高盛 (GS) 2025 Q3 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs third-quarter 2025 earnings conference call. On behalf of Goldman Sachs, I will begin the call with the following disclaimer.

早安.我叫凱蒂，今天我將擔任你們的會議主持人。歡迎大家參加高盛2025年第三季財報電話會議。我將代表高盛在電話會議上首先發表以下免責聲明。

The earnings presentation can be found on the Investor Relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without consent. This call is being recorded today, October 14, 2025. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Dennis Coleman. Thank you.

收益報告可在高盛網站的投資者關係頁面上找到，其中包含前瞻性陳述和非公認會計準則指標的資訊。此音訊廣播為高盛集團的版權資料，未經同意不得複製、影印或轉播。本次通話於今天（2025 年 10 月 14 日）錄製。現在，我將把電話轉給董事長兼執行長 David Solomon 和財務長丹尼斯·科爾曼 (Dennis Coleman)。謝謝。

Mr. Solomon, you may begin your conference.

所羅門先生，您可以開始您的會議了。

Thank you very much, operator, and good morning, everyone. Thank you all for joining us. We delivered very strong results in the third quarter and generated net revenues of $15.2 billion, earnings per share of $12.25 and ROE of 14.2%, resulting in an ROE of 14.6% and an ROTE of 15.6% for the year-to-date. This performance reflects the strength of our market-leading franchises, where we continue to harness the power of One Goldman Sachs to serve our clients with excellence.

非常感謝接線員，大家早安。感謝大家的參與。我們在第三季取得了非常強勁的業績，淨收入為 152 億美元，每股收益為 12.25 美元，股本回報率為 14.2%，年初至今的股本回報率為 14.6%，股本回報率為 15.6%。這項業績體現了我們市場領先特許經營權的實力，我們將繼續利用「一個高盛」的力量為客戶提供卓越的服務。

In Investment Banking, we've seen increased momentum in our number one M&A franchise as clients turn to us for their most consequential transactions. Recently, we hit the milestone of advising on over $1 trillion in announced M&A volumes for 2025 year-to-date. This is $220 billion ahead of our next closest competitor and underscores our dominant position as the advisor of choice for clients. We've built this leadership position through decades of investment in our dedicated teams across the globe. This allows us to advise our clients on their most important transactions.

在投資銀行業務方面，隨著客戶向我們尋求最重要的交易，我們的頭號併購業務呈現出成長動能。最近，我們達到了一個里程碑，即截至目前，我們為 2025 年已宣布的併購交易超過 1 兆美元提供諮詢服務。這比我們最接近的競爭對手高出 2200 億美元，並強調了我們作為客戶首選顧問的主導地位。我們透過數十年對全球專業團隊的投資建立了這一領導地位。這使我們能夠就客戶最重要的交易提供建議。

We were the exclusive advisor to Electronic Arts in a $55 billion sale to a consortium comprised of the Public Investment Fund of Saudi Arabia, Silver Lake, and Affinity Partners. We were also the lead advisor to Baker Hughes on its strategic acquisition of Chart Industries for $14 billion and advised and provided financing to Thoma Bravo for its $12 billion leverage buyout of Dayforce. Importantly, given our One Goldman Sachs operating approach, increased M&A activity creates a real multiplier effect whether it's bridge financing, derivative hedging or investment opportunities for asset wealth management clients, our advisory relationships are often the genesis for client activities across the firm.

我們擔任美國藝電公司 (Electronic Arts) 的獨家顧問，將該公司以 550 億美元的價格出售給由沙烏地阿拉伯公共投資基金、銀湖資本和 Affinity Partners 組成的財團。我們也擔任貝克休斯以 140 億美元策略收購 Chart Industries 的首席顧問，並為 Thoma Bravo 以 120 億美元槓桿收購 Dayforce 提供諮詢和融資。重要的是，鑑於我們的「一個高盛」營運方式，增加併購活動會產生真正的乘數效應，無論是過橋融資、衍生性商品對沖或資產財富管理客戶的投資機會，我們的諮詢關係往往是整個公司客戶活動的起源。

Looking forward, it's important to recognize the tailwinds behind our optimistic outlook for investment banking. We're encouraged by the steady build in sponsor activity, which is now tracking 40% higher versus last year. And considering that sponsors have a $1 trillion of dry powder and $4 trillion of private equity assets in their portfolios, coupled with the expected rate cuts in the US, the setup remains constructive.

展望未來，重要的是認識到我們對投資銀行樂觀前景背後的順風因素。贊助商活動的穩定成長令我們感到鼓舞，目前贊助商活動比去年增加了 40%。考慮到發起人的投資組合中擁有 1 兆美元的現金和 4 兆美元的私募股權資產，再加上美國預期的降息，這種設定仍然具有建設性。

For corporates, it's clear from our conversations in boardrooms that after a period of heightened uncertainty and volatility early in the year, many of our clients have navigated and adapted to the current state of play. Though near-term policy considerations are still relevant, many CEOs have shifted their focus back to long-term and strategic decision-making, particularly amid a more supportive regulatory environment.

對於企業而言，從我們在董事會的談話中可以清楚地看出，在經歷了年初一段高度不確定性和波動性之後，我們的許多客戶已經適應了當前的情況。儘管短期政策考量仍然重要，但許多執行長已將注意力轉移回長期和策略決策，尤其是在更支持的監管環境下。

Scale and investing for growth remain paramount especially in the context of harnessing AI capabilities. In addition to a robust investment banking backdrop, we have seen continued strength across our leading second Equities businesses which in total rose on a year-over-year basis for the seventh consecutive quarter.

規模和成長投資仍然至關重要，特別是在利用人工智慧能力的背景下。除了強勁的投資銀行背景之外，我們還看到我們領先的第二股票業務繼續保持強勁勢頭，連續第七個季度同比增長。

Much of the momentum from the first half of the year persisted through the summer and into September, contributing to our record year-to-date performance for Equities and notable strength in our rates business within FICC. All in, our markets businesses continue to demonstrate resilience that comes from having a global, broad and deep franchise.

上半年的大部分勢頭持續了整個夏季和九月，促成了我們股票業務年初至今的創紀錄表現以及 FICC 利率業務的顯著增長。總而言之，我們的市場業務持續展現出擁有全球、廣泛和深入的特許經營權所帶來的韌性。

Taking a step back, there is no question that there's a fair amount of investor exuberance at the moment with US equity markets consistently hitting record highs over the last several months. Much of this has been fueled by a tremendous amount of investment in AI infrastructure, which has driven significant capital formation.

退一步來看，毫無疑問，目前投資人的熱情相當高漲，美國股市在過去幾個月中不斷創下歷史新高。這在很大程度上得益於對人工智慧基礎設施的大量投資，這推動了大量資本形成。

But as students of history, we know the following periods of broad-based excitement around new technologies, there will ultimately be a divergence where some ventures thrive and others falter. While I feel good about the forward outlook on balance, the market operates in cycles and disciplined risk management is imperative. We are especially vigilant in times like these to proactively manage risks as we continue to serve clients with our best-in-class execution capabilities and insights.

但作為歷史系的學生，我們知道，在新技術引發廣泛興奮的時期之後，最終會出現分歧，一些企業會蓬勃發展，而另一些則會步履蹣跚。雖然總體而言我對未來前景感到樂觀，但市場是週期性運作的，因此嚴格的風險管理至關重要。在這樣的時期，我們尤其要保持警惕，主動管理風險，同時繼續以一流的執行能力和洞察力為客戶提供服務。

In Asset & Wealth Management, we are relentlessly driving forward our growth strategy. Assets under supervision rose to a record $3.5 trillion. We again delivered record results across our more durable revenues and management and other fees in private banking and lending.

在資產和財富管理方面，我們堅持不懈地推動我們的成長策略。監管資產增至創紀錄的3.5兆美元。我們在私人銀行和貸款領域更持久的收入、管理和其他費用方面再次取得了創紀錄的業績。

In alternatives, we raised a record $33 billion in the quarter. As a result, we now expect to raise approximately $100 billion in alternatives this year, substantially exceeding our prior full year fundraising expectations.

在另類投資方面，我們在本季籌集了創紀錄的 330 億美元。因此，我們現在預計今年將籌集約 1000 億美元的替代資金，大大超過我們先前全年的籌款預期。

In wealth, client assets rose to a record $1.8 trillion as we continue to grow our advisor footprint and expand our suite of client offerings. It is clear that we've been making very strong progress in enhancing our business mix by growing our more durable revenues in AWM.

在財富方面，隨著我們繼續擴大顧問業務範圍並擴展我們的客戶產品套件，客戶資產增加至創紀錄的 1.8 兆美元。顯然，透過增加 AWM 中更持久的收入，我們在增強業務組合方面取得了非常顯著的進展。

We are also accelerating our growth via innovative partnerships and acquisitions. Yesterday, we announced the acquisition of Industry Ventures, a leading venture capital platform with a track record of strong investment performance and the proven ability to invest across all stages of the VC life cycle. This transaction complements our market-leading secondaries investing franchise, where we have been a pioneer for over 25 years, and adds a highly attractive technology investment capability to the platform. This business will sit in our external investing group or XIG, which has over $450 billion in assets under supervision across asset classes and is a market leader in investing in alternative manager strategies, secondaries, co-investments and GP stakes. Importantly, facilitated by our One Goldman Sachs approach, Industry Ventures’ deep relationships across the VC ecosystem have the potential to drive new opportunities for the firm, particularly in investment banking and wealth management.

