高盛 (GS) 2026 Q1 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 first quarter 2026 earnings conference call. On behalf of Goldman Sachs, I will begin the call with the following disclaimer. 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.

早安。我叫 Katie，今天將擔任本次會議的主持人。歡迎各位參加高盛 2026 年第一季財報電話會議。我將代表高盛以以下免責聲明開始本次電話會議。財報簡報可於高盛網站的投資人關係頁面查閱，其中包含有關前瞻性陳述與非 GAAP 衡量指標的資訊。

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, April 13, 2026. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman. Thank you.

本次音訊直播為高盛集團公司（Goldman Sachs Group Inc.）之受著作權保護資料，未經同意不得複製、重製或再廣播。本次電話會議於今日（2026 年 4 月 13 日）錄音。現在我將把電話會議交給董事長兼執行長 David Solomon，以及財務長 Denis Coleman。謝謝。

Mr. Solomon, you may begin your conference.

Solomon 先生，您可以開始您的會議。

Thank you, operator, and good morning, everyone. Thank you all for joining us. In the first quarter, we delivered a very strong performance, generating net revenues of $17.2 billion, net earnings of $5.6 billion and earnings per share of $17.55. All three of which were the second highest in the history of Goldman Sachs. As a result, we delivered a return on equity of 19.8% and an ROTE of 21.3%.

謝謝接線員，各位早安。感謝各位加入我們。第一季我們交出非常強勁的表現，淨營收 172 億美元、淨利 56 億美元、每股盈餘 17.55 美元；這三項皆為高盛歷史上第二高。因此，我們的股東權益報酬率（ROE）為 19.8%，有形股東權益報酬率（ROTE）為 21.3%。

These results reflect the strength of our global franchise and the depth of our relationships and our ability to execute for clients while maintaining a strong focus on risk management in a highly dynamic environment. 2026 began with a degree of optimism. Markets hit record highs and confidence continued to build with most clients focused on growth, strategic activity and capital deployment.

這些結果反映我們全球特許經營的實力、關係網絡的深度，以及在高度動態的環境中，仍能在維持強烈風險管理聚焦下為客戶執行到位的能力。2026 年開局帶有一定程度的樂觀情緒。市場創下歷史新高，信心持續累積，多數客戶聚焦於成長、策略性活動與資本部署。

As we've said, things rarely move in a straight line. And as the quarter progressed, the macro environment started to weigh on sentiment, volatility increased meaningfully amid concerns around AI-driven disruption in sectors like software, heightened uncertainty in parts of private credit and the conflict in the Middle East.

正如我們所說，事情很少會一路直線前進。隨著季度推進，總體環境開始壓抑市場情緒；在對 AI 驅動之顛覆（例如軟體等產業）、私募信貸部分領域不確定性升高，以及中東衝突的擔憂下，波動性明顯上升。

Against this backdrop, our performance underscores the importance of having a scaled, diversified and global franchise that can support clients across a wide range of market conditions. Operating as a leading global financial institution requires deep expertise, long-term investment and a culture grounded in risk discipline. This is what differentiates Goldman Sachs and what clients rely on, particularly in periods of uncertainty. We pride ourselves in being a trusted adviser and providing timely and differentiated insights. This quarter, we held large-scale calls and events, reaching tens of thousands of clients across the firm.

在此背景下，我們的表現凸顯擁有具規模、多元化且全球化的特許經營的重要性，能在各種市場情境下支援客戶。作為領先的全球金融機構運作，需要深厚專業、長期投資，以及以風險紀律為根基的文化。這正是高盛的差異化所在，也是客戶所倚賴的，尤其在不確定時期。我們以成為值得信賴的顧問為榮，並提供即時且具差異化的洞見。本季我們舉辦大型電話會議與活動，觸及全公司數以萬計的客戶。

We also saw elevated engagement with our digital channels, including Marquee, with monthly average users up over 30% year-over-year and in our Global Investment Research portal, which saw its second highest single day of client activity in early March. Beyond analysis and insights, our people operating as One Goldman Sachs delivered for clients in real time as conditions evolved quickly.

我們也看到客戶對數位渠道的互動顯著提升，包括 Marquee，其月均使用者數年增逾 30%；以及我們的全球投資研究（Global Investment Research）入口網站，於 3 月初出現其史上第二高的單日客戶活動量。除了分析與洞見之外，隨著情勢快速演變，我們的同仁以「One Goldman Sachs」的方式即時為客戶交付成果。

In Global Banking & Markets, we delivered record quarterly revenues, reflecting strong client engagement across our franchise. Elevated uncertainty led to clients -- led clients to actively reposition portfolios driving strong flows across FICC and Equities. We supported our clients' intermediation and financing needs across asset classes, deploying our balance sheet in response to demand.

在全球銀行與市場（Global Banking & Markets）業務方面，我們創下單季營收新高，反映客戶在我們整體平台上的強勁參與度。不確定性升高使客戶積極重新調整投資組合，帶動固定收益、貨幣與商品（FICC）以及股票（Equities）業務的強勁資金流。我們在各資產類別支援客戶的中介與融資需求，並依需求動用資產負債表。

In our commodities franchise, we acted as an intermediary for our clients amid significant moves in energy markets, including a record monthly increase for Brent crude in March and price surges of 60% in European gas markets. Importantly, the growth of our financing business has added further ballast to our performance, reinforcing our ability to perform consistently across cycles.

在大宗商品平台方面，面對能源市場的顯著波動，我們作為客戶的中介機構，包括 3 月布蘭特原油創下單月漲幅紀錄，以及歐洲天然氣市場價格飆升 60%。重要的是，我們融資業務的成長為整體表現增添更多穩定性，強化我們跨景氣循環維持穩健表現的能力。

In Investment Banking, we remain the number one M&A adviser globally. Clients continue to turn to Goldman Sachs for advice and expertise regarding their most important strategic transactions amid a backdrop of accelerating technological change and industry disruption. This includes the announced $43 billion merger of Unilever's Foods business with McCormick, Sysco's $29 billion acquisition of Jetro Restaurant Depot and Coterra Energy's $26 billion sale to Devon Energy.

在投資銀行業務方面，我們仍是全球第一的併購（M&A）顧問。在科技變革加速與產業顛覆的背景下，客戶持續就其最重要的策略性交易向高盛尋求建議與專業。這包括已宣布的聯合利華（Unilever）食品業務與味好美（McCormick）430 億美元合併案、Sysco 以 290 億美元收購 Jetro Restaurant Depot，以及 Coterra Energy 以 260 億美元出售予 Devon Energy 的交易。

While market conditions tempered execution for IPOs and sponsor activity broadly, we believe that activity levels will rebound once conditions stabilize. As you remember, our backlog closed 2025 at its highest level in four years. Even with exceptionally strong revenue production, our quarter end backlog remained extraordinarily robust.

雖然市場狀況抑制了 IPO 與贊助商（sponsor）活動的整體執行，但我們相信一旦情勢穩定，活動水準將回升。如各位所記得，我們的待執行案量（backlog）在 2025 年底達到四年來最高水準。即使本季營收產出格外強勁，季末的待執行案量仍然極為充沛。

In Asset & Wealth Management, clients continue to choose Goldman Sachs for the quality of our advice and our long-standing investment track record. We generated $62 billion in long-term fee-based inflows, including $22 billion in Wealth Management flows.

在資產與財富管理（Asset & Wealth Management）方面，客戶持續因我們建議品質與長期投資績效紀錄而選擇高盛。我們帶來 620 億美元的長期、以費用為基礎（fee-based）的淨流入，其中包含財富管理淨流入 220 億美元。

The consistent inflow momentum throughout the quarter, including during the heightened volatility in March underscores the strength of our client relationships built on trust and long-term performance. We are pleased to have closed the acquisition of Innovator in the second quarter, which adds an additional $31 billion in assets under supervision across a suite of over 170 ETF focused on defined outcome strategies putting us in the top 10 of global active ETF providers.

整個季度持續一致的淨流入動能——包括 3 月波動性升高期間——凸顯我們以信任與長期績效所建立之客戶關係的強度。我們很高興已於第二季完成對 Innovator 的收購，新增 310 億美元的監督資產（assets under supervision），涵蓋超過 170 檔聚焦「定義結果」（defined outcome）策略的 ETF，使我們躋身全球主動式 ETF 供應商前十名。

In alternatives, we raised $26 billion across asset classes with private credit strategies generating $10 billion. We recognize that the private credit industry has been an area of increased focus in recent months. Our 30-year track record of performance in private credit is characterized by rigorous underwriting, selective deployment and disciplined portfolio construction.

在另類投資方面，我們跨資產類別募得 260 億美元，其中私募信貸策略募得 100 億美元。我們了解私募信貸產業在近幾個月成為關注焦點。我們在私募信貸領域 30 年的績效紀錄，建立在嚴謹承作（underwriting）、審慎投放，以及有紀律的投資組合建構之上。

In our largest non-traded BDC, as an example, we saw net inflows of over 7% this quarter, reflecting divested investor demand for experienced investment managers who have navigated multiple rate and credit cycles. Looking forward, our predominantly institutional drawdown structures as well as the breadth of our origination funnel give us the flexibility to continue to patiently and selectively invest capital. Overall, we feel good about the long-term opportunity in private credit and our ability to deliver attractive risk-adjusted returns for clients.

以我們最大的非上市 BDC 為例，本季淨流入超過 7%，反映投資人對具經驗、且曾歷經多個利率與信用循環之投資管理人的需求。展望未來，我們以機構為主的提撥式（drawdown）架構，以及廣泛的案源管道（origination funnel），讓我們能保持彈性，持續耐心且有選擇地投入資本。整體而言，我們對私募信貸的長期機會，以及為客戶提供具吸引力之風險調整後報酬的能力，感到樂觀。

Let me spend a moment on capital and regulation more broadly. We've been consistent in our view that a strong, well-capitalized banking system in the US is essential and that strength has been clearly demonstrated across multiple stress periods. At the same time, we have also been clear that the regulatory framework needs to be transparent and calibrated appropriately to achieve its objectives.

我想花點時間談談資本與更廣泛的監管議題。我們一貫認為，美國需要一個強健且資本充足的銀行體系，而這種強度已在多次壓力時期中清楚展現。同時，我們也一直明確指出，監管架構需要透明，並應適當校準以達成其目標。

Getting this right matters for the real economy, a well-calibrated framework enables banks to provide liquidity, support lending and capital formation and serve clients more effectively. Ultimately, a strong US banking system supports growth, competitiveness and economic resilience.

把這件事做對，對實體經濟至關重要；一個校準得當的架構能使銀行提供流動性、支持放款與資本形成，並更有效地服務客戶。最終，強健的美國銀行體系將支持成長、競爭力與經濟韌性。

Against that backdrop, we're encouraged by the direction of regulatory reform, including the recent Basel III finalization and G-SIB surcharge reproposals. While the rule-making process is still underway, and we plan to participate in the comment period, we believe this direction is positive for the banking system as a whole, better aligning regulatory outcomes with actual risk.

在此背景下，我們對監管改革的方向感到鼓舞，包括近期巴塞爾協定三（Basel III）的最終定案，以及對 G-SIB 附加費的重新提案。雖然制定規則的程序仍在進行中，我們也計畫參與意見徵詢期，但我們相信這一方向對整體銀行體系是正面的，能使監管結果與實際風險更一致。

All in, we continue to see the potential for more constructive backdrop this year. The combined effects of fiscal stimulus in developed economies, ongoing AI-related capital investment and a more balanced regulatory agenda in the US are powerful forces.

整體而言，我們仍看到今年出現更具建設性環境的潛力。已開發經濟體的財政刺激、持續的 AI 相關資本投資，以及美國更為平衡的監管議程，其合力是強大的推動力量。

At the same time, the geopolitical landscape remains very complex, and the ultimate impact of higher energy prices on inflation and growth is yet to be determined. We believe Goldman Sachs is extremely well positioned to navigate this current environment. Beyond the short term, we are also investing for long-term growth, including through One Goldman Sachs 3.0.

同時，地緣政治局勢仍非常複雜，而能源價格上升對通膨與成長的最終影響仍有待觀察。我們相信高盛具備極佳的定位，能在當前環境中穩健前行。除了短期之外，我們也正為長期成長進行投資，包括透過 One Goldman Sachs 3.0。

As I mentioned, clients seek our views and analysis around a range of topics, including AI, and we were able to speak to these trends from firsthand experience as we thoughtfully implemented new technologies across our six initial work streams and around the firm more broadly. We remain confident that over time, One GS 3.0 will drive stronger operating leverage, greater resilience and improved efficiency and returns and allow us to continually elevate service to our clients.

如我先前提到的，客戶會就一系列主題（包括 AI）尋求我們的觀點與分析；而我們在六個初始工作流程以及更廣泛的全公司範圍內審慎導入新技術，得以憑藉第一手經驗就這些趨勢與客戶交流。我們仍然有信心，隨著時間推移，One GS 3.0 將帶來更強的營運槓桿、更高的韌性，以及更佳的效率與回報，並使我們能持續提升對客戶的服務。

These efforts build on the strength that differentiates Goldman Sachs. As we demonstrated this quarter, our deep client relationships, global platform and strong risk culture position us to serve clients with excellence while creating long-term value for shareholders.

