摩根士丹利 (MS) 2026 Q1 法說會逐字稿

Good morning. Welcome to Morgan Stanley's first quarter 2026 earnings call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at morganstanley.com.

早安。歡迎參加摩根士丹利 2026 年第一季財報電話會議。我謹代表摩根士丹利，以以下資訊與免責聲明開始本次會議。本次會議將被錄音。在今天的簡報中，我們將引用我們的財報新聞稿與財務補充資料，其副本可於 morganstanley.com 取得。

Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent.

今天的簡報可能包含前瞻性陳述，該等陳述受風險與不確定性影響，可能導致實際結果出現重大差異。摩根士丹利不承諾更新本次討論中的前瞻性陳述。請參閱財報新聞稿中關於前瞻性陳述與非 GAAP 衡量指標的相關聲明。未經我們同意，本簡報不得複製或重製。

I will now turn the call over to Chairman and Chief Executive Officer, Ted Pick.

接下來我將把電話交給董事長兼執行長 Ted Pick。

Thank you, and good morning. Thank you for joining us. Morgan Stanley entered 2026 from a position of strength. Amidst increased geopolitical uncertainty, the firm generated a record quarter with revenues of $20.6 billion and EPS of $3.43. The top and bottom line results are an ongoing demonstration of the capabilities of our integrated firm in periods when clients and markets are active.

謝謝，早安。感謝各位加入。摩根士丹利以強勁態勢進入 2026 年。在地緣政治不確定性升高之際，本公司創下單季紀錄，營收達 206 億美元、每股盈餘（EPS）為 3.43 美元。營收與獲利表現持續展現我們整合型公司在客戶與市場活躍期間的能力。

The first quarter's return on tangible of 27% evidences the operating leverage of Morgan Stanley's business model, a leading wealth and asset manager alongside a leading global investment bank.

第一季有形股東權益報酬率達 27%，顯示摩根士丹利商業模式的營運槓桿效益——我們同時是領先的財富與資產管理機構，以及領先的全球投資銀行。

The consistent execution of the last two years plus is the proof of Morgan Stanley's ability to deliver on a higher plane of performance against different mini and macro backdrops of uncertainty. Wealth Management demonstrated continued momentum with growing durable fee-based revenues and increasing margins.

過去兩年多來持續一致的執行，證明摩根士丹利有能力在不同的微觀與宏觀不確定背景下，交出更高水準的績效。財富管理業務展現持續動能，具韌性的費基收入成長、利潤率提升。

Our client acquisition funnel remains unrivaled in driving industry-leading growth with $118 billion of net new assets and $54 billion of fee-based flows. With long-standing relationships across banking and markets, the investment bank was well positioned to serve clients around the world, underscored by a record $10.7 billion in quarterly revenues, inclusive of $5 billion-plus in equities.

我們的客戶獲取漏斗在推動業界領先成長方面仍無可匹敵，淨新增資產達 1,180 億美元，費基資金流入達 540 億美元。憑藉在銀行與市場領域的長期關係，投資銀行具備良好定位以服務全球客戶；本季營收創紀錄達 107 億美元，其中包含超過 50 億美元的股票業務收入。

A well-diversified investment management business continues to attract strong demand for Parametric. Across wealth and investment management, total client assets exceed $9 trillion on the road to $10 trillion plus. In the first quarter, we deployed resources to support client activity and opportunistically bought back stock. Our reported CET1 ratio of 15.1% against the capital requirement of 11.8% translates into a capital buffer of over 300 basis points.

多元化的投資管理業務持續吸引對 Parametric 的強勁需求。在財富管理與投資管理方面，客戶資產總額已超過 9 兆美元，正邁向 10 兆美元以上。第一季我們投入資源以支援客戶活動，並把握機會回購股票。我們申報的 CET1 比率為 15.1%，相較於 11.8% 的資本要求，代表超過 300 個基點的資本緩衝。

We're encouraged by this period of enhanced regulatory transparency and balance as we move through rule-making comments toward the finalization of Basel. It's worth noting that over the last nine quarters, we've accreted $15 billion of capital. During the quarter, we also closed our acquisition of Equity Zen. As discussed in our annual letter, we remain mindful of the known unknowns of 2026, the accelerating adoption of AI at the enterprise level and the ongoing military conflict in the Middle East.