我們也透過創新的合作夥伴關係和收購來加速我們的成長。昨天，我們宣布收購 Industry Ventures，這是一個領先的創投平台，擁有強勁的投資業績記錄和在創投生命週期各個階段進行投資的成熟能力。此次交易補充了我們市場領先的二級投資特許經營權，我們在該領域已領先超過 25 年，並​​為該平台增添了極具吸引力的技術投資能力。該業務將隸屬於我們的外部投資集團 XIG，該集團監管超過 4500 億美元的跨資產類別資產，並且在另類管理策略、二級市場、共同投資和 GP 股權投資方面處於市場領先地位。重要的是，在我們的「一個高盛」方法的推動下，Industry Ventures 與整個 VC 生態系統的深厚關係有可能為公司帶來新的機遇，特別是在投資銀行和財富管理領域。

Additionally, last month, we announced the strategic collaboration with T. Rowe Price to deliver a range of public and private market solutions designed for the unique needs of retirement and wealth investors. We are thrilled to partner with T. Rowe, which, like Goldman Sachs, has a strong brand with a long track record of success across investing in capital markets and in producing strong investment returns for clients. With our 30 years of experience in private markets and an ability to blend asset classes to address outcome-oriented objectives, we can help bridge the gap between growth opportunities in private markets and the needs of individual investors.

此外，上個月，我們宣布與普信集團 (T. Rowe Price) 建立策略合作關係，提供一系列專為滿足退休和財富投資者的獨特需求而設計的公共和私人市場解決方案。我們很高興與 T. Rowe 合作，與高盛一樣，T. Rowe 擁有強大的品牌，在資本市場投資和為客戶創造豐厚投資回報方面擁有長期的成功記錄。憑藉我們在私人市場 30 年的經驗以及融合資產類別以實現以結果為導向的目標的能力，我們可以幫助彌合私人市場的成長機會與個人投資者的需求之間的差距。

As we drive growth across our businesses, operating efficiency remains one of our key strategic objectives. Although we review our operations on an ongoing basis, it is also important to make long-term decisions that best position the firm for the future, especially as rapidly accelerating advancements in technology present significant opportunities. To this end, earlier this morning, we announced to our people the launch of One Goldman Sachs 3.0.

隨著我們推動各項業務的成長，營運效率仍是我們的關鍵策略目標之一。雖然我們會持續審查我們的營運情況，但做出長期決策以使公司在未來處於最佳位置也很重要，特別是在技術的快速進步帶來重大機會的情況下。為此，今天早上，我們向全體員工宣布推出「One Goldman Sachs 3.0」。

Propelled by AI, this is a new, more centralized operating model that we expect to drive efficiencies and create capacity for future growth. This is a multiyear effort that we will build over time, and we plan to measure our progress across six goals: Enhancing client experience, improving profitability, driving productivity and efficiency, strengthening resilience and capacity to scale, enriching the employee experience and bolstering risk management.

在人工智慧的推動下，這是一種新的、更集中的營運模式，我們期望它能夠提高效率並為未來的成長創造能力。這是一項需要我們長期努力的計劃，我們計劃透過六個目標來衡量我們的進展：增強客戶體驗、提高盈利能力、提高生產力和效率、增強韌性和擴展能力、豐富員工體驗和加強風險管理。

To start, we are drilling in on a handful of front-to-back work streams that can significantly benefit from AI-driven process reengineering and will help inform our longer-term approach. These include priorities such as sales enablement and client onboarding that directly that impact the client experience as well as other critical areas that have touch points across the firm. For example, our lending processes, regulatory reporting and vendor management.

首先，我們正在深入研究一些從前到後的工作流程，這些工作流程可以從人工智慧驅動的流程再造中顯著受益，並將有助於我們制定長期方法。這些包括直接影響客戶體驗的銷售支援和客戶入職等優先事項，以及與公司有接觸點的其他關鍵領域。例如，我們的貸款流程、監管報告和供應商管理。

We have been successful by not just adapting to change but anticipating it and evolving the firm's operating model as part of the long-term discipline that our people, clients and shareholders of Goldman Sachs. We will provide you with an update with additional details on our call in January.

我們之所以取得成功，不僅是因為我們適應了變化，還因為我們預測了變化，並改進了公司的營運模式，這是我們員工、客戶和高盛股東長期遵守的紀律的一部分。我們將在一月份的電話會議上向您提供更多詳細資訊。

While we've made significant progress on our strategic priorities, we will continue to execute. The foundation we've laid to grow and strengthen the firm, coupled with our market-leading franchises and best-in-class talent, give me confidence in our ability to deliver for clients and drive strong performance for shareholders. I will now turn it over to Denis to cover our financial results for the quarter.

雖然我們在策略重點上取得了重大進展，但我們仍將繼續執行。我們為公司的成長奠定的基礎，加上我們市場領先的特許經營權和一流的人才，讓我對我們為客戶提供服務並為股東帶來強勁業績的能力充滿信心。現在我將把時間交給丹尼斯來介紹我們本季的財務表現。

Thank you, David. Good morning. Let's start with our results on page 1 of the presentation. In the third quarter, we generated net revenues of $15.2 billion, earnings per share of $12.25, an ROE of 14.2% and an ROTE of 15.2%. Let's turn to performance by segment starting on page 3.

謝謝你，大衛。早安.讓我們從簡報第 1 頁的結果開始。第三季度，我們的淨收入為 152 億美元，每股收益為 12.25 美元，股本回報率為 14.2%，淨資產收益率為 15.2%。讓我們從第 3 頁開始查看各部分的表現。

Global Banking and Markets produced revenues of $10.1 billion in the quarter with an ROE for the year-to-date of 17%. Turning to page 4. Advisory revenues of $1.4 billion were very strong, up 60% versus a year ago, reflecting a significant increase in completions in the quarter. Year-to-date, we remain number one in the league tables for announced and completed M&A, not only globally, but in each of the Americas, EMEA and APAC.

全球銀行和市場業務本季的營收為 101 億美元，年初至今的 ROE 為 17%。翻到第 4 頁。14 億美元的諮詢收入非常強勁，比去年同期成長了 60%，反映出本季完成量的大幅增加。今年迄今為止，我們在已宣布和已完成的併購交易排行榜上仍然位居第一，不僅在全球，而且在美洲、歐洲、中東和非洲地區以及亞太地區也是如此。

Equity underwriting revenues of $465 million were up 21% year-over-year on significant pickup in IPO activity as we price some of the most highly anticipated IPOs, including Klarna, Figma and Figure Technologies. More broadly, we're pleased to see the broad-based recovery in the IPO market pick up steam.

由於我們對一些最受期待的 IPO 進行定價，包括 Klarna、Figma 和 Figure Technologies，股票承銷收入達到 4.65 億美元，同比增長 21%，IPO 活動大幅增加。更廣泛地說，我們很高興看到 IPO 市場全面復甦勢頭強勁。

Debt underwriting revenues of $788 million rose 30%, primarily reflecting higher leveraged finance activity. While acquisition-related activity is picking up amid more deal announcements, there is more room to run, which plays to our strengths as a firm. Year-to-date, we ranked second in high-yield debt underwriting and leveraged lending.

債務承銷收入 7.88 億美元，成長 30%，主要反映了槓桿融資活動的增加。隨著更多交易公告的發布，收購相關活動正在升溫，但仍有更大的發展空間，這有利於發揮我們公司的優勢。今年迄今為止，我們在高收益債務承銷和槓桿貸款方面排名第二。

Across Investment Banking, we continue to see strong momentum with our quarter-end backlog at its highest level in three years despite very strong accruals. FICC net revenues were $3.5 billion in the quarter, up 17% year-over-year. Intermediation results were driven by improved performance in rates, mortgages and commodities, partially offset by lower results in currencies and credit products. Financing revenues of $1 billion were driven by strong results in mortgages and structured lending. Equities net revenues were $3.7 billion in the quarter. Equities intermediation revenues of $2 billion fell 9% year-over-year, driven by lower revenues and cash products partially offset by better performance in derivatives.

在整個投資銀行業務中，儘管應計金額非常高，但我們的季度末積壓訂單仍保持強勁勢頭，達到三年來的最高水平。本季 FICC 淨收入為 35 億美元，年增 17%。中介業務績效的成長得益於利率、抵押貸款和大宗商品表現的改善，但被貨幣和信貸產品業績的下降部分抵消。10 億美元的融資收入得益於抵押貸款和結構性貸款的強勁業績。本季股票淨收入為 37 億美元。股票中介收入為 20 億美元，年減 9%，原因是收入和現金產品下降，但衍生性商品表現較好，部分抵消了這一影響。

Record Equities financing revenues of $1.7 billion were 33% higher year-over-year, amid record average prime balances for the quarter. Total financing revenues of $2.8 billion rose 23% versus the prior year as we continue to deploy resources to grow FICC financing and bolster our leading position in Equities financing, while maintaining a keen eye on risk management. These revenues comprised nearly 40% of overall FICC and Equities revenues. Let's turn to page 5.