這些努力建立在高盛具差異化的優勢之上。正如我們本季所展現的，我們深厚的客戶關係、全球平台與強健的風險文化，使我們能以卓越表現服務客戶，同時為股東創造長期價值。

With that, I'll turn it over to Denis to walk through our financial results in more detail.

接下來，我把時間交給 Denis，請他更詳細說明我們的財務結果。

Thank you, David, and good morning. Let's start with our results on page 1 of the presentation. In the first quarter, we generated our second highest net revenues of $17.2 billion as well as our second highest earnings per share of $17.55, which drove an ROE of 19.8% and an ROTE of 21.3%. Let's turn to performance by segment, starting on page 3. Global Banking & Markets produced record revenues of $12.7 billion in the first quarter and generated an ROE of over 22%.

謝謝你，David，大家早安。我們先從簡報第 1 頁的業績開始。第一季，我們創下 172 億美元的淨營收，為歷史第二高；每股盈餘 17.55 美元亦為第二高，帶動 ROE 達 19.8%，ROTE 達 21.3%。接著看各業務分部表現，從第 3 頁開始。全球銀行與市場（Global Banking & Markets）第一季創下 127 億美元的創紀錄營收，並產生超過 22% 的 ROE。

Turning to page 4. Advisory revenues of $1.5 billion rose 89% year-over-year on higher completed volumes. We remain number one in the league tables for M&A with a lead of $150 billion in announced volumes versus our closest peer. Equity underwriting revenues of $535 million were up 45% year-over-year on better convertibles results, while debt underwriting revenues of $811 million rose 8%, driven by better investment grade and asset-backed activity. We ranked first in equity and equity-related underwriting and ranked second in high-yield debt underwriting and leveraged lending.

翻到第 4 頁。顧問業務營收 15 億美元，因完成交易量增加而年增 89%。我們在併購（M&A）排行榜仍居第一，宣布交易量較最接近的同業領先 1,500 億美元。股票承銷營收 5.35 億美元，因可轉債表現較佳而年增 45%；債券承銷營收 8.11 億美元，年增 8%，主要由投資級與資產擔保相關活動改善所帶動。我們在股票及股票相關承銷排名第一，在高收益債承銷與槓桿貸款排名第二。

FICC net revenues were $4 billion. Within intermediation, revenues in rates and mortgages were significantly lower versus the first quarter of last year as results were impacted by a tougher market-making backdrop. This was partially offset by significantly better results in currencies and commodities, illustrating the benefits of having a global diversified franchise. We produced FICC financing revenues of $1.1 billion. We remain confident in our ability to prudently grow this business over time.

FICC 淨營收為 40 億美元。在中介業務方面，利率與房貸相關營收較去年第一季顯著下降，因做市環境更具挑戰而影響表現。這部分被外匯與大宗商品顯著更佳的結果所部分抵銷，展現我們擁有全球多元化特許經營的優勢。我們的 FICC 融資營收為 11 億美元。我們仍有信心，隨時間推移能審慎地擴大此業務。

Equities net revenues were a record $5.3 billion. Equities intermediation revenues of $2.7 billion rose 7% even versus very strong results last year, driven by better performance in cash products. Record Equities financing revenues of $2.6 billion were 59% higher year-over-year with particular strength in Asia amid another record for average prime balances in the quarter.

股票業務（Equities）淨營收創紀錄達 53 億美元。股票中介業務營收 27 億美元，即使在去年非常強勁的基期下仍成長 7%，主要由現貨產品表現改善所帶動。股票融資營收亦創紀錄達 26 億美元，年增 59%；其中亞洲表現尤為強勁，且本季平均主經紀（prime）餘額再創新高。

As we highlighted in last quarter's strategic update, Asia is one of the key growth opportunities for our FICC and Equities businesses. And while there's still work to do, we're pleased by the progress to date. Across FICC and Equities, financing revenues of $3.7 billion rose 36% versus the prior year and comprised nearly 40% of total FICC and Equities revenues.

如我們在上季的策略更新中所強調，亞洲是我們 FICC 與股票業務的關鍵成長機會之一。雖然仍有工作要做，但我們對目前的進展感到滿意。在 FICC 與股票業務合計下，融資營收 37 億美元，較去年成長 36%，並占 FICC 與股票總營收近 40%。

Let's turn to page 5. Asset & Wealth Management revenues were $4.1 billion. Management and other fees were up 14% year-over-year to $3.1 billion, primarily on higher average assets under supervision. Incentive fees were $183 million, up year-over-year despite the volatile environment during the quarter.

接著看第 5 頁。資產與財富管理（Asset & Wealth Management）營收為 41 億美元。管理費及其他費用年增 14% 至 31 億美元，主要因平均受監督資產（assets under supervision）增加。績效費（incentive fees）為 1.83 億美元，儘管本季環境波動，仍較去年增加。

Private banking and lending revenues were $638 million. Higher lending results were more than offset by the impact of NIM compression as we grew deposits in a more competitive rate environment in order to fund broader firm activity. Consistent with our growth strategy, we also expanded our lending to ultra-high net worth clients with balances rising to a record $46 billion.

私人銀行與放款營收為 6.38 億美元。放款表現改善所帶來的增益，已被淨利差（NIM）收窄的影響所抵銷；我們在更具競爭性的利率環境中增加存款，以支應公司更廣泛的業務活動。與我們的成長策略一致，我們也擴大對超高淨值客戶的放款，餘額上升至創紀錄的 460 億美元。

Now moving to page 6. Total assets under supervision ended the quarter at a record $3.7 trillion. We saw $62 billion of long-term net inflows across asset classes, representing our 33rd consecutive quarter of long-term fee-based net inflows.

接著看第 6 頁。本季末受監督資產總額達到創紀錄的 3.7 兆美元。我們在各資產類別看到 620 億美元的長期淨流入，為連續第 33 季出現長期、以費用為基礎的淨流入。

Turning to page 7 on alternatives. Alternative AUS totaled $429 billion at the end of the first quarter, driving $597 million in management and other fees. Gross third-party alternatives fundraising was $26 billion in the quarter, putting us on track towards our annual fundraising expectations. On page 8, Platform Solutions revenues were $411 million in the quarter, down year-over-year, reflecting the move of the Apple portfolio to held for sale. We expect revenues for the rest of the year to run lower, in line with seasonal trends in the business.

翻到第 7 頁的另類投資。第一季末另類投資受監督資產（Alternative AUS）合計 4,290 億美元，帶動 5.97 億美元的管理費及其他費用。本季第三方另類投資募資總額為 260 億美元，使我們朝年度募資目標如期推進。第 8 頁顯示，平台解決方案（Platform Solutions）本季營收為 4.11 億美元，年減，反映 Apple 投資組合轉列為待售。我們預期今年其餘時間的營收將較低，符合該業務的季節性趨勢。

On page 9, firm-wide net interest income was [$3.6 billion] (corrected by company after the call) in the first quarter. Our total loan portfolio at quarter end was $253 billion, up versus the fourth quarter, primarily reflecting growth in corporate and other collateralized loans. Our provision for credit losses of $315 million reflected growth and impairments in our wholesale lending portfolio.

第 9 頁顯示，全公司淨利息收入在第一季為 [36 億美元]（公司於電話會議後更正）。季末總放款投資組合為 2,530 億美元，較第四季增加，主要反映企業及其他擔保放款成長。我們的信用損失準備金為 3.15 億美元，反映批發放款投資組合的成長與減損。

Turning to expenses on page 10. Total quarterly operating expenses were $10.4 billion, resulting in an efficiency ratio of 60.5%. Our compensation ratio net of provisions was 32%. Non-compensation expenses were $5 billion, with the vast majority of the year-over-year increase driven by higher transaction-based expenses tied to robust activity levels, particularly in Equities.

接著看第 10 頁的費用。本季總營運費用為 104 億美元，使效率比率為 60.5%。扣除提存後的薪酬比率為 32%。非薪酬費用為 50 億美元；年增幅度的絕大部分來自與強勁活動水準相關、以交易為基礎的費用上升，尤其是在股票業務。

As David referenced, we are thoughtfully building out our One Goldman Sachs 3.0 work streams, and our early learnings have reinforced the need to double down on the foundational elements of our infrastructure. We are, therefore, accelerating our investments in cloud migration, and in the accuracy, completeness and timeliness of our data.

如 David 所提及，我們正審慎擴展 One Goldman Sachs 3.0 的各項工作流程，而早期的學習也強化了我們必須加倍投入基礎架構核心要素的必要性。因此，我們正加速在雲端遷移，以及資料的準確性、完整性與即時性方面的投資。

These investments are critical to optimizing the deployment of AI solutions across the firm, which will allow us to unlock greater productivity and efficiency opportunities over time. Our effective tax rate for the quarter of 13.2% benefited from the impact of employee stock-based compensation. For the full year, we expect a tax rate of approximately 20%.

這些投資對於在全公司最佳化 AI 解決方案的部署至關重要，並將使我們隨時間推移釋放更大的生產力與效率機會。本季有效稅率為 13.2%，受惠於員工股票型薪酬的影響。就全年而言，我們預期稅率約為 20%。

Now on to slide 11. Our Common Equity Tier 1 ratio was 12.5% at the end of the first quarter under the standardized approach, 110 basis points above our current capital requirement of 11.4%. We saw attractive opportunities to deploy capital across the firm including in prime brokerage and acquisition financing. These activities, in addition to the increase in market risk RWAs amid higher market volatility consumed a portion of our excess capital.

接著看第 11 頁。在標準法下，我們第一季末普通股權第一類資本比率（CET1）為 12.5%，較目前資本要求 11.4% 高出 110 個基點。我們在全公司看到具吸引力的資本部署機會，包括主經紀與併購融資。上述活動，加上在市場波動加劇下市場風險風險加權資產（RWA）上升，消耗了我們部分超額資本。

Additionally, we returned $6.4 billion to common shareholders, including record common stock repurchases of $5 billion and common stock dividends of $1.4 billion. We will continue to dynamically deploy capital to support our client franchise while also returning capital to shareholders. As David mentioned, we're encouraged by the direction of the recent Basel III finalization and G-SIB surcharge reproposals, which reflect a more balanced and risk-sensitive approach than earlier iterations.

此外，我們向普通股股東返還 64 億美元，包括創紀錄的 50 億美元普通股回購，以及 14 億美元普通股股利。我們將持續動態部署資本，以支持我們的客戶特許經營，同時也向股東返還資本。如 David 所提到，我們對近期巴塞爾 III 最終定案與 G-SIB 附加費再提案的方向感到鼓舞；相較於先前版本，這些提案反映出更平衡且更具風險敏感度的方法。

In conclusion, our performance reflects the diversification and strength of our leading client franchises, which enable us to serve clients in a volatile market. We are confident in our ability to continue to support our clients as they navigate this dynamic operating environment. With that, we'll now open up the line for questions.

總結而言，我們的表現反映出我們領先客戶特許經營的多元化與實力，使我們能在波動市場中服務客戶。我們有信心能持續支持客戶，協助其因應這個動態的營運環境。接下來，我們開放提問。

(Operator Instructions)

（操作員指示）

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Hi there, thanks. So I guess I would love it if you could expand a little bit on, let's just call it, balance sheet strategy because I see you deploying capital, it's reducing the denominator. But when the [CET1] (corrected by company after the call) drops 180 basis points, a lot of people ask questions. So let's just go towards the deposit strategy, deposits grew a lot. I'm assuming that's to finance -- equity financing. So I'm curious how you think about the trade-off of lower NII in Asset & Wealth, but growing financing.

你好，謝謝。所以我想我希望你能稍微多談一點，我們就稱之為資產負債表策略，因為我看到你在部署資本，這正在降低分母。但當[CET1]（公司在電話會議後更正）下降180個基點時，很多人就會提出疑問。那我們就轉向存款策略，存款成長很多。我假設那是用來為——股權融資——提供資金。所以我很好奇你如何看待資產與財富管理（Asset & Wealth）較低的NII（淨利息收入）與融資成長之間的取捨。

And I guess that feeds into your Asia strategy. So sorry to put a bunch in there, but it all overlaps each other. So maybe you could just expand a little bit on that. Thanks.

我想這也連結到你們的亞洲策略。抱歉一次塞了很多問題，但它們彼此重疊。所以也許你可以就此再多展開說明一下。謝謝。

Sure, Glenn. Good morning. Thank you for that. So I think I would take you back to our strategic update that we gave at the end of the year, where we tried to lay out our expectations for how we were going to respond to the changes in the capital regulation. And that in particular, we'd be focused on deploying into the client franchise to support a bunch of our more durable revenue stream activities with lending being at the top of the list.

當然可以，Glenn。早安。謝謝你的提問。我想我會先帶你回到我們在年底所做的策略更新，當時我們試著說明我們預期將如何因應資本監管的變化。特別是，我們會專注於部署到客戶特許經營（client franchise）中，以支持一系列更具持久性的收入來源活動，而放款會是首要項目。

And as we sit now at the end of the first quarter, you will see that we significantly expanded our activities in Equities financing, and a particular area of strategic focus was Asia, something that we also did call out at that time where we had identified a competitive gap, we saw an attractive opportunity and with the excess capacity that we saw ourselves with, we deployed into that with clients and grew our revenues.