在我們就規則制定提出意見、邁向巴塞爾規範最終定案之際，我們對當前監管透明度與平衡性的提升感到鼓舞。值得注意的是，過去九個季度我們累積增加了 150 億美元資本。本季我們也完成對 Equity Zen 的收購。如同我們在年度信函中所述，我們仍留意 2026 年「已知的未知」：企業層級 AI 採用加速，以及中東持續的軍事衝突。

Against this backdrop, our approach is one of measured confidence. Our institutional wealth clients demonstrate continued resilience and as much as ever seek the depth and breadth of content and market access that Morgan Stanley provides.

在此背景下，我們的做法是審慎而有信心。我們的機構財富客戶展現持續韌性，且一如既往地尋求摩根士丹利所提供的深度與廣度內容以及市場進入管道。

At the same time, we remain vigilant in the context of higher asset prices, tight credit spreads and interest rate path uncertainty. We will endeavor to navigate the upcoming period with the same level of intensity and execution that has defined our performance over the last nine quarters.

同時，在資產價格偏高、信用利差偏窄以及利率路徑不確定的情況下，我們仍保持警覺。我們將力求以過去九個季度所展現的同等強度與執行力，來因應接下來的期間。

The end of the end of history is now at hand and alongside accelerating AI development, we're committed to staying in our strategic lane to execute with rigor, humility and partnership and to be prepared to tactically pivot on the ongoing military disruption or technology adaptation warrant.

「歷史終結的終結」如今已近在眼前；在 AI 發展加速之際，我們承諾堅守策略主軸，以嚴謹、謙遜與夥伴精神執行，並在持續的軍事擾動或技術調適需要時，做好戰術性轉向的準備。

Morgan Stanley strategy and client-centric culture is set to raise manage and allocate capital with excellence, to invest in our clients and technology across the integrated firm and to grow assets and compound earnings in a capital-efficient way.

摩根士丹利的策略與以客戶為中心的文化，旨在以卓越方式募集、管理與配置資本；在整合型公司內投資於客戶與科技；並以資本效率高的方式擴大資產規模、複利成長獲利。

Now I'll turn it over to Sharon to discuss the quarter. Thank you, Sharon.

現在我把時間交給 Sharon 來說明本季表現。謝謝你，Sharon。

Thank you, and good morning. The firm produced record revenues of $20.6 billion and record EPS ex DVA of $3.43. Our ROTCE was very strong at 27.1%. The results this quarter demonstrated the strength of our integrated model and the scale of our global platform. Clients increasingly turned to our trusted advisers across the firm, particularly when market volatility became more pronounced.

謝謝，早安。本公司創下 206 億美元的歷史新高營收，以及剔除 DVA 後的歷史新高 EPS 3.43 美元。我們的 ROTCE 表現非常強勁，達 27.1%。本季結果展現我們整合型模式的實力與全球平台的規模。客戶愈發倚重我們在全公司範圍內值得信賴的顧問，尤其在市場波動更為明顯之際。

For the quarter, our efficiency ratio was 65% reflecting strong operating leverage and disciplined execution as we continue to invest strategically across the firm. Improved efficiency includes $178 million of severance charges.

本季效率比率為 65%，反映強勁的營運槓桿與紀律性的執行，同時我們持續在全公司進行策略性投資。效率改善包含 1.78 億美元的資遣費用。

Now to the businesses. Institutional Securities delivered record revenues of $10.7 billion. Strength was broad-based across asset classes in both banking and markets and in all regions. The year began with optimism supported by solid economic growth in the US, significant strategic and financial assets waiting to transact an AI-driven transformational opportunities.

