen，作為追問，關於費用管理，我想更進一步拆解你的一些評論。你提到節省措施將有助於在今年下半年降低非薪酬費用（noncomps）。但就短期展望而言，你們是否仍有信心維持——我記得指引是2020年非薪酬費用（不含訴訟）持平。並且考量近期COVID造成的一些干擾，這是否影響或改變你們執行長期13億美元節省目標的策略？

So there's no change relating to our medium-term target of achieving $1.3 billion. Now the early pace of that during this period of pandemic will obviously be slower, but this is a medium-term or 3-year target, and I think we will come out of this experience with an even clearer view as to sort of where changes can be made and where we can harvest expense reduction.

我們的中期目標——達成13億美元——沒有任何改變。當然，在這段疫情期間，早期推進的速度會比較慢，但這是一個中期或3年的目標。我認為我們走出這段經驗後，會對哪些地方可以調整、以及哪些地方可以收割費用降低，有更清晰的看法。

In the near term, I'm very much minded to achieve flat noncomp expense relative to where we were, but let me just be open and point to the variables. One is obviously BC&E. This is a variable expense that obviously plays in the context of market activity. We've seen more of it. And so as a consequence, we've seen more expense in that regard.

就短期而言，我非常希望能讓非薪酬費用相較於先前維持持平，但我也坦白指出其中的變數。其一顯然是BC&E。這是一項會隨市場活動而變動的費用。我們看到這方面增加，因此相應地，相關費用也增加。

On consolidated investments, it would have been my preference, in a calmer market, for us to have exited more of those consolidated investments and shed ourselves of some of those expenses. Whether the market permits that to happen over the balance of the year, we'll have to see.

在合併投資（consolidated investments）方面，如果市場更平穩，我本來更希望我們能退出更多這些合併投資，並把其中一些費用剝離掉。至於市場是否允許我們在今年剩餘時間做到這點，我們還得觀察。

Obviously, honing to flat noncomp was ex litigation, so I'm just leaving that aside. But the 2 variables, really, just to be candid about it, our BC&E relative to volumes and CIEs to the extent we can harvest it. Otherwise, we're quite focused on trying to sort of live to a flat noncomp expense year-over-year.

當然，追求非薪酬費用持平是以不含訴訟為前提，所以我先把那部分放一邊。但坦白說，真正的兩個變數是：我們的BC&E相對於交易量的變化，以及我們能在多大程度上收割CIEs。除此之外，我們非常專注於努力讓非薪酬費用年對年維持持平。

Your next question is from the line of Mike Mayo with Wells Fargo Securities.

你的下一個問題來自Wells Fargo Securities的Mike Mayo。

I just wanted to test your conviction on how much of a counterbalance the economy should have from the monetary and fiscal actions. And your conviction seems to be important because it goes to your provisioning level, which you said you had considered as part of that provision; and the pace of additional financing for your clients; and frankly, for the advice that you give to your clients. I mean you are the biggest adviser to corporations out there. I mean what are you telling them as far as how they should proceed?

我想測試一下你們的信念：貨幣與財政行動能在多大程度上對經濟形成抵銷力量。你們的信念似乎很重要，因為這會影響你們的提存水準——你說你們在那項提存中已將其納入考量；也會影響你們為客戶提供額外融資的速度；坦白說，也會影響你們給客戶的建議。我是說，你們是市場上最大的企業顧問。那你們到底在告訴他們，接下來應該如何行動？

So thanks, Mike. I'll start. Stephen might join in. But you're asking a multilayered question. So on the first part of the question, there's no question that the response, the fiscal and monetary response, is going to have a stimulative effect. There's no question. When we come out of this -- and I'm not making a prediction of when we'll come out of it. But when we come out of it, it will have a stimulative effect versus a scenario where it didn't exist.

謝謝，Mike。我先回答。Stephen也可能補充。但你問的是一個多層次的問題。就第一部分而言，毫無疑問，財政與貨幣的回應將會帶來刺激效果，毫無疑問。當我們走出這一切——我不是在預測我們何時走出——但當我們走出時，相較於不存在這些措施的情境，它將帶來刺激效果。

The question that's so hard to answer, and in my conversations with clients, I'm having it constantly, we have to rebuild confidence in people's security and safety around the virus. We can all have economic forecasts and we can all talk about the economic consequence of this, but unless people feel safe and secured and confident around the virus, the economic impact will continue in some way, shape or form. That is a very, very hard thing to predict. So I've tried to encourage companies that we've talked to, and individuals for that matter, to hope for the better but plan for the worse.