而以目前第一季季末的情況來看，你會看到我們在股票融資（Equities financing）方面大幅擴張了業務；其中一個策略重點領域是亞洲，這也是我們當時特別點出的：我們辨識到競爭缺口、看到具吸引力的機會，並利用我們所看到的超額產能，與客戶一起在該領域部署，進而帶動收入成長。

I also note that we recorded a record level of lending balances in private wealth. We continue to grow FICC financing, we grew our corporate balances, acquisition financing. All of these were the items that we called out as the priority areas for deployment, and we saw opportunities over the course of the quarter to do that. I would be remiss if we didn't mention that we also aggressively returned capital to shareholders with a record level of buybacks. So the balance sheet growth was largely in support of those client activities that I just referenced.

我也要指出，我們在私人財富（private wealth）錄得創紀錄的放款餘額。我們持續擴大FICC融資，增加了企業餘額與併購融資。這些都是我們先前點名為優先部署的領域，而我們在本季過程中看到了相應機會並加以把握。如果不提我們也以創紀錄的回購規模積極向股東返還資本，那就說不過去了。因此，資產負債表的成長主要是為了支持我剛才提到的那些客戶活動。

Separately, you're right, we did have significant deposit raising activity over the course of the quarter. That remains a strategic source of funding for us that we continue to grow. A lot of that growth did derive through the Marcus platform, which is a benefit to the firm. Some of that activity supports activities in AWM, but as you call out, it supports overall firm-wide lending activities, and it was a strategic priority for us to extend more lending on behalf of clients across the firm, and we try to finance it as efficiently as we possibly can.

另外，你說得對，我們在本季期間確實大幅提升了吸收存款的活動。這仍然是我們持續擴大的策略性資金來源。其中相當一部分成長來自Marcus平台，這對公司是有利的。部分活動支持了AWM的業務，但如你所指出的，它也支持全公司範圍的放款活動；我們的策略重點之一就是代表全公司為客戶提供更多放款，而我們也盡可能以最高效率為其融資。

Okay. Maybe the two-second follow-up is the net of that is -- I'm going to ask it as a question, is just -- is all the net of that deployment in lending, will that come at ROEs that are in line with your long-term goals?

好的。也許兩秒鐘的追問：我想用問題的方式問——也就是說，這些放款部署的淨效果，是否會帶來與你們長期目標一致的ROE（股東權益報酬率）？

So you'll obviously see that the ROE performance for the firm, the ROE performance for Global Banking & Markets, north of 22% in the case of Global Banking & Markets, where a lot of that deployment is happening. So across our portfolio of activities, we are generating very attractive returns on that incremental amount of lending activity.

所以你會清楚看到，公司整體的ROE表現、以及全球銀行與市場（Global Banking & Markets）的ROE表現；以全球銀行與市場而言超過22%，而大量部署正發生在那裡。因此，從我們的各項業務組合來看，我們在新增的放款活動上正產生非常具吸引力的報酬。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行（Bank of America）。

Good morning. I guess I just wanted to take a step back. A lot happened during the quarter. So David, I appreciate your remarks around the 30-year track record for Goldman in private credit. But if you don't mind, I think there is a sense that private credit is a significant growth driver for Goldman. For our benefit, given just the growth in this asset class, give us a sense of how you see this potentially impacting sponsor activity when it comes to M&A IPO, as we think about the next year, FICC financing has been a big focus with investors around how that growth may slow down.

早安。我想我只是想先退一步看。這一季發生了很多事。所以David，我很感謝你提到高盛在私募信貸（private credit）領域有30年的歷史紀錄。但如果你不介意，我想市場上有一種看法：私募信貸是高盛一個重要的成長驅動力。為了讓我們更好理解，鑑於這個資產類別的成長，請你談談你如何看待它在未來一年可能對贊助商活動（sponsor activity）——就併購（M&A）與IPO而言——帶來的影響；同時，FICC融資一直是投資人關注的重點，大家也在討論其成長可能放緩。

So I would love some color around how you think this actually coming home to impacting your growth outlook? And if anything, on credit that you're particularly watching out for?

所以我很希望你能補充一些觀點，談談你認為這將如何實際回到你們的成長展望上？以及在信貸方面，有沒有什麼是你特別在留意的？

Sure. I mean it's a big picture question, and I could -- I appreciate the question, and I could talk about it for a long time. I think there have been attempts to try to put this in perspective. I know the media headlines have driven an enormous amount of negative sentiment around private credit. My own view is it's important to really distinguish between different markets and really try to put it all in perspective.

當然。我的意思是，這是一個宏觀層面的問題；我很感謝這個提問，我可以談很久。我認為一直有人嘗試把這件事放到正確的脈絡中。我知道媒體標題在私募信貸上引發了大量負面情緒。我自己的看法是，重要的是要真正區分不同市場，並努力把整體情況放在正確的視角下。

I think you guys know this that there -- private credit and the broadest definition you could possibly come up with is about $3.5 trillion of assets. But the thing that's been getting a lot of focus is direct lending and direct lending is about $1.6 trillion to $1.7 trillion of assets, of which the retail channel for that direct lending business is about 20% or about $230 billion of NAV.

我想你們也知道：如果用你能想到的最廣義定義，私募信貸大約是3.5兆美元的資產。但真正受到高度關注的是直接放款（direct lending），而直接放款大約是1.6兆到1.7兆美元的資產；其中，該直接放款業務的零售通路約占20%，或約2,300億美元的NAV（淨資產價值）。

There are obviously heightened redemptions in certain peer managed funds. These peer managed funds have been concentrated in retail outflows as opposed to institutional outflows. And one of the things that we're seeing that's just interesting that's quite constructive for our business is that spreads are becoming more lender-friendly.

某些同業管理的基金顯然出現較高的贖回。這些同業管理基金的贖回主要集中在零售資金流出，而非機構資金流出。而我們看到一件很有意思、且對我們業務相當正面的事情是：利差正變得更偏向放款人（lender-friendly）。

And so when you look at our first quarter 2026 subscriptions in our GS credit BDC, 40% of them were from institutions, many of whom are first-time investors on our platforms, including insurance companies, banks, pension funds. And when you look at our broad platform, it's over 80% institutional partners very, very broad, very, very diverse.

因此，當你看我們2026年第一季在GS credit BDC的認購時，其中40%來自機構投資人，且很多是首次在我們平台投資的投資人，包括保險公司、銀行、退休金基金。而從我們整體平台來看，超過80%是機構合作夥伴，覆蓋非常廣、非常多元。

And we've been growing it over a long period of time. You obviously saw our positive inflows and what we raised privately in the quarter, we feel we're very well positioned and actually the opportunity set to some degree, is improving. I know people are very focused on the cycle, and they should be.

而且我們已經在很長一段時間內持續擴大這項業務。你也看到我們本季的正向資金流入，以及我們在季度內以私募方式募集的資金；我們認為自身定位非常良好，而且在某種程度上，機會集合其實正在改善。我知道大家非常關注景氣循環，而且確實應該如此。

This has been a long period of time ex the COVID shutdown, it's been a long period of time without, what I'd call, a normal credit cycle, meaning a meaningful slowdown in the economy, or a recession. Whenever you have a meaningful slowdown in the economy or a recession, there are higher loss levels in diversified credit portfolios.

除了COVID停擺那段期間之外，這是一段很長的時間；在我看來，這是一段缺乏「正常」信貸循環的長期期間，也就是沒有出現顯著的經濟放緩或衰退。每當經濟出現顯著放緩或衰退時，多元化信貸投資組合的損失水準就會更高。

I think risk management and portfolio construction are very important in places where people haven't followed their portfolio construction carefully and they've gotten overweighted to a particular sector. They'll obviously have more headwinds. But I don't -- I think one of the things that's really not getting a lot of attention is if you do have a cycle, what does that look like?

我認為風險管理與投資組合建構非常重要；在一些地方，如果有人沒有仔細遵循其投資組合建構原則，並且在某個特定產業配置過重，他們顯然會面臨更大的逆風。但我不——我認為有一件事其實沒有得到太多關注：如果真的出現一個循環，那會是什麼樣子？

And so if you take a very tough cycle, the global financial crisis, the cumulative default rates across the entire leverage lending space, the entire leverage lending space during the global financial crisis was 10%, recoveries were about 50%, so the cumulative loss was 5% to 6% against coupons of 9% to 10%. And so that is the business model of this. I think institutional investors understand that. I think there's going to continue to be some noise around the retail space. I think you should watch that carefully.

因此，如果你看一個非常嚴峻的景氣循環——全球金融危機——在整個槓桿貸款領域，全球金融危機期間的累積違約率是10%，回收率約50%，所以累積損失約為5%到6%，相對於票息為9%到10%。所以這就是這個業務的商業模式。我認為機構投資人理解這一點。我認為零售端周邊仍會持續有一些雜音。我認為你應該密切關注。

But I think this continues with any sort of a medium-term or longer-term view to be a very, very attractive platform for us, and we are very confident that we have significant runway to further scale our business toward our $300 billion target. We've seen significant fundraising across the all platforms, including this past quarter, $10 billion in credit.

但我認為，從任何中期或更長期的角度來看，這對我們而言仍是一個非常、非常有吸引力的平台，而且我們非常有信心，我們有相當大的跑道，能將業務進一步擴大，朝我們3,000億美元的目標邁進。我們在所有平台都看到顯著募資，包括在剛過去這一季，信用業務募資達100億美元。

And so we're going to continue to grow our institutional business and take a long-term view, but it remains -- I wouldn't say it's a huge growth channel for us, but it's a business that's growing, and we think has good secular construct for a scaled platform like ours.

因此，我們將持續擴大我們的機構業務並採取長期視角，但它仍然——我不會說這是我們非常大的成長通路，但這是一個正在成長的業務，而且我們認為，對像我們這樣具規模的平台而言，它有良好的長期結構性支撐。

Thanks for that, David. Very comprehensive. If I can, a quick follow-up. Banks CEOs were in DC on Friday around -- concerns around some of the AI-driven risks to banking infrastructure. Anything you can share with us in terms of like is this something extremely different than what banks have had to deal with over the last decade?

謝謝你，David。非常全面。如果可以的話，我想快速追問一下。上週五，銀行執行長們在華府（DC）——討論一些由AI驅動、對銀行基礎設施的風險疑慮。你能否分享一下，這是否與銀行在過去十年必須面對的情況有極大的不同？

To the extent you can share any color, I think that would be helpful. And how do you perceive the risk to Goldman Sachs? Thanks.

在你方便分享的範圍內，我想這會很有幫助。你如何看待對高盛的風險？謝謝。

Yes. So thank you for that. Obviously, something we're focused on. I just -- I want to start by saying that cybersecurity has long been at the core of our business, and we have for a very, very long time for enormous resources forward to think constantly about cybersecurity risk in our business, and it's something we've invested significantly in and continue to invest in. And it's been widely reported, the large bank CEOs happen to be in Washington for a regular meeting in the Financial Services Forum.

是的。所以謝謝你的提問。顯然，這是我們關注的重點。我想——我先說，資安長期以來一直是我們業務的核心，我們在非常、非常長的時間裡投入了龐大資源，持續思考我們業務中的資安風險；這也是我們已大幅投資並持續投資的領域。而且外界也廣泛報導，大型銀行的執行長們剛好在華府參加金融服務論壇（Financial Services Forum）的例行會議。

And so we were asked to come over to treasury. By the way, it's not the first meeting that, that group has gone over to treasury to talk about cybersecurity risk over a number of years. So my first point is this is something the industry is focused on. It's something we're focused on, and there's nothing new in that focus. Obviously, the LLM are making rapid progress, and we're hyper aware of the enhanced capabilities of these new models.

因此我們被要求到財政部（Treasury）那邊。順帶一提，這也不是該團體第一次到財政部討論資安風險——多年來一直都有。所以我第一個重點是：這是整個產業都在關注的事情。這也是我們在關注的事情，而且這種關注並沒有什麼新鮮之處。當然，大型語言模型（LLM）正在快速進展，我們也高度警覺這些新模型所帶來的增強能力。

With the help of the US government and the model publishers, we are very focused on supplementing our cyber and infrastructure resilience and this is part of our ongoing capabilities that we have been investing in and are accelerating our investment in. We're aware of Mythos, and its capabilities. We have the model. We're working closely with Anthropic.

在美國政府與模型發布方的協助下，我們非常專注於補強我們的資安與基礎設施韌性；這是我們持續投入的能力建設之一，而且我們正在加速投資。我們了解Mythos及其能力。我們已經有該模型。我們正與Anthropic密切合作。

And all of our security vendors to kind of harness frontier capabilities wherever it is possible, and this will continue to be an important focus, but it's not new that as technology evolves, we have to continue to upgrade for cyber risk and make sure we're at the forefront of that.

並且與我們所有的安全供應商合作，在可能的地方運用前沿能力；這將持續是重要的重點。但科技演進之際，我們必須持續升級以因應資安風險、並確保我們站在最前沿——這件事本身並不新。

Erika Najarian, UBS.

UBS 的 Erika Najarian。

Yes, thank you for taking my questions. David, if you could just unpack a little bit your outlook on the pipeline. I know back in February, we talked about the sponsor community and their thoughts on valuation versus timing. Obviously, a lot has happened more on the negative since then on valuation. But maybe just unpack on how your thoughts are relative to timing. I mean, despite the conflict in the Middle East, markets still near all-time highs. So I would love to hear thoughts on that.