接著談各項業務。機構證券部門創下 107 億美元的歷史新高營收。銀行與市場兩大領域、各資產類別以及所有地區皆呈現廣泛的強勁表現。今年開局樂觀，受惠於美國穩健的經濟成長，以及大量具策略性與財務性的資產等待交易，以把握 AI 驅動的轉型機會。

AI themes followed by geopolitical uncertainty and market dispersions contributed to strong client engagement throughout our quarter. Our global team across the integrated investment bank led as a trusted and long-standing partner to advise clients in an increasingly complex environment. Investment banking revenues increased year-over-year to $2.1 billion, led by growth in the Americas. Investments in our talent are yielding results. And despite ongoing geopolitical volatility, capital market activity remains resilient and boardroom dialogue remains active.

AI 主題、隨後的地緣政治不確定性與市場分化，促使本季客戶參與度維持強勁。我們整合型投資銀行的全球團隊，作為值得信賴且長期的合作夥伴，在日益複雜的環境中引領並為客戶提供建議。投資銀行收入年增至 21 億美元，成長主要由美洲地區帶動。我們對人才的投資正在產生成果。儘管地緣政治波動持續，資本市場活動仍具韌性，董事會層級的對話也依然活躍。

Advisory revenues of $978 million increased 74% versus the prior year, driven by higher completed activity in the Americas.

顧問業務收入為 9.78 億美元，較去年同期增加 74%，主要由美洲地區已完成交易活動增加所帶動。

Building on the momentum in the back half of last year, M&A activity broadened across sectors with notable strength in technology and industrials. Equity underwriting revenues were solid at $396 million, led by higher issuance across IPOs and convertibles compared to the prior year. Fixed income underwriting revenues were $742 million. Outperformance was driven by record issuance in the investment-grade market on the back of higher event-driven activity.

延續去年下半年動能，併購（M&A）活動擴及更多產業，其中科技與工業領域表現尤為突出。股票承銷收入穩健，為 3.96 億美元，主要由 IPO 與可轉債發行量較去年同期增加所帶動。固定收益承銷收入為 7.42 億美元。優於同業的表現主要來自投資級市場創紀錄的發行量，背後是事件驅動型活動增加。

Looking ahead to the remainder of the year, investment banking pipelines remain steady, supported by ongoing strategic activity from both corporates and sponsors and increasing needs for strategic capital formation. Our integrated investment bank remains global, diversified and well positioned to effectively support clients.

展望今年剩餘期間，投資銀行業務管線維持穩定，受企業與贊助方持續的策略性活動，以及對策略性資本形成需求增加所支撐。我們的整合型投資銀行業務具備全球化、多元化優勢，且定位良好，能有效支援客戶。

Turning to equity. Revenues surpassed previous records reaching $5.1 billion for the first time. The performance reflected year-over-year growth across businesses and regions on the back of very strong levels of client activity. Our continued investment in technology is supporting scale and access across our global franchise. Prime brokerage revenues increased versus the prior year, driven by higher average balances that outperformed market indices, particularly in Asia with investor interest across the region.

接著談股票業務。營收超越先前紀錄，首次達到 51 億美元。此表現反映在客戶活動非常強勁的帶動下，各業務與各地區均呈現年增成長。我們持續投資科技，正支援我們在全球版圖上的規模化與可及性。主經紀業務收入較去年同期增加，主要由平均餘額提高所帶動，且表現優於市場指數；其中亞洲尤為突出，區域內投資人興趣廣泛。

Cash results increased against the prior year, driven by higher volumes across regions. Derivative results were also a standout, up versus the prior year, driven by robust client activity across products and regions. Fixed income revenues were postcrisis record at $3.4 billion. Our performance this quarter highlights our business mix and our ability to capture market opportunities. Micro results increased meaningfully year-over-year, driven by securitized products and credit corporates.