真正很難回答的問題是——而且在我與客戶的對話中我一直在談——我們必須重建人們對病毒相關的安全與保障的信心。我們都可以做經濟預測，也都可以談這件事的經濟後果，但除非人們在病毒面前感到安全、有保障並且有信心，經濟衝擊就會以某種方式、某種形式持續下去。這是一件非常、非常難以預測的事。因此我一直鼓勵我們接觸到的公司，以及個人也是一樣，要抱持最好的希望，但要為最壞的情況做準備。

And so certainly, I think if you're trying to prepare for an economic environment, you have to view something that is a slower economic recovery as you come out of this. And look, even if you look at the Goldman Sachs scenario of a very steep decline with a sharp increase in the second and third quarter, they're still only predicting a 50% recovery of the output that was lost. So I think for anybody operating a business, you have to be planning on an assumption that we're going to be operating in a recession through 2020 into 2021, and you have to plan accordingly.

因此我確實認為，如果你正試圖為一個經濟環境做準備，你必須把走出這一切後經濟復甦較為緩慢的情況納入考量。你看，即使以高盛所描繪的情境來看——先是非常陡峭的下滑，接著在第二、第三季急速回升——他們仍然只預測能恢復先前流失產出的 50%。所以我認為，對任何經營企業的人而言，你都必須以我們將在 2020 年一路到 2021 年都處於衰退中這樣的假設來規劃，並據此做相應的安排。

Will the monetary policy and fiscal policy be a benefit to the positive of what that trajectory looks like in the third, fourth quarter and into the first half of next year? Yes. But it's very hard to quantify what that will be because the uncertainty around the course of the virus will take and how it will affect human behavior is still very uncertain. And anyone who's telling you they're sure that it will look like this or they're sure that it will look like that, I don't think anybody's sure.

那麼，貨幣政策與財政政策是否會對第三、第四季以及明年上半年那條軌跡的正向表現有所助益？會的。但很難量化其效果，因為病毒的發展路徑以及它將如何影響人類行為，仍然充滿不確定性。任何告訴你他很確定會長這樣或很確定會長那樣的人，我不認為有人真的能確定。

And so I think this will be a gradual path. And as we have more information, we'll be able to better evaluate. What we're trying to do is ensure that in our organization, we're risk-managing and provisioning appropriately as we can based on the information we can, looking forward, with that kind of a mindset.

因此我認為這將是一條逐步推進的路徑。隨著我們掌握更多資訊，我們就能更好地評估。我們正在努力做的是，確保在我們的組織內，能在可得資訊的基礎上以前瞻的方式，採取那樣的心態來進行風險管理，並適當提列準備。

Well, the other part of the question is, given that, how aggressively are you pursuing financing? Is this a time to gain share by stepping in when others might not?

那麼，問題的另一部分是：在這樣的情況下，你們在追求融資業務方面有多積極？這是否是一個在別人可能不願意出手時介入、藉此擴大市占的時機？

Look, we are actively -- we are focused on helping our clients across the organization. If you look at investment grade, just taking investment grade, which has been very, very obvious and transparent, we picked up significant share over the course of the last 4 weeks. And so we think we're well positioned to capture share.

你看，我們正在積極——我們專注於在整個組織範圍內協助我們的客戶。以投資級為例，單看投資級這一塊，這點非常明顯且透明，在過去 4 週的過程中我們取得了顯著的市占。因此我們認為自己處於有利位置，可以擴大市占。

We're going to do it with prudence and a long-term view of our client franchise. And so we are long-term investors in our client franchise. We always have been. There isn't an institution that does not have to make certain choices around how it allocates its capital at a time like this. We think we're good at that. We think we're nimble. But of course, we're going to lean into our client relationships and take a long-term view.

我們會以審慎的態度來做，並以我們客戶版圖的長期觀點來看待。因此我們是客戶版圖的長期投資者，一直都是。在這樣的時刻，沒有任何一家機構不需要就如何配置資本做出一些選擇。我們認為我們擅長這件事；我們認為我們很靈活。但當然，我們會更深入地投入客戶關係，並採取長期觀點。

Mike, I also would say that as a byproduct of advice, if you look at the roster of corporations that have issued into both the investment-grade and below investment-grade market, what you'll find are companies that are in certain industries that have been meaningfully impacted by the virus yet saw the utility of taking access in the market so that they can better weather the storm and the uncertainty that's in the market itself.