是的，謝謝你回答我的問題。David，你能否再多拆解一下你對案源管線（pipeline）的展望？我知道在二月時，我們談到贊助方社群（sponsor community）對估值相對於時點的看法。顯然，自那之後在估值方面發生了很多事情，而且偏負面。但也許你可以談談你對時點的看法有何變化。我的意思是，儘管中東有衝突，市場仍接近歷史高點。所以我很想聽聽你的想法。

Sure. And I appreciate it, and I realize, Erika, this is getting a lot of attention. And I'd just say, first of all, the environment for Investment Banking activity continues to be incredibly robust, particularly M&A activity. And I do think, as I talk to CEOs, of course, they're watching what's going on geopolitically. But that's also balanced by the fact that they see an opportunity during this period of time to drive scale and scale creation in businesses with significant technological change, and they are focused on that.

當然。我很感謝，也理解，Erika，這件事受到很多關注。我先說，投資銀行業務活動的環境仍然非常強勁，特別是併購（M&A）活動。而且我確實認為，當我與執行長們交談時，當然他們在關注地緣政治的發展。但同時也被另一個事實所平衡：他們看到在這段期間，面對重大的科技變革，有機會推動規模擴張與規模創造（scale creation），而他們正聚焦於此。

And that candidly trumps some of the geopolitical risk is they have the opportunity to do consolidating trades. And you saw that in the first quarter, you saw more large-scale strategic M&A. We highlighted at the end of the first quarter, the high level of our backlog, the highest level in four years. And then you saw extraordinary accruals during this quarter in M&A. And you also saw extraordinary replenishment, okay?

坦白說，這種機會在某種程度上蓋過了一些地緣政治風險，因為他們有機會進行整併型交易。你在第一季就看到了這點——你看到更多大型的策略性併購。我們在第一季末強調了我們的在手訂單（backlog）水準很高，為四年來最高。然後你在本季也看到併購方面非常可觀的累積（accruals）。同時你也看到非常可觀的補充（replenishment），好嗎？

The backlog really did not move very significantly at all even though we had extraordinary accruals. And so we continue to see significant activity on the M&A front. And I don't see, unless the overall environment got much, much worse. I don't see that slowing based on what we see at the moment. That said, there is no question that with the conflict in the Middle East, IPO activity slowed a little bit, particularly in March.

即使我們有非常可觀的累積，在手訂單其實幾乎沒有明顯變動。因此，我們仍持續看到併購面有顯著活動。除非整體環境變得更、更加惡化，否則就我們目前所見，我不認為這會放緩。話雖如此，毫無疑問，中東衝突使IPO活動稍微放慢，特別是在三月。

I do think there's a very full pipeline. And at the end of the day, equity markets have been extremely resilient and if that resilience continues, I do think you'll see IPO activity accelerate again. There are some very large IPOs that are lined up, and my expectation is a number of them are going to come because it's important for those businesses and for the capital formation around those businesses for that to happen, and they are also less sensitive to kind of short-term geopolitical trends. I do think that the level of uncertainty is higher, so we have to watch that carefully. Certainly talking actively to CEOs and CEOs are looking carefully at how what's going on, particularly with commodity prices is translating into the economy and into consumer demand.

我確實認為案源管線非常充實。歸根結底，股市展現出極強韌性；如果這種韌性延續，我確實認為你會看到IPO活動再次加速。目前有一些非常大型的IPO已排隊等候；我的預期是其中有不少會推出，因為這對那些企業本身、以及圍繞那些企業的資本形成（capital formation）都很重要，而且它們對短期地緣政治趨勢的敏感度也較低。我確實認為不確定性更高了，所以我們必須密切關注。當然，我們也在積極與執行長們溝通，而執行長們正仔細觀察目前的情勢，特別是商品價格如何傳導到經濟與消費需求。

I think it's fair to say that people did not see that really translating through in the first quarter, but that doesn't mean that people aren't extremely cautious about whether or not it will translate through in the second quarter. My guess is to the degree that energy prices remain high, you will see that translate through a little bit. But at this point, the underlying economy still remains relatively robust. But if the resolution of the conflict drags, that probably will be a headwind in some of these areas particularly inflation trends as we get further into the second and the third quarter. And so we'll have to watch that quickly.

我認為可以說，人們在第一季並沒有看到這種傳導真正發生，但這不代表大家不會對它是否會在第二季傳導出來保持高度謹慎。我猜測，只要能源價格維持在高檔，你會看到它有一些傳導。但就目前而言，基本面經濟仍相對強勁。不過，如果衝突的解決拖延，這可能會在某些領域形成逆風，特別是當我們進入第二季與第三季更深處時，對通膨趨勢的影響。因此我們必須密切關注。

At the moment, M&A and capital markets have been pretty resilient to that, and the environment continues to be quite constructive. But of course, I don't have a crystal ball. I and also all the market participants are watching and adapting as they see things unfold.

目前為止，併購與資本市場對此仍相當有韌性，整體環境也仍相當具建設性。但當然，我沒有水晶球。我以及所有市場參與者都在觀察並隨著事態發展而調整。

Thank you for that. And just to follow up, on Ebrahim's line of questioning because I think it's so important for the stock and the stock of your peers. But given everything you said, David, during the financial crisis, the cum loss rate in leverage lending was 5% to 6%. You're seeing more lender-friendly spreads, no issues with fundraising, especially on the institutional side. It seems that if we do have a regular waste cycle or even just something sector-specific like software in terms of marks, that the ultimate loss to Goldman will be de minimis but the opportunity in terms of spreads and market share could be notable. Is that the correct conclusion?

謝謝你。我再追問一下，延續 Ebrahim 的提問，因為我認為這對股票以及你們同業的股票都非常重要。但綜合你剛才所說的，David，在金融危機期間，槓桿貸款的累計損失率是 5% 到 6%。你們看到更偏向放款人的利差水準，募資也沒有問題，尤其是在機構端。看起來即便我們真的遇到一般性的景氣循環下行，或甚至只是像軟體這類特定產業在估值（marks）上的調整，對高盛的最終損失可能微不足道，但在利差與市占率方面的機會可能相當可觀。這樣的結論正確嗎？

I'm going to make a couple of comments on that. And I'm also going to ask Denis to make a comment just about historical losses. But I think, Erika, you understand it right. Remember, we're generally dealing with institutions. And one of the things that happens, if we had a slowdown in the economy or a recession where credit spreads widened, the business actually for institutional investors, becomes more attractive.

我先就這點做幾個評論。我也會請 Denis 就歷史損失再補充一下。但我認為，Erika，你的理解是對的。記住，我們一般是在跟機構打交道。而且如果經濟放緩或出現衰退、信用利差擴大，對機構投資人而言，這項業務反而會變得更具吸引力。

And that is a point in time, institutions rely on Goldman Sachs who's been at this for a long, long time to have the judgment to be more cautious on their deployment when spreads are historically tight and more aggressive on deployment when spreads are historically wide.

而在那樣的時點，機構會仰賴長期深耕此領域的高盛，具備判斷力：在利差歷史性偏緊時更謹慎地部署資金，在利差歷史性偏寬時更積極地部署資金。

And one of the things that I think has not been talked about a lot over the course of a number of years because we haven't seen it, a lot of the alpha that's generated in credit businesses comes from how the investors manage restructuring and buy in when things are tough, but we haven't had a cycle like that.

另外一點，我認為多年來大家談得不多，因為我們一直沒有看到那種情況：信用業務中產生的許多超額報酬（alpha），其實來自投資人在艱難時期如何管理重組、以及在市場承壓時逢低布局，但我們一直沒有經歷那樣的循環。

I do think we all have to recognize that this has been a very long credit cycle and when credit cycles go on longer, market participants, this is a generalization, this is not the way we think about the business, but spreads get tighter, market participants get more aggressive to deploy capital. And so when you do have a cycle turn in a recession, you will see higher losses across the space than you would have had if it was a shorter cycle. And so we have to be cognizant of that.

我確實認為，我們都必須認知到這是一個非常長的信用循環；當信用循環拖得越久，市場參與者（這是概括性的說法，並非我們看待業務的方式）利差會更緊、也會更積極地部署資本。因此當循環在衰退中反轉時，你會看到整個市場的損失高於在較短循環下本來可能出現的水準。所以我們必須對此保持警覺。

That said, we feel very good about the way we're positioned, very good about our track record, very good about our flows. And to the degree there was a cycle, we'd actually view it as an opportunity for Goldman Sachs. And Denis, maybe you want to comment a little bit more on historical loss rates.

話雖如此，我們對自身的布局非常有信心，對我們的往績非常有信心，對我們的資金流（flows）也非常有信心。而且如果真的出現循環，我們其實會把它視為高盛的機會。Denis，你或許可以再多談一點歷史損失率。

Yes. I mean, Erika, I could add to another area that we get questions for obvious reasons is across the FICC financing, the asset secured lending portfolio of the firm where a lot of those clientele are in the alternative space. And we have a big, diversified business that we've been growing and it's providing part of the ballast to our overall GBM revenues.

好的。Erika，我可以補充另一個大家基於顯而易見的原因常問的領域：公司在 FICC 融資（financing）方面、以資產作擔保的放款投資組合，其中很多客戶屬於另類投資領域。我們有一個規模大且多元化、持續成長的業務，為我們整體 GBM 營收提供了一部分的穩定支撐（ballast）。

But if we look back over the course of history on our FICC financing activities, our life-to-date realized losses, if you exclude some direct commercial real estate, our life-to-date realized losses are zero. So that's obviously a nexus with private credit as a subcomponent of that portfolio and people ask about it a lot.

但如果回顧我們 FICC 融資活動的歷史，我們迄今為止的已實現損失（life-to-date realized losses），若排除部分直接的商用不動產，我們迄今為止的已實現損失為零。因此這與私募信貸（private credit）作為該投資組合的一個子組成部分有關聯，大家也常常問到。

And that may not always be the case. But so far, the way that we underwrite that portfolio, the way we run the stresses, the way that we focus on our collateral protection, our covenant structures, our margining capabilities, that portfolio has realized losses of zero.

而這未必永遠都會如此。但到目前為止，基於我們對該投資組合的承作審核方式、壓力測試的執行方式、對擔保品保護的重視、契約條款（covenant）結構，以及我們的追繳保證金（margining）能力，該投資組合的已實現損失為零。

Mike Mayo, Wells Fargo.

Mike Mayo，富國銀行。

Hi. Can you comment on the increase in the provisions in Global Banking & Markets? It seems like that increase was a lot more than the growth in the balance sheet and that the increase is almost equals what, like I guess, like 3/4 of the increase from last year. So is that to some degree is consistent with the growth in the balance sheet. But to what degree are you putting aside extra provisions for problem losses due to macro concerns or things that you're seeing out there? And to what degree maybe you're sending a signal, hey, things might not remain as good. Thanks.

你好。你能評論一下全球銀行與市場（Global Banking & Markets）提存（provisions）增加的原因嗎？看起來這個增幅遠高於資產負債表的成長，而且這個增加幾乎相當於——我猜——大概是去年增幅的四分之三。所以在某種程度上，這與資產負債表成長一致。但有多少是因為總體環境疑慮或你們在外部看到的情況，而額外提列用於問題損失的準備？又有多少可能是在釋放一個訊號：嘿，情況可能不會一直這麼好？謝謝。

Sure. Appreciate that question, Mike, and you actually answered it for yourself, but I'll do it for you back. So the composition of that PCL build was, in part, attributable to growth. So as I went through earlier on the call, we grew lending activities in the first quarter across the firm. That increased lending activity attracts provisions.

當然。謝謝你的問題，Mike，其實你已經替自己回答了，但我再替你完整說明一次。那筆 PCL（預期信用損失準備）增加的組成，部分是由成長所帶動。如同我先前在電話會議中提到的，我們在第一季於全公司範圍內擴大了放款活動。放款活動增加就會帶來準備提存的增加。

We also did have impairments, single name impairments across the portfolio, which we have typically, we have those impairments as well, and we have adjustments for the overall operating environment and the outlook. So it was really the combination of those three things that come together for that PCL build. I kind of answered it on the previous question, but if there was a question as to whether that PCL relates to private credit somehow or relates to our FICC financing business, the answer is no. It was growth across the various lending streams, at least not from a default or credit impairment perspective, that sort of broader lending growth in the GBM segment.

我們也確實有出現減損，投資組合中有一些單一名稱（single name）的減損；我們通常也會有這類減損，同時也會針對整體營運環境與前景進行調整。所以這次 PCL 的增加，基本上就是這三項因素的組合。我在前一題其實已經部分回答了，但如果問題是：這筆 PCL 是否與私募信貸有關、或與我們的 FICC 融資業務有關，答案是否定的。這主要是 GBM 部門各類放款管道的成長所致——至少不是從違約或信用減損的角度來看——而是 GBM 版塊更廣泛的放款成長。

And then a separate question, to what point -- at what point do investors kind of put their pencils down? It sounds like they're not that people are still trading and engaging and have high activity levels. But do you see a difference between the engagement with corporates as opposed to everybody else and investors and the whole ecosystem? In other words, my question really is, are corporates more engaged? And is there some derisking out in investor land?

另外一個問題，投資人到底在什麼時點會「放下鉛筆」？聽起來並不是這樣，大家仍在交易、仍在參與，而且活動水準很高。但你是否看到企業端的參與度，與其他人、投資人以及整個生態系相比有所不同？換句話說，我真正的問題是：企業是否更積極參與？而投資人那邊是否有一些去風險（derisking）的情況？

So first, at a high level, Mike, I think people are very engaged, okay? Across the franchise, corporates, investors, very, very engaged. I think it's an interesting moment because there's so much going on in the world of technology and innovation and so much around that space that people are extremely engaged in understanding how that creates opportunities for enterprise, how that shifts investment thesis and we're not seeing any decline or pencils down, as you suggested.

