高盛 (GS) 2022 Q1 法說會逐字稿

Good morning. My name is Erica and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs First Quarter 2022 Earnings Conference Call. This call is being recorded today, April 14, 2022. Thank you. Ms. Halio, you may begin your conference.

早上好。我叫 Erica，今天我將擔任您的會議主持人。我想歡迎大家參加高盛 2022 年第一季度收益電話會議。今天，2022 年 4 月 14 日，這個電話被錄音了。謝謝。 Halio 女士，你可以開始你的會議了。

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

早上好。我是高盛投資者關係主管凱里·哈利奧。歡迎來到我們的第一季度收益電話會議。今天，我們將參考我們的收益報告，該報告可在我們網站 www.gs.com 的投資者關係頁面上找到。收益發布和演示文稿中沒有關於前瞻性陳述和非公認會計原則措施的信息。此音頻廣播是 Goldman Sachs Group, Inc. 的版權材料，未經我們同意不得複制、複製或轉播。

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

我們的董事長兼首席執行官大衛·所羅門 (David Solomon) 也加入了我的行列；和我們的首席財務官丹尼斯·科爾曼。讓我把電話轉給大衛。

Thanks, Carey. Good morning, everyone. Thank you all for joining us this morning. There's no question the first quarter was extremely volatile. Russia invaded Ukraine, inflation rose across the globe, and we saw an accelerating trend towards deglobalization.

謝謝，凱里。大家，早安。感謝大家今天早上加入我們。毫無疑問，第一季度非常不穩定。俄羅斯入侵烏克蘭，全球通貨膨脹率上升，我們看到了去全球化的加速趨勢。

In recent decades, we've grown used to low inflation, low interest rates and the free flow of people and goods across national borders. I believe we're in through a period that won't be -- that won't be the case and the consequences for financial markets will be meaningful. Although much remains uncertain, I'm proud that Goldman Sachs effectively supported its clients in this type of environment.

近幾十年來，我們已經習慣了低通脹、低利率以及人員和貨物跨國界的自由流動。我相信我們正處於一個不會發生的時期——情況不會如此，對金融市場的影響將是有意義的。儘管仍有很多不確定因素，但我為高盛在這種環境中有效地支持其客戶感到自豪。

This is a testament to the progress we've made to our strategy around clients. At a time of great volatility it was clear, our clients needed to help managing their risk, and they turned to us for our expertise in navigating this changing landscape. The recent turbulence is nothing to change our firm's client-oriented strategy. In fact, it makes it all the more imperative.

這證明了我們在圍繞客戶的戰略方面取得的進展。在動蕩的時期，很明顯，我們的客戶需要幫助管理他們的風險，他們向我們尋求我們在應對這種不斷變化的環境方面的專業知識。最近的動盪並沒有改變我們公司以客戶為導向的戰略。事實上，它使這一切變得更加迫切。

We are building a more resilient, diversified franchise that can generate solid returns even in more uncertain markets. In February, I laid out our revised medium-term return targets. I'm very proud that even with the headwinds we faced, our results this quarter meet those objectives.

我們正在建立一個更有彈性、更多元化的特許經營權，即使在更加不確定的市場中也能產生可觀的回報。 2 月份，我制定了修訂後的中期回報目標。我很自豪，即使我們面臨逆風，我們本季度的業績也達到了這些目標。

We are also well positioned to achieve the targets we laid out for our growth initiatives across asset management, wealth management, transaction banking and consumer. In some areas, we have accelerated our progress with the acquisitions, including GreenSky, which closed in late March; and NNIP, which closed earlier this week. I'm thrilled to be welcoming these great businesses to Goldman Sachs.

我們也有能力實現我們為資產管理、財富管理、交易銀行和消費者的增長計劃制定的目標。在某些領域，我們加快了收購進程，包括在 3 月下旬結束的 GreenSky；和本週早些時候關閉的NNIP。我很高興歡迎這些偉大的企業加入高盛。

For the quarter, we produced net revenues of $12.9 billion, generated earnings per share of $10.76, an ROE of 15% and an ROTE of 15.8%. As I noted, the evolving market backdrop had a significant effect on client activity. This meant that some parts of our firm faced significant headwinds like equity capital markets, where issuance volumes were lackluster for the quarter. On the other hand, Global Markets had a strong quarter, as this environment allowed us to support clients in the risk intermediation and financing needs.

本季度，我們的淨收入為 129 億美元，每股收益為 10.76 美元，ROE 為 15%，ROTE 為 15.8%。正如我所指出的，不斷變化的市場背景對客戶活動產生了重大影響。這意味著我們公司的某些部分面臨重大不利因素，例如股票資本市場，該季度的發行量低迷。另一方面，全球市場的季度表現強勁，因為這種環境使我們能夠在風險中介和融資需求方面為客戶提供支持。

And in line with our strategy, several of our growth areas continued to reflect durability despite the difficult environment. For example, we saw solid management and other fees across asset management, wealth management as well as revenue growth in our consumer business.

根據我們的戰略，儘管環境困難，我們的幾個增長領域仍然表現出持久性。例如，我們看到資產管理、財富管理以及消費業務收入增長的穩健管理和其他費用。

But there's no question that the most significant event of the first quarter was the invasion of Ukraine. As I've said before, we condemn the invasion on the strongest possible terms, and our hearts go out to the Ukrainian people. This active aggression demands a response that Goldman Sachs is committed to doing its part.

但毫無疑問，第一季度最重要的事件是入侵烏克蘭。正如我之前所說，我們以最強烈的措辭譴責這次入侵，我們的心與烏克蘭人民同在。這種積極的侵略需要高盛致力於盡其本分的回應。

Early on, we took action to ensure the well-being of our people and to begin winding down our firm's operations in Russia. That process is ongoing. Let me also say a few words on our direct financial exposure to Russia. Our positions were relatively limited, but we've been focused on closing them out reducing our exposure.

早些時候，我們採取行動確保我們員工的福祉，並開始關閉我們公司在俄羅斯的業務。這個過程正在進行中。讓我也談談我們對俄羅斯的直接金融風險。我們的職位相對有限，但我們一直專注於關閉它們以減少我們的風險敞口。

The overall direct financial impact from Russia and Ukraine related instruments on our first quarter revenues was a net loss of approximately $300 million. Our risk mitigation efforts would not have been possible without the close collaboration of our people around the globe on both the business and the control side of our firm.

俄羅斯和烏克蘭相關工具對我們第一季度收入的整體直接財務影響是淨虧損約 3 億美元。如果沒有我們全球員工在我們公司的業務和控制方面的密切合作，我們的風險緩解工作是不可能實現的。

Our risk management culture is a true differentiator for us, and we continue to navigate -- as we continue to navigate this volatile environment. More broadly, the Russian invasion has further complicated the geopolitical landscape and created an additional level of uncertainty that I expect will outlast the war itself.

我們的風險管理文化對我們來說是一個真正的差異化因素，我們將繼續導航——因為我們繼續在這個動蕩的環境中導航。更廣泛地說，俄羅斯的入侵使地緣政治格局進一步複雜化，並造成了額外的不確定性，我預計這種不確定性會比戰爭本身更持久。

While it is encouraging to see a newfound unity among the Western democracies, the trend towards deglobalization is clearly gaining momentum. The consequences of that shift are likely to be significant and long lasting, and I believe it will take some time to fully appreciate all the second and third order ramifications.

雖然令人鼓舞的是，西方民主國家之間出現了新的團結，但去全球化的趨勢顯然正在蓄勢待發。這種轉變的後果可能是重大而持久的，我相信需要一些時間才能完全理解所有二階和三階的影響。

Beyond geopolitics, I'm keeping a close eye on several other trends. While U.S. unemployment levels are low and wages are increasing, inflation is the highest it's been in decades. We're seeing new stress on supply chain and commodity prices and U.S. households are facing rising gas prices as well as higher prices for food and housing. We've also seen an increased risk of stagflation and mixed signals on consumer confidence.

除了地緣政治，我還密切關注其他幾個趨勢。雖然美國的失業率很低，工資也在上漲，但通貨膨脹是幾十年來的最高水平。我們看到供應鍊和大宗商品價格面臨新的壓力，美國家庭正面臨天然氣價格上漲以及食品和住房價格上漲的問題。我們還看到滯脹風險增加，消費者信心信號參差不齊。

These cross currents will certainly create ongoing complexity in the economic outlook, but whatever the future holds, I believe Goldman Sachs is well positioned. We continue to make progress on our growth strategy and our commitments to clients a strong -- our commitment to clients is stronger than ever.

這些逆流肯定會給經濟前景帶來持續的複雜性，但無論未來如何，我相信高盛都處於有利地位。我們繼續在我們的增長戰略上取得進展，我們對客戶的承諾更加堅定——我們對客戶的承諾比以往任何時候都更加堅定。

I'll now turn it over to Denis to cover our financial results for the quarter in more detail.

我現在將把它交給丹尼斯，以更詳細地介紹我們本季度的財務業績。

Thank you, David. Good morning. Let's start with our results on Page 2 of the presentation. In the first quarter, we generated net revenues of $12.9 billion and net earnings of $3.9 billion, resulting in earnings per share of $10.76. As David noted, firm-wide performance was strong with an ROE of 15% and an ROTE of 15.8%, notwithstanding an operating environment that was significantly less favorable than the prior year.