Mike，我也想說，作為建議所帶來的副產品，如果你看看那些在投資級與非投資級市場都進行發行的企業名單，你會發現其中有些公司來自某些受到病毒顯著衝擊的產業，但仍看到了在市場上取得資金的效用，讓他們能更好地度過風暴以及市場本身的不確定性。

You also saw issuers who are not impacted to the same extent, but they too saw the utility of tapping the market and looking to take themselves to the other side of this moment of volatility and sort of comport themselves and carry their business that way. And I think that's a reflection of advice we, and certainly others, have been giving to issuing clients.

你也看到一些發行人受到的影響沒有那麼大，但他們同樣看到了進入市場籌資的效用，希望讓自己能走過這段波動時期的另一端，並以那樣的方式來調整自身、推動業務。我認為這反映了我們——當然也包括其他機構——一直提供給發行客戶的建議。

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

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

The first question is related to your comments on your global markets equities. You mentioned the dislocation in dividends, and I was wondering if you could give -- quantify the impact that it had on your results.

第一個問題與你對全球市場股票業務的評論有關。你提到股利的錯位，我想請你——量化一下它對你們業績造成的影響。

And in that context on equities, also, we clearly hear that a lot of investment banks have been having gamma positions. In that context, I was hoping, if it's material, if you could indicate if that was a positive or negative impact on your results as well.

在股票的脈絡下，另外，我們也清楚聽到很多投資銀行持有 gamma 部位。在這個脈絡下，如果影響顯著，我也希望你能說明這對你們的業績是正面還是負面的影響。

Sure. So what we experienced in equities over the quarter was the negative consequence of the suspension by certain companies of dividends, mostly in Europe. And so it had a European tilt to it rather -- relative to other geographies.

好的。我們在本季股票業務中所經歷的是：部分公司暫停發放股利所帶來的負面後果，主要發生在歐洲。因此相較於其他地區，這件事更偏向歐洲。

I wouldn't call this out as being material. I'm not in a position to call out the precision of its impact. But I would say that there were certain industries that were subject to kind of an outright suspension of dividends. There were others in the context of the circumstances of the virus that weren't able to convene AGMs, and as a consequence, could not declare dividend.

我不會把這件事稱為重大。我也無法精確指出其影響程度。但我會說，有些產業的股利是被直接暫停；另外一些則是在病毒情勢下無法召開股東常會（AGM），因此無法宣告股利。

Obviously, we facilitate client flows that trade in dividends. It's a bigger business in Europe than elsewhere. And the consequence of those suspensions was a negative impact to overall revenue in that business, but nothing that I would call out as being material.

顯然，我們促成客戶在股利相關產品上的交易流量。這在歐洲是一個比其他地區更大的業務。這些暫停發放股利的結果，對該業務的整體營收造成了負面影響，但沒有到我會特別點名為重大的程度。

And in respect to looking at the trend through the quarter, because clearly, we are trying to understand a little bit how is the sales and trading franchise impacted. And you clearly mentioned at the beginning that the first half was excellent, the second half was dislocated. But clearly, the trading revenues and volumes, when you look at the volumes, were holding up extremely well. And generally, in a downturn, what we see is dry up of volumes, which we haven't really seen.

另外，關於本季內的趨勢，因為很明顯我們正試圖理解銷售與交易平台受到多大影響。你一開始也清楚提到，上半段表現非常出色，下半段出現錯位。但很明顯，當你看交易收入與成交量時，成交量維持得非常好。一般在景氣下行時，我們會看到成交量枯竭，但我們其實沒有真正看到這種情況。

So I just -- from your experience, how should we think, first of all, about the trend line that we saw through the quarter, if you can comment on that, both on fixed income sales and trading equities.

所以我只是——以你的經驗，我們應該如何看待本季一路走來所呈現的趨勢線？如果你能評論一下，無論是固定收益的銷售與交易，或是股票業務。

And secondly, how should we think about the trend generally for the industry when we compare to historic levels, where we really see a dry up post a material dislocation or decline in markets?

第二，我們應該如何看待整個產業的一般趨勢，當我們與歷史水準相比——在市場出現重大錯位或下跌之後，我們通常會看到成交量明顯枯竭？

Sure. Go ahead, David.

好的。David，你先請。

So -- you go ahead. I'll...