首先，從整體層面來看，Mike，我認為大家都非常投入，好嗎？在我們的整個平台上，企業、投資人都非常、非常投入。我覺得這是一個很有意思的時刻，因為科技與創新領域發生了太多事情，圍繞那個領域的動態也很多，大家都非常投入去理解：這如何為企業創造機會、如何改變投資論點；我們並沒有看到你所說的那種參與度下降或「放下鉛筆」。

I will say the corporate world, and I highlighted this before, is incredibly engaged right now because they don't operate in the short-term noise, they operate over the long term. And they believe they have an opportunity to drive scale and consolidation and they haven't had it for a previous administration.

我會說，企業界目前的參與度非常高，我之前也強調過，因為他們不是在短期雜訊中運作，而是以長期為導向。而且他們相信自己有機會推動規模化與整併，而在前一屆政府期間他們並沒有這樣的機會。

And so they're focused on that. I expect that to continue. Obviously, and as I said before, I don't have a crystal ball, if the macro situation gets bumpier for a short-term period of time, that can have short-term effects on investor behavior. But I'd say at this point, people are very actively engaged. And look, we're only a couple of weeks into the quarter, but the quarter has started with very significant engagement across all aspects of the business.

所以他們正聚焦在這件事上。我預期這種情況會持續。當然，如同我之前說的，我沒有水晶球；如果總體環境在短期內變得更顛簸，可能會對投資人行為造成短期影響。但我會說，就目前而言，大家都非常積極參與。而且你看，我們這一季才剛開始幾週，但本季一開始，在業務各個面向都出現非常顯著的參與度。

Quarter has started in a positive way. We'll see. Level of uncertainty is higher. But at the moment, the engagement is pretty high.

本季開局是正面的。我們再看看。不確定性水準更高。但就目前而言，參與度相當高。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

Hi, good morning and thanks for taking my questions. So I'm going to take this in a slightly different direction. I wanted to ask on the efficiency outlook. You'd indicated some front-loading of infrastructure investments, cloud migration in advance of AI-driven investments that you plan on making. Just given all the investments that you cited in terms of what you're deploying on the platform. How should we think about the trajectory of non-comps, that $5 billion baseline is a little bit higher than what we've seen in recent quarters.

嗨，早安，謝謝讓我提問。我想從稍微不同的方向來問。我想請教效率展望。你們先前提到，為了你們計畫進行的 AI 驅動投資，會提前進行一些基礎設施投資與雲端遷移。考量你們提到在平台上部署的各項投資。我們應該如何看待非薪酬費用的走勢？那個 50 億美元的基準似乎比我們近幾季看到的略高一些。

And just bigger picture, how that informs the timing for when you can reach that 60% efficiency goal or if it impacts it at all?

再從更宏觀的角度，這如何影響你們達到 60% 效率目標的時間點，或是否會對其造成任何影響？

Sure. Thanks, Steve. It's Denis. I'll take that. So obviously, we continue to make progress on the efficiency ratio overall, slight improvement on a year-over-year basis, and we remain laser-focused on driving towards the 60% level.

好的。謝謝你，Steve。我是 Denis。我來回答。很明顯地，我們在整體效率比率上持續取得進展，年對年略有改善，我們也仍然高度聚焦於推進至 60% 的水準。

We did have a higher level of non-compensation expenses. But if you pull apart the year-over-year delta, it was rough magnitude, $650 million of the $750 million increase was attributable to transaction-based expenses. And we talked about how we've been growing the overall activity, particularly across Equities, particularly in Asia. If you look at some of the BC&E expenses, if you look at the stamp duty expenses, we have some distribution fees in AWM, there were high levels of client activity that we executed across the quarter and some of that comes with transaction-based expenses. So we remain focused on doing what we can on the unit cost elements of transaction-based expenses.

我們的非薪酬費用確實較高。但如果把年對年的差異拆開來看，大約 7.5 億美元增幅中的 6.5 億美元可歸因於交易型費用。我們也談到，我們一直在提升整體活動量，特別是在股票業務，尤其是在亞洲。如果你看一些 BC&E 的費用、印花稅費用，以及在 AWM 的一些分銷費用，本季我們執行了高水準的客戶活動，其中一部分就會伴隨交易型費用。因此，我們仍專注於在交易型費用的單位成本要素上，盡可能採取行動。

And as in prior years, have dedicated work streams to driving benefit from a unit cost perspective, but the overall volumes which is reflected in the record results for the equity business, obviously came with transaction expenses. As it relates to the overall investment profile, we are continuing to make investments to drive longer-term efficiencies and the more we focus and do work on it, we appreciate that having greater capacity to migrate activities to the cloud and to harness a lot of value from data sets augurs for investment now to drive unlock in future periods. So that also features in our thinking.

而且如同以往年度，我們有專門的工作流程，從單位成本角度推動效益；但整體交易量（反映在股票業務創紀錄的成果上）顯然也帶來了交易費用。就整體投資輪廓而言，我們持續投資以推動較長期的效率；而我們越聚焦並投入相關工作，就越體認到：要有更大的能力把活動遷移到雲端、並從資料集汲取大量價值，意味著現在就需要投資，才能在未來期間釋放效益。因此，這也納入我們的思考。

But at the same time, we're looking at other areas where we can reduce expenses. So there's categories of our overall operating expenses, which were moving down by more than double-digit percentages on a period basis as we look to get more efficient.

但同時，我們也在檢視其他可以降低費用的領域。因此，在我們整體營運費用的某些類別上，隨著我們追求更高效率，按期比較已下降超過兩位數百分比。

So there's sort of puts and takes across it, and we remain focused on driving towards the 60% efficiency ratio.

所以其中有一些此消彼長的因素，而我們仍然專注於推進至 60% 的效率比率。

Got it. And for my follow-up, just on the Fed's capital proposal, I was hoping you could provide some at least preliminary guidance on the three bigger buckets of proposed changes, whether it's the adjustments to the RWA calculation first?

了解。那我的追問是，關於聯準會的資本提案，我希望你們能就三個較大的提案變更面向，至少提供一些初步指引：第一是對 RWA 計算的調整？

Second, the G-SIB surcharge and the proposed changes there? And then third, how the elimination of double counting could provide some relief going forward? And just trying to gauge like how that informs where you're comfortable running on CET1 versus the current ratio of 12.5%.

第二是 G-SIB 附加資本（surcharge）以及其中的擬議變更？第三是取消重複計算未來可能帶來的緩解效果？我也想了解，這如何影響你們對 CET1 運行水準的舒適區間，相對於目前 12.5% 的比率。

Okay, sure. So as David said in his remarks, we're following the reproposals closely. We do expect to comment. We are encouraged by the direction of travel, but we will have comments, and we think there is room for further improvement. Double count is definitely an area of focus for us, particularly as it relates to op risk.

好的，當然。如同 David 在談話中提到的，我們正密切關注重新提案（reproposals）。我們確實預期會提出意見。我們對整體方向感到鼓舞，但我們會提出評論，也認為仍有進一步改善的空間。重複計算（double count）絕對是我們關注的重點，特別是在作業風險（op risk）方面。

We think there's further enhancements that can be made to FRTB and CVA across the proposals. We think G-SIB, again, making progress, perhaps not recalibrated as far as it could have been, but making the right directional changes.

我們認為在提案中，FRTB 與 CVA 方面仍可做進一步強化。我們認為 G-SIB 方面同樣在進步，或許校準幅度還沒有到它本可以達到的程度，但方向性的變更是正確的。

As it relates to impact on the firm and how we're calibrated, we start the second quarter at 12.5% from a CET1 perspective, 110 basis points of cushion, which is basically at the, call it, the wide end or just outside our typical operating range, and we think that's an appropriate level. It gives us capacity to step in and support the types of client activities that we continue to see coming through the franchise, gives us capacity to continue returning capital to shareholder. And I would say, finally, based on everything that we see, we think is a prudent place to be as some of those regulatory proposals get refined and finalized.

至於對本公司的影響以及我們的校準方式，我們在第二季開始時，CET1 為 12.5%，緩衝為 110 個基點，基本上位於我們典型營運區間的上緣，或略高於該區間，我們認為這是適當的水準。這讓我們有能力介入並支持我們持續在特許經營體系中看到的各類客戶活動，也讓我們有能力持續向股東回饋資本。最後我想說，基於我們所看到的一切，當一些監管提案持續被修訂並最終定案時，我們認為目前的位置是審慎的。

Brennan Hawken, BMO Capital Markets.

BMO Capital Markets 的 Brennan Hawken。

Good morning. Thank you for taking my questions. David, you spoke to strategic activity and how robust it is in banking. Curious to hear your thoughts on what you've been seeing as far as sponsors are concerned. We've heard a great deal in recent years about building pressure for sponsors to sell. And so how big of a setback is the valuation reset and tighter financing markets to that cohort?

早安。謝謝讓我提問。David，你談到銀行業務的策略性活動以及其強勁程度。我也想聽聽你對贊助方（sponsors）方面所見情況的看法。近年來我們聽到很多關於贊助方出售壓力正在累積的說法。那麼，估值重置與融資市場趨緊，對這個族群造成多大的挫折？

Yes. I mean, Brennan, this is something that continues to get lots of attention. And it's sponsor activity out of the private equity section of sponsors and again, I want to highlight that that's a small universe when you think about overall capital markets activity broadly, that sponsor activity has been slower. I do think it will continue to accelerate. But it's -- when you look at the overall performance, again, I think one of the things we just want to highlight, we've been working very hard for the last seven or eight years to really build a larger, much more scaled, diversified business with more steady streams in it.

是的。我的意思是，Brennan，這件事一直受到很多關注。而這裡指的是來自私募股權那一部分贊助方的活動；我也想再次強調，若從整體資本市場活動的廣泛範圍來看，這其實只是相對小的一個範疇，而贊助方活動確實比較慢。我確實認為它會持續加速。但當你看整體表現時，我想我們要強調的一點是：過去七、八年我們一直非常努力，去打造一個更大、規模更完整、更多元分散、且擁有更穩定收入來源的業務組合。

And I think this quarter is a great, great example. There was not -- sponsor activity did not accelerate this quarter the way we might have thought given the way things felt when we had the last earnings call in January. But at the same point, it was the best Global Banking & Markets quarter ever for the firm. And so it was a very, very good quarter, even with weak sponsor activity. It's a big, broad, diversified business.

我認為本季就是一個非常、非常好的例子。贊助方活動本季並沒有像我們可能預期的那樣加速——考量到我們一月上次財報電話會議時的氛圍。但同時，這卻是本公司史上最佳的全球銀行與市場（Global Banking & Markets）季度。因此，即便贊助方活動疲弱，這仍是一個非常、非常好的季度。這是一個龐大、廣泛且多元分散的業務。

Obviously, there's a tailwind that's coming when sponsor activity turns on. It will turn on. These sponsors do not own the capital, the LPs own the capital. They will have to return it to them. So it's been slower than we'd expect, but the business is big and broad enough and diversified that even with that slower sponsor activity, it's not had a big impact on the overall business.

顯然，當贊助方活動啟動時，會帶來順風。它會啟動的。這些贊助方並不擁有資本，LP 才擁有資本。他們必須把資本回饋給 LP。所以它比我們預期的更慢，但我們的業務足夠大、足夠廣且足夠多元分散，即便贊助方活動較慢，也沒有對整體業務造成很大影響。

The other thing I would add, a lot of those comments relate to monetization and exit activity, which we're very focused on, which ripples through the firm in a variety of places. But at a certain point, you have asset price adjustments in one industry or another, and all of a sudden, it presents opportunities for sponsors to actually redeploy some of the dry powder that they've been husbanding for some period of time. All of a sudden, public to private become back in focus.

我還想補充的是，許多這類評論都與變現與退出活動有關，而我們對此非常關注，因為它會在公司內多個面向產生連鎖效應。但在某個時間點，某個產業或另一個產業出現資產價格調整，突然之間，就會為贊助方提供機會，去重新部署他們一段時間以來一直保留的乾粉（dry powder）。突然之間，公轉私（public to private）又會重新成為焦點。

And so while there could be given the uncertainty of the war, some slowdown in IPO-type monetization, that doesn't mean that the sophisticated sponsors of the world aren't thinking much like some of the well-capitalized corporates as to whether or not they can't take advantage of some of the dislocation. So there's multiple ways to think about it.

因此，雖然因戰爭的不確定性，IPO 類型的變現可能會放緩，但這不代表全球那些成熟的贊助方不會像一些資本雄厚的企業一樣思考：是否能利用某些市場錯位所帶來的機會。所以有多種角度可以看待這件事。

Absolutely.

當然。

Great. And Denis, I'd love to follow up on your comments on FICC financing. Do you have any color on what proportion of your FICC financing exposure is tied to direct lending counterparts? I know it will probably fluctuate within a range, but maybe a rough idea of how to think about the bookends.