謝謝你，大衛。早上好。讓我們從演示文稿第 2 頁上的結果開始。第一季度，我們產生了 129 億美元的淨收入和 39 億美元的淨收益，每股收益為 10.76 美元。正如 David 所指出的，儘管經營環境明顯不如上一年，但公司範圍內的業績表現強勁，ROE 為 15%，ROTE 為 15.8%。

Turning to performance by segment, starting on Page 3. Investment Banking generated revenues of $2.4 billion. Financial Advisory revenues were $1.1 billion, as our M&A franchise continued its outstanding performance and client dialogue remain significantly elevated.

從第 3 頁開始按部門劃分業績。投資銀行業務創造了 24 億美元的收入。財務諮詢收入為 11 億美元，因為我們的併購業務繼續保持出色的表現，客戶對話也顯著提高。

In the quarter, we closed over 115 deals for approximately $385 billion of deal volume and maintained our #1 league table position with nearly $360 billion in announced transactions. This was roughly $155 billion ahead of our next closest competitor, the largest quarterly lead in our history as a public firm.

在本季度，我們完成了超過 115 筆交易，交易量約為 3850 億美元，並以近 3600 億美元的已宣布交易保持了我們的第一名。這比我們最接近的競爭對手領先大約 1550 億美元，這是我們作為上市公司歷史上最大的季度領先優勢。

In equity underwriting, net revenues were $261 million, down significantly versus a record performance in the first quarter of 2021 on the lower industry issuance volumes that David mentioned. Despite this, we continue to rank #1 year-to-date in equity and equity-related offerings with volume market share of 8%.

在股票承銷方面，淨收入為 2.61 億美元，與 David 提到的 2021 年第一季度的創紀錄業績相比顯著下降，原因是行業發行量較低。儘管如此，我們在股票和股票相關產品中繼續排名第一，市場份額為 8%。

Debt underwriting net revenues were $743 million, 16% lower versus the prior year, driven by lower results in leveraged finance and asset-backed activity. While transactions have slowed from the elevated pace of last year and deals have been pushed out, given the uncertain backdrop, our investment banking backlog remains robust. Client engagement is strong, catalyzed by secular trends like digital disruption and transformation across industries and future activity will likely be bolstered by high levels of investable capital from financial sponsors.

債務承保淨收入為 7.43 億美元，比上年下降 16%，原因是槓桿融資和資產支持活動的業績下降。雖然交易已從去年的高速度放緩，交易已被推遲，但鑑於不確定的背景，我們的投資銀行業務積壓仍然強勁。客戶參與度很高，受長期趨勢的推動，例如跨行業的數字化顛覆和轉型，未來的活動可能會受到金融贊助商的高水平可投資資本的支持。

Moving to Global Markets on Page 4. Segment net revenues were $7.9 billion in the quarter, up 4% year-on-year. We saw exceptional strength in both our FICC and Equities businesses.

轉向全球市場，第 4 頁。該季度的部門淨收入為 79 億美元，同比增長 4%。我們在 FICC 和股票業務中都看到了非凡的實力。

On Page 5, you can see revenues across FICC were $4.7 billion in the first quarter, 21% higher than the strong results in the first quarter of 2021. FICC intermediation produced net revenues of $4 billion. This was driven by particular strength in our macro products with elevated activity across rates, currencies and commodities. These macro businesses within FICC, which generally represent the preponderance of FICC intermediation revenues, benefit from a portfolio effect. Our diversified and global footprint, combined with our risk intermediation and execution capabilities is a key differentiator.

在第 5 頁，您可以看到第一季度 FICC 的收入為 47 億美元，比 2021 年第一季度的強勁業績高出 21%。FICC 中介產生了 40 億美元的淨收入。這是由於我們的宏觀產品特別強勁，利率、貨幣和商品的活動增加。 FICC 內的這些宏觀業務通常代表 FICC 中介收入的優勢，受益於投資組合效應。我們多元化的全球足跡，加上我們的風險中介和執行能力是一個關鍵的差異化因素。

FICC financing generated record revenues of $685 million, which were up 23% sequentially and 55% year-on-year with particular strength in mortgages. Total equities revenues were $3.1 billion. Equities intermediation revenues fell 16% year-over-year, driven by lower activity in both cash and derivatives due to fewer market-making opportunities compared to a very strong backdrop at the start of 2021. Equity financing produced net revenues of $988 million. Though lower on a year-on-year basis, these results were 21% higher sequentially. While average prime balances declined slightly from record levels at year-end, opportunities to provide client liquidity increased, which drove stronger quarterly performance.

FICC 融資創造了創紀錄的 6.85 億美元收入，環比增長 23%，同比增長 55%，其中抵押貸款尤為強勁。股票總收入為 31 億美元。與 2021 年初非常強勁的背景相比，由於做市機會減少，導致現金和衍生品活動減少，導致股票中介收入同比下降 16%。股權融資產生了 9.88 億美元的淨收入。儘管同比下降，但這些結果環比增長了 21%。雖然平均主要餘額較年底的創紀錄水平略有下降，但為客戶提供流動性的機會增加，這推動了更強勁的季度業績。

Moving to Asset Management on Page 6. First quarter revenues were $546 million, materially lower than the first quarter of last year due to market headwinds in equity investments and lending and debt investments. Management and other fees totaled $772 million, up 4% sequentially. Net revenues for equity investments were negative $360 million. Across both our public and private portfolios, we experienced substantial losses tied to Russia-related positions, all of which have been written down to 0.

轉到第 6 頁的資產管理。第一季度收入為 5.46 億美元，大大低於去年第一季度，原因是股權投資和貸款和債務投資方面的市場逆風。管理和其他費用總計 7.72 億美元，環比增長 4%。股權投資的淨收入為負 3.6 億美元。在我們的公共和私人投資組合中，我們經歷了與俄羅斯相關頭寸相關的巨額虧損，所有這些頭寸都被減記為 0。

More broadly, we experienced additional headwinds due to the overall market environment. All in, we experienced roughly $620 million of net losses in our public portfolio, offset by approximately $255 million in net gains across our private portfolio, largely due to event-driven items, including asset sales and financing rounds.

更廣泛地說，由於整體市場環境，我們遇到了額外的不利因素。總而言之，我們在公共投資組合中經歷了大約 6.2 億美元的淨虧損，被我們私人投資組合中大約 2.55 億美元的淨收益所抵消，這主要是由於事件驅動的項目，包括資產出售和融資輪次。

We harvested $1 billion of on-balance sheet equity investments in the first quarter. We remain fully committed to reducing this portfolio over time and have line of sight on another $1 billion of incremental private asset sales corresponding to approximately $750 million of capital reduction.

我們在第一季度收穫了 10 億美元的資產負債表內股權投資。隨著時間的推移，我們仍然完全致力於減少這一投資組合，並有望再增加 10 億美元的私人資產銷售增量，相當於減少約 7.5 億美元的資本。

Turning to Page 9. Consumer and Wealth Management produced revenues of $2.1 billion in the first quarter, up 7% sequentially and 21% year-over-year. In Wealth Management, quarterly management and other fees were $1.3 billion, down 2% versus the fourth quarter of 2021 on seasonality and counseling fees, but up 17% year-over-year. Private Banking and lending net revenues of $339 million were up 28% year-on-year, driven by higher lending and deposit balances. Consumer banking revenues were $483 million in the first quarter, up 28% sequentially and 30% year-over-year. We continue to grow credit card loans and deposit balances.

轉到第 9 頁。消費者和財富管理在第一季度創造了 21 億美元的收入，環比增長 7%，同比增長 21%。在財富管理方面，季度管理和其他費用為 13 億美元，較 2021 年第四季度的季節性和諮詢費用下降 2%，但同比增長 17%。受貸款和存款餘額增加的推動，私人銀行和貸款淨收入為 3.39 億美元，同比增長 28%。第一季度個人銀行業務收入為 4.83 億美元，環比增長 28%，同比增長 30%。我們繼續增加信用卡貸款和存款餘額。

Next, on Page 10. Across these 2 segments, total firm-wide AUS ended the quarter at $2.4 trillion, with a quarterly decline, primarily driven by net market depreciation of $94 billion, partially offset by $24 billion of long-term net inflows. Combined firm-wide management and other fees for the first quarter rose 15% year-over-year to $2 billion, driven by higher average AUS versus last year.

接下來，在第 10 頁。在這兩個細分市場中，公司範圍內的總澳大利亞在本季度末達到 2.4 萬億美元，季度下降，主要是由於 940 億美元的市場淨貶值，部分被 240 億美元的長期淨流入所抵消。第一季度公司範圍內的綜合管理費用和其他費用同比增長 15% 至 20 億美元，這是由於平均 AUS 高於去年。

On Page 11, we address net interest income and our lending portfolio across all segments. Total firm-wide NII was $1.8 billion for the first quarter, higher versus a year ago, reflecting higher loan balances and lower funding costs. Our total loan portfolio at quarter end was $166 billion, up $8 billion versus year-end 2021, primarily due to growth in commercial real estate and credit cards. For the first quarter, our provision for credit losses was $561 million, up from $344 million in the fourth quarter. Provisions in the quarter were primarily due to the growth in our lending portfolio as well as broader macroeconomic factors, including a slowing growth outlook.

在第 11 頁，我們討論了所有細分市場的淨利息收入和貸款組合。第一季度全公司 NII 總額為 18 億美元，高於一年前，反映了更高的貸款餘額和更低的融資成本。我們在季度末的總貸款組合為 1660 億美元，比 2021 年底增加 80 億美元，這主要是由於商業房地產和信用卡的增長。第一季度，我們的信貸損失準備金為 5.61 億美元，高於第四季度的 3.44 億美元。本季度的撥備主要是由於我們的貸款組合的增長以及更廣泛的宏觀經濟因素，包括增長前景放緩。

As we continue to expand our consumer business and grow our lending activities, we are cognizant that macro headwinds and inflationary pressures could potentially weigh on payment rates and thus portfolio performance. While we have not seen any meaningful signs of deterioration in credit metrics, we are being vigilant and will continue to monitor performance and macro conditions to assess risk mitigation measures and calibrate our underwriting where needed.