本季股票融資收入達到創紀錄的 17 億美元，年增 33%，平均主要餘額也創歷史新高。總融資收入為 28 億美元，較上年增長 23%，因為我們繼續部署資源來增加 FICC 融資並鞏固我們在股票融資中的領先地位，同時密切關注風險管理。這些收入佔 FICC 和股票總收入的近 40%。讓我們翻到第 5 頁。

Asset & Wealth Management revenues in the quarter were $4.4 billion. Management and other fees were up 12% year-over-year to a record $2.9 billion on higher average assets under supervision. Private Banking and lending revenues were $1.1 billion. Excluding the payment of interest on a previously impaired loan, year-to-date revenues were up in the high-single-digits year over year, driven by higher net interest income from lending to our ultra-high net worth clients. In aggregate, our revenues across management and other fees and private banking and lending totaled a record $4 billion in the quarter and $11 million for the year-to-date. We continue to expect growth in the high-single-digits on an annual basis over the medium term.

本季資產和財富管理收入為 44 億美元。由於監管的平均資產增加，管理費和其他費用年增 12%，達到創紀錄的 29 億美元。私人銀行和貸款收入為 11 億美元。不包括先前受損貸款的利息支付，年初至今的收入同比增長了高個位數，這得益於向超高淨值客戶提供貸款的淨利息收入增加。整體而言，本季我們的管理費、其他費用以及私人銀行和貸款收入總計達到創紀錄的 40 億美元，年初至今的總收入達到 1,100 萬美元。我們預計中期內年增長率仍將維持在高個位數。

In the AWM segment, we generated a 23% pretax margin and a 10.5% ROE for the year-to-date. Excluding the impact of HPI and its $3.6 billion of average attributed equity, our pretax margin and ROE would have been approximately 150 and 250 basis points higher, respectively. Now moving to page 6.

在 AWM 部門，我們今年迄今實現了 23% 的稅前利潤率和 10.5% 的 ROE。如果不考慮 HPI 及其 36 億美元平均歸屬權益的影響，我們的稅前利潤率和 ROE 將分別高出約 150 個基點和 250 個基點。現在轉到第 6 頁。

Total assets under supervision ended the quarter at a record $3.5 trillion, up sequentially on $80 billion of net market appreciation as well as $56 billion of long-term net inflows across asset classes, representing our 31st consecutive quarter of long-term fee-based net inflows. Turning to page 7 on alternatives.

本季末，監管總資產達到創紀錄的 3.5 兆美元，環比增長 800 億美元淨市場增值以及 560 億美元的跨資產類別長期淨流入，這是我們連續第 31 個季度實現長期收費淨流入。翻到第 7 頁，了解替代方案。

Alternative assets under supervision totaled $374 billion at the end of the third quarter, driving $597 million in management and other fees. Gross third-party alternatives fundraising was a record $33 billion in the quarter, driven by demand across strategies, including private equity and credit, bringing year-to-date fundraising to $70 billion.

截至第三季末，監管的另類資產總額為 3,740 億美元，帶來 5.97 億美元的管理費和其他費用。本季度，第三方另類投資融資總額達到創紀錄的 330 億美元，這得益於私募股權和信貸等各種策略的需求，使年初至今的融資總額達到 700 億美元。

On page 9, firm-wide net interest income was $3.9 billion in the third quarter. Our total loan portfolio at quarter end was $222 billion, up modestly versus the second quarter. Our provision for credit losses of $339 million, primarily reflected net charge-offs in our credit card portfolio. Turning to expenses on page 10.

第 9 頁顯示，第三季全公司淨利息收入為 39 億美元。本季末我們的貸款總額為 2,220 億美元，較第二季略有成長。我們的信用損失準備金為 3.39 億美元，主要反映了我們信用卡組合中的淨沖銷。翻到第 10 頁的費用。

Total quarterly operating expenses were $9.5 billion. Our year-to-date compensation ratio net of provisions is 32.5% and represents our best estimate for the full year, inclusive of higher severance costs. 100 basis point improvement year over year reflects stronger revenue performance. Quarterly non-compensation expenses of $4.8 billion rose 14% year over year, driven by higher transaction-based costs as well as charitable giving and higher litigation expenses. Our effective tax rate for the year-to-date was 21.5%. For the full year, we continue to expect a tax rate of approximately 22%. Next, capital on slide 11.

季度總營運支出為 95 億美元。我們年初至今的扣除撥備後的薪酬比率為 32.5%，代表了我們對全年的最佳估計，其中包括更高的遣散費。同比 100 個基點的改善反映了更強勁的營收表現。季度非薪資支出為 48 億美元，年增 14%，主要原因是交易成本、慈善捐贈和訴訟費用增加。我們今年迄今的有效稅率為 21.5%。對於全年而言，我們繼續預計稅率約為 22%。接下來是第 11 張投影片上的資本。

In the quarter, we returned $3.3 billion to shareholders, including common stock dividends of $1.3 billion and common stock repurchases of $2 billion. Our common equity Tier 1 ratio was 14.4% at the end of the third quarter under the standardized approach. In the current regulatory framework, our CET1 requirement is 10.9%, though the NPR on CCAR averaging is still outstanding.

本季度，我們向股東返還了 33 億美元，其中包括 13 億美元的普通股股息和 20 億美元的普通股回購。根據標準化方法，我們的第三季末普通股一級資本適足率為 14.4%。在現行監管框架下，我們的 CET1 要求為 10.9%，儘管 CCAR 平均值的 NPR 仍然很出色。

In conclusion, given the continued execution on our strategic objectives, our market positioning and the improving operating environment, we are confident in the outlook for our businesses. We are the number one M&A advisor globally, well positioned to capitalize on the upswing in investment banking activity, which we expect in the next 12 to 24 months.

總而言之，鑑於我們持續執行策略目標、市場定位和不斷改善的經營環境，我們對業務前景充滿信心。我們是全球首屈一指的併購顧問，能夠充分利用未來 12 至 24 個月內投資銀行活動的上升趨勢。

We're delivering on our growth strategy to drive more durable revenues across AWM. We are focused on efficiency and leveraging AI to meaningfully transform the firm, and this is all in the context of the improving regulatory backdrop which should allow us to be on offense as we deploy resources in service of our clients. Altogether, we remain confident in our ability to continue to deliver for shareholders. With that, we'll now open up the line for questions.

我們正在實施成長策略，以推動 AWM 實現更持久的收入。我們專注於提高效率並利用人工智慧來對公司進行有意義的轉型，這一切都是在監管環境不斷改善的背景下進行的，這使我們能夠在部署資源為客戶提供服務時處於進攻狀態。總而言之，我們仍然對自己繼續為股東帶來回報的能力充滿信心。現在，我們將開放提問熱線。

(Operator Instructions)

（操作員指示）

Glenn Schorr, Evercore.

格倫·肖爾 (Glenn Schorr)，Evercore。

Hi. I wanted to follow up on your question about remaining, especially vigilant and actively management at times like these. I did notice some more new stories lately that you and others in the industry have been more active on the SRT front and synthetic risk transfer. I wonder if we could talk about how you're executing that, especially vigilant on managing risk and what loans are moving off potentially off-balance sheet on these risk transfers. Just curious what's driving that other than just we're 17 years into a good cycle and its valuations are high and things like that, so thanks.

你好。我想跟進您的問題，關於在這種時候如何保持警惕並積極管理。最近我確實注意到一些新的故事，您和業內其他人在 SRT 方面和合成風險轉移方面更加活躍。我想知道我們是否可以談談您是如何執行這一目標的，特別是在管理風險方面，以及在這些風險轉移中哪些貸款可能會轉移到表外。我只是好奇，除了我們已經進入 17 年的良好週期並且估值很高等因素之外，還有什麼因素推動了這一趨勢，所以謝謝。

Sure, Glenn. Thanks for the question. Look, this -- there have been a number of articles on those transfers, including naming us. I would say that our practice is pretty unchanged and that we are constantly looking to dynamically risk manage our portfolio of credit exposures. We have a variety of different tools that we use to risk manage and hedge that risk.

當然，格倫。謝謝你的提問。瞧，這——已經有很多關於這些轉會的文章，包括提到我們的名字。我想說的是，我們的做法基本上沒有改變，我們一直在尋求動態風險管理我們的信貸投資組合。我們使用各種不同的工具來管理和對沖風險。

SRT is one of those tools that's available to us. We're basically trying to ensure that the firm is in a position to continue to be able to support ongoing levels of client activity and prudently risk managing the existing portfolio as we think gives us the capacity to do that.

SRT 是我們可以使用的工具之一。我們基本上試圖確保公司能夠繼續支持持續的客戶活動水平，並審慎地管理現有投資組合的風險，因為我們認為這使我們能夠做到這一點。

So no flashing warning signs, it's just prudent risk management. It just so happens to be year-end. So Fed cutting balance sheet, things like that, just keeping clean, good hygiene?

因此，沒有閃爍的警告信號，這只是謹慎的風險管理。正好是年底了。那麼聯準會削減資產負債表之類的事情只是為了保持清潔、良好的衛生習慣嗎？

This is an ordinary course risk management for us.