很好。Denis，我想接著追問你對 FICC 融資的評論。你能否分享一下，你們的 FICC 融資曝險中，有多大比例是與直接放貸的交易對手相關？我知道這可能會在某個區間內波動，但也許可以給個大概的概念，讓我們知道上下限大致該怎麼看。

So it really is a question of categorization. So there are underlying sponsors and alt managers to whom we extend our FICC financing from like -- we think about it on an underlying asset class perspective because a lot of these bilaterally extended loans are collateralized by an underlying pool of loans to discrete end markets, residential, mortgages, consumer finance assets, private credit assets, private equity assets.

所以這其實是分類方式的問題。我們向一些底層的贊助方與另類資產管理人提供 FICC 融資——我們會從底層資產類別的角度來看，因為許多這類雙邊放款是以一個底層貸款資產池作為抵押，這些資產池對應到特定的終端市場：住宅、房貸、消費金融資產、私募信貸資產、私募股權資產。

So we run capital call facilities. These are all subcomponents of FICC financing, and the entire book is well diversified against each of those end asset class pools, and we underwrite the loans with different sort of underwriting and risk parameters based on stresses we see for the various sort of end asset class.

我們也提供資本催繳融資（capital call facilities）。這些都是 FICC 融資的子組成部分；整體投組在上述各終端資產類別的資產池之間分散良好。我們會依據對各類終端資產在壓力情境下的觀察，採用不同的承作（underwriting）與風險參數來核貸。

So I don't think it -- first and foremost, we run it on a diversified basis, but it doesn't lend itself to the same kind of sort of portfolio concentration risk, if you have idiosyncratic bilateral structured credit extension, where you have the capacity in each discrete situation to set the protections that you think are appropriate for the underlying risk.

所以我認為——首先，我們是以分散化的方式來經營；而且它不太會呈現同樣類型的投組集中風險。若是那種具特定性（idiosyncratic）的雙邊結構性信貸授信，你在每一個個別案子裡都有能力設定你認為對應底層風險所需的保護條款。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

Hi, good morning. I just wanted to follow up on the expense question. The comp ratio on adjusted revenues was down from the usual 33% in the first quarter. I know you typically true-up based on the environment at the end of the year, but is the year-on-year change so far being driven by One GS 3.0 and the AI investments you're making? And is it a signal for the direction for the full year?

嗨，早安。我想追問一下費用的問題。第一季以調整後營收計算的薪酬比率，低於以往常見的 33%。我知道你們通常會在年底依環境做調整（true-up），但目前年對年變化是否是由 One GS 3.0 以及你們正在進行的 AI 投資所驅動？這是否也代表全年走勢的方向？

Thanks, Manan and welcome to the call. Look, on the comp ratio, we grew our revenue significantly. And we remain, as I said earlier, very, very focused on driving the firm towards the 60% efficiency ratio. So given the uptick in revenue, given our outlook, we did bring the ratio down 100 basis points versus where we had set it in the first quarter last year, but we have a different amount of revenue and a different outlook. We obviously will adjust that as we go through the year based on our expectations for the full year.

謝謝你，Manan，也歡迎加入這通電話。關於薪酬比率，我們的營收顯著成長。而且如我先前所說，我們仍然非常、非常專注於推動公司朝 60% 的效率比率前進。因此，在營收上升、加上我們的展望之下，我們把比率較去年第一季設定的水準下調了 100 個基點，但我們現在的營收規模與展望也不同。我們當然會在一年當中，依據對全年預期來做調整。

But currently, that's our best estimate for how we expect to pay. We remain to be -- we remain very much paid for performance. That underpins everything. Talent remains very dear, and we're very focused on attracting and retaining the best talent. That's what's required for us to deliver these results for clients.

但就目前而言，這是我們對預期支付水準的最佳估計。我們仍然——我們非常強調按績效付酬（paid for performance）。這是所有事情的基礎。人才依然非常珍貴，我們也非常專注於吸引並留住最優秀的人才。這正是我們為客戶交付這些成果所必需的。

But we're also focused on operating the firm as efficiently as we can. So 32% is our best estimate balancing those objectives.

但我們同時也專注於盡可能高效率地營運公司。因此，32% 是我們在平衡這些目標下的最佳估計。

Great. Thank you. And can you expand on what drove the weaker FICC intermediation revenues this quarter? You noted lower rates, mortgage and credit. Was that driven by a tougher year-on-year comp? Was it specifically driven by the higher geopolitical risks? Or is there any specific client behavior that you're seeing that may spill into the rest of this year?

很好，謝謝。另外，你能否說明本季 FICC 中介（intermediation）收入較弱的原因？你提到利率、房貸與信貸較低。這是因為年對年的比較基期較高嗎？是否特別受到地緣政治風險上升的影響？或者你們是否看到任何特定的客戶行為，可能會延續到今年剩餘時間？

Sure. Thanks, Manan. So as we say many times on this call, when we look in particular at components of our FICC portfolio we remain very, very committed to having a leading presence across all of the sub-asset classes and continuing to do that on a global basis.

當然。謝謝你，Manan。如同我們在這通電話中多次提到的，當我們特別檢視 FICC 投組的各個組成部分時，我們仍然非常、非常致力於在所有子資產類別中保持領先地位，並持續以全球化的方式來經營。

In the last quarter, in the first quarter of this year, relative to the first quarter previously, we saw significant increased activity and more strength in the commodities business and more strength in the currency business, but mortgages and rates were lower. That was basically just a function of the overall environment making markets.

上一季，也就是今年第一季，相較於去年第一季，我們看到大宗商品業務活動顯著增加、表現更強，外匯業務也更強，但房貸與利率則較弱。這基本上就是整體市場環境下做市（making markets）的結果。

We have big activities across all of those activities. We remain actively engaged with clients. But our performance in rates and mortgages were relatively lower. Performance in currencies and commodities was relatively stronger.

我們在所有這些領域都有很大的業務量。我們仍然積極與客戶互動。但我們在利率與房貸的表現相對較弱。外匯與大宗商品的表現相對較強。

I think it's just also -- I'd just add, Manan, it's also -- a lot of this has to do with expectations that are set in the research community. This FICC performance still has to be put in context, it was the 10th best FICC quarter ever out of 100-and-some-odd quarters. And when I look at the scale and the diversity of the business, it's performing very, very well. So we obviously had a very, very strong comp in the first quarter last year. It is 29% better than the last quarter we had in the fourth quarter of the year, but it was close to a top decile FICC quarter.

我想也——我再補充一下，Manan，這也——很多時候與研究社群所設定的預期有關。這次的 FICC 表現仍需放在脈絡中看：在一百多個季度裡，這是史上第 10 佳的 FICC 季度。當我看這項業務的規模與多元性，它的表現非常、非常好。所以我們去年第一季的比較基期確實非常、非常強。本季比去年第四季那一季好 29%，但它接近前十分位（top decile）的 FICC 季度。

It certainly was a top quartile FICC quarter. And what you're seeing, if you go back. Again, I want to go back and highlight, we've worked hard to scale the business, make it more diversified. If you go back 15, 20 years ago, we could not have a quarter like this with a quarter where FICC looked a little bit weaker because FICC was such an important component of the business. It's now a much more diversified business.

它當然是前四分位（top quartile）的 FICC 季度。而你所看到的，如果回頭看——我想再次強調，我們一直努力擴大這項業務規模，讓它更分散。如果回到 15、20 年前，我們不可能出現像這樣的季度：即便 FICC 看起來稍微弱一些，因為當時 FICC 是業務中非常重要的組成。現在整體業務已經更加多元化。

FICC performed well in the quarter. And you look at the overall performance, the overall performance was obviously quite strong. Some quarters, it's going to be stronger here, stronger there.

FICC 在本季表現良好。而你看整體表現，整體表現顯然相當強勁。有些季度會是這邊更強、那邊更強。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Thanks. Good morning. In terms of private banking and lending, you talked about some of the moving parts in terms of deposit spreads as well as higher lending balances. So curious about the outlook there? And what is the reasonable goal as you think about penetration of lending within your wealth business? How to think about that in terms of the aggregate opportunity?

謝謝。早安。就私人銀行與放款而言，你談到一些變動因素，包括存款利差以及放款餘額提高。所以想請教你對那部分的展望？以及當你們思考在財富管理業務中提升放款滲透率時，合理的目標是什麼？就整體機會而言，應該如何看待？

Great. Thanks very much. So look, I think our performance in that piece of AWM is in line with what we've been trying to achieve. So obviously, continue the lending penetration, record balances of $46 billion. I think we still have a long way to go.

很好。非常感謝。我想我們在 AWM 那一塊的表現，符合我們一直想達成的方向。很明顯，我們持續提升放款滲透率，放款餘額創新高達 460 億美元。我認為我們仍有很長的路要走。

I think there's a lot more that we can do for clients in that segment, and we are making progress, but it's going to take time to actually meet the -- all of our ambitions for penetrating that segment. We're aggressively offering the capabilities. And I think more and more clients are coming to appreciate the value that it adds. So we feel good that we've taken that to record levels, but we think there's a lot more to do. And we also remain very committed to growing the deposit balances across the segment.

我認為在那個客群區隔，我們還能為客戶做更多；我們正在取得進展，但要真正達到——我們對該區隔滲透的所有企圖心，仍需要時間。我們正積極提供相關能力。而且我認為愈來愈多客戶開始體會它所帶來的價值。所以我們對把它推升到創紀錄水準感到不錯，但我們認為還有很多事要做。同時，我們也仍然非常致力於在該區隔持續成長存款餘額。

We're also able to do that very, very successfully. There is an impact from the more competitive environment for deposit raising. And we do expect that will persist as a headwind for much of 2026, but we would expect as we move into 2027, we will be back growing that segment, [high single digits] (corrected by company after the call) from a sort of durable revenue perspective.

我們也能非常、非常成功地做到這一點。在存款吸收更具競爭性的環境下，確實帶來了一些影響。我們預期這股逆風在2026年大部分時間仍將持續，但我們預期隨著進入2027年，從較為可持續的營收角度來看，我們將回到該業務板塊的成長軌道，增速為[高個位數]（公司在電話會議後更正）。

Our aggregate durable revenues in AWM were up high single digits for this most recent period, but it was a function of sort of more strength on the management fee line and less performance in the private banking and lending line, and we'd expect that to improve towards the end of the year heading into 2027.

我們AWM的整體可持續營收在最近一期上升了高個位數，但這主要是管理費收入線表現較強、而私人銀行與放貸收入線的表現較弱所致；我們預期這種情況將在今年年底、邁向2027年時有所改善。

Great. And as a follow-up, obviously, a strong quarter on fundraising for the alts again. Can you talk specifically about what strategies in credit got you the $10 billion? And as you think about the rest of the year, do you see credit as being as big of a contributor to growth or given some of the headlines and dynamics that likely is to see some moderation?

很好。另外追問一下，顯然另類投資（alts）的募資本季再次表現強勁。你能否具體談談在信貸方面，是哪些策略帶來了這100億美元？以及展望今年剩餘時間，你是否認為信貸仍會是成長的重要貢獻者，還是考量到一些新聞標題與相關動態，可能會出現一定程度的降溫？

So coming out of our strategic update, we obviously gave guidance in terms of the aggregate alts assets under supervision target that we put out there for 2030 of $750 billion. We put out that annual fundraising target of $75 billion to $100 billion. Our platform is highly diversified. So we have success raising across corporate equity strategies, across credit strategies, across real estate, across hedge funds, et cetera, et cetera. And within credit we have a variety of different strategies that we can raise on based on level of the capital structure, type of risk profile, geographic location of the fund, et cetera.

在我們的策略更新之後，我們當然也提供了指引，包括我們提出的2030年另類投資監督資產（assets under supervision）總目標為7,500億美元。我們也提出年度募資目標為750億至1,000億美元。我們的平台高度多元化。因此，我們在企業股權策略、信貸策略、房地產、對沖基金等各類策略上都能成功募資，等等。而在信貸領域內，我們也有多種不同策略可依據資本結構層級、風險屬性、基金的地理位置等因素來進行募資。

So we have multiple -- sort of multiple pillars that we're focused on continuing to drive the alts fundraising. It can vary from quarter-to-quarter in terms of putting together the full year results.

因此，我們有多個——可以說是多個支柱——作為重點，持續推動另類投資募資。就全年結果而言，各季度之間可能會有所不同。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Thanks so much. Good morning, David, Dennis. Just another question on artificial intelligence. Obviously, I think investors are going business by business, just trying to understand implications. And so it'd be good just to hear how you're thinking about what businesses will be most impacted, and just whether AI overall as an accelerant for Goldman Sachs like it has been -- or technology cycles in the past have been? And just how you're thinking about it even broad strokes would be helpful. Thank you.

非常感謝。早安，David、Dennis。我還有一個關於人工智慧的問題。顯然，我認為投資人正在逐一檢視各個業務，只是想了解其影響。因此，想請你談談你如何看待哪些業務會受到最大影響，以及AI整體是否會像過去的科技週期一樣，成為高盛的加速器？即使是較宏觀的看法也會很有幫助。謝謝。

Yes. Yes. I appreciate the question, Devin. And it's -- I am hugely forward leaning on the power of this technology to accelerate growth and efficiency in Goldman Sachs and allow us to more aggressively invest in growth in areas of our business where, for a variety of reasons, over the course of the last five years, we've been more constrained than I think we're going to be for the next five years. I think this is true not only with Goldman Sachs, I think this is true with lots of other businesses with enterprises broadly, and as enterprises take advantage of that, that spurs activity that feeds into the Goldman Sachs ecosystem.