隨著我們繼續擴展我們的消費業務並增加我們的貸款活動，我們認識到宏觀逆風和通脹壓力可能會影響支付率，從而影響投資組合的表現。雖然我們沒有看到信用指標出現任何明顯惡化的跡象，但我們保持警惕，並將繼續監測業績和宏觀狀況，以評估風險緩解措施並在需要時調整我們的承保。

Turning to expenses on Page 12. Our total quarterly operating expenses were $7.7 billion, down 18% year-over-year. This drove an efficiency ratio for the quarter of 59.7%. Our compensation ratio for the quarter net of provisions was 33%. Quarterly noncompensation expenses were $3.6 billion, 7% higher year-over-year, driven by our continued investments particularly in technology that will further enhance our infrastructure and support our strategic growth initiatives.

轉向第 12 頁的費用。我們的季度總運營費用為 77 億美元，同比下降 18%。這推動了本季度 59.7% 的效率比。本季度扣除撥備後的薪酬比率為 33%。季度非補償費用為 36 億美元，同比增長 7%，這是由於我們持續投資，尤其是在技術方面的持續投資，這將進一步增強我們的基礎設施並支持我們的戰略增長計劃。

Turning to capital on Slide 13. Our Common Equity Tier 1 ratio was 14.4% at the end of the first quarter under the standardized approach. In the quarter, we returned $1.2 billion to shareholders, including common stock repurchases of $500 million and common stock dividends of roughly $700 million. As it relates to the second quarter, we deployed capital to support the closing of the NNIP transaction, and we will remain nimble in response to both ongoing opportunities to support clients and the current operating environment.

在幻燈片 13 上轉向資本。在標準化方法下，第一季度末我們的普通股一級比率為 14.4%。本季度，我們向股東返還了 12 億美元，其中包括 5 億美元的普通股回購和大約 7 億美元的普通股股息。由於與第二季度有關，我們部署了資金來支持 NNIP 交易的完成，我們將保持靈活，以應對支持客戶的持續機會和當前的運營環境。

In conclusion, our strong first quarter results reflect the durability and resilience of our client franchise across almost any environment. Despite the macroeconomic uncertainty and geopolitical complexity, we remain focused on executing on our strategic plan to diversify our business mix and drive competitive returns for shareholders, and we have significant confidence in our forward momentum as an organization.

總之，我們強勁的第一季度業績反映了我們的客戶專營權在幾乎任何環境中的持久性和彈性。儘管存在宏觀經濟的不確定性和地緣政治的複雜性，我們仍然專注於執行我們的戰略計劃，以使我們的業務組合多樣化並為股東帶來有競爭力的回報，我們對我們作為一個組織的前進勢頭充滿信心。

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

有了這個，我們現在將打開問題線。

(Operator Instructions) Your first question comes from the line of Glenn Schorr with Evercore.

（操作員說明）您的第一個問題來自 Glenn Schorr 和 Evercore 的台詞。

So I appreciate the $1 billion harvesting out of the balance sheet PE and the other $1 billion coming up. So it's a partial answer to the question. But in the backdrop that we've seen with slowing M&A and almost no IPOs. My original question was going to be, can you still get to that SCB of 5% that's so important to give us all confidence about putting up that 15% to 17% return over time? How do you view that forward look of the march towards 5%?

因此，我很欣賞從資產負債表 PE 中收穫的 10 億美元以及即將到來的另外 10 億美元。所以這是對這個問題的部分回答。但在我們看到併購放緩和幾乎沒有首次公開募股的背景下。我最初的問題是，你還能達到 5% 的 SCB，這對於讓我們所有人有信心隨著時間的推移提高 15% 到 17% 的回報率非常重要嗎？您如何看待向 5% 邁進的前景？

So Glenn, it's Denis. Thank you. Thank you for the question. Obviously, our results in the quarter in terms of an ROTE of 15.8% and ROE was 15%. Our medium-term targets that you referenced were to be achieved by 2024. So we're really pleased with the performance in this quarter.

所以格倫，是丹尼斯。謝謝你。感謝你的提問。顯然，我們在本季度的 ROTE 為 15.8%，ROE 為 15%。您提到的我們的中期目標將在 2024 年之前實現。因此，我們對本季度的表現感到非常滿意。

As it relates to SCB, for us, it continues to be making the choices that we can with respect to investing in our business mix creating more durable and predictable revenue streams and then also continuing to migrate down our on-balance sheet equity position. So I think our commitment to the strategy remains intact. We have obviously submitted our CCAR submission, and we await response from the Federal Reserve. And we will continue to focus on driving those aspects of our business that we can, all of which we hope will contribute to an SCB that is lower and reflects our business mix.

由於它與 SCB 相關，對我們而言，它繼續做出我們可以做出的選擇，以投資於我們的業務組合，創造更持久和可預測的收入流，然後繼續向下遷移我們的資產負債表資產頭寸。所以我認為我們對戰略的承諾保持不變。我們顯然已經提交了我們的 CCAR 提交，我們正在等待美聯儲的回應。我們將繼續專注於推動我們業務的那些方面，我們希望所有這些都有助於降低 SCB 並反映我們的業務組合。

Okay. I appreciate that it's working so far, good first quarter. Maybe a little follow-up on the sponsor side. And it's both as you as someone that's planning to raise a lot of third-party money as an alternative manager and also you as the largest servicer of that sponsor community, can you give a little insight towards just what's going on? Do you expect -- is the capital raising environment disrupted. You harvested $1 billion, but can you still have a decent harvesting backdrop amidst the disruptive banking backdrop?

好的。我很欣賞它到目前為止的工作，第一季度很好。也許贊助商方面的一些後續行動。作為一個計劃籌集大量第三方資金作為替代經理的人，以及作為該贊助商社區最大的服務商，您能否對正在發生的事情提供一些見解？您是否期望——融資環境被打亂了。你收穫了 10 億美元，但在顛覆性的銀行業背景下，你還能有一個不錯的收穫背景嗎？

Sure, Glenn, it's David. And I'll jump in here. I would say that there are a variety of secular tailwinds that are still driving lots of institutional capital on a global basis towards broad alternatives platforms. I think despite the volatility that exists in markets, those trends continue to be in place. And I think you'll continue to see secular growth in the amount of capital, institutional capital that's allocated to alternatives platforms for quite some time.

當然，格倫，是大衛。我會跳到這裡。我想說的是，在全球範圍內，各種長期的順風仍在推動大量機構資本轉向廣泛的替代平台。我認為，儘管市場存在波動，但這些趨勢仍然存在。而且我認為您將繼續看到在相當長的一段時間內分配給替代平台的資本、機構資本數量的長期增長。

In the context of that, I think we and others do have big broad multi-product global platforms that are well positioned. And so while the pace of fundraising might ebb and flow a little bit from peaks, I think the general secular trend is still in place in this volatility. I don't think in the short run will affect that. With respect to monetizations and values, there is no question that we've gone through a period of time where the macro backdrop certainly created an acceleration of that. There were a variety of factors that I think were more short term that amplified that. And I think we've commented in the past about the fact that we did not think those levels of activity were sustainable.

在這種情況下，我認為我們和其他人確實擁有定位良好的大型、廣泛的多產品全球平台。因此，儘管籌資步伐可能會從高峰期起起伏伏，但我認為在這種波動中，總體的長期趨勢仍然存在。我認為短期內不會影響這一點。關於貨幣化和價值，毫無疑問，我們已經經歷了一段時間，宏觀背景肯定會加速這種情況。我認為有多種因素在短期內會放大這一點。而且我認為我們過去曾評論過我們認為這些活動水平不可持續的事實。

However, even in an environment like this, when you have a broad diversified portfolio of assets, and there are certainly lots of areas where there's real growth in the economy, and the economy is still growing very well, the opportunity to see monetizations, to see transactions, I think, continues just probably not at the same pace and velocity as we saw in 2020 and 2021.

然而，即使在這樣的環境中，當你擁有廣泛多元化的資產組合，並且肯定有很多領域經濟真正增長，而且經濟仍然增長良好時，有機會看到貨幣化，我認為，交易的繼續速度可能與我們在 2020 年和 2021 年看到的不同。

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

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

So overall ROTE of 16% was pretty impressive in the quarter, given it was a pretty challenging backdrop. Are you now in a place where you think, given the diversity of the business model that Goldman should pretty much always earn cost of capital on a quarterly basis?

因此，鑑於這是一個非常具有挑戰性的背景，本季度 16% 的總體 ROTE 令人印象深刻。鑑於高盛幾乎總是應該按季度賺取資本成本的商業模式的多樣性，您現在是否處於您認為的地方？

Well, I mean, I -- always is a definitive word. We never say always to anything because there certainly could be environments that we do not foresee that could produce the distribution of outcomes, a very skewed outcome in one direction or the other. I do think that this leadership team over the last almost 4 years has made significant investments in our business and that has allowed us to grow our business, and that has allowed us to better plan in our business given some of the investments and planning process we made that hopefully, over time, will give the market more confidence in the durability of these returns.