對我們來說，這是正常的風險管理。

Okay. Cool. The other clarifier I wanted to get was the messaging behind the OneGS 3.0, meaning normally, you see some companies go through strong generations of that when they're having some revenue issues, you're not having any revenue issues you talked. You've been putting up great numbers and you talked about a great banking pipeline in the next 12 to 24 months. Is technology enabling this heightened awareness on efficiency in some of your AI investments? I'm just curious a little bit more about the why behind the OneGS 3.0. We like it. I'm just curious.

好的。涼爽的。我想得到的另一個澄清是 OneGS 3.0 背後的訊息，這意味著通常情況下，你會看到一些公司在遇到一些收入問題時會經歷強勁的一代，而你並沒有遇到你所說的任何收入問題。您一直在提供出色的數據，並談到未來 12 到 24 個月的銀行業務發展管道。科技是否能夠增強您對某些人工智慧投資的效率意識？我只是有點好奇OneGS 3.0背後的原因。我們喜歡它。我只是好奇。

Yeah, thanks, Glenn. I appreciate the question. And you've got it right. I think we're at a place where the -- the evolution of the technology is allowing enterprises broadly. I find this as I'm talking to CEOs all over the world. All businesses are focused on this because the technology actually allows you to take a fresh look front and back at certain operating processes and really reimagine -- and so this has nothing to -- obviously, the firm is performing.

是的，謝謝，格倫。我很感謝你提出這個問題。你說得對。我認為我們正處於這樣一個階段——科技的進步正在讓企業獲得更廣泛的發展。我在與世界各地的執行長交談時發現了這一點。所有企業都專注於這一點，因為技術實際上可以讓你重新審視某些操作流程並真正重新想像——所以這與——顯然，公司的表現無關。

The firm is growing. We feel very good about the execution, but we see this as an opportunity to use technology to automate, drive scale, create efficiency and actually give us the capacity to invest more in the growth of our business. And so our responsibility to shareholders is to grow earnings and to run the firm the best that we can -- that doesn't matter whether it's good times or bad.

該公司正在成長。我們對執行情況感到非常滿意，但我們認為這是一個利用技術實現自動化、推動規模化、提高效率並實際上讓我們有能力在業務成長上投入更多資金的機會。因此，我們對股東的責任是增加收益並盡我們所能經營好公司——無論是順境還是逆境。

And in order to execute on something like this, it's scaling the organization, you have to bring the organization along too. And so part of the purpose, we've been working on this for a while. We've been talking about it as a leadership team. Part of the purpose of putting this out is it now allows us to talk more broadly and create a framework for the organization to understand the process that we're going to go through. And I think there's enormous upside for our business here. to allow further investment in growth.

為了執行這樣的事情，它需要擴大組織規模，你也必須帶領整個組織一起努力。因此，為了實現這一目標，我們已經努力了一段時間。我們領導團隊一直在討論這個問題。提出這一點的部分目的是讓我們能夠更廣泛地進行討論，並為組織創建一個框架，以了解我們將要經歷的過程。我認為我們的業務在這裡有巨大的上升空間，可以進一步投資於成長。

And by the way, I think you're going to hear this from lots of companies and lots of industries that people are very focused on taking advantage of this acceleration in technology to really allow automation, efficiency, and therefore, investment.

順便說一句，我想你會從許多公司和許多行業聽到這樣的說法，人們非常注重利用這種技術加速來真正實現自動化、效率，從而實現投資。

And by the way, this is one of the reasons why we're optimistic about the forward, the productivity gains in the economy from enterprises finding ways to do this really, I think, are going to be very meaningful over the next few years, and that creates a good tailwind that will balance other macro factors that may or may not come into play.

順便說一句，這也是我們對未來樂觀的原因之一，我認為，企業透過尋找方法來實現這一目標，將為經濟帶來生產力的提高，這在未來幾年將非常有意義，並且將創造良好的順風，平衡其他可能發揮作用或不發揮作用的宏觀因素。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Good morning. I guess if you wanted to go back to -- there's been obviously a lot of headlines and some right, some misplaced around risks on the private credit side. I think, David, you have -- Goldman has an interesting perspective, given how long you've been in this space and you've seen the evolution of the space. Address it in two ways, if you could, please.

早安.我想如果你想回顧一下——顯然已經有很多頭條新聞，有些是正確的，有些是錯誤地關注私人信貸方面的風險。大衛，我認為你——戈德曼有一個有趣的觀點，考慮到你在這個領域已經待了很長時間，並且你見證了這個領域的發展。如果可以的話，請用兩種方式來解決這個問題。

One, when you think about the leverage that banks and Goldman provides to some of these players, how should shareholders think about the risk that at the back end, you could suffer losses because of the lending to NFI? And secondly, does any of this cause you to kind of recalibrate how you're thinking about growing in the halls of the private credit business? Thank you.

首先，當你考慮到銀行和高盛向其中一些參與者提供的槓桿時，股東應該如何看待在後端因向 NFI 提供貸款而可能遭受損失的風險？其次，這些是否會讓您重新調整在私人信貸業務領域發展的想法？謝謝。

Yes. I mean, I'll start, and Denis can add some more granular detail, maybe comment just on some of the things that have been in the press more recently. But first of all, we're in business to serve our clients, finance our clients, but all of this is underpinned by the fact that we have a very strong risk management culture and strong underwriting is really central to everything that we do. So it's important to take a step back and you asked about NDFIs.

是的。我的意思是，我先開始，然後丹尼斯可以添加一些更詳細的細節，也許只是對最近媒體報導的一些事情進行評論。但首先，我們的業務是為客戶提供服務、提供資金，但這一切都建立在我們擁有非常強大的風險管理文化和強大的承保能力這一事實之上，而強大的承保能力是我們所做的一切的核心。因此，退一步來看你詢問的 NDFI 問題很重要。

It's a very broad category. There are all sorts of different activities. We have a very, very diversified book of lending exposure. The vast majority of our lending is collateralized financing and investment grade rated structures. So the vast majority of it is investment-grade rated. But look, we're constantly risk managing. We're constantly trying to create more capacity to do other things to support our clients and we think about it as a broad, big, diversified portfolio.

這是一個非常廣泛的類別。有各種各樣不同的活動。我們的貸款敞口非常多樣化。我們的絕大多數貸款都是抵押融資和投資等級評級結構。因此，絕大多數都是投資等級的。但你看，我們一直在進行風險管理。我們一直在努力創造更多的能力來做其他事情來支持我們的客戶，我們將其視為一個廣泛、龐大、多樣化的投資組合。

Obviously, if you got into a period where we had a credit cycle, which we have not had in quite some time, there'd be headwinds for all the banks. But I think we feel very, very good about our processes, our collateral, the structure of the book and a little bit back to the question that Glenn Schorr started with, we have a whole series of risk management processes that we constantly execute on to try to make sure we're being prudent at times like this.

顯然，如果進入信貸週期（我們已經有很長一段時間沒有出現過這種情況了），所有銀行都會面臨阻力。但我認為我們對我們的流程、我們的抵押品、帳簿的結構感到非常非常滿意，回到格倫·肖爾開始提出的問題，我們有一系列的風險管理流程，我們不斷執行這些流程，以確保我們在這種時候保持謹慎。

Denis, you want to comment a little on some of the specific things that have been in the press and add anything to what I said?

丹尼斯，你想對媒體報導的一些具體事情發表一點評論，並對我所說的內容進行補充嗎？

The only thing to add, we obviously don't have any direct exposure to either of the big names that have been in the press lately. And picking up on David's point, we've been in the business for a very long period of time. We've been lending through multiple cycles and analyzing downside risk and doing, consistent, high-quality credit underwriting is key.

唯一需要補充的是，我們顯然沒有直接接觸過最近出現在媒體上的這兩位大人物。回到大衛的觀點，我們從事這個行業已經很久了。我們經歷了多個週期的放貸，分析了下行風險，並且持續進行高品質的信貸承保是關鍵。

The names in our portfolio are underwritten on a bespoke basis and we maintain very stringent standards with respect to our aggregate exposures, our diversification, our concentration risks, the attachment points, collateral packages, the risk return characteristics, duration, et cetera. So for us, we're maintaining our standards.

我們投資組合中的名稱是根據定制方式承保的，並且我們對總體風險敞口、多樣化、集中風險、附著點、抵押品包、風險回報特徵、持續時間等保持非常嚴格的標準。因此對我們來說，我們正在維持我們的標準。

We've said on multiple previous calls that we've had good opportunities to grow the FICC financing line, but we have said multiple times that the demand from our clients far outstrips the growth that we have maintained a level of selectivity with respect to credit selection risk return profiles, and that's still the case. Credit selection being disciplined about that on the -- going in is ultimately what protects you when inevitably certain things will go wrong.

我們在之前的多次電話會議上都表示，我們有很好的機會發展 FICC 融資業務，但我們也多次表示，客戶的需求遠遠超過了增長速度，我們在信貸選擇風險回報狀況方面保持了一定的選擇性，現在仍然如此。在進入信用選擇時嚴格遵守紀律，當某些事情不可避免地出錯時，最終可以保護您。

That's helpful. And I guess just one more. When we think about regulatory changes, we had the treasury secretary talked about this in a speech last week, just give us a mark-to-market around your expectations, anything about the GE subcharge and (inaudible). How are you thinking about the timeline and capital planning around all of that?