現金業務結果較去年同期增加，主要受各地區交易量提升所帶動。衍生性商品業務結果同樣表現突出，較去年同期上升，主要受各產品與各地區客戶活動強勁所驅動。固定收益收入創下金融危機後新高，達34億美元。本季表現凸顯我們的業務組合，以及我們把握市場機會的能力。微觀（Micro）業務結果年增幅度顯著，主要由證券化產品與公司信用產品帶動。

Macro results were solid, reflecting declines in foreign exchange, which benefited from a more favorable trading environment last year. Results in commodities increased significantly compared to the prior year. The business navigated elevated volatility in energy markets well, benefiting from increased flow and structured client activity.

宏觀（Macro）業務結果穩健，反映外匯下滑；去年外匯受惠於較有利的交易環境。大宗商品業務結果較去年同期大幅增加。本業務良好因應能源市場波動升高，受惠於交易流量增加及結構型客戶活動提升。

Turning to Wealth Management. Record revenues and robust margins in the first quarter reflected the scale of our platform that continues to drive exceptional performance. Retail clients were engaged across channels. Net new assets of $118 billion, fee-based flows of $54 billion and growth of bank lending balances all showcased that our investments supporting both advisers and clients are working.

接著談財富管理。第一季創紀錄的收入與強勁的利潤率，反映我們平台規模持續推動卓越表現。零售客戶在各通路皆保持高度參與。淨新增資產1,180億美元、收費型資金流入540億美元，以及銀行放款餘額成長，皆顯示我們支持理財顧問與客戶的投資正在發揮成效。

Revenues reached a record of $8.5 billion. The business delivered a PBT margin of 30.4%. Asset Management revenues grew year-over-year to $5.1 billion, reflecting higher market levels and the cumulative impact of consistently strong fee-based flows. We are setting the industry standard in fee-based flows, generating $54 billion this quarter, a new record, excluding prior acquisitions. Transactional revenues were $1.1 billion, Daily average trades reached the second highest level on record as clients remained active in volatile markets.

收入達到85億美元的歷史新高。該業務交出30.4%的稅前利潤（PBT）利潤率。資產管理收入年增至51億美元，反映市場水位較高，以及持續強勁的收費型資金流入所累積的影響。我們在收費型資金流入方面樹立業界標竿，本季創下540億美元新高（不含先前併購）。交易型收入為11億美元；在市場波動下客戶仍保持活躍，日均交易筆數達到歷史第二高水準。

Results were supported by ongoing demand for our diversified alternative offering, which had record sales this quarter. This was driven by significant growth in private equity and real assets highlighting the benefits of our scaled alternatives platform.

業績受到市場對我們多元化另類投資產品持續需求的支持，該產品本季銷售創新高。這主要由私募股權與實體資產顯著成長所帶動，凸顯我們具規模的另類投資平台所帶來的優勢。

Bank lending balances increased $5 billion quarter-over-quarter to $186 billion, driven by securities-based lending and steady growth in mortgages. Household penetration of lending products is now at 18%. This is up from 14% just five years ago. Through ongoing investments in technology, adviser and client education and an expanded product set. Sequentially, total period end deposits grew to $419 billion and net interest income increased to $2.2 billion.

銀行放款餘額較上季增加50億美元至1,860億美元，主要由以證券為擔保的放款帶動，並伴隨房貸穩健成長。家庭客戶對放款產品的滲透率目前為18%。較五年前的14%有所提升。這得益於我們持續在科技、理財顧問與客戶教育，以及擴充產品組合上的投資。按季而言，期末存款總額成長至4,190億美元，淨利息收入增至22億美元。

NII growth in the quarter was supported by both lending balances and higher average sweeps, which more than offset the impact of the two rate cuts in the fourth quarter. Continued growth in lending has supported a steady build in NII over the past six quarters.

本季淨利息收入（NII）成長同時受放款餘額與較高的平均自動轉存（sweeps）所支撐，足以抵銷第四季兩次降息的影響。放款持續成長，支持過去六個季度NII穩步累積。

Looking ahead, we expect NII to build over the course of the year, with a modest increase in the second quarter compared to the first. Net new assets were very strong at $118 billion, the growth showcases our diverse asset gathering capabilities, which benefited from contributions across channels. Workplace stood out as having sourced clients who continue to aggregate assets onto our platform and benefit from stock plan vesting events.