是的。是的。我很感謝這個問題，Devin。而且——我非常前瞻地看待這項技術的力量：它能加速高盛的成長與效率，並讓我們能更積極地在成長領域加大投資；在過去五年中，出於各種原因，我們在某些業務領域的投入相對受限，但我認為未來五年我們不會像之前那樣受限。我認為這不僅適用於高盛，也適用於許多其他企業、乃至整體企業界；而當企業利用這些能力時，將帶動活動增加，進而回饋到高盛的生態系統。

So, I do think as in other technology super cycles, this is extraordinarily constructive for Goldman Sachs. It's one of the reasons why when I think about the firm over the next three to five years, and I think about the growth trajectory of the firm that we're driving for, I can't -- I don't have a crystal ball to predict short-term uncertainty and short-term volatility, but I have a high degree of confidence.

因此，我確實認為，如同其他科技超級週期一樣，這對高盛極具建設性。這也是為什麼當我思考未來三到五年的公司，以及我們正在推動的成長軌跡時——我無法、也沒有水晶球去預測短期不確定性與短期波動，但我有很高的信心。

When I look out over three to five years as to how we can continue to grow the firm, serve our clients more broadly and accelerate our investment in areas of business where we see real opportunities to grow. And I mean I'd point to one like private wealth, for example, where we see still very, very significant opportunities given the nature of our private wealth franchise to grow. It will not be a straight line whenever you have acceleration in new technology, there are going to be bumps and there are going to be risk issues, and there are going to be recalibrations.

當我把視野放到三到五年，思考我們如何持續成長、以更廣泛的方式服務客戶，並加速在我們看到真正成長機會的業務領域進行投資。例如我會指出私人財富（private wealth）這類業務：鑑於我們私人財富特許經營（franchise）的特性，我們仍看到非常、非常顯著的成長機會。這不會是一條筆直的路；每當新技術加速發展時，就會有顛簸、會有風險議題，也會有重新校準。

I'm sure we'll see that in the coming years as it scales. But the power that tests technology, the ability to use it in an enterprise to remake processes, to create efficiencies and also create more capacity to invest in growth, I can't find a CEO that's not talking about that and all of that with a medium-term lens when you get out of the short-term moment and noise is incredibly constructive for Goldman Sachs.

我相信隨著規模擴大，未來幾年我們會看到這些情況。但這項技術的力量——在企業中運用它來重塑流程、創造效率，同時也創造更多投資成長的能力——我找不到哪位CEO不在談這些；而當你用中期視角、跳脫短期當下與雜音來看，這一切對高盛都極具建設性。

Okay, thanks, David. A quick follow-up, Denis, just on Asia and the success you've been having there. Obviously, really positive progression over time here. So just the gap that you talked about that you're closing, where are you in that? Is there still opportunity to accelerate? Or do you kind of close that gap with the big step-up that you had this quarter?

好的，謝謝你，David。Dennis，我再快速追問一下關於亞洲以及你們在那裡取得的成功。顯然，這裡隨時間推移有非常正面的進展。所以你提到正在縮小的差距，你們目前進展到哪裡？是否仍有加速的空間？或者你們在本季大幅躍升後，基本上已經把那個差距補上了？

So we think we've made progress, but we are constantly reassessing each and every region of the world and each subproduct line gap that we think we may have relative to the potential. There were constraints on the aggregate quantum and type of resources that we could deploy to accelerate those activities, given some of the changes in capital rules, we moved quickly to do that for clients in the first quarter, and you can see it coming through in the results. I would expect versus what we're looking at, we would have closed the gap, but I do expect there's still a lot more for us to do. So I think good progress but more to do across Asia.

我們認為已取得進展，但我們也在持續重新評估全球每一個區域，以及我們認為相對於潛力可能存在的每一個子產品線差距。鑑於資本規則的一些變化，我們在可用於加速這些活動的資源總量與資源類型上曾受到限制；我們在第一季迅速採取行動以服務客戶，你也可以在結果中看到反映。相較於我們原先的評估，我預期我們已經縮小了差距，但我也預期我們仍有很多工作要做。因此，我認為在亞洲取得了良好進展，但仍有更多要做。

Matt O'Connor, Deutsche Bank.

Matt O'Connor，德意志銀行。

Hi. I wanted to follow up on AWM, the long-term flows. You showed on slide 6, just really good balance between the three channels. But I wanted to kind of dig into what's tracking a little bit better than what you laid out last quarter. I think you were targeting about 5% flows. We've got three quarters in a row of about 7%, a little boost from the deal this quarter.

嗨。我想追問一下AWM的長期資金流入（long-term flows）。你們在第6頁投影片上展示了三個通路之間非常好的平衡。但我想更深入了解一下，哪些方面的走勢比你們上季所說的更好一些。我記得你們當時的目標大約是5%的資金流入。我們已經連續三季大約是7%，本季還有交易帶來的一點提振。

But just overall, it seems like it's tracking better than that target you had and wondering what the drivers of that are?

但整體來看，似乎表現優於你們當時設定的目標；想請教背後的驅動因素是什麼？

Sure. So we -- that was one of the new targets that we put out in the strategic update just to both focus your attention on the overall quality of our wealth business and frankly, focus our people internally on that target as well. It is an annual target. We do have a 5% LTFBA annual target. First quarter delivered 9%. So you're right, we're quite significantly ahead of the target in one quarter, but that could ebb and flow from one quarter to the next.

當然。所以我們——那是我們在策略更新中提出的新目標之一，目的在於讓你們把注意力放在我們財富業務的整體品質上；坦白說，也讓我們內部同仁同樣聚焦在這個目標上。這是一個年度目標。我們的LTFBA年度目標是5%。第一季達到9%。所以你說得對，我們在單一季度就顯著超前目標，但這可能會在不同季度之間起伏變動。

But I would say we're -- to David's comments on sort of just thinking about overall levels of engagement across the firm. That's not confined to traditional realm of Investment Banking or even FICC and Equities. There's strong levels of engagement across our Asset & Wealth Management business, and we're seeing good support across the wealth channel, happens to be well ahead of target for this quarter. but we'll be continuing to focus on driving it as high as we possibly can over the balance of the year.

但我會說——呼應David對於整體參與度水準的評論——這並不局限於傳統的投資銀行領域，甚至也不僅限於FICC與股票業務。我們在資產與財富管理業務也有很高的參與度，我們看到財富通路獲得良好支持；本季剛好大幅領先目標。但在今年剩餘時間，我們會持續專注於推動它，盡可能把它拉到最高。

And then any early benefits from -- there's the three deals and partnerships that you've announced in the last few months, T. Rowe, Industry and Innovator, I think Innovator just closed. So -- but any early benefits from those? And how should we think about the opportunity maybe going forward?

然後，關於——你們在過去幾個月宣布的三筆交易與合作夥伴關係，T. Rowe、Industry 和 Innovator，我想 Innovator 剛完成交割。所以——但這些是否已經帶來任何初步效益？以及我們應該如何看待未來可能的機會？

Yes. We feel very, very good. We obviously just closed Innovator in the last week. We feel very, very good about the partnership and the three deals -- and the two deals, excuse me. And we're integrating the teams.

是的。我們感覺非常、非常好。我們顯然在上週才剛完成 Innovator 的交割。我們對這個合作夥伴關係以及這三筆交易——以及兩筆交易，抱歉——都感覺非常、非常好。而且我們正在整合團隊。

The teams are very excited and very focused on being here. I think the cool thing we mentioned in the script about Innovator is it immediately positions us as one of the top 10 active ETF providers. And obviously, in the active ETF space continues to be very, very good secular growth. I think with what's going on in technology, the strengthening of our positioning around the venture community through Industry Ventures. We're seeing enormous synergies in the business.

團隊都非常興奮，也非常專注於加入這裡。我認為我們在講稿中提到 Innovator 很酷的一點是，它立刻讓我們成為前十大主動式 ETF 供應商之一。而且很明顯，主動式 ETF 領域仍然有非常、非常強勁的長期結構性成長。我想，隨著科技領域的發展，透過 Industry Ventures 強化我們在創投社群中的定位。我們在業務上看到了巨大的綜效。

And by the way, synergies in the wealth business do out of that platform coming on board. But look, this is new, and I don't want to overstate it, but we feel very, very good about the decisions we've made on both the partnership with T. Rowe and the two acquisitions, and we'll report more as we have more substantive things to tell you.

順帶一提，財富管理業務也會因為該平台的加入而產生綜效。但你看，這還很新，我不想言過其實，不過我們對與 T. Rowe 的合作，以及兩項收購所做的決策都感覺非常、非常好；等我們有更具體的內容可以分享時，會再向各位報告。

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，RBC Capital Markets。

Good morning. Thank you. Denis, you touched on in your comments about your CET1 ratio that you folks have used the capital to grow the businesses across the firm and you specifically highlighted acquisition financing. Obviously, as David pointed out, you guys are the leader in M&A advice.

早安。謝謝。Denis，你在談到 CET1 比率時提到，你們運用資本來推動全公司各項業務成長，並特別強調了收購融資。顯然，如 David 所指出，你們是併購（M&A）顧問業務的領導者。

Can you share with us the November changes to the leverage ratios that the regulators did away with, has that helped you guys become more competitive in acquisition financing? And second, how much of the acquisition financing do you try to keep on your books? Or do you try to syndicate it out to participants?

你能否跟我們分享一下，監管機構在 11 月取消的槓桿比率相關變更，是否讓你們在收購融資方面更具競爭力？第二，你們通常會把多少收購融資留在自家資產負債表上？還是會嘗試把它銀團分銷給其他參與者？

Sure. I appreciate those questions, Gerard. So what goes hand in glove with the uptick in strategic activity that David has been discussing and with a particular focus on the corporate sector is that a lot of those transactions require large-scale capital commitments. That's really what I'm referencing with respect to acquisition financing. Yes, the changes in the capital regulations give us more flexibility to deploy into that, but there are also a timing elements.

當然。Gerard，謝謝你的問題。所以，與 David 一直在談的策略性活動回升（特別聚焦企業部門）相伴而來的是，許多交易需要大規模的資本承諾。這正是我在提到收購融資時所指的內容。是的，資本監管規則的變更讓我們在這方面有更大的部署彈性，但同時也存在時間點的因素。

So in the same way that you can have an announced M&A transact, you can report on announced volumes, you don't recognize revenue until that M&A transaction closes. If you take on risk in an acquisition finance book and you have that exposure on your books, you need to set aside the appropriate amount of capital, but you won't be recognizing revenue necessarily until the transaction funds or closes. So there are timing mismatches or things to be aware of with respect to those items.

因此，就像你可以有一筆已宣布的併購交易、也可以報告已宣布的交易量，但在該併購交易完成交割之前，你不會確認收入。如果你在收購融資簿上承擔風險，並把曝險留在自家帳上，你需要提列適當的資本，但你未必會在交易撥款或完成交割之前確認收入。所以，針對這些項目會有時間上的不匹配或需要留意的地方。

As it relates to acquisition financing, our general philosophy is to facilitate the transaction to underwrite and distribute the paper into long-term holders of that loan or bond instrument. We do retain some exposures to clients or as part of an overall relationship banking philosophy.

就收購融資而言，我們的一般理念是促成交易、承銷，並將該等貸款或債券工具分銷給長期持有人。我們也會保留部分對客戶的曝險，或作為整體關係銀行理念的一部分。

And from time to time, we can hold other exposures as well, but the general base case assumptions that we underwrite to distribute for most of the acquisition financing activity.

而且有時我們也會持有其他曝險，但一般的基本情境假設是：我們承作的大多數收購融資活動，都是以分銷為目的來承銷。

Very good. And then to follow up on your comments that you made about the PCL. You obviously identified the three areas of what drove the PCL on a year-over-year basis, loan growth, the single name impairments and then the operating environment. Can you give us more color on the single name impairments, what types of credits were impaired? And then just from a technical standpoint, do the impairments go through the net charge-off line? Or is it through another line on the P&L? Thank you.

很好。接著追問你剛才對 PCL 的評論。你們很清楚指出 PCL 年增的三個驅動因素：放款成長、單一名稱減損，以及營運環境。你能否就單一名稱減損提供更多細節，哪些類型的授信發生減損？另外從技術面來看，這些減損是走淨沖銷（net charge-off）那一行嗎？還是會走損益表上的其他科目？謝謝。

Thank you, Gerard, for your question. The growth piece is across the board. The impairment piece is actually several very small sort of names. I don't think it's particularly thematic. And then we have a sort of a general. We look at the overall operating environment, and we want to make sure we have calibrated the appropriate amount of reserves given the environment that we see.

謝謝你，Gerard，提問。成長的部分是全面性的。減損的部分其實是幾個非常小的個別名稱。我不認為它特別具有某種主題性。然後我們也有一個比較一般性的考量。我們會檢視整體營運環境，並希望確保在我們所看到的環境下，已校準並提列適當的備抵水準。

Chris McGratty, KBW.

Chris McGratty，KBW。

Oh, great. Good morning. I want to go back to the change in the CET1, the 180 basis points linked quarter. Certainly, I understand buybacks a piece of it. But I was wondering if you could unpack or elaborate just a little bit more on the RWA growth by product, anything unusual in the quarter, the $85 billion or so. Obviously, I appreciate trading assets can move around. But I'm just trying to fully understand the capital message relative to the 12.5% that you're at right now?