這很有幫助。我想還剩一個。當我們考慮監管變化時，財政部長上週在一次演講中談到了這一點，請告訴我們你對市場價格的預期，以及關於通用電氣附加費的任何信息，（聽不清楚）。您如何考慮所有這些的時間表和資本規劃？

And I think the bigger question that's come up with investors is is the competitive positioning of Goldman getting better where you're not being buried with incrementally new regulations. And so when we think about Goldman competing with the nonbanks across varied businesses, is that also just at the margin getting better? If you can comment on that. Thank you.

我認為投資人面臨的更大問題是，高盛的競爭定位是否能夠變得更好，而不會被逐步出台的新法規所淹沒。那麼，當我們考慮高盛在各個業務領域與非銀行機構競爭時，這是否也只是在邊際上變得更好呢？如果您能對此發表評論。謝謝。

Sure. I mean, on the second point, I absolutely think that the regulatory direction of travel is improving our competitive position significantly. On the timeline, it's harder to give you an exact timeline, but I'd say you're going to see real progress this fall and real progress during the first half of 2026. I would expect to have a very, very clear picture of a bunch of the regulatory issues that we're all focused on collectively over the course of the fall and the first half of '26 into the end of the CCAR cycle next summer.

當然。我的意思是，關於第二點，我絕對認為旅行的監管方向正在顯著提高我們的競爭地位。從時間表上看，很難給出一個確切的時間表，但我想說，今年秋天和 2026 年上半年你都會看到真正的進展。我希望能夠非常清楚地了解我們在秋季和 26 年上半年以及明年夏天 CCAR 週期結束期間共同關注的一系列監管問題。

I think we're certainly going to see SLR relief. I think we're certainly going to see more transparency around CCAR and a continued recalibration because of that. I think we're going to see a recalibration of GSIB. I think we're going to see a much more constructive Basel III Endgame. And then, obviously, the regulatory tone and the focus of resources that we have to direct toward regulatory is shifting in a way that we can redeploy those other things that create avenues of growth.

我認為我們肯定會看到 SLR 的緩解。我認為我們肯定會看到 CCAR 更加透明，並因此持續重新校準。我認為我們將會看到 GSIB 的重新校準。我認為我們將會看到一個更具建設性的巴塞爾協議三終局。然後，顯然，監管基調和我們必須用於監管的資源重點正在轉變，以便我們可以重新部署那些創造成長途徑的其他事物。

So I would say quite constructive. These things take time, but it's happening real time. And I do -- going back to where I started, I do think this improves our competitive position relative to others that are outside of the regulatory landscape.

所以我想說這是相當有建設性的。這些事情需要時間，但它正在實時發生。我確實——回到我開始的地方，我確實認為這提高了我們相對於監管環境之外的其他公司的競爭地位。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi. Thank you. Given the comments about the regulatory landscape and focusing on growth and the opportunity to play offense. And clearly, you announced the collaboration with T. Rowe and Industry Ventures. I'm just wondering, David, as you think about Goldman Sachs in the future, One Goldman Sachs 3.0, what are those opportunities for growth that you think maybe are missing or not scaled in the business right now that will really sort of maybe stabilize or enhance that sort of 15% ROE as we look forward even without such a robust capital markets backdrop?

你好。謝謝。鑑於對監管環境的評論並關注增長和進攻機會。顯然，您宣布了與 T. Rowe 和 Industry Ventures 的合作。我只是想知道，大衛，當您考慮高盛的未來，即高盛 3.0 版時，您認為目前業務中可能缺少或沒有擴展的增長機會有哪些，即使在沒有如此強勁的資本市場背景的情況下，這些增長機會也可能真正穩定或提高 15% 的 ROE？

Sure. So I think we've -- I appreciate the question. I think we've talked about this a lot, Erika. But at the end of the day, our strategy remains the same. We continue to invest in global banking and markets and are very, very focused on share and wallet share. We believe through the cycle, that is a mid-teens business, that doesn't mean there couldn't be a year or environment where that business is different -- in a different capital markets environment.

當然。所以我認為我們——我很感謝這個問題。我想我們已經討論過這個問題很多次了，艾莉卡。但最終我們的策略保持不變。我們繼續投資全球銀行業和市場，並且非常注重份額和錢包份額。我們相信，在整個週期中，這是一個十幾歲的企業，但這並不意味著在不同的年份或環境下，該企業不會有所不同——在不同的資本市場環境中。

But we believe consistently through the cycle, we now have that business operating as a mid-teens return business. And we've been clear that Asset & Wealth Management remains a very, very attractive growth channel for the firm. And you can see us improving margins and uplifting returns there, but there's still more to go. And we are highly confident in our ability to uplift the returns and asset wealth management over the next couple of years. That obviously strengthens and enhances the overall return profile and durability of the firm we are executing against that.

但我們始終相信，在整個週期中，我們現在的業務將以十幾歲的回報業務的形式運作。我們已經明確表示，資產和財富管理仍然是公司非常有吸引力的成長管道。您可以看到我們正在提高利潤率並提升回報，但我們還有很大的進步空間。我們對未來幾年提升回報和資產財富管理的能力充滿信心。這顯然加強並提高了我們所執行的公司的整體回報狀況和持久性。

And I think you can see through T. Rowe and also through our acquisition of Industry Ventures that we -- this gives you an idea of how we're thinking about strategically accelerating that growth and strengthening that overall platform. We're going to do it thoughtfully. We're going to do it carefully. We're going to do it prudently, but we're going to make investments that we think strengthen the platform and allow us to continue on that trajectory.

我想您可以透過 T. Rowe 以及我們對 Industry Ventures 的收購看到，這讓您了解我們如何從策略上加速成長並加強整體平台。我們會慎重考慮。我們會小心謹慎地做這件事。我們會謹慎行事，但我們會進行投資，我們認為這些投資可以加強平台並讓我們繼續沿著這一軌跡發展。

So when you think about the firm, two big businesses, banking and markets, Asset & Wealth Management, banking and markets, mid-teens through the cycle. And as we execute on Asset & Wealth Management and continue to enhance the returns that should produce a significantly higher return than it currently produces, and we're confident on our ability to deliver that. That, therefore, gives you a more durable targeted return.

因此，當您考慮公司時，兩大業務，銀行和市場，資產和財富管理，銀行和市場，在整個週期中處於十幾歲的階段。隨著我們執行資產和財富管理並繼續提高回報，其回報應該會比現在高得多，我們對實現這一目標的能力充滿信心。因此，這將為您帶來更持久的目標回報。

Thank you, David.

謝謝你，大衛。

Christian Bolu, Autonomous Research.

克里斯蒂安·博魯（Christian Bolu），自主研究。

Good morning, David and Denis. Just firstly, on the Equities business. I appreciate that we can't read too much into one quarter. But curious what drove -- what you think drove the underperformance versus peers. Also would love to get some more color around, I guess, the decline in equity intermediation revenues. I believe you called out cash equities as a driver.

早安，大衛和丹尼斯。首先，關於股票業務。我理解我們不能對一個季度進行過多解讀。但令人好奇的是，您認為是什麼原因導致了與同行相比表現不佳。我想，我還想進一步了解股權中介收入的下降。我相信您稱現金股票為驅動力。

Sure, Christian. So as you say at the beginning of your question, the overall strength of our Equities platform remains in excellent condition. We're having our best year-to-date performance ever for that business. The cash component of Equities intermediation was softer. In the prior year period, that activity is up almost 30%, and the prior quarter was a top decile quarter.

當然，克里斯蒂安。正如您在問題開始時所說的那樣，我們的股票平台的整體實力仍然保持良好狀態。我們該業務的業績今年迄今表現最佳。股票中介的現金部分較為疲軟。與去年同期相比，該活動成長了近 30%，而上一季則是排名前十分之一的季度。

So our comps were difficult, and we had slightly less robust performance in the cash portion of the business, but the rest of the franchise continues to perform extremely well across the derivative components of intermediation. The financing piece was a record. And in aggregate, again, the franchise feels extremely well positioned. We're seeing high levels of client engagement and feel good about how it's set up for the forward.

因此，我們的比較很困難，而且我們在現金業務部分的表現略遜一籌，但特許經營的其餘部分在中介衍生部分繼續表現非常出色。融資金額創下了紀錄。總體而言，該系列的定位再次顯得極為有利。我們看到客戶參與度很高，並且對未來的發展感到滿意。

Okay. Thank you. And then this one is a bit of wonky question, so please bear with me. But just given all the jitters around things like First Brands and Tricolor, which apparently had, I guess, some fraud issues around collateral being pledged multiple times. Can you talk about or at least remind us how you manage risk in your financing businesses, especially around collateral integrity?

好的。謝謝。這是一個有點棘手的問題，所以請耐心聽我說完。但考慮到 First Brands 和 Tricolor 等公司引發的擔憂，我猜它們顯然存在一些關於多次抵押品的詐欺問題。您能否談談或至少提醒我們您如何管理融資業務中的風險，特別是在抵押品完整性方面？

Sure, Christian. And this will sound familiar to my previous remarks. But the process for us is and the importance for us is to make sure we have a consistent set of underwriting standards, and we have robust upfront due diligence that we have ongoing monitoring and reporting with diligence underlying collateral that we manage the granularity of our portfolio within our own internally set diversification and concentration limits and that we have consistent standards to what we expect the risk return characteristics to be.