展望未來，我們預期NII將在全年逐步增加，第二季相較第一季將小幅上升。淨新增資產強勁達1,180億美元；此成長展現我們多元的資產募集能力，並受惠於各通路的貢獻。職場（Workplace）表現突出，持續引入客戶將資產匯集至我們平台，並受惠於員工持股計畫歸屬（vesting）事件。

Finally, while driving exceptional quarterly results, we remain focused on long-term growth opportunities. We closed the acquisition of Equity Zen, enhancing our leadership position in the [private markets ecosystem] (corrected by company after the call) and further deepening market access for clients. We launched our digital asset pilot through our partnership with Zero Hash, enabling select clients to buy and sell several major digital currencies through eTrade and we are investing in the development of our agentic infrastructure.

最後，在推動卓越季度成果的同時，我們仍聚焦於長期成長機會。我們完成對 Equity Zen 的收購，強化我們在[私募市場生態系]（公司於電話會議後更正）中的領導地位，並進一步加深客戶的市場接觸。我們透過與 Zero Hash 的合作推出數位資產試點計畫，使特定客戶可透過 eTrade 買賣數種主要數位貨幣，同時我們也投資於代理式（agentic）基礎設施的開發。

Most importantly, our investments in the funnel are servicing client needs and illustrating the value of advice. Since 2020, we have generated over $400 billion of new adviser-led assets from relationships that originated from either workplace or E-TRADE.

最重要的是，我們在漏斗（funnel）上的投資正在滿足客戶需求，並展現顧問建議的價值。自2020年以來，我們已從源自職場（Workplace）或 E-TRADE 的關係中，創造超過4,000億美元由理財顧問主導的新資產。

Today, inclusive of workplace assets on our platform prior to the acquisition of E-TRADE, the total value of adviser-led assets sourced from Workplace and E-TRADE exceeds $1.2 trillion. This represents roughly 20% of our current $5.8 trillion of adviser-led assets. The scale of our client acquisition funnel is already powerful and combined with our ability to invest in the future, uniquely positions us as a category of one.

目前，包含在收購 E-TRADE 之前已在我們平台上的職場資產，由職場（Workplace）與 E-TRADE 所導入、由理財顧問主導的資產總價值已超過1.2兆美元。這約占我們目前5.8兆美元理財顧問主導資產的20%。我們的客戶獲取漏斗規模已相當強大，結合我們投資未來的能力，使我們具備獨一無二的定位。

Moving to Investment Management. Revenues were solid at $1.5 billion. Asset management and related fees that were up 3% year-over-year on the back of higher AUM were offset by declines in accrued carried interest in our private funds. Long-term net flows were $3.3 billion, driven by ongoing demand for our Parametric solutions and fixed income strategies, which help offset equity flows. Total AUM now stands at $1.9 trillion.

接著談投資管理。收入穩健，為15億美元。在管理資產規模（AUM）較高的帶動下，資產管理及相關費用年增3%，但被我們私募基金應計績效分成（carried interest）下降所抵銷。長期淨流入為33億美元，主要由市場對我們 Parametric 解決方案與固定收益策略的持續需求所驅動，這有助於抵銷股票資金流向。總AUM目前為1.9兆美元。

Turning to the balance sheet. Total spot assets were $1.6 trillion. We strategically deployed leverage-based capital this quarter to help facilitate client activity in our markets franchise. Standardized RWAs increased quarter-over-quarter as we actively supported clients. We ended the period with a standardized CET1 ratio of 15.1%. During the period, we opportunistically bought back $1.75 billion of common stock.