那個——你先。我會……

No, no. I was just going to comment that I can speak to the trend that we saw in the quarter, and David can offer some further comment of what we're seeing in the beginning of the second to the extent that sustains itself. But while David rightly pointed out that the quarter was, on one hand, January and February; and then on the other hand, March. In March, we saw very high volumes through our sales and trading businesses and took advantage of that at wider bid-offer spreads.

不，不。我只是想評論我們在本季看到的趨勢，而 David 也可以就我們在第二季初期所看到的情況（如果這種情況能持續）再補充一些看法。不過，正如 David 正確指出的，本季一方面是 1 月與 2 月；另一方面則是 3 月。在 3 月，我們的銷售與交易業務看到非常高的成交量，並在更寬的買賣價差下加以把握。

I'd also point out that, and particularly using Marquee and some of our electronic platforms, we were engaging in very large portfolio trades on behalf of clients. And I think those electronic platforms were busy and were useful, particularly because it's not just we who were at a work from home posture, but equally, clients were. And so these digital platforms, across geographies, proved to be quite useful and it proved to be a positive consequence to the overall P&L and certainly to the business of sales and trading.

我也要指出，特別是透過 Marquee 以及我們的一些電子平台，我們代表客戶進行了非常大型的投資組合交易。我認為這些電子平台非常忙碌且很有用，尤其因為不只是我們採取在家工作模式，客戶也同樣如此。因此，這些跨地區的數位平台被證明相當有用，並對整體損益（P&L）帶來正面效果，當然也對銷售與交易業務本身帶來正面影響。

To the extent that continues to play forward, one could assume you'd see the very same phenomenon, but that's difficult, obviously, to project.

如果這種情況持續往前發展，你可以假設會看到同樣的現象，但顯然這很難預測。

I don't have anything really to add. I think we've kind of covered this.

我沒有什麼要補充的。我想我們大致已經涵蓋了。

The first part of the quarter, things were going well in the trading businesses, but customer activity in the trading businesses accelerated in March. And it's continued to remain, just in the first 2 weeks, higher than what we would have seen as an average level of activity before the crisis.

本季前半段，交易業務進展良好，但 3 月客戶在交易業務上的活動加速。而且在最初的 2 週，這種活動水準仍然維持在高於危機前我們所看到的平均活動水準。

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

下一個問題來自瑞銀（UBS）的 Brennan Hawken。

I'm sorry. I wanted to circle back on the provision assumptions. I know you've spoken about it a couple of times, but it's just still a little confusing to me because I'm not -- you've referenced sort of what the Goldman Sachs economists think, but it seemed as though you suggested that's not what was necessarily an input into your own provision assumptions. And then I think, David, you referenced a recession -- when advising clients, that a recession might go into 2021. And -- but I'm not sure whether or not that was the advice to clients or that was the input into provisioning. And I think, Stephen, you referenced 3 scenarios. Could you maybe give a little bit more clarity on what those assumptions are?

不好意思。我想回到準備金假設的問題。我知道你們已經談過幾次，但我仍然有點困惑，因為我不——你提到某種程度上高盛經濟學家的看法，但你似乎又表示那不一定是你們自身準備金假設的輸入。然後我想 David 你提到在向客戶提供建議時，衰退可能會延續到 2021 年——但我不確定那是給客戶的建議，還是用於提列準備金的輸入。我也記得 Stephen 你提到 3 種情境。你們能否更清楚說明一下那些假設是什麼？

And given that you have both debt securities and loans, when we look at the debt securities, should we like add in the mark you took, which looks like about a 7% mark on the $17 billion that you laid out, as almost like a quasi-provision in how we think about it holistically?

而且鑑於你們同時有債務證券和貸款，當我們看債務證券時，我們是否應該把你們所做的減記加進來——看起來大約是在你們投入的170億美元上做了約7%的減記——把它幾乎視為一種準備金的類似項目，來更全面地理解？

Okay. So Brennan, I'm going to start, and I'll pass Stephen to talk about the provision stuff. But first, we are mixing certain things. I was asked a question about advice to clients. And I'm going to be a little bit more specific in my words. We all understand that a recession is 2 quarters in a row of economic decline, okay? And if you looked at the Goldman Sachs scenario, that would say there would be a recession from the first and second quarter, but we would then have economic growth in the third and fourth quarter, that wouldn't technically be a recession.