當然，克里斯蒂安。這聽起來與我之前的言論很相似。但對我們來說，流程是，對我們來說重要的是確保我們有一套一致的承保標準，我們有強有力的前期盡職調查，我們有持續的監控和報告，盡職調查基礎抵押品，我們在我們自己內部設定的多樣化和集中度限制內管理我們投資組合的粒度，並且我們對我們預期的風險回報特徵有一致的標準。

Some of those idiosyncratic names that you give reference to we didn't have direct exposure to those names. Part of the key to credit underwriting is to make sure that you miss some of the more challenged credits. And that all comes down to upfront diligence and having a long-standing track record and an ability to be selective. We have a very big market presence here. We see a lot of opportunities. There's a lot of demand from clients for us to support them, and we have the ability to be selective with respect to where we extend our balance sheet, make sure it complies with our own standards of risk management.

您提到的一些特殊名稱我們並沒有直接接觸過。信用核保的關鍵之一是確保您錯過一些更具挑戰性的信用。而這一切都歸結於前期的勤勉、長期的業績記錄和選擇的能力。我們在這裡的市佔率非常大。我們看到了很多機會。客戶對我們提供支援的需求很大，我們有能力選擇擴展資產負債表的範圍，確保其符合我們自己的風險管理標準。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Good morning, folks. Can you hear me? Okay. Great. Thank you. David, you mentioned earlier about how prudent, careful, strategy execution as we were discussing the -- as you were discussing the partnerships and acquisition that you announced the other day. It would be interesting to understand what you think the opportunity set is for you in the space, in wealth and asset management from an acquisition perspective in the sense of is should we expect these kind of bite size over time, building up over time? Or are there opportunities that you see that could potentially get you to a larger scale faster?

大家早安。你聽得到我嗎？好的。偉大的。謝謝。大衛，你之前提到過，當我們討論前幾天宣布的合作夥伴關係和收購時，你如何謹慎、仔細地執行策略。從收購的角度來看，了解您認為在財富和資產管理領域中存在哪些機會將會很有趣，我們是否應該期待這種規模隨著時間的推移而逐漸擴大？或者您看到了一些機會，可以讓您更快地擴大規模？

I mean, first of all, Betsy, I appreciate the question. And some of this will sound familiar to things I've said on other earnings calls when I say publicly in my public comments, we're obviously focused on accelerating the Asset & Wealth Management business. Our Wealth Management business is an ultra-high net worth franchise, and I would say it is scale. And we don't -- unlike other peers, we are not looking to directly control client relationships in the broad high net worth space or in other broad Wealth channels. That's not really our strategy.

我的意思是，首先，貝琪，我很感謝你提出這個問題。這些話聽起來可能與我在其他財報電話會議上說過的話很相似，我曾在公開評論中公開表示，我們顯然專注於加速資產和財富管理業務。我們的財富管理業務是超高淨值特許經營業務，我想說它具有規模。與其他同行不同，我們並不尋求直接控制廣泛的高淨值領域或其他廣泛的財富管道中的客戶關係。這其實不是我們的策略。

Our strategy is to continue to grow and be the leading ultra-high net worth, high touch wealth platform and to have it married with our extraordinary manufacturing capability product offering in our asset management business and the acquisition that you saw today of Industry Ventures adds to that. It's giving our very, very wealthy clients access to other investment opportunities and products that are hard to access in different channels. So we feel very good that that's very on strategy.

我們的策略是繼續發展，成為領先的超高淨值、高接觸財富平台，並將其與我們在資產管理業務中提供的非凡製造能力產品相結合，而您今天看到的對 Industry Ventures 的收購也進一步增強了這一策略。它讓我們的非常富有的客戶能夠獲得其他管道難以獲得的投資機會和產品。因此，我們感到非常高興，因為這非常符合策略。

Are there larger acquisitions that could enhance our wealth platform? Absolutely. But things I've said before, the bar to do more significant things is always going to be very high. And I've also said, when you look at the best companies and the best businesses around asset and wealth management, they're generally sold, not bought. And most of the best ones are not for sale and not available.

是否有更大規模的收購可以增強我們的財富平台？絕對地。但我之前說過，做更有意義的事情的標準總是會很高。我還說過，當你看到資產和財富管理領域最好的公司和最好的企業時，它們通常會被出售，而不是被收購。而且大多數最好的都是不賣的，也買不到。

But if we saw something that could accelerate our journey in Asset & Wealth Management, we certainly consider it but always with a very, very high bar. At the moment, what we're seeing is interesting things that enhance our distribution, enhance our ability to offer very, very unique products to our client base already, and we'll continue to capture through third-party wealth channels opportunities to use our manufacturing capability and asset management more broadly.

但如果我們發現某些東西可以加速我們在資產和財富管理方面的進程，我們當然會考慮它，但總是會有一個非常非常高的標準。目前，我們看到一些有趣的事情，這些事情增強了我們的分銷能力，增強了我們向客戶群提供非常獨特產品的能力，我們將繼續透過第三方財富管道抓住機會，更廣泛地利用我們的製造能力和資產管理。

Okay. Thank you. And then just separately, is there -- should we still be anticipating and exit from the Apple Card at some point in the near or medium term? Or is that no longer expected? Thank you.

好的。謝謝。然後單獨來說，我們是否仍然應該期待並在近期或中期的某個時候退出 Apple Card？或者說這已不再是預期了？謝謝。

So we've been clear that credit cards are not a go-forward focus for Goldman Sachs. I don't have anything more to say on the Apple Card program at the moment. You saw us completely, and we now are completely exited from the GM Card platform. When there's something more for me to report on the Apple Card, I guarantee that this broad group that's on the call will be among the first to know it.

因此，我們已經明確表示，信用卡不是高盛未來的重點。目前，我對 Apple Card 計劃沒有什麼可說的。您徹底看透我們了，我們現在已經徹底退出GM卡平台了。當我有更多關於 Apple Card 的消息要報導時，我保證參加電話會議的廣大群眾將最先知道這一消息。

Mike Mayo, Wells Fargo Securities.

富國證券的麥克梅奧 (Mike Mayo)。

Hi. What role is -- on the negative side, Goldman Sachs 3.0, I would think Platform Solutions might not make the cut. And I guess that relates to the Apple Card, and I guess I'm just wondering why you're the leading deal maker in the world, and that's still hanging around. I guess that's a follow-up.

你好。從消極方面來看，高盛 3.0 的作用是什麼，我認為平台解決方案可能不會成功。我想這與 Apple Card 有關，我只是想知道為什麼你是世界上領先的交易撮合者，而且這一點至今仍懸而未決。我想這是一個後續行動。

But on the positive side, you said the quarter end backlog is at the highest level in three years. Can you give us a sense of that mix? And also, if I heard you correctly, you said -- I might have heard this incorrectly, 40% of your FICC and equity trading is financing. If I got that wrong, if you could correct me and what's comprising that? Thank you.

但從積極的一面來看，您說季度末積壓訂單處於三年來的最高水平。您能讓我們了解一下這種混合嗎？而且，如果我沒聽錯的話，您說——我可能聽錯了，您的 FICC 和股票交易中有 40% 是融資。如果我錯了，你能糾正我嗎？這是什麼意思？謝謝。

Sure. So you heard correctly, our backlog is the highest level in three years. That backlog that we report comprises the advisory, equity underwriting and debt underwriting components in aggregate. We made a point that it actually stands at that position, notwithstanding very high levels of tools over the course of the previous quarter, and it gives you a sense for our optimism on the outlook and our expectation for other types of activity that are to come through our franchise broadly.

當然。所以你沒聽錯，我們的積壓訂單量達到了三年來的最高點。我們報告的積壓訂單總計包括諮詢、股票承銷和債務承銷部分。我們指出，儘管上一季的工具水平非常高，但它實際上仍然處於那個位置，它讓您感受到我們對前景的樂觀態度以及我們對透過我們的特許經營廣泛開展的其他類型活動的期望。

You're also correct in your understanding of the contribution of FICC financing and Equities financing as a combined component of the FICC and equity lines combined. So we continue to focus on growing those durable and predictable financing revenue streams and are just reporting out on the sort of marginal contribution that they represent within the overall Equities business.

您對 FICC 融資和股票融資作為 FICC 和股票額度組合的綜合組成部分的貢獻的理解也是正確的。因此，我們繼續專注於增加那些持久且可預測的融資收入流，並僅報告它們在整個股票業務中所代表的邊際貢獻。

And as far as that 40%, that's up, I think, from 33% quarter-over-quarter. And I'm just wondering what were the sources of that incremental growth?

就這 40% 而言，我認為，這比上一季的 33% 有所上升。我只是想知道這種增量成長的來源是什麼？

This has been an activity that we have been steadily growing over the last couple of years. As we think about the durable revenue profile of the firm, those components of global banking and markets together with management and other fees, private banking lending and asset wealth management, those are the areas of the firm that we've been consistently deploying resources against and been focused on. That has been steadily growing. So I don't think that's -- I don't think there's a new step function change in that contribution. It's been a constant commitment that's been steadily growing in the last couple of years.