接著看資產負債表。即期資產總額為1.6兆美元。本季我們策略性運用槓桿型資本，以協助促進我們市場業務中的客戶活動。標準化風險加權資產（RWA）較上季增加，因我們積極支持客戶。期末標準化普通股權益第一類資本（CET1）比率為15.1%。期間內，我們把握時機回購17.5億美元普通股。

Our first quarter tax rate was 19.6%. The lower rate was driven by share-based award conversions which largely take place in the first quarter. We continue to expect our 2026 tax rate to be between 22% and 23%, which similar to prior years, will exhibit some quarterly volatility. Our integrated firm has proven critical through this period. Clients are engaged relying on our advice in an increasingly complex environment.

第一季稅率為19.6%。較低稅率主要由股份基礎獎酬轉換所致，而此類轉換多發生在第一季。我們仍預期2026年稅率介於22%至23%之間；與往年類似，季度間將呈現一定波動。我們的一體化公司架構在此期間已證明至關重要。在日益複雜的環境中，客戶保持高度參與並依賴我們的建議。

We are well positioned to continue to support clients as they navigate fast-moving markets, and we have the capital and the resources to do so. With that, we will now open the line up to questions.

我們具備良好條件持續支持客戶因應快速變動的市場，且我們擁有足夠的資本與資源來做到這一點。接下來，我們將開放提問。

(Operator Instructions)

(接線員指示)

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Maybe, I guess we can start with all things, private credit. So heard your prepared remarks, there were two things, given kind of where Morgan Stanley interacts with private credit, you had the fund that you talked about, where we had some redemptions during the quarter. But just talk to us, Ted, your perspective on what's going on with the private credit market, how does that change or inform your view on how you deal with the business? And specifically, if it's caused you to rethink how to distribute some of these products through the retail channel in wealth?

也許，我想我們可以先從私募信貸的各個面向談起。我聽了你們的事先準備發言，其中有兩點：考量摩根士丹利與私募信貸的互動方式，你們提到的那檔基金在本季出現了一些贖回。但請你談談，Ted，你對私募信貸市場目前狀況的看法，這如何改變或影響你對經營這項業務的觀點？更具體地說，這是否讓你重新思考，如何透過財富管理的零售通路來分銷其中一些產品？

Well, I think what's important over the last number of days is that there's more balance in the conversation. As you know, private credit as a sub-asset class has come of age over the last number of years as a new set of lenders has stepped in post the financial crisis in the place of Wall Street. While it's still a growing class, it's having a learning moment. We call it an adolescent moment where both the lenders and the borrowers are being looked at carefully. But the reality is it's credit and credit is going to broadly perform when the economy is in the kind of good shape it's in right now.

我認為，過去幾天重要的是，相關討論變得更為平衡。如你所知，私募信貸作為一個次資產類別，過去幾年已逐漸成熟；在金融危機之後，一批新的放款人取代華爾街進入市場。雖然它仍是成長中的資產類別，但目前正處於一個學習時刻。我們稱之為「青春期時刻」，放款人與借款人都正被更審慎地檢視。但現實是，這就是信貸；而當經濟處於目前這種良好狀態時，信貸整體而言通常會有不錯的表現。

And the fact that it's called private credit has sort of taken on a bit of it -- took on a bit of a life of its own for a while. But now I think now we're all seeing that there's resiliency in the underlying product that the structures and the terms on collateral are very well thought through. And that this is a market that over the long term has extraordinary growth potential, it's just a question of time and working through economic cycles.

而且「私募信貸」這個名稱本身，在一段時間內某種程度上也被賦予了自己的生命。但現在我認為我們都看到了，底層產品具備韌性，其結構以及對擔保品的條款設計都非常周全。而且這是一個長期而言具有非凡成長潛力的市場，只是時間問題，以及需要穿越經濟循環。

Our own participation in this is in line with The Street. As a distributor, bear in mind, Ebrahim, as you know, alts are about 5% of our total FA phasing wealth management pile. So quite small, that's all alts. That would include real estate, private equity, private credit infrastructure. And then private credit is 1%.