嗯，我的意思是，我——總是一個確定的詞。我們從不總是對任何事情說，因為肯定會有我們無法預見的環境會產生結果的分佈，在一個方向或另一個方向上非常傾斜的結果。我確實認為這個領導團隊在過去近 4 年中對我們的業務進行了大量投資，這使我們能夠發展我們的業務，並且考慮到我們的一些投資和規劃流程，這使我們能夠更好地規劃我們的業務希望隨著時間的推移，這將使市場對這些回報的持久性更有信心。

I think we're well positioned. In February, we laid out these medium-term targets. We do not lay out targets lightly. So I would never comment on what could happen in any given quarter, Christian, but I think we have a larger more durable business, and I think we're going to continue to add to that durability as we move forward, and we're very committed to executing on that strategy.

我認為我們的位置很好。 2 月，我們制定了這些中期目標。我們不會輕易制定目標。所以我永遠不會評論任何特定季度可能發生的事情，克里斯蒂安，但我認為我們擁有更大更耐用的業務，我認為隨著我們的前進，我們將繼續增加這種耐用性，我們正在非常致力於執行該戰略。

Okay. On FICC, just maybe more broadly, intermediation businesses. How do you think about the potential going forward as the Fed sort of shrink its balance sheet and raising rates, trying to figure out the potential for meaningfully good volatility and greater demand for risk intermediation services versus any sort of funding cost headwinds that may occur?

好的。在 FICC 上，也許更廣泛地說是中介業務。您如何看待隨著美聯儲縮減資產負債表並提高利率，試圖找出潛在的有意義的良好波動性和對風險中介服務的更大需求，以及可能發生的任何形式的融資成本逆風，您如何看待未來的潛力？

So I mean, I comment from a macro perspective on a couple of things with respect to that. And I'm not smart enough to know what good volatility or bad volatility is. We're more focused on serving our clients and ensuring that we have the highest market share available with those clients as they position their portfolios that they transact. Intermediation is a big business.

所以我的意思是，我從宏觀的角度來評論一些與此相關的事情。而且我還不夠聰明，不知道什麼是好的波動性或壞的波動性。我們更專注於為客戶提供服務，並確保我們在這些客戶定位他們交易的投資組合時擁有最高的市場份額。中介是一門大生意。

I think it's always going to be a big business. That doesn't mean that it can't ebb and flow from quarter-to-quarter. But I think that one way to frame this is that the size of the available intermediation activity that's out there for firms like ourselves to play a big role in this is bigger today than it was 5 years ago, going back prepandemic. And in addition, based on investments we've made both in the client centricity and the approach we're taking and in technology, our market shares are larger, and we think those market share gains are durable. I'd also highlight that we've been -- and we've been very clear with you on this, building our financing capability for those clients and one of the things about that business now is a larger proportion of it is financing revenue and that financing revenue is more durable.

我認為這將永遠是一項大生意。這並不意味著它不能逐季潮起潮落。但我認為，構建這一點的一種方法是，像我們這樣的公司在其中發揮重要作用的可用中介活動的規模比 5 年前要大，可以追溯到大流行前。此外，基於我們在以客戶為中心和我們正在採取的方法以及技術方面的投資，我們的市場份額更大，我們認為這些市場份額的增長是持久的。我還要強調的是，我們一直 - 我們已經和你非常清楚，為這些客戶建立我們的融資能力，現在關於該業務的一件事是其中很大一部分是融資收入和融資收入更持久。

So I feel good about the way the business is positioned. I won't speculate on what every quarter will look like going forward. But certainly, I think we're better positioned in this business today than we were 5 years ago. And I think that's reflected, for example, in a quarter like this and the results of the client activity we're able to accomplish.

所以我對業務定位的方式感覺很好。我不會推測未來每個季度的情況。但可以肯定的是，我認為我們今天在這項業務中的定位比 5 年前更好。我認為這反映了，例如，在這樣的一個季度以及我們能夠完成的客戶活動的結果。

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

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

So wanted to start off with a question on capital management. You guys were clear positive outliers in the quarter. Many of your peers reported pretty significant drawdowns in CET1. Admittedly, I was a bit surprised to see the improvement in your ratios, just given a lot of the sources of RWA inflation that have been cited on some of the other calls have really highlighted market risk RWA inflation.

所以想從一個關於資本管理的問題開始。你們在本季度是明顯的積極異常值。您的許多同行都報告說 CET1 出現了相當大的回撤。誠然，看到您的比率有所改善，我有點驚訝，因為在其他一些電話中引用的許多 RWA 通脹來源確實突出了市場風險 RWA 通脹。

I was hoping you can just give some perspective on how much of an impact did you see from higher market risk RWAs in the quarter where you could see some relief down the road? And just given the accretion in capital you saw in the quarter, whether there's any appetite to accelerate buybacks, especially into a declining share price?

我希望您能就本季度較高的市場風險風險加權資產對您的影響有多大的看法，您可以在未來看到一些緩解？鑑於您在本季度看到的資本增加，是否有加速回購的意願，尤其是在股價下跌的情況下？

Sure, Steven. Thank you for the question. As it relates to our build of capital over the course of the quarter, that was deliberate. We knew that at the beginning of the second quarter that we would have to pay for the NNIP acquisition. And so we had -- we've grown our capital over the course of the first quarter. We also were very disciplined on RWA growth. Our growth was $5 billion on a quarter-over-quarter basis. So we were able to deliver types of results that David just made reference to across our big businesses while maintaining discipline with respect to RWA growth and so that also contributed to the improvement.

當然，史蒂文。感謝你的提問。由於它與我們在本季度的資本建設有關，這是經過深思熟慮的。我們知道在第二季度初我們將不得不為 NNIP 的收購付出代價。所以我們有 - 我們在第一季度增加了我們的資本。我們對 RWA 的增長也非常自律。我們的季度環比增長為 50 億美元。因此，我們能夠在我們的大企業中提供 David 剛才提到的那種結果，同時保持 RWA 增長方面的紀律，這也有助於改進。

Now as it relates to our outlook, we've been reasonably clear that our first priority in terms of driving long-term results for shareholders and supporting clients is to deploy capital into accretive client opportunities. And once again, you would see in the first quarter with the Global Markets segment ROE north of 25% and firmwide ROE at 15%, there certainly were attractive client deployment opportunities, and we prioritized that.

現在，由於它與我們的前景有關，我們已經相當清楚，在為股東推動長期業績和支持客戶方面，我們的首要任務是將資本部署到增加的客戶機會中。再一次，你會在第一季度看到全球市場部分 ROE 超過 25%，全公司 ROE 為 15%，當然有有吸引力的客戶部署機會，我們優先考慮這一點。

We remain focused on sustainably growing a dividend. And then obviously, to the extent the opportunities to support clients for the market environment shifts, obviously, we'd look to return that capital back to shareholders. I would say from where I sit right now, looking at the second quarter, my expectation on buybacks would be reasonably consistent with the first quarter, but we do expect to remain nimble.

我們仍然專注於可持續地增加股息。然後很明顯，在支持客戶適應市場環境的機會發生變化的情況下，顯然，我們希望將這些資金返還給股東。我會說，從我現在所處的位置來看，看看第二季度，我對回購的預期將與第一季度相當一致，但我們確實希望保持靈活。

And to the extent that the opportunity set with clients is less attractive and you make reference to the then prevailing share price, that's obviously something that we'll consider.

如果與客戶的機會不那麼有吸引力，並且您參考當時的普遍股價，這顯然是我們會考慮的事情。

That's great color, Denis. And just for my follow-up on the investment banking businesses. You noted the backlogs are stable year-on-year. Certainly a good outcome given the macro uncertainty. But I was hoping you could just provide a little bit more granularity on the individual investment banking businesses and more specifically, how you expect them to perform over the next, call it, 6 to 12 months?

這顏色真好，丹尼斯。只是為了我對投資銀行業務的跟進。您注意到積壓訂單同比穩定。鑑於宏觀的不確定性，當然是一個好的結果。但我希望你能提供更多關於個別投資銀行業務的細節，更具體地說，你希望它們在接下來的 6 到 12 個月內表現如何？

And how much of the slowdown that we've seen at least in the first quarter would you attribute to growing macro risks and waning CEO confidence that could drive a more prolonged slowdown versus maybe something that's more temporary due to the elevated market volatility?

我們至少在第一季度看到的放緩在多大程度上歸因於宏觀風險的增加和 CEO 信心的減弱，這可能會導致更長時間的放緩，而不是由於市場波動加劇而導致的更暫時的放緩？

So I'll start, Steve, and just say that, that activity level is still quite high and engagement from our banking clients is still quite high. There's no question that equity beta kind of turned off for the quarter. And so one of the things that happened was a bunch of equity issuance that was supposed to happen in the quarter got pushed out.

所以我會開始，史蒂夫，只是說，活動水平仍然很高，我們銀行客戶的參與度仍然很高。毫無疑問，本季度的股票貝塔係數有所關閉。因此，發生的一件事是本應在本季度發生的大量股票發行被推遲了。

That definitely is a market volatility effect. And my guess is as the market volatility settles down during the course of the year to the degree that it does, that will bring some of that issuance back into the marketplace. We've seen, when you look over the course of the last 20 years, plenty of periods of time where there are quarters where you have very, very low equity issuance, it's been very rare that, that continues for a year or a longer period and that doesn't mean that, that couldn't happen, but certainly that would be expected given the history.

這絕對是市場波動效應。我的猜測是，隨著市場波動在一年中穩定到一定程度，這將使部分發行量重返市場。我們已經看到，當你回顧過去 20 年的過程時，有很多時間段的股票發行量非常非常低，這種情況持續一年或更長時間是非常罕見的期間，這並不意味著那不可能發生，但考慮到歷史，這肯定是可以預料的。

As businesses need capital, they need to make investments at a time as prices reset or values reset, people need some time to absorb those changes versus their expectations. But ultimately, at the end of the day, they understand the reality and they move forward.