這是我們過去幾年來一直在穩步發展的活動。當我們考慮公司的持久收入狀況時，全球銀行和市場業務的組成部分以及管理費和其他費用、私人銀行貸款和資產財富管理，這些都是我們一直在為公司投入資源並重點關注的領域。這一數字一直在穩步增長。所以我不認為這是——我不認為這一貢獻中存在新的階躍函數變化。這是一個持續不斷的承諾，並且在過去幾年中一直在穩步增長。

Brennan Hawken, Bank of Montreal.

蒙特利爾銀行的布倫南·霍肯。

Good morning. Thanks for taking my question. I was curious about AWM. So if we adjust for the impact of HPI, pretax margins are sort of roughly at the mid-20s, and they're roughly mid-20s target on a core basis. So if we think about what's going to drive you to that mid-teens ROE, is it more around the capital side? Or do you still have continued room on the profitability front that have that ROE have?

早安.感謝您回答我的問題。我對 AWM 感到好奇。因此，如果我們根據 HPI 的影響進行調整，稅前利潤率大約在 25% 左右，而核心利潤率目標也大約在 25% 左右。因此，如果我們思考一下是什麼推動您實現十幾歲的 ROE，那麼是否更多的是圍繞資本方面？或者，您在獲利能力方面是否仍具有 ROE 所具有的持續空間？

I think, Brennan, at a high level, just to boil this down, and we've been pretty consistent on this. We continue to fundraise, and we continue to grow the scale of the platform as that fundraising goes on, that adds to the management fee and the marginal margin as you scale the business continues to improve significantly. So we are very confident as we continue to fundraise and scale the platform that there's more room on the margin side. As we continue to shift our strategy and finish with the HPI portfolio, that will free up a little bit of capital. But at this point, most of the margin and churn improvement is coming from the continued growth and scaling of the platform.

我認為，布倫南，從高層次來說，我們對此的看法一直非常一致。我們繼續籌集資金，隨著籌款的進行，我們繼續擴大平台規模，這增加了管理費，並且隨著業務規模的擴大，邊際利潤率繼續顯著提高。因此，我們非常有信心，隨著我們繼續籌集資金並擴大平台規模，利潤空間將更大。隨著我們繼續轉變策略並完成 HPI 投資組合，這將釋放少量資本。但目前，利潤率和客戶流失率的提高主要來自於平台的持續成長和擴展。

Perfect. Thanks for that color, David. And on the expense side, you were clear in your expectations on the comp ratio, but curious about non-comp. We saw a charitable contribution this quarter, which is normally, I believe, in the fourth quarter instead. So was that just a timing change? Or is there going to be contributions in just the back half going forward, like third and fourth quarter? And what's the right way to think about it jumping off point for non-comp?

完美的。謝謝你的顏色，大衛。在費用方面，您對補償比率的期望很明確，但對非補償比率感到好奇。我們本季看到了一筆慈善捐款，但我認為，這通常是在第四季。那麼這只是時間上的改變嗎？還是只是在後半段會有貢獻，例如第三和第四季？那麼，該如何正確看待非競爭性的起點呢？

So I appreciate the comment on non-comp. We continue to have all the same programming and discipline around managing overall non-comp growth. The biggest driver for us, again, was transaction-based expenses. That's obviously correlated with the elevated levels of activity we're seeing across the board.

因此，我很欣賞對非競爭的評論。我們繼續採用相同的規劃和紀律來管理整體非同尋常的成長。對我們來說，最大的驅動力再次是基於交易的費用。這顯然與我們全面看到的活動水平升高有關。

We did call out the charitable expenses. You are correct in your recollection that traditionally we did recognize most of those expenses in the fourth quarter. This year, we're making an effort to actually spread it out over the course of the year. So it won't be showing up only in the third quarter.

我們確實呼籲慈善支出。您記得沒錯，我們傳統上確實在第四季度確認了大部分費用。今年，我們正在努力將其推廣到全年。所以它不會只在第三季出現。

Daniel Fannon, Jefferies.

丹尼爾‧範農，傑富瑞集團。

Thanks. Good morning. You've exceeded or met most of, if not all, of your targets in Asset & Wealth Management, except the kind of $1 billion of incentive fees you're tracking below that this year. Just curious as to when you think your ability to hit that is.

謝謝。早安.您已經超越或實現了資產和財富管理領域的大部分（如果不是全部的話）目標，除了今年低於這一目標的 10 億美元激勵費用。我只是好奇你認為你什麼時候能夠達到這個目標。

So our fair point, Dan, that -- and your question actually also helps answer the question on how Asset & Wealth Management sort of migrates towards a higher return profile over time because it's another one of the contributors to the top line. It also has significant marginal margin contribution.

因此，丹，我們的觀點是公平的——你的問題實際上也有助於回答資產和財富管理如何隨著時間的推移轉向更高的回報狀況的問題，因為它是收入的另一個貢獻因素。它還具有顯著的邊際利潤貢獻。

And you're right to ask because the unrealized balance of incentive fees as of the last quarter is now at $4.6 billion. So we still do have a visibility and expectations that there's significant amount of incentive fees that will pull through the P&L over the next several years.

你問得對，因為截至上個季度，激勵費用的未實現餘額現已達到 46 億美元。因此，我們仍有預見性地預期，未來幾年將有大量激勵費用流入損益表。

Ultimately, it's going to be a function of the way in which certain of those vehicles are able to finally monetize their investments and return carry to their investors and enable us to recognize the incentives. But the overall environment, deal-making environment, monetization environment, proportion of sponsor activity in the world, all of that is trending in the right direction, and that should help propel us closer to our medium-term targets of $1 billion of incentive fees per year.

最終，這將取決於某些工具最終如何將其投資貨幣化並向投資者帶來回報，並使我們能夠認識到激勵措施。但整體環境、交易環境、貨幣化環境、全球贊助商活動的比例，所有這些都朝著正確的方向發展，這應該有助於推動我們更接近每年 10 億美元激勵費的中期目標。

Great. That's helpful. And then just I wanted to follow up on the Alts business. Given the strength in fundraising, you raised the guidance after several years of strong growth, can you talk about the funds that are coming in either bigger or the more funds coming to market? Anything specific you could point to that's driving some of that excess growth?

偉大的。這很有幫助。然後我只是想跟進一下 Alts 業務。鑑於籌資實力雄厚，在經歷了幾年的強勁增長後，你們提高了指導價，您能否談談規模更大的資金或更多進入市場的資金？您能指出哪些具體因素推動了這種過度成長嗎？

Sure. So obviously, the last five years, we've been raising about $65 billion a year, which was a healthy clip. Our expectations now for this year are step function higher, approximately $100 billion. But the contribution is broad-based. So it's across multiple different asset types and it's a combination of having certain vehicles that are larger than previous vintages as well as launching new types of fundraising vehicles. So it's pretty broad-based contribution across the board.

當然。顯然，過去五年來，我們每年籌集約 650 億美元，這是一個健康的速度。我們對今年的預期將進一步提高，約 1000 億美元。但其貢獻是廣泛的。因此，它涉及多種不同的資產類型，並且結合了比以前更大的某些工具以及推出新型籌款工具。因此，這是一項相當廣泛的貢獻。

Devin Ryan, Citizens.

德文·瑞安（Devin Ryan），公民。

Great. Good morning, David, Dennis. First question just on the financial advisory strength, obviously, really nice on an absolute basis and then relative to peers as well. And all the data we look at would suggest we're still pretty early in the recovery for that business. sponsors are just starting to reengage. And then I know you talked -- touched on the market share gains as well.

偉大的。早安，大衛，丹尼斯。第一個問題是關於財務諮詢實力的，顯然，從絕對值來看確實非常好，相對於同業而言也是如此。我們看到的所有數據都表明，該業務的復甦仍處於早期階段。贊助商才剛開始重新參與。然後我知道您也談到了市場佔有率的成長。

Just be good to get some additional context on where you feel like we are in the broader recovery for the advisory business for the industry right now? How far away we are from the baseline? And then just from a market share perspective, is that senior banker headcount up a lot? Or is that just One Goldman Sachs resonating?

您是否希望獲得一些額外的背景信息，了解您認為我們目前在行業諮詢業務的整體復甦中處於什麼位置？我們距離基線還有多遠？那麼僅從市場份額的角度來看，高級銀行家的數量是否會增加很多？或者這只是「一個高盛」的共鳴？

So a couple of aspects to it, Devin. I appreciate the question. First, on the cycle, we've been talking about an improvement in M&A all year because one of the things we see inside the firm is we've got really great transparency inside the firm as to all the transactions that are in progress, and kind of what CEOs are doing in thinking. And in my prepared remarks, as I remember, I said after a little bit of volatility earlier in the year, CEOs are really focused on strategically where they want to go.

因此，有幾個方面，德文。我很感謝你提出這個問題。首先，就週期而言，我們全年都在談論併購的改善，因為我們在公司內部看到的事情之一是，公司內部對於正在進行的所有交易以及執行長的想法都非常透明。我記得，在我準備好的發言中，我說過，在今年早些時候經歷了一些動盪之後，執行長們真正關注的是他們想要的策略發展方向。

I think one of the things to frame is that we're in an environment of involvement where CEOs think that the opportunity to get things done strategically is now possible after being in a period of time where they felt it was not possible. And so that's turning them all to focusing strategically. We have significant activity in the shop. You saw the comments around our backlog. That kind of shows you the sustainability. I think that we are going to see a very constructive M&A environment through the end of the year into 2026.