好的。所以 Brennan，我先開始，然後我會請 Stephen 來談談提列準備的部分。但首先，我們把某些事情混在一起了。有人問我一個關於給客戶建議的問題。我會在措辭上更具體一些。我們都理解，經濟衰退是連續兩個季度的經濟下滑，對吧？如果你看高盛的情境，那會說第一季和第二季會出現衰退，但第三季和第四季會恢復經濟成長，從技術上講那就不算衰退。

However, if you're advising clients and you took the Goldman Sachs economic model, that says that you only recover 50% of the output that you lost in the decline in output during the first and second quarter. And so if you're giving someone an advice about how to position their business, even though technically, we wouldn't be in a recession as you got to the end of the year and early 2021, we would not have recovered the output that had declined. And so certainly, if you're operating a lot of these businesses, it's still going to feel like you're operating in a recession.

然而，如果你在給客戶建議，並採用高盛的經濟模型，那個模型說你只能恢復在第一季和第二季產出下滑期間所損失產出的50%。因此，如果你在給某人建議如何調整其企業布局，即使從技術上講，到了年底和2021年初我們不會處於衰退之中，我們也尚未恢復那些已經下滑的產出。所以當然，如果你在經營許多這類企業，感受上仍會像是在衰退中運作。

And so the advice to clients is to think about, when you get your business back to where it was, and that obviously takes a longer time. That's client advice. That has nothing to do at all with how we model or think about our provisioning, and I'll let Stephen go talk about that a little bit more.

因此，給客戶的建議是去思考：你的業務何時才能回到原來的水準，而這顯然需要更長時間。那是客戶建議。這與我們如何建模或如何思考提列準備完全無關，我會讓 Stephen 再多談一點。

Sure. So Brennan, let me just -- let me directly address your question on kind of process and what we go through. So we obviously have an independent risk group that assigns and works with controllers to an economic scenario that serves as a backdrop that influences the direction they take as they look name-by-name through both the equity and the credit portfolio. And so it is an input, it is not a formula, if you will, that sort of bleeds out a percentage that's applied to a whole. Each name is reviewed in the portfolio. It's done by an independent risk group. And that independent risk group uses, as an input, a macroeconomic backdrop that they assemble.

當然。所以 Brennan，讓我直接回應你關於流程以及我們如何進行的問題。我們顯然有一個獨立的風險團隊，會指定並與財務控制人員一起建立一個經濟情境，作為背景，影響他們在逐一檢視股權與信用投資組合中每一個標的時所採取的方向。因此它是一個輸入，而不是一個公式——如果你願意這麼說——不會直接產出一個套用到整體的百分比。投資組合中的每一個標的都會被審查。這由獨立的風險團隊完成。而該獨立風險團隊會使用他們所建立的總體經濟背景作為輸入。

There's no question that the Goldman Sachs Research Group is an input to that, but what Jan Hatzius puts out is not the sole determination. The independent risk group goes about establishing their perspective, their backdrop with that as an input, but not exclusive. And so that gives rise, obviously, to an environment against which our controllers approach every position in the book and ascribe an appropriate mark or a reserve against it. And that's the process that we take.

毫無疑問，高盛研究部是其中一個輸入來源，但 Jan Hatzius 發布的內容並不是唯一的決定因素。獨立風險團隊會以此作為輸入之一來建立他們的觀點與背景，但並非排他。因此，這自然形成了一個環境，在此環境下，我們的財務控制人員會逐一檢視帳簿中的每個部位，並為其設定適當的減記或提列相應的準備。這就是我們採用的流程。

On the question you asked about the mark on our fair value debt and lending portfolio, I would just draw a very big distinction between marks taken on that versus provisions, obviously, very different accounting regime depending upon the nature of the portfolio itself. I would also be very reluctant to try to ascribe a single percentage to the entire book because the duration on that book is very different, meaning it runs a gamut, and so you need to be quite careful in the context of how you mark it. And so I just offer you that detail just to be super clear about the process we run.

至於你問到我們以公允價值計量的債務與放款投資組合上的減記，我想非常明確地區分：對該組合所做的減記與提列準備金是兩回事，顯然會因投資組合本身的性質而適用非常不同的會計制度。我也會非常謹慎，不願意嘗試用單一百分比去概括整本帳，因為那本帳的存續期間差異很大，也就是涵蓋範圍很廣，因此在如何減記的脈絡下必須非常小心。我提供這些細節只是為了把我們的流程講得非常清楚。

Great. Yes, that's helpful. Quick -- my follow-up being, I think -- and you guys, in your discussion of the Equities business, you flagged growth in balances of equity financing. But I believe, Stephen, it was average balance. And so given what happened in the quarter, the number might have been skewed. Are you seeing sustained strength in that average balance on the PB side, just given some of the de-grossing we hear from some large hedge funds, it seemed to run counter. Now you guys might be picking up share in that business. So just hoping to understand how it's proceeding here in 2Q.