由於企業需要資金，他們需要在價格重置或價值重置時進行投資，人們需要一些時間來吸收這些變化而不是他們的預期。但最終，在一天結束時，他們了解現實並繼續前進。

I don't see a significant change in kind of strategic dialogue. I would say if the world got materially worse and materially more volatile given some of the geopolitical stuff that was going on, that certainly would have the potential to slow down some of the strategic activity and dialogue, but at the moment that activity level and certainly the engagement remains quite good, quite robust. But we watch it very, very closely.

我認為戰略對話的類型沒有顯著變化。我想說，如果考慮到正在發生的一些地緣政治因素，世界變得更糟、更不穩定，那肯定有可能減緩一些戰略活動和對話，但目前這種活動水平，當然參與度仍然非常好，非常強大。但我們非常非常密切地觀察它。

I would note that I think it's important to just recognize and we said this at the year-end, at year-end on the year-end call that the activity levels that we saw in 2021 in the banking business, nobody expected those to be normalized levels.

我要指出的是，我認為重要的是要認識到，我們在年底，在年底電話會議上說，我們在 2021 年看到的銀行業務活動水平，沒有人預料到會是這樣標準化水平。

So I'd certainly describe a little bit of what we're seeing as a normalization. And I think first quarter overall activity, there's some normalization of that, although I think equity is well below what I would call a normalized trend.

所以我肯定會描述一些我們所看到的正常化。我認為第一季度的整體活動，有一些正常化，儘管我認為股票遠低於我所說的正常化趨勢。

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

您的下一個問題來自摩根士丹利的 Betsy Graseck。

I know we've talked a lot about the investment banking side of the business. Maybe we could turn to the loan growth areas that you're focused on. And just want to understand what you're expecting there from some of the recent acquisitions like GreenSky, some of the new relationships that you've got, I know it's been a couple of years already, but Apple Card is growing nicely from the GM relationship. How should we think about the capital call that, that piece of the business will have? And what kind of growth rate you expect to get this year?

我知道我們已經談了很多關於業務的投資銀行方面的內容。也許我們可以轉向您關注的貸款增長領域。只是想了解您對最近的一些收購（例如 GreenSky）的期望，以及您獲得的一些新關係，我知道已經有幾年了，但 Apple Card 正在從 GM 那裡得到很好的發展關係。我們應該如何考慮那部分業務將擁有的資本調用？你預計今年的增長率是多少？

Betsy, thank you very much for the question. Look, we've been very focused on growing these businesses and whether it be loan growth across the consumer platform in terms of installment loan business or the cards businesses or now with the acquisition of GreenSky or whether it be across private wealth channels or even across our FICC financing businesses, we have a strategic objective to continue to grow those businesses in a credit sensitive fashion.

貝齊，非常感謝你的提問。看，我們一直非常專注於發展這些業務，無論是分期貸款業務或信用卡業務方面的跨消費平台貸款增長，還是現在收購 GreenSky 或跨私人財富渠道甚至跨我們的 FICC 融資業務，我們的戰略目標是繼續以對信用敏感的方式發展這些業務。

And in terms of thinking about the impact and how to think about that through the P&L, you'll see that in the first quarter, we did raise our provisions for credit losses. They were at $561 million versus $344 million and a primary driver of that was our growth in loan activity. So that's something that we expect across these businesses as we grow them. We expect as we grow the portfolio of GreenSky that will also continue to provision. So it remains focused for the firm. We're looking at across multiple channels and trying to keep in mind sort of underwriting credit quality as we do so.

在考慮影響以及如何通過損益考慮影響方面，你會看到，在第一季度，我們確實提高了信用損失準備金。它們分別為 5.61 億美元和 3.44 億美元，主要驅動因素是我們的貸款活動增長。因此，這是我們在發展這些業務時所期望的。我們預計，隨著我們擴大 GreenSky 的產品組合，該產品組合也將繼續提供。因此，它仍然專注於公司。我們正在跨多個渠道進行研究，並在這樣做時試圖牢記某種承保信用質量。

Yes. And that's kind of the follow-up I had because we've got the forward curve looking for something like 9 rate hikes this year, a few more next year. And so there's a triangulation between rate hikes and credit quality. And how are you thinking about that? When you talk about the provision increase you've done maybe you could unpack that a little bit as to how much of that was coming from loan volume increase expected versus what you're anticipating for credit quality changes, given that backdrop I just mentioned?

是的。這就是我的後續行動，因為我們的遠期曲線正在尋找今年加息 9 次，明年再加息幾次。因此，加息和信貸質量之間存在三角關係。你是怎麼想的？當你談到你已經完成的準備金增加時，也許你可以稍微解釋一下，考慮到我剛才提到的背景，其中有多少來自預期的貸款量增加與你對信用質量變化的預期？

Sure. Fair enough. And that's a question we're very, very focused on. I mean in terms of looking at the portfolio and its performance, we have not yet seen a change in the overall credit quality of our portfolios. We remain very mindful of that, given some of the headwinds that are on the forward, but if you look at metrics like our charge-offs in the first quarter, they were $154 million, net charge-off rate of 0.4%, unchanged quarter-over-quarter.

當然。很公平。這是我們非常非常關注的一個問題。我的意思是就投資組合及其表現而言，我們尚未看到投資組合的整體信用質量發生變化。考慮到未來的一些不利因素，我們仍然非常注意這一點，但如果你看看我們在第一季度的沖銷等指標，它們是 1.54 億美元，淨沖銷率為 0.4%，季度保持不變- 超過四分之一。

And as we think about growing these particular businesses, underwriting standards and the credit box remain top of mind as we continue to grow. And to the extent we see indications significantly slowing rates in terms of payments or the percentage of people making their minimum payments that are indications of future credit deterioration, that will be a signal for us, and we can obviously take risk mitigating actions in the forward as a result.

當我們考慮發展這些特定業務時，隨著我們的不斷發展，承保標準和信用額度仍然是首要考慮因素。在某種程度上，我們看到有跡象表明支付率或支付最低還款額的人的百分比顯著放緩，這些跡象表明未來的信用惡化，這對我們來說是一個信號，我們顯然可以在未來採取降低風險的行動因此。

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

您的下一個問題來自富國銀行的 Mike Mayo。

If you could just, David and team, maybe just summarize where you think we are in terms of normalizing? You said equity underwriting would be below normal and maybe trading is way above. And I know nobody has a crystal ball and it's tough. But one of your competitor banks talked about volatility remaining elevated. And I don't know, just how should we think about the normalization of the legacy capital market businesses here? And also, how much did commodities contribute to this quarter? Was it a record or close to a record?

如果你可以的話，大衛和團隊，也許只是總結一下你認為我們在正常化方面的位置？您說股票承銷會低於正常水平，而交易可能會高於正常水平。而且我知道沒有人有水晶球，這很難。但是您的一家競爭對手銀行談到波動性仍然很高。而且我不知道，我們應該如何看待這里傳統資本市場業務的正常化？此外，大宗商品對本季度的貢獻有多大？這是一個記錄還是接近記錄？

So Mike, I don't -- it's -- and I know I just used it myself, I use the term normalization talking about the Equity Capital Markets business. It's very easy for me to look at equity capital markets revenues for the quarter and say that's not a normalized run rate level for that business.

所以邁克，我不 - 它是 - 我知道我自己只是用過它，我用正常化這個詞來談論股票資本市場業務。我很容易查看本季度的股票資本市場收入，並說這不是該業務的正常運行率水平。

I would also tell you that the Equity Capital Markets revenues in the first quarter of 2021 was not a normal level for the business. When you talk about the broad corporate investment banking business and the capital markets activity across both investment banking and end markets, again, I would amplify I don't have a crystal ball. I can't tell you exactly where it's going to settle out, but I think these are good businesses, where we have a high degree of confidence that through market cycles we can produce very nice returns in these businesses.

我還要告訴你，2021 年第一季度的 Equity Capital Markets 收入不是該業務的正常水平。當你談到廣泛的企業投資銀行業務以及投資銀行和終端市場的資本市場活動時，我再次強調我沒有水晶球。我無法確切告訴你它將在哪里安定下來，但我認為這些都是很好的業務，我們非常有信心通過市場週期我們可以在這些業務中產生非常好的回報。

We think it's a very powerful ecosystem combining these 2 businesses together with the global scale and footprint that we have. And we expect them to continue to be big contributors to accretive returns to allow us to meet our targets broadly.

我們認為這是一個非常強大的生態系統，將這兩項業務與我們擁有的全球規模和足跡結合在一起。我們預計他們將繼續成為增加回報的重要貢獻者，使我們能夠廣泛地實現我們的目標。

Commodities was not a record. There's no question that when you look at the FICC macro business where there was really great performance, it was well diversified across rates, commodities and currencies. I mean the macro businesses certainly outperformed, but that's what I'd say to that point.

商品不是記錄。毫無疑問，當您查看表現非常出色的 FICC 宏觀業務時，它在利率、商品和貨幣方面都非常多樣化。我的意思是宏觀業務肯定表現出色，但這就是我要說的。

So again, I'd go back, I think these businesses are in terms of available wallet for people like ourselves that compete in them they are fundamentally bigger than they were 5 years ago because the market cap growth around the world, and that creates a good opportunity for us.