我們自身在這方面的參與程度與市場一致。作為分銷方，Ebrahim，請記得，如你所知，另類投資約占我們整體財務顧問（FA）分期的財富管理資產池的5%。所以規模相當小，那是所有另類投資的總和。其中包括不動產、私募股權、私募信貸與基礎建設。而私募信貸則是1%。

So even smaller there. And in fact, as you've seen spreads widen a bit, either has been an institutional bid and others from the highly sophisticated institutional community on the private wealth side have come in and stepped in and we've seen net buying across these sub-asset classes in the first quarter.

所以在那裡就更小了。而且事實上，如你所見，利差略有擴大之際，機構買盤以及私募財富端高度成熟的機構社群中的其他投資人已進場承接；我們在第一季看到這些次資產類別出現淨買入。

And then with respect to investment management, private credit is less than 1% of our total AUM, well under $20 billion of $1.9 trillion. So our exposures are small, are modest, but it is an asset class that I think there was a lot of learning around over the last couple of weeks. I think that is very healthy. But we just need to sort of remember the headline point here, which is credit should perform during periods when the economy is performing. This will be no different.

再談到投資管理，私募信貸占我們總管理資產（AUM）的比例不到1%，在1.9兆美元中遠低於200億美元。因此我們的曝險很小、相對溫和，但我認為過去幾週大家對這個資產類別有很多學習。我認為這非常健康。但我們需要記住這裡的重點：當經濟表現良好時，信貸應該會有表現。這次也不會例外。

Some portfolios may be overloaded in a particular sector or a particular type of name in which case, there'll be winners and losers among asset managers but credit generally is going to perform as the economy performs. And right now, we're not talking about the R word, and that's positive for broad credit.

有些投資組合可能在特定產業或特定類型的標的上配置過重；在那種情況下，資產管理人之間會有贏家與輸家，但整體而言，信貸通常會隨著經濟表現而表現。而目前我們還沒有在談那個以 R 開頭的字（衰退），這對廣泛的信貸市場是正面的。

Super clear. And I guess maybe one for you, Sharon, just around liquidity management. To the extent you can -- if you can help us understand the reorg that was approved by the Fed for the German bank into the US entity, like what does that mean in terms of adding liquidity and there are things that you may be able to do going forward? Just how should we think about the impact of that to the P&L.

非常清楚。我想再問你一題，Sharon，關於流動性管理。在你方便的範圍內——如果你能協助我們理解——聯準會核准將德國銀行重組併入美國實體的那項重組，這在增加流動性方面代表什麼？以及未來你們可能可以做哪些事？我們應該如何看待這對損益表（P&L）的影響？

Sure. I would say -- remember, it's a bank reorg and in terms of the bank reorganization, Basically, we moved over $100 billion of assets over the course of the quarter on to the bank. When looking at that, that will allow us to fund assets more effectively and make us more competitive, more broadly like our peer set and make us sort of fit for purpose as you think about how we play versus our peers in being able to distribute various products.

當然。我會說——請記得，這是一項銀行重組；就銀行重組而言，基本上我們在本季期間把超過1,000億美元的資產移轉到銀行體系內。從這個角度來看，這將使我們能更有效率地為資產融資，並讓我們在更廣泛層面上更具競爭力、更接近同業組合，也讓我們在與同業競爭、分銷各類產品的能力上更「適配用途」。

The $100 billion that we moved over, over the course of the quarter, you can think of about 30% of those assets at this point, being able to be better funded from -- you can compare unsecured funding to sort of a wholesale deposit rate. The math in being able to think about what the opportunity is that you will see just for those assets over the course, say, starting in 2027, but it's really not just a 2027 story.

本季我們移轉的那1,000億美元資產，你可以理解為其中約30%的資產在目前階段能以更好的方式取得資金——你可以把無擔保融資與某種批發存款利率做比較。至於如何計算並評估你將看到的機會，針對這些資產大概可從2027年左右開始看見，但這其實不只是2027年的故事。

This is something that over time, as I said, we were formed differently as a bank than some of our peers, and we're playing now at a different playing field with our peer set. And we should be able to see more assets and more growth and more competitive pricing and certain types of product sets that we offer to our clients, which should enable us to grow within our risk envelope in the same way with just a better funding structure.