很好。是的，這很有幫助。快速追問——我想——你們在討論股票業務時提到股權融資餘額成長。但我相信，Stephen，你指的是平均餘額。因此，考量本季發生的情況，這個數字可能被扭曲了。就 PB（主經紀）端而言，鑑於我們聽到一些大型避險基金在去槓桿、縮減總曝險，這似乎相反。當然你們可能是在該業務中取得市占。所以只是希望了解在第二季這方面的進展如何。

Sure. So your observation was the right one, which is average balances were up, end of period was lower, and so just to avoid any confusion than that.

當然。所以你的觀察是正確的：平均餘額上升，但期末餘額較低，這樣說只是為了避免任何混淆。

I would say that there's nothing, when we look out over the client base in prime that's to be called out as any particular category of client was challenged any more than the other. Meaning I think all of them, whether it was quants, hedge funds and the like, all kind of were performing without any particular issue to be called out as against one or the other. I would say as a general observation that deleveraging among that client base was less significant than perhaps one might imagine from the outside looking in. But again, no particular issue. And this is a business that remains strategically important to us as we continue to go forward.

我會說，當我們放眼主經紀業務的客戶基礎時，沒有任何情況需要特別點名說某一類客戶比其他類別更具挑戰。也就是說，我認為所有客戶——不論是量化、避險基金等等——整體表現都沒有任何特定問題需要特別指出。我也會一般性地觀察到，該客群的去槓桿程度，可能沒有外界從旁觀角度想像得那麼顯著。但同樣地，沒有特定問題。而這項業務在我們持續向前推進的過程中，仍然具有策略性的重要性。

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

下一個問題來自 JMP Securities 的 Devin Ryan。

I guess first question here on just some of the puts and takes of the move in interest rates, and obviously, Goldman is going to be less levered to interest rate movements than some of the large banks. But just with the dramatic shift across the curve in the back half of the quarter, just if you can maybe help us think about some of the implications of the move on the model going forward, whether it be on funding or revenues.

我想第一個問題是關於利率變動的一些利弊取捨。顯然，高盛相較於一些大型銀行，對利率變動的槓桿程度較低。但就本季後半段整條殖利率曲線的劇烈變動而言，如果你能幫我們思考一下，這種變動對未來模型的影響——不論是在資金成本或營收方面——會是什麼？

And then any other second derivative, sounds like that issuance might be one area that benefits. But anything else we should be thinking about?

另外還有沒有其他的二階效應？聽起來發行可能是受益的一個領域。但還有其他我們應該考慮的嗎？

Sure. So as I've said in the past, and I sense from your own question, net interest income is roughly 15% of the firm's overall revenues, and so it's not near the driver that it is for some of the larger, big commercial banks. I think that if you look at where rate moves are and where interest rates have come, it probably plays more favorably to us in the context of funding. And I would point out that, again, apropos the answer I gave to the question on deposits, as we continue to shift our funding mix with greater proportionality given to retail deposits and a bigger, broader Consumer business that we'll build, it will become less rate-reliant. Rates will come down in that regard. And so our expectation is that this will play favorably to us more from a funding point of view than anything else. But it is not a big driver in the overall composition of firm-wide revenue.

當然。正如我過去說過的，而且從你的問題我也感覺得到，淨利息收入大約占公司整體營收的15%，因此它不像一些更大型的大型商業銀行那樣是主要驅動因素。我認為，如果你看利率變動的位置以及利率目前的水準，對我們而言在資金面可能更有利。我也要指出，呼應我剛才回答存款問題時所說的，隨著我們持續調整資金來源組合，提高零售存款的比重，並建立更大、更廣的消費者業務，我們對利率的依賴會降低；在這方面，利率的影響會下降。因此，我們的預期是，這對我們更有利的地方主要在資金面，而非其他。但它並不是公司整體營收構成中的重大驅動因素。

Sure. Appreciate that. And then just one on the investment banking outlook. Obviously, you heard the commentary on the backlog and debt issuance doesn't have the same lead time as M&A or IPOs for that matter. I'm just curious if the expectation is that M&A and equity issuance are going to track the economic recovery, which obviously could be slower here. Or are you seeing signs of engagement with clients that could suggest maybe a more material snapback recovery as the economy opens back up?