再說一次，我想回去，我認為這些業務是為像我們這樣競爭的人提供的可用錢包，它們從根本上比 5 年前更大，因為全球市值增長，這創造了一個對我們來說是個好機會。

In addition, we've continued to invest in things in those businesses, which we think strengthen our competitive position. But it's hard for me to give you a predicted normal revenue number, it's just not that kind of business.

此外，我們繼續對這些業務進行投資，我們認為這會加強我們的競爭地位。但是我很難給你一個預測的正常收入數字，這不是那種生意。

All right. Let me follow up a different way then. In terms of your market share improvement with your capital markets businesses with corporates, I know that's part of the kind of the one firm directive, can you -- do you have any metrics around that progress and how you're doing with corporates?

好的。那麼讓我以不同的方式跟進。就您與企業的資本市場業務的市場份額提高而言，我知道這是單一公司指令的一部分，您能否 - 您是否有任何關於該進展的指標以及您與企業的合作情況？

Sure. I mean we -- I'll point out something that I think is an anecdotal metric, but I think it's interesting. We have 100 -- when you open the M&A league table, which is something obviously we dominate, we have $155 billion lead for the quarter. That's the largest 1 quarter lead we've ever had in our history in the M&A league table.

當然。我的意思是我們——我會指出一些我認為是軼事的指標，但我認為這很有趣。我們有 100 個——當你打開併購排行榜時，這顯然是我們主導的事情，我們在本季度有 1550 億美元的領先優勢。這是我們歷史上在併購排行榜中最大的 1 個季度領先。

So that's a metric that's reflective of clients coming to us. We're tracking our market shares quite closely across investment banking and also across global markets. And we've seen market share gains across both over the course of the last couple of years, and we'll continue to track them and make investments where we think we can strengthen them to make sure they're very durable.

所以這是一個反映客戶來找我們的指標。我們正在密切關注投資銀行和全球市場的市場份額。在過去的幾年裡，我們看到兩者的市場份額都有所增長，我們將繼續跟踪它們，並在我們認為可以加強它們的地方進行投資，以確保它們非常耐用。

Next question comes from the line of Brennan Hawken with UBS.

下一個問題來自瑞銀的布倫南霍肯。

Betsy asked about this broadly, but maybe more narrowly with GreenSky now closed. How should we think about those loans. From my understanding, their loans were securitized, right? So basically, is the idea that they will mature off and as GreenSky underwrites new loans, then those loans would be on Goldman's balance sheet, and so it would just sort of naturally migrate as the portfolio matures and is reissued? And should we think about it just getting to that roughly $10 billion level where GreenSky had been running? How should we think about that?

Betsy 廣泛地詢問了這個問題，但在 GreenSky 現在關閉的情況下可能更狹隘。我們應該如何看待這些貸款。據我了解，他們的貸款被證券化了，對吧？所以基本上，他們是否會到期並且隨著 GreenSky 承銷新貸款，那麼這些貸款將出現在高盛的資產負債表上，所以隨著投資組合的成熟和重新發行，它會自然地遷移嗎？我們是否應該考慮讓它達到 GreenSky 一直在運行的大約 100 億美元的水平？我們應該怎麼想？

So in terms of our strategy, we would expect over time that as GreenSky continues to originate, we would take those loans onto our balance sheet. We certainly would retain the flexibility to securitize some of that risk ourselves as they have previously.

因此，就我們的戰略而言，我們預計隨著時間的推移，隨著 GreenSky 的不斷發展，我們會將這些貸款納入我們的資產負債表。我們當然會像以前一樣保留將部分風險證券化的靈活性。

But the goal over time is to ramp up those balances onto our balance sheet. I think they had origination volumes of approximately $1.5 billion in the first quarter. And so we're stepping into them based on that level of activity, and our ambition is to continue to grow the origination with them.

但隨著時間的推移，目標是將這些餘額增加到我們的資產負債表上。我認為他們在第一季度的發起量約為 15 億美元。因此，我們正在根據這種活動水平涉足他們，我們的目標是繼續與他們一起發展起源。

Great. And then similarly, as far as deposits and deposit costs. What are the expectations for deposit beta in Marcus for this rate hiking cycle? Last cycle was a little unusual. It was growing and newer platform, more established now. As a happy Marcus customer myself, I've been watching my yield that it hasn't really moved much, which is not that surprising because we're just getting started. But how should we be thinking about that on a go-forward?

偉大的。然後類似地，就存款和存款成本而言。對於這個加息週期，馬庫斯的存款貝塔值是多少？上一個週期有點不尋常。它正在成長和更新的平台，現在更加成熟。作為一個快樂的 Marcus 客戶，我一直在觀察我的收益，它並沒有真正改變太多，這並不奇怪，因為我們才剛剛開始。但是我們應該如何考慮這個問題呢？

Fair enough. You're right to observe that we have not increased our market savings rate. Look, in terms of how we're thinking about the deposit betas across the channels, I mean, that really -- you really need a through-the-cycle experience. We have a certain expectation for these businesses that will prove out through the cycle. This cycle will be different than previous cycles. Obviously, I would say at the very, very beginning part of the cycle, the experience is outperforming our expectations.

很公平。你說得對，我們沒有提高我們的市場儲蓄率。看，就我們如何考慮跨渠道的存款測試而言，我的意思是，你真的需要一個貫穿整個週期的體驗。我們對這些將通過週期證明的業務有一定的期望。這個週期將不同於以前的周期。顯然，我會說在周期的最開始部分，體驗超出了我們的預期。

But I think that's because we recognize that the maturity of our portfolio and our time in the business is less than some of our biggest competitors. But we remain really focused on managing that, continuing to drive deposit growth and support the other origination activities across our lending platforms.

但我認為這是因為我們認識到我們的投資組合的成熟度和我們在業務中的時間少於我們的一些最大競爭對手。但我們仍然真正專注於管理這一點，繼續推動存款增長並支持我們藉貸平台上的其他發起活動。

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

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

Maybe I'll just stick on the same theme here on consumer. I'd love to talk about just the consumer product road map and what we could expect from here, I'm sure you don't want to kind of give away your entire hand here, but just kind of what to think about as a natural extension coming next?

也許我會在消費者方面堅持同樣的主題。我很想談談消費產品路線圖以及我們對這裡的期望，我敢肯定你不想在這裡放棄你的全部手，而只是想作為一個下一個自然延伸？

And then obviously, with the Apple news and kind of where they're going, how that affects buy now pay later and any other kind of parts of the strategy in terms of timing?

然後很明顯，隨著蘋果的新聞和他們的去向，這將如何影響“先買後付”以及策略的任何其他部分在時間方面的影響？

Okay. Great. Thank you for the question. So in terms of our aspirations to build the leading global digital consumer bank, a lot of the pieces to the puzzle are in place at this point. A lot of those investments have been made, and we feel really good about the progress across the various lending and deposit platforms that we've invested in and built out.

好的。偉大的。感謝你的提問。因此，就我們打造全球領先的數字消費銀行的願望而言，目前很多難題都已解決。已經進行了很多這樣的投資，我們對我們投資和建設的各種借貸和存款平台的進展感到非常滿意。

I mean to give you a sense, our active customers in the consumer space are north of $13 million now. And that number in the fourth quarter was less than $10 million. So we continue to see attractive active customer acquisition, both organically and inorganically, which is an important piece of the strategy.

我的意思是給你一個感覺，我們在消費領域的活躍客戶現在超過 1300 萬美元。第四季度的這個數字還不到 1000 萬美元。因此，我們繼續看到有吸引力的積極客戶獲取，無論是有機的還是無機的，這是該戰略的重要組成部分。

I think perhaps next up on the product road map will be the launch of checking. We're already piloting that internally, and we expect to launch that more broadly to our clients later this year. And that will be -- I think that will be an important piece of the product road map for us.

我認為產品路線圖上的下一個可能是檢查的啟動。我們已經在內部進行試點，我們希望在今年晚些時候向我們的客戶更廣泛地推出它。那將是 - 我認為這將是我們產品路線圖的重要組成部分。

The only thing I would add to that, Devin, is I just highlight back in the February update, we put out a $4 billion revenue target. And I just want to tie that target to what Denis said when he said most of the investment was made. Most of the investment to drive that revenue target is in the ground and so that's something I want to amplify.

德文，我唯一要補充的是，我只是在 2 月份的更新中強調，我們提出了 40 億美元的收入目標。我只想把這個目標與丹尼斯所說的大部分投資都進行了聯繫起來。推動該收入目標的大部分投資都在地下，所以我想擴大這一點。

And then just finally, because you referenced it, our partnership with Apple is very, very strong. While there's been a Bloomberg article about what Apple is doing, Apple or we have -- have not commented on the direction of that partnership and we spend a lot of time, and I would just say we're very comfortable with the opportunity set in front of us with that partnership.

最後，因為你提到了它，我們與 Apple 的合作關係非常非常強大。雖然彭博社有一篇關於蘋果正在做什麼的文章，但蘋果或我們已經 - 沒有評論這種合作關係的方向，我們花了很多時間，我只想說我們對即將到來的機會感到非常滿意這種夥伴關係擺在我們面前。

Okay. Terrific. Quick follow-up just on the operating leverage in the model and maybe just starting on comp ratio. I know it's very early in the year, so it's hard to give much of a prediction. But comp ratio net provision was 100 basis points lower than the first quarter of last year, even with, I would say, kind of an unfavorable mix. So is there anything we should read into that just around kind of how to think about the full year and just overall leverage on comp relative to revenues based on the current backdrop?