我認為需要強調的一點是，我們處在一個參與的環境中，執行長們認為，在經歷了一段他們認為不可能的時期之後，現在可以有機會從策略上完成任務了。因此，這讓他們都轉向策略性地集中註意力。我們店裡有大量活動。您看到了有關我們積壓工作的評論。這體現了永續性。我認為，到今年年底至 2026 年，我們將看到一個非常有建設性的併購環境。

I'd expect 2026 to be a stronger M&A environment unless there’s some macro disruption. So I think the -- there's been a meaningful improvement on where we are in the cycle. But I still think, given market cap expansion growth, the fact that we were underpenetrated in terms of activity because of the regulatory environment for the last four years, I expect a pretty healthy environment. We commented on sponsors. Sponsor activity is up kind of 40%. We see more of that in the pipeline. And so I think you're going to see an acceleration there. So I think it's quite constructive.

我預計 2026 年的併購環境將會更加強勁，除非出現一些宏觀動盪。所以我認為——我們所處的周期已經有了顯著的改善。但我仍然認為，考慮到市值擴張的增長，以及過去四年由於監管環境導致我們在活動方面滲透不足的事實，我預計環境會相當健康。我們對贊助商進行了評論。贊助商活動增加了 40%。我們看到更多這樣的情況正在醞釀中。所以我認為你會看到那裡的加速。所以我認為這是非常有建設性的。

That's great. Okay. Just want to come back to the prime services and financing as well. I know it's been steady growth, as Dennis mentioned, but I suspect there's also a bit of a cyclical component there just tied to higher risk appetites and then there's the obviously, the secular and kind of Goldman Sachs market share story. So just with where we are with record valuations across a number of assets, is there a way to frame how you're thinking about the cyclical demand in that business right now significantly elevated? And then just from a secular growth story, just talk about how much more room there is over the next handful of years here. Thanks.

那太棒了。好的。只是想回到主要服務和融資。我知道它一直在穩步增長，正如丹尼斯提到的那樣，但我懷疑其中也有一些週期性因素，與更高的風險偏好有關，然後顯然還有長期的和高盛的市場份額故事。那麼，鑑於目前多項資產的估值都創下歷史新高，您如何看待該行業的周期性需求目前顯著上升？然後僅從長期成長故事來看，討論未來幾年還有多少成長空間。謝謝。

Sure. So you're right, this business definitely benefits from the underlying environment. Balances are very, very correlated with overall levels in the markets that is an attractive feature of the business. But there's obviously the composition of the portfolio and the nature of the activities and the flows that go into it. So you can calibrate more or less growth relative to the underlying backdrop based on how you manage your portfolio of credit extension.

當然。所以你說得對，這項業務肯定受益於底層環境。餘額與市場的整體水平高度相關，這是該業務的一個吸引人的特徵。但顯然存在投資組合的構成、活動性質、流入其中的資金流。因此，您可以根據自己管理信貸組合的方式，調整相對於基本背景的或多或少的成長。

It has been together with FICC financing, a good source of stable revenues for us across the franchise. It's a product that is highly valued by our clients. There's a lot of demand for us to provide more by way of prime brokerage services to our clients. And so it's something that we're very strategically focused on continuing to provide -- to meet with client's demand.

它與 FICC 融資一起，成為我們整個特許經營業務的穩定收入來源。這是我們客戶高度評價的產品。我們透過主要經紀服務向客戶提供更多服務的需求很大。因此，我們非常注重策略性地繼續提供這項服務，以滿足客戶的需求。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Good morning, Dennis. Good morning, David. On the comments you made, David, on Goldman Sachs 3.0, which obviously is very positive. As outsiders, how do you direct or where should you direct us how we measure that success over the next three to five years as you roll this out throughout the organization. Is it going to be primarily through the ROTCE number? Or is there something else we should focus on?

早安，丹尼斯。早安，大衛。大衛，您對高盛 3.0 的評價顯然非常積極。作為局外人，當您在整個組織中推廣這項舉措時，您如何指導我們，或者您應該在哪裡指導我們如何衡量未來三到五年的成功。主要是透過 ROTCE 號碼嗎？或者我們還應該關注其他什麼？

So Gerard, I appreciate the question. In my prepared remarks when I laid it out, I said to you that in the first quarter, we'll give you a further update on this. If you go back and you think about the way we've operated in the past, we give you information. We then hold ourselves accountable for that.

所以傑拉德，我很感謝你的提問。我在準備好的發言中告訴你們，我們將在第一季向你們提供關於此事的進一步更新資訊。如果你回顧我們過去的運作方式，我們就會提供你資訊。我們對此負有責任。

Part of the reason that we made this announcement today is to do these kinds of things in their organization like Goldman Sachs, we have to bring the organization along. And we have to create a road map for the organization when we're in a position that we can give you more concrete metrics that you can track and we can quantify and proportionalise, we have good ideas on those things now, really good ideas on those things.

我們今天宣布這項消息的部分原因是為了在高盛這樣的組織中做這類事情，我們必須帶領組織一起努力。當我們能夠為您提供更具體的指標，以便您進行追蹤、量化和按比例調整時，我們必須為組織創建一個路線圖，我們現在對這些事情有了很好的想法，非常好的想法。

We're not prepared to lay that all out specifically for you. But I promise you that as we go into the first quarter and the second quarter, you'll have more transparency on what we're doing, the opportunity, how to think about it and how it drives further earnings growth for the firm.

我們還沒準備好專門為您講解這一切。但我向你們保證，隨著我們進入第一季和第二季度，你們將更加透明地了解我們正在做的事情、機會、如何看待它以及它如何推動公司進一步的獲利成長。

Very good. Thank you. And then as a follow-up, obviously, you guys are very well capitalized with the CET1 ratio just over 14%. The requirement 10.9%, you've been very active in returning that excess capital through share repurchases. As we go forward, assuming the regulatory environment continues to move in the direction that you've referenced, David, where should we see the buffer? I mean, if you come in with a final number maybe in a year something closer to 10.5% the regulatory requirement, what kind of buffer do you guys like to operate above your regulatory requirement when it comes to CET1?

非常好。謝謝。然後作為後續問題，顯然，你們的資本非常充足，CET1 比率剛剛超過 14%。要求是 10.9%，您一直非常積極地透過股票回購返還過剩資本。隨著我們繼續前進，假設監管環境繼續朝著您所提到的方向發展，大衛，我們應該在哪裡看到緩衝區？我的意思是，如果你們在一年內得出的最終數字可能接近監管要求的 10.5%，那麼在 CET1 方面，你們希望在監管要求之上採用什麼樣的緩衝？

So I think the way to think about a buffer is it depends on the clarity you have on the capital regime. I think that there is a reasonable chance or a good chance that after operating in a period of time where there was a lot of capital volatility and firms had a hard time planning their capital on a year-to-year basis. There's a good chance we're going to be in a regime where we have more clarity on our capital for a multiyear period of time, certainly within a tighter range.

因此，我認為考慮緩衝的方式取決於你對資本製度的清晰度。我認為，在經歷了一段資本波動很大、公司難以逐年規劃資本的時期後，存在相當大或很好的可能性。我們很有可能在未來幾年內對資本有更清晰的認識，當然在更狹窄的範圍內。

That would lead to narrower buffers than what we and others on the Street have been running with over the course of the last five years when there's been more capital volatility. If you go back and you look over the last few years, most of the institutions have been running larger buffers because there was more capital volatility through the CCAR process. You have more transparency around that process and also because you put in something like averaging that means that there's going to be less volatility on a year-to-year basis, I think most firms, including ourselves, would be comfortable running with buffers that are less than the buffers you've seen on average over the last few years.

這將導致緩衝範圍比我們和華爾街其他人在過去五年資本波動較大時所採用的緩衝範圍更窄。如果回顧過去幾年，你會發現大多數機構都運行了更大的緩衝，因為 CCAR 流程中資本波動更大。這個過程更加透明，而且由於採用了平均等方法，這意味著逐年波動會更小，我認為大多數公司（包括我們自己）都願意使用比過去幾年平均水平更低的緩衝額。

But as we have more clarity in that, as I said earlier, I think the direction of travel is quite positive, we'll give you more of a sense of how we think about the buffers, but that's a macro way to think about it. And this is another thing that's actually quite constructive for Goldman Sachs and for others in the industry.

但隨著我們對此有了更清晰的認識，正如我之前所說，我認為旅行的方向是相當積極的，我們會讓你更多地了解我們如何看待緩衝區，但這是一種宏觀的思考方式。這對於高盛和其他業內人士來說實際上也是相當有建設性的事情。

Thank you. At this time, there are no further questions. Ladies and gentlemen, this concludes the Goldman Sachs third-quarter 2025 earnings conference call. Thank you for your participation. You may now disconnect.

謝謝。目前，沒有其他問題。女士們，先生們，高盛 2025 年第三季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。