了解，謝謝。再問一個關於投資銀行展望的問題。顯然你們提到了在手案量（backlog），而債券發行不像併購或 IPO 那樣需要同等的前置時間。我只是好奇，對於併購與股權發行，你們的預期是否會跟隨經濟復甦的步調——而這裡的復甦顯然可能較慢？或者你們是否看到與客戶互動的跡象，顯示隨著經濟重新開放，可能會出現更明顯的快速反彈？

Yes. So Devin, I would say a couple of things on that. First, the engagement level with clients is extremely high, extremely high across the organization. And this is a different kind of recession. We were operating in an economy that was really operating quite well, was functionally fine, and we turned it off with a sudden demand shock. And that's kind of unprecedented. And it's also unprecedented in that -- or it's uncertain in exactly how it turns back on and what the path of that is.

是的。所以 Devin，我會就此說幾點。第一，與客戶的互動程度非常高，整個組織都是非常高。這是一種不同型態的衰退。我們原本運作在一個其實表現相當良好、功能上沒有問題的經濟體中，然後因為突如其來的需求衝擊而把它關掉。這在某種程度上是前所未見的。同樣前所未見的是——或者說不確定的是——它究竟會如何重新啟動，以及其路徑會是什麼。

And so I can see a lot of scenarios as there's a clear understanding of the trajectory of the virus and how the virus is going to affect kind of the reengagement, economically, of businesses across the economy, that there will be an opportunity for more consolidation or some activity in a whole variety of industries that probably wouldn't have been anticipated had the economy just kept chugging along.

因此，我可以想像很多情境：隨著大家對病毒的走向，以及病毒將如何影響企業在整體經濟中重新投入（reengagement）的方式有更清楚的理解，許多產業可能會出現更多整併機會或各式各樣的活動；如果經濟只是持續照常運轉，這些活動可能原本不會被預期到。

So I'm not going to predict that, but I'd say engagement is high, and I could certainly see that if we got to a place where the virus seemed under control and confidence was building, I think that level of M&A engagement could potentially pick up quite quickly.

所以我不會去預測那件事，但我會說目前的參與度很高；而且我完全可以想像，如果我們到了病毒似乎受到控制、信心正在建立的階段，我認為那樣的併購（M&A）參與程度可能會相當迅速地回升。

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

下一個問題來自 RBC 的 Gerard Cassidy。

I had a question on the impairment, coming back to that. I think you guys told us that we really shouldn't look from -- on the private equity side, the direction of the public markets, they don't necessarily reflect what's going on fundamentally with those private equity companies that you have an investment in. Can you share with us some metrics we can look to from the outside to take a look at how those marks may move going forward?

我想就減損的部分提個問題，再回到那個主題。我記得你們告訴我們，我們其實不應該從——在私募股權那一側——用公開市場的走勢來看，因為公開市場不一定反映你們所投資的那些私募股權公司在基本面上正在發生的事情。你們能否分享一些我們從外部可以觀察的指標，讓我們用來判斷未來那些估值標記（marks）可能會如何變動？

Well, it would be hard to -- I mean, shy of handing you a sheet which had every company and every industry, it would be hard to do that. I'll just come back to the commentary I made before, which is, on $19 billion of private equity positions, 2/3 of that portfolio, in the context of our look and evaluation of their operating performance, continued to perform well. Now that doesn't necessarily lead to the conclusion that they will continue or that number doesn't come down. But in the quarter, they performed well. About 20% of them were directly impacted by the virus. We saw it in the operations of that business. And then the balance obviously has been harvested, roughly 15%, producing the gains that we saw.

嗯，這會很難——我的意思是，除非直接給你一張表，上面列出每一家公司和每一個產業，否則很難做到。我就回到我先前的評論：在 190 億美元的私募股權部位中，約 2/3 的投資組合，在我們檢視並評估其營運表現的脈絡下，仍持續表現良好。當然，這不必然導致它們會持續如此，或那個比例不會下降。但就本季而言，它們表現不錯。約 20% 的公司受到病毒的直接影響，我們在那些業務的營運中看到了。而其餘的部分顯然已經被收割（harvested），約 15%，帶來了我們所看到的收益。

And so it's the EBITDA performance of individual portfolio companies that really lays on and guides the direction that price action is allocated to those names. And so I think -- we think that we've invested in companies that have the capability, has the going-in investment thesis, to sort of weather a variety of different economic environments. And I think the portfolio is obviously intended to hold up that well -- that way. But it's not immune, by any means, from broader macroeconomic circumstances. And the marks will reflect the sort of assessment of performance as we move through uncertain quarters.