好的。了不起。快速跟進模型中的運營槓桿，也許只是從補償比率開始。我知道現在還很早，所以很難給出很多預測。但補償比率淨撥備比去年第一季度低 100 個基點，即使我會說，這是一種不利的組合。那麼，關於如何考慮全年以及基於當前背景的收入相對於收入的整體槓桿率，我們是否應該閱讀任何內容？

Well, as we've said always, we're a pay-for-performance culture. This is our best estimate and is the right comp ratio based on the performance and the mix in the first quarter. We manage this very closely. We're comfortable that we will pay people appropriately and competitively. And we will also obviously pay for performance. So I'm not going to speculate going forward, but you have data points from our behavior set on this over a long period of time.

好吧，正如我們一直說的那樣，我們是一種按績效付費的文化。這是我們的最佳估計，也是基於第一季度業績和組合的正確薪酬比率。我們對此進行了非常密切的管理。我們很樂意為員工提供適當且有競爭力的薪酬。而且我們顯然也會為性能買單。所以我不打算推測未來，但你有我們在很長一段時間內的行為設置的數據點。

And we obviously -- the one thing I just highlight is our focus on our efficiency ratio, and that's something we want to think more about is comp and noncomp and driving to the efficiency ratio. And so that also affects our decision-making as we move forward.

我們顯然 - 我剛剛強調的一件事是我們關注我們的效率比，這是我們想要更多考慮的事情是comp和noncomp以及推動效率比。因此，這也會影響我們前進時的決策。

Your next question comes from the line of Dan Fannon with Jefferies.

您的下一個問題來自 Dan Fannon 與 Jefferies 的對話。

A question just on asset management with the NN deal now closed. Do you see yourself as a scale provider with that property now? And then within that, maybe highlight or remind us what the opportunity set is with that business in terms of incremental growth now that it's closed?

一個關於 NN 交易的資產管理的問題現已結束。您現在是否認為自己是該物業的規模供應商？然後在其中，也許突出或提醒我們該業務在增量增長方面的機會集是什麼，因為它已經關閉了？

Sure. And I appreciate the question, Dan. I mean I would say that we were a scale provider before that acquisition, but that acquisition certainly strengthens our position in Europe. It opens up some interesting distribution channel, and it accelerates some of our capabilities around ESG-oriented products. So it was a good step forward to expand that growth.

當然。我很欣賞這個問題，丹。我的意思是我會說我們在那次收購之前是一家規模供應商，但那次收購肯定會加強我們在歐洲的地位。它開闢了一些有趣的分銷渠道，並加速了我們在面向 ESG 的產品方面的一些能力。因此，這是擴大增長的良好一步。

I believe -- Carey will correct me if I'm wrong, it's the fifth largest active asset manager in the world at the moment. So the fifth largest active asset manager in the world, we see opportunity based on our footprint, our global position, our client mix, our strong position and alternative to continue to grow that business, both organically and potentially inorganically as we did with NN. And so we're going to continue to strengthen our position there, but we see a lot of upside across the business platform and continue to be excited about our capabilities and alternatives and our ability to expand that opportunity for the firm.

我相信——如果我錯了，凱里會糾正我，它是目前世界上第五大活躍的資產管理公司。因此，作為全球第五大活躍資產管理公司，我們看到了基於我們的足跡、我們的全球地位、我們的客戶組合、我們的強勢地位和繼續發展該業務的機會，無論是有機的還是潛在的無機的，就像我們對 NN 所做的那樣。因此，我們將繼續加強我們在那裡的地位，但我們看到整個業務平台有很多好處，並繼續對我們的能力和替代方案以及我們為公司擴大這一機會的能力感到興奮。

That's helpful. I guess just in similar context with wealth in terms of the outlook for growth, that's also an area where there has been a fair amount of consolidation within the industry. Do you see yourself as a potential participant in that? And maybe kind of the acceleration of hiring and/or some of the initiatives you put in place, how are you thinking about kind of the growth of the wealth business at this point?

這很有幫助。我想，就增長前景而言，在與財富類似的背景下，這也是行業內進行大量整合的領域。你認為自己是其中的潛在參與者嗎？也許是招聘的加速和/或您實施的一些舉措，您如何看待此時財富業務的增長？

Well, you can see from our earnings, the growth of the wealth business year-over-year. We continue to be focused on that opportunity. And I'd just highlight that that's a process that takes time. You add wealth advisers, you add footprint. It's a slower growth -- it's a slower process if you do it organically.

嗯，你可以從我們的收益中看到，財富業務的同比增長。我們將繼續關注這個機會。我只想強調這是一個需要時間的過程。你增加了財富顧問，你增加了足跡。這是一個較慢的增長——如果你有機地進行，這是一個較慢的過程。

But we see it as a very big opportunity. I think we have an aspirational brand in the wealth space. It's only been the last couple of years first with the United Capital acquisition and also to our Ayco channel, we're meaningfully expanding our distribution of wealth products and corporations that we've been focused on really broadening that footprint.

但我們認為這是一個非常大的機會。我認為我們在財富領域有一個有抱負的品牌。僅在過去幾年首次收購 United Capital 以及我們的 Ayco 渠道，我們正在有意義地擴大我們一直專注於真正擴大這一足蹟的財富產品和公司的分銷。

I think we're off to a good start there, but I think there's a lot of organic opportunity that still exists. I think our Ayco channel, Goldman Sachs Ayco is a very, very unique platform to work through corporations. And I do see a trend in this competitive environment where corporations are more focused on helping our employees with wealth management services.

我認為我們在那裡有一個良好的開端，但我認為仍然存在很多有機機會。我認為我們的 Ayco 頻道 Goldman Sachs Ayco 是一個非常、非常獨特的平台，可以通過公司開展工作。在這種競爭激烈的環境中，我確實看到了一種趨勢，即企業更加專注於幫助我們的員工提供財富管理服務。

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

您的下一個問題來自 RBC 的 Gerard Cassidy。

David, you made an interesting comment about when you were asked about the pipelines that it takes a little while for the potential issue is to realize that they need to reset maybe their expectations. In your experience, how long does it take -- assuming markets don't come roaring back, and I'd say they stay below they were maybe 6 months or 12 months ago, how long does it take for that reset to finally say, okay, yes, we still need to raise the capital, even though it's at lower levels than we originally would have liked?

大衛，當你被問及管道時，你發表了一個有趣的評論，即潛在問題需要一段時間才能意識到他們可能需要重新設定他們的期望。以你的經驗，這需要多長時間——假設市場沒有反彈，我會說它們保持在 6 個月或 12 個月前的水平以下，那麼重置需要多長時間才能最終說，好吧，是的，我們仍然需要籌集資金，即使它的水平低於我們最初的預期？

Yes. I think, Gerard, it's a hard question to answer very specifically and some of it depends on what kind of pressure the business that's making those decisions is under. But I think if you want me to make a very generic generalization, these are not things it doesn't take a year for people's mindset around the reality of markets to reset. It's more something that happens real time over months or quarters.

是的。我認為，杰拉德，這是一個很難非常具體地回答的問題，其中一些取決於做出這些決定的企業所承受的壓力。但我認為，如果你想讓我做一個非常籠統的概括，這些並不是人們對市場現實的心態不需要一年時間就能重置的事情。它更多的是在幾個月或幾個季度內實時發生的事情。

Very good. And then as a follow-up to another comment you made, you talked about how the global capital markets today versus 5 years ago are much larger, which obviously we have seen. How much of an impact do you think the quantitative easing by the global central banks? Because I think now it's over $30 trillion of those balance sheets that are outstanding.

很好。然後作為您發表的另一條評論的後續，您談到了今天的全球資本市場與 5 年前相比如何更大，這顯然我們已經看到了。您認為全球央行量化寬鬆的影響有多大？因為我認為現在這些資產負債表中有超過 30 萬億美元是未償還的。

We all know the U.S. Fed is that $9 trillion, up from $4 trillion at the start of the pandemic. When we go into QT in the U.S. at least, they're going to bring those balances down. What kind of effect -- any color on what you think may happen versus what happened over the past 5 years when those balances blew out?

我們都知道美聯儲是 9 萬億美元，高於大流行開始時的 4 萬億美元。至少當我們進入美國的 QT 時，他們會降低這些平衡。什麼樣的影響——你認為可能發生的事情與過去 5 年當這些平衡被打破時發生的事情有什麼不同？

Well, there's no question that -- and I've tried to say it in different ways, and there's no science to this. And no one knows obviously, where the macro environment goes as we go forward. But when you look at the volumes and the levels of 2020 and 2021, we've said repeatedly that those volumes were at levels that were not sustainable and are a reflection of some of that monetary fiscal policy.

嗯，毫無疑問——我試圖用不同的方式來表達，這沒有科學依據。沒有人清楚地知道，隨著我們的前進，宏觀環境會走向何方。但是，當您查看 2020 年和 2021 年的數量和水平時，我們一再表示，這些數量處於不可持續的水平，並且反映了某些貨幣財政政策。

That doesn't mean when you contract the monetary and fiscal policy that these businesses go away and contract proportionately. I think these are big businesses. There's a lot of capital raising, advisory work and intermediation and financing that will continue to go on. But there's no question, it's not going to operate at the levels that we saw in 2021.

這並不意味著當你收縮貨幣和財政政策時，這些企業就會消失並按比例收縮。我認為這些都是大企業。大量的融資、諮詢工作以及中介和融資將繼續進行。但毫無疑問，它不會以我們在 2021 年看到的水平運行。

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

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

Maybe just talk about the bank a little bit. You've kind of stealthily grown the U.S. bank to be sort of almost a top 10 player. I appreciate some of the color around the loan book and its rate sensitivity, but the bank balance sheet is almost 3x to 4x the size of the loan book.