喔，很好。早安。我想回到 CET1 的變動，也就是季比下降 180 個基點。我當然理解庫藏股回購是其中一部分。但我想請你再多拆解或說明一下按產品別的 RWA 成長，本季是否有任何不尋常之處，大約 850 億美元左右。顯然我也理解交易資產可能會波動。但我只是想更完整理解你們目前 12.5% 這個水準所傳達的資本訊息？

Sure. Believe it or not, I use words, but all those words calibrate to numbers. So the drivers of the CET1 delta of 180 is related to buybacks. And on RWA, it resides with the biggest buckets are growth in prime financing, acquisition financing and then market risk RWAs. Those are the three big buckets on the RWA side and then add on to it the record level of return of capital to shareholders, and that's what explains the quarterly delta in CET1.

當然。信不信由你，我用的是文字，但這些文字都對應到數字。所以 CET1 變動 180 的驅動因素與回購有關。至於 RWA，最大的幾個項目是：主經紀融資（prime financing）成長、收購融資成長，以及市場風險 RWA。這三個是 RWA 端的主要項目；再加上創紀錄的股東資本回饋水準，這就解釋了本季 CET1 的變動。

Okay. And the 12.5%, roughly 100 basis points is a reasonable buffer?

好的。那 12.5% 左右，大約 100 個基點算是合理的緩衝嗎？

It's 110 right now, and we think that, that's a reasonable buffer that gives us flexibility along each of the three principal vectors that I identified, more client activity, more return of capital to shareholders and appropriate flexibility regardless of how the current proposed regulatory rules pan out.

目前是 110 個基點，我們認為這是合理的緩衝，能讓我們在我提到的三個主要向量上保有彈性：更多客戶活動、更多對股東的資本回饋，以及不論目前提出的監管規則最終如何落地，都能保有適當的彈性。

Saul Martinez, HSBC.

Saul Martinez，HSBC。

Hi, thanks. Good morning. Thanks for squeezing me in. I wanted to go back to the equity results and the strength there and ask a question that I expect you guys are tired of answering, but the durability of that, what is durable versus what is extraordinary. Your equity financing revenue, $2.7 billion this quarter, that's more than double what it was in the first quarter of '24.

嗨，謝謝。早安。謝謝讓我插個問題。我想回到股票業務的結果與其強勁表現，問一個我猜你們已經回答到有點累的問題：這種表現的持久性，哪些是可持續的、哪些是非比尋常的。你們本季股票融資收入 27 億美元，是 2024 年第一季的兩倍以上。

And the intermediation income is also well above what it was even five years ago, six years ago, 2021 in the initial phases of the pandemic. But -- and balance sheets are expanding. You mentioned investor engagement remains robust.

而中介收入也明顯高於即便是五年前、六年前，也就是 2021 年疫情初期的水準。但——資產負債表也在擴張。你們提到投資人參與度仍然強勁。

But is there a way -- how do you think about the risk here to this level of revenues? What is extraordinary versus what is durable? And I guess, a different way of asking is maybe what kind of environment would be needed to see a reduction, lower results?

但是否有一種方式——你們如何看待這個收入水準所面臨的風險？哪些是非比尋常、哪些是可持續？我想換個問法是：需要什麼樣的環境才會看到結果下滑、收入降低？

And what kind of environment would be needed to see sustaining these results and even growing from here, albeit with much more tough -- much more difficult comps. So I know a lot in there, but just the whole question of durability versus what's extraordinary, what your thoughts are there?

又需要什麼樣的環境才能維持這些結果，甚至在此基礎上繼續成長，儘管比較基期會更——會更具挑戰、比較會更困難。所以我知道這裡面很多，但整體就是關於持久性與非比尋常之處的問題，你們對此有何看法？

Sure. I appreciate it. I think there's a couple of underlying drivers. So if you take -- the way you frame your question, take a multiyear trend market caps around the world are expanding, equity trading activity and the participation by a broad range of our clients has been expanding. We have had a concerted effort to improve our market share position with leading clients across both FICC and Equities.

好的。感謝。我認為背後有幾個驅動因素。如果你用你提問的方式來看，從多年趨勢而言，全球各地的市值都在擴張，股票交易活動以及我們廣泛客戶群的參與度也在提升。我們一直有計畫地努力提升在 FICC 與股票業務中、面向領先客戶的市占率地位。

And we have been consistently fueling some of those activities with balance sheet and capital commitments to support those client activities. It's jumping off the page given some of the most recent increases, which again, are a function of stepping up some of the capital deployment to support that activity. And then the certain subsegments of the world that are very, very attractive. So you have a slight shift in the mix profile. So those are all the factors that are driving those activity levels consistently higher.

而且我們也持續以資產負債表與資本承諾來為其中一些活動提供動能，以支持客戶的相關活動。從近期的一些增幅來看，這點非常明顯；而這些增幅同樣是因為我們加大了資本投放以支持該活動。另外，全球也有某些非常、非常具吸引力的子領域。因此你的組合結構會有些微的變化。所以，這些都是推動活動水準持續走高的因素。

The flip side is also possible where you see significant drawdowns or a much less active environment, if clients were looking for a lot less by way of equity financing from us, then those activity levels would reverse.

反過來也可能發生：如果你看到顯著回撤或市場環境變得不那麼活躍，若客戶對我們提供的股票融資需求大幅降低，那麼這些活動水準就會反轉。

But despite all of the various types of volatility we've seen over the last quarter and the last number of years where markets go up and markets go down and clients lever up and clients lever down, there still is a tremendous amount of demand from clients for us to step in and support them with financing, and we work very, very hard to both support clients but also be disciplined and thoughtful about how and to whom we extend what types of financing so we can continue to also deliver attractive returns to shareholders.

但儘管過去一季以及過去數年我們看到各種不同類型的波動——市場上漲、下跌，客戶加槓桿、去槓桿——客戶仍然有非常龐大的需求，希望我們介入並以融資方式支持他們；而我們也非常、非常努力，一方面支持客戶，另一方面在我們提供何種融資、以及向哪些對象提供方面保持紀律與審慎，讓我們也能持續為股東帶來具吸引力的回報。

Okay. That's helpful. Maybe just a quick follow-up then on the question of FICC results this quarter, obviously, some softness in rates and mortgages. It sounds like this is more of a -- more generalizable about -- related to the market backdrop as opposed to anything Goldman specific? Is that right?

好的。這很有幫助。那我再快速追問一下本季 FICC 業績的問題，顯然利率與房貸相關業務有些疲弱。聽起來這更像是——更普遍地——與市場背景有關，而不是高盛特有的因素？是這樣嗎？

And I did notice that VaR in rates did go up quite a bit. It was an area of softness. Just any color there as to whether there's a reason for that divergence that is notable.

我也注意到利率 VaR 上升了不少。那是一個偏弱的領域。能否補充一下，是否有任何值得注意的原因，導致這種背離？

Sure. So you're right, VaR was up across rates, VaR was up across commodities. VaR, as you know, is a calculation that has a rolling 30-day contributor based on volatility. And volatility across rates and commodities in the first quarter went up, and that is what mathematically drives the change in the VaR ratio.

當然。你說得對，利率 VaR 上升了，大宗商品 VaR 也上升了。如你所知，VaR 是一個基於波動度、採用滾動 30 天資料的計算。第一季利率與大宗商品的波動度上升，這就是在數學上推動 VaR 比率變動的原因。

Mike Mayo, Wells Fargo.

Mike Mayo，富國銀行。

Just a follow-up on the sponsor activity. And what percent is the sponsor activity of your Investment Banking activity? I know you said it still hasn't come back and that's potential upside in the future, but is it like 10% or 20% or historical 33%? Where is that right now?

我想追問一下贊助方（sponsor）活動。贊助方活動占你們投資銀行業務的比例是多少？我知道你說它仍未回來，未來可能有上行空間，但它是像 10% 或 20%，還是歷史上的 33%？目前大概在哪裡？

Yes. I don't -- it's not a number we've disclosed, Mike, but obviously, in an environment where we post an M&A quarter like the M&A quarter that we posted, it's a smaller percentage, a meaningfully smaller percentage. I'm not suggesting that it's not a meaningful business for the firm, but it's not a number that we've specifically disclosed. And I would say it moves around based on activity levels and based on what's going on. But again, I come back to the point, sponsor is important.

是的。Mike，我們沒有披露過這個數字；但很明顯，在我們做出像本季這樣的併購（M&A）表現時，它所占的比例會更小，也就是顯著更小。我不是說這對公司不是一項重要業務，但我們確實沒有特別披露這個數字。而且我會說，它會隨著活動水準以及當下發生的事情而變動。但我再回到重點：贊助方很重要。

It's a huge client base. We do a lot with sponsors. By the way, we did a lot with sponsors this quarter, but it is a big diverse business. And you look at the overall performance, we can have one sector be weaker than we would have liked and still have very strong performance. And so this is an example where we had very strong banking performance with a weaker sponsor performance than I might have thought three months ago, but it didn't affect the overall strength of the banking performance.

這是一個龐大的客戶基礎。我們與贊助方有很多合作。順帶一提，我們本季也與贊助方做了很多業務，但這是一個龐大且多元的業務。你看整體表現，即使某一個板塊比我們希望的更弱，我們仍然可以有非常強勁的表現。因此這就是一個例子：我們的銀行業務表現非常強，即便贊助方表現比我三個月前預期的更弱，但並未影響銀行業務整體的強勢。

And to be fair, you've talked about sponsors for a few years. Look, your mergers are there, you're number one, we get it. But you've talked about sponsors for a few years and you had another CEO talk about over 10,000 large companies that remain private, even with record high stock markets. So why is that?

公平地說，你們談贊助方已經談了好幾年。你看，你們的併購業務在那裡，你們是第一名，我們明白。但你們談贊助方談了好幾年，而且你們之前另一位 CEO 也提到，即使股市創新高，仍有超過 10,000 家大型公司保持私有。那為什麼會這樣？

Why do they remain private?

為什麼它們仍然是私有的？

Yeah.

對。

Yes. I mean, look, I mean, a couple of things. First of all, Mike, I think one of the things that's just interesting to put in perspective, is when we're talking about sponsors in this context, I think you're talking about private equity. And so remember, sponsors do a lot of things. They do infrastructure, they do real estate, they do credit.

是的。我的意思是，有幾點。首先，Mike，我覺得有一點很有意思、值得放在脈絡中看：當我們在這個語境下談贊助方時，我想你指的是私募股權（private equity）。但要記得，贊助方做很多事情。他們做基礎建設、做不動產、做信貸。

I mean it's a bigger thing. But if we look at -- they do growth equity, when you look at private equity, the rough enterprise value, meaning equity and debt of all the private equity-owned companies is like $4 trillion. So it's less than one NVIDIA. So let's just start there when we're talking about capital and capital flows to put that in some perspective. I think one of the reasons why the private equity firms have been slower to monetize is the economic incentives that are set up, give them optionality to wait.

也就是說，範圍更大。但如果我們看——他們也做成長型股權投資；當你看私募股權時，私募股權所持有公司的粗略企業價值（enterprise value），也就是股權加債務，大約是 4 兆美元。所以還不到一個 NVIDIA 的規模。所以談到資本與資本流向時，我們先從這裡開始，把它放在一個視角裡。我認為私募股權公司變現（monetize）較慢的原因之一，是其經濟激勵機制的設計，給了他們等待的選擇權。

And we had a dynamic where values in private equity portfolios got marked up meaningfully in 2020 and 2021 because of that cycle and making no comments on where they're marked it raised expectations around monetization and people are waiting. And by the way, as the economy grows, the world grows, a lot of these businesses do grow into those valuations.

而我們曾經歷一個動態：由於 2020 與 2021 年那一輪週期，私募股權投資組合的估值被大幅上調——我不評論它們目前被標到哪裡——這提高了對變現的預期，於是大家在等待。而且順帶一提，隨著經濟成長、世界成長，很多這些企業確實會成長到那些估值。

And the way the incentive system works, they really -- really the only optionality LPs have to put pressure on GPs is to not participate in the next fund. And so I do think there's some pressure that's mounting. I do think you'll see more activity, but at the end of the day, they've been a little -- they've been slower and they've been taking that optionality.

而從激勵制度的運作方式來看，LP（有限合夥人）能對 GP（普通合夥人）施加壓力的選擇權，基本上只有不參與下一期基金。所以我確實認為壓力正在累積。我也確實認為你會看到更多活動，但歸根結底，他們一直——他們一直比較慢，而且一直在運用那個選擇權。

Now that said, I think a lot of activity will come over time. We're very well positioned for it. And again, I just want to -- when you look at this whole ecosystem and how things are working, it's a pretty constructive investment banking ecosystem at the moment. Obviously, if the sponsors in private equity turned on, it would be even more constructive for us. But it's pretty constructive at the moment as we look at it.

話雖如此，我認為隨著時間推移會出現很多活動。我們在這方面的布局非常到位。而且我只是想——當你看整個生態系以及運作方式時，目前的投資銀行生態系其實相當具建設性。顯然，如果私募股權的贊助方活動啟動起來，對我們而言會更具建設性。但就我們目前所見，它已經相當具建設性。

Thank you. Ladies and gentlemen, that will conclude our question-and-answer session and also concludes the Goldman Sachs first quarter 2026 earnings conference call. Thank you for your participation. You may now disconnect.

謝謝。各位女士先生，我們的問答環節到此結束，高盛 2026 年第一季財報電話會議也到此結束。感謝各位的參與。您現在可以掛線。