因此，真正決定並引導這些名稱被分配到何種價格變動方向的，是各個投資組合公司的 EBITDA 表現。我們認為——我們相信我們投資的公司具備能力，並且在進場時的投資論點（going-in investment thesis）就是能夠在各種不同的經濟環境下挺過去。我認為這個投資組合顯然就是希望能以那種方式維持韌性。但它絕非在任何意義上都能免於更廣泛的總體經濟情勢影響。隨著我們走過充滿不確定性的季度，估值標記將反映對其表現的評估。

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

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

You talked about your willingness to deploy more balance sheets when you see opportunities. I just wondered if you could talk more about what your expectations are for total balance sheet assets expanding further in the next couple of quarters and also risk-weighted assets. So I wondered if you could talk about both aspects of that, the volume trends that you expect to see in terms of overall assets, but also the risk-weighting, inflation that we have seen, and whether we need to be ready for more of that looking forward.

你們談到在看到機會時，願意動用更多資產負債表。我想請你們多談談，你們對未來幾個季度資產負債表總資產進一步擴張，以及風險加權資產（RWA）的預期。因此我想請你們談談這兩個面向：一是你們預期整體資產在量的趨勢會如何；二是我們已經看到的風險加權上升（inflation），以及往前看我們是否需要為更多這種情況做好準備。

No, that's an excellent question. I appreciate you asking it. On one hand, as David and I have said now many times on this call, part of the purposeful inflation of balance sheet, and by extension, risk-weighted assets, was in the utility of serving our clients. And the history of this firm strategically has been for that to happen, meaning balance sheet moves because client demand is there.

不，這是個非常好的問題，謝謝你提出。一方面，正如 David 和我在這通電話會議中已經多次提到的，資產負債表的刻意擴張，以及延伸到風險加權資產的增加，其中一部分是為了更好地服務我們的客戶。從本公司的策略歷史來看，這種情況會發生，也就是說，當客戶需求存在時，資產負債表就會隨之變動。

The counter to that is that from a prudent risk management perspective, we set boundaries for ourselves as to sort of what the consequence and tolerable consequence of that should be on capital. And so we're obviously well north of where we would otherwise be invading buffers. And so we've got flexibility in that regard, and we equally need to be mindful of what the forward calendar may be with respect to CCAR and SCB on the forward. But it's in the context of that, that we will be prudent in the expansion of balance sheet and risk-weighted assets, mindful of where we think it's appropriate for us to be from a capital point of view, again, given the fluid and attending guidepost that the regulatory issues will have for us. And so that push and pull continues, but we feel quite comfortable with where we are and with our ability to continue to put balance sheet in deployment at the service of our clients.

與此相對的是，從審慎的風險管理角度，我們會為自己設定界線，界定這樣做對資本的影響及其可承受的後果。因此，我們目前顯然遠高於會去侵蝕緩衝（buffers）的水位。我們在這方面有彈性，同時也必須留意未來在 CCAR 與 SCB 方面的時程安排。但也正是在這樣的脈絡下，我們會審慎地擴張資產負債表與風險加權資產，並從資本角度考量我們認為適當的位置——再次強調，鑑於監管議題對我們而言將是流動且持續存在的指引。因此，這種拉鋸仍會持續，但我們對目前的位置以及持續部署資產負債表以服務客戶的能力感到相當有信心。

Okay. Since we -- there are no further questions, I'd like to take a moment just to thank everybody 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. We obviously wish you all well in the context of this environment. If there are any additional questions that arise in the meantime, please don't hesitate to reach out to Heather. Otherwise, please stay safe, and we look forward to speaking with you on our second quarter call in July.

好的。由於——沒有進一步的問題，我想花一點時間感謝各位參與本次電話會議。我代表我們的高階管理團隊，期待在接下來的幾週與幾個月中與各位中的許多人交流。我們也誠摯祝福各位在這樣的環境下都一切安好。如果期間有任何其他問題，請隨時聯繫 Heather。除此之外，請務必注意安全，我們期待在 7 月的第二季電話會議上再與各位交流。

Ladies and gentlemen, this does conclude the Goldman Sachs First Quarter 2020 Earnings Conference Call. Thank you for your participation. You may now disconnect.

各位女士、先生，這就結束了高盛 2020 年第一季財報電話會議。感謝各位的參與。您現在可以掛線。