也許只是談談銀行。你已經悄悄地將這家美國銀行發展成為幾乎排名前十的銀行。我很欣賞貸款簿周圍的一些顏色及其利率敏感性，但銀行資產負債表幾乎是貸款簿大小的 3 到 4 倍。

So can we -- can you give us some sense of how we should think about asset sensitivity in a rising rate environment in the bank? And if there's -- we'd like to think that there's some material upside there given the size of the bank?

那麼我們能否 - 您能否讓我們了解在銀行利率上升的環境中我們應該如何考慮資產敏感性？如果有——考慮到銀行的規模，我們想認為那裡有一些實質性的好處？

Sure. Thank you for the question and to help through that. I think there's a couple of things that we expect over the balance of the year and beyond as we move through this rate cycle. On the one hand, we do expect to continue to originate balances and as it relates to our own balance sheet sensitivity, that is modestly asset sensitive. So when you take that feature combined with increased quantum of interest-earning assets given the forward curve, we think that will be a benefit to the firm.

當然。感謝您提出問題並提供幫助。我認為隨著我們度過這個利率週期，我們預計在今年餘下時間及以後會發生一些事情。一方面，我們確實預計會繼續產生餘額，因為這與我們自己的資產負債表敏感性有關，即適度的資產敏感性。因此，當您將該功能與考慮到遠期曲線的生息資產數量增加相結合時，我們認為這將對公司有利。

The other thing that I should mention, which is separate, but probably also important just to be clear on and that is, in the past, we had made reference to the impact of a rising rate environment on our money markets business and the impact that fee waivers had and the roll-off of fee waivers may have on the forward. I would just point out that in the first quarter, we had fee waivers of about $80 million versus in the fourth quarter was about $150 million.

我應該提到的另一件事是單獨的，但可能也很重要，只是要明確一點，那就是，在過去，我們提到了利率上升環境對我們的貨幣市場業務的影響以及費用減免已經和費用減免的滾降可能在遠期。我只想指出，在第一季度，我們的費用減免約為 8000 萬美元，而第四季度約為 1.5 億美元。

And on the forward, we expect those to be negligible. So that, too, obviously only a onetime benefit with the first hike, but that should provide some tailwind to our results as well.

在前鋒，我們預計這些可以忽略不計。因此，這顯然也只是第一次加息的一次好處，但這也應該為我們的結果提供一些順風。

I'd also to highlight -- I'm sorry, Jim. I'd also just highlight that we continue to grow deposits, and deposits are important for funding. So our bank has many activities across the firm. And obviously, we're growing our lending businesses, but this strategy also affects our market businesses positively too.

我還要強調——對不起，吉姆。我還要強調的是，我們繼續增加存款，而存款對於融資很重要。所以我們的銀行在整個公司都有很多活動。顯然，我們正在發展我們的貸款業務，但這一戰略也對我們的市場業務產生了積極影響。

No, absolutely. I just -- I'm trying to think through ex the market's NII, which obviously tends to be liability sensitive. But if we just think about the bank, the loan book you've disclosed, I think, within the bank, something like $800 million to $900 million from a 100 basis point move, is at least fair to say that the bank in total would NII benefit from a 100 basis point move would be better or worse? Just trying to get -- think through the other parts of the balance sheet and how that NII can react and what that growth could look like if there's a way to frame that?

不，絕對。我只是 - 我試圖通過市場的 NII 進行思考，這顯然傾向於對責任敏感。但如果我們只考慮銀行，你披露的貸款賬簿，我認為，在銀行內部，從 100 個基點的變動來看，大約是 8 億到 9 億美元，至少可以公平地說，銀行總共會NII 從 100 個基點的變動中受益會更好還是更糟？只是想弄清楚資產負債表的其他部分，以及 NII 可以如何反應以及如果有辦法構建它，增長會是什麼樣子？

Yes. Look, I think I would just refocus you on my comments previously. Overall, NII sensitivity is modestly asset sensitive, I think, just given the relative size, even though we've grown it substantially, given our relative size, relative to some of our larger competitors. And I think that proxy that I offer you on behalf of the firm is a good way of thinking about it.

是的。看，我想我會把你的注意力重新集中在我之前的評論上。總體而言，我認為，僅考慮到相對規模，NII 敏感性對資產敏感，儘管相對於我們的一些較大競爭對手，考慮到我們的相對規模，我們已經大幅增長了它。我認為我代表公司向您提供的代理是一種很好的思考方式。

Your next question comes from the line of Andrew Lim with Societe Generale.

您的下一個問題來自法國興業銀行的 Andrew Lim。

So first of all, can we talk about your management of the efficiency ratio. Last year, it seems to be more volatile than usual. I guess, in the first 3 quarters, it ran at quite a low level. And then in the fourth quarter, it seems like you had some kind of like cost true-up both for compensation, but also for non-comp. I was wondering if we should expect the same thing again for this year, the first 3 quarters running at a lower level and then the fourth quarter being higher? And then what would you guide to really for the full year as a whole?

那麼首先，我們能不能談談你對效率比的管理。去年，它似乎比往常更不穩定。我想，在前三個季度，它的運行水平相當低。然後在第四季度，您似乎對補償和非補償都進行了某種類似的成本校正。我想知道今年我們是否應該再次期待同樣的事情，前三個季度的運行水平較低，然後第四季度的運行水平較高？然後你會在全年指導什麼？

Okay. Thanks very much for the question, Andrew. I think as David indicated, from an overall framing perspective on firm-wide operating expenses, we have put out this efficiency target of approximately 60%, and that is a target and a lens through which we look at the combined set of expenses, compensation and noncompensation.

好的。非常感謝這個問題，安德魯。我認為正如大衛所說，從公司範圍內的運營費用的整體框架的角度來看，我們已經提出了大約 60% 的效率目標，這是我們查看綜合費用、薪酬的目標和鏡頭和不予賠償。

The compensation level that we set for the first quarter obviously, our best estimate right now based on what we pay for the full year, but I could not predict for you at this point, what our full year compensation ratio will be. That will be a function of our performance the competitive landscape and our attention to the overall efficiency level -- efficiency ratio.

我們為第一季度設定的薪酬水平顯然是我們目前根據全年支付的最佳估計，但我目前無法為您預測我們全年的薪酬比率將是多少。這將取決於我們在競爭格局中的表現以及我們對整體效率水平——效率比的關注。

On the noncomp side, we're making decisions and taking steps to manage noncomp growth where we can make the types of investments that we think are important strategic investments for the long-term strength and growth of the firm like in areas such as technology and trying to manage other noncompensation expenses that are less strategic.

在非補償方面，我們正在製定決策並採取措施管理非補償增長，我們可以進行我們認為對公司長期實力和增長具有重要戰略性投資的類型，例如在技術和試圖管理其他不那麼具有戰略意義的非補償費用。

Great. And then just switching as a follow-up question. You seem to be a leader in the crypto and blockchain space, it's been a few years coming now for banks to try and get some products off the ground. But maybe this year, you might see something a bit more material.

偉大的。然後只是切換為後續問題。您似乎是加密貨幣和區塊鏈領域的領導者，銀行已經有幾年時間嘗試推出一些產品了。但也許今年，你可能會看到一些更重要的東西。

So I was just wondering if you could talk a bit more about sort of what we could expect maybe this year in terms of your product pipeline and what could be commercialized in the crypto and blockchain space?

所以我只是想知道你是否可以更多地談談我們今年可能在你的產品管道方面的預期，以及在加密和區塊鏈領域可以商業化的東西？

Well, at a high level, Andrew, what I'd say is we're certainly engaged with our clients around their interest in the space. But in terms of our product offering and what we can do, we're really following a regulatory lead. But at the moment, the regulatory lead for big regulated banks is very restrictive and very, very small.

好吧，在高層次上，安德魯，我想說的是，我們肯定會圍繞他們對空間的興趣與我們的客戶進行接觸。但就我們的產品供應和我們能做的事情而言，我們確實在遵循監管的領導。但目前，大型受監管銀行的監管引導非常嚴格，而且非常非常小。

I don't have great insight into how that will or will not change during the course of 2022, but we're engaged in dialogue with our clients. And certainly, when you think about blockchain more broadly in terms of how it supports the infrastructure, payment systems and other activities in the financial markets, we're extremely engaged and invested in thinking about how Goldman Sachs participates in that and how that will affect different business channels and business opportunities because that's to me a little bit separate from cryptocurrency and clients' interest in cryptocurrency.

我不知道在 2022 年期間這種情況將如何改變或不會改變，但我們正在與客戶進行對話。當然，當你更廣泛地考慮區塊鏈如何支持金融市場中的基礎設施、支付系統和其他活動時，我們非常投入並投入到思考高盛如何參與其中以及這將如何影響不同的商業渠道和商業機會，因為對我來說，這與加密貨幣和客戶對加密貨幣的興趣有點不同。

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

此時，沒有進一步的問題。請繼續任何結束語。

Great. Thanks, Erica. Since there are no more questions, we'd like to thank everyone for joining the call. And if you do have other questions, they come up throughout the day, please don't hesitate to reach out to me or others on the Investor Relations team. Thank you very much.

偉大的。謝謝，埃里卡。由於沒有更多問題，我們要感謝大家加入電話會議。如果您確實有其他問題，他們會全天提出，請隨時與我或投資者關係團隊的其他人聯繫。非常感謝你。

Ladies and gentlemen, this does conclude the Goldman Sachs First Quarter 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect.

女士們先生們，這確實結束了高盛 2022 年第一季度收益電話會議。感謝您的參與。您現在可以斷開連接。