這是一件會隨時間推進的事；如我所說，我們作為銀行的成立方式與部分同業不同，而我們現在是在與同業組合不同的競爭場域上競爭。我們應該能看到更多資產、更多成長，以及在我們提供給客戶的某些產品組合上更具競爭力的定價，這將使我們能在風險承受範圍內成長，只是資金結構更佳。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Sharon, was hoping you could expand around your comments on organic growth within the wealth channel. You highlighted workplace, but any additional context around that strength would be helpful.

Sharon，希望你能延伸談談你對財富通路內生性成長的評論。你提到了職場（workplace），但若能補充更多關於這股強勁動能的背景脈絡，會很有幫助。

Sure. I think that that's a fantastic question, mainly because I think what you've seen is quite encouraging over the course of this quarter. Sometimes there we call out numbers over $100 billion of NNA, and we talk about a single driver or something that's really changed the profile of that particular quarter. In this quarter, there was no one single driver that you can really point out. You still had really high levels of engagement across the adviser-led platform.

當然。我認為這是個非常棒的問題，主要是因為我覺得你在本季看到的情況相當令人鼓舞。有時候我們會提到超過1,000億美元的淨新增資產（NNA）數字，並談論某個單一驅動因素或某件真正改變該季輪廓的事情。但在這一季，你其實很難指出某一個單一驅動因素。你仍然看到顧問主導平台的互動參與度維持在非常高的水準。

But what I tried to point out in my prepared remarks is that workplace is becoming a bigger and bigger contributor and a more effective sort of thoughtful way of where we're actually seeing new client engagement. Specifically, with this quarter, you'll see that often and not surprisingly, that in the first quarter, you'll see unvested assets best. And what we saw in workplace this quarter is greater retention of the assets invested. So that's the first right, in this kind of funnel concept of what's going on with Workplace.

但我在事先準備的發言中想指出的是，職場（workplace）正成為越來越大的貢獻來源，也是一種更有效、更周全的方式，讓我們實際看到新的客戶互動。具體來說，在這一季你會看到，通常且不意外地，第一季未歸屬（unvested）資產的表現最好。而我們在職場這一季看到的是：已投資資產的留存率更高。所以這是第一步，從這種漏斗概念來看職場業務正在發生的事。

The first is we retain those assets, and in this particular quarter, we saw greater asset retention from Workplace, which translated into NNA. And then over time, and this is what I was highlighting at the sort of conclusion of my Wealth Management comments is we are seeing channel migration, and that's technology and investment where those workplace assets are now actually seeking advice and that migration is something that has helped to contribute to over $1 trillion of total assets in our adviser-led strategy.

第一步是我們留住那些資產，而在本季我們看到職場端的資產留存更高，進而轉化為淨新增資產（NNA）。接著隨著時間推進——這也是我在財富管理評論結尾想強調的——我們正在看到通路遷移；這來自科技與投資，使得那些職場資產現在實際上開始尋求建議，而這種遷移也促成了我們顧問主導策略下總資產超過1兆美元。

That's helpful. And then sticking with Wealth. There's been a lot of discussion around client cash optimization and -- so longer term, I was hoping you guys could talk about how you think about your ability to earn NII on client cash as there are more tools available to move cash around more efficiently?

這很有幫助。接著延續財富管理。市場上對客戶現金最佳化有很多討論——所以從長期來看，我希望你們談談：當有更多工具可更有效率地調度現金時，你們如何看待在客戶現金上賺取淨利息收入（NII）的能力？

Yes. I think that's a great question and certainly very topical. The Wealth Management team with Jed and Andy at the helm, have always been there sort of thinking about ways to disrupt and continue to think about disrupting ourselves and what tools will be available in the new frontier.

是的。我認為這是個很好的問題，而且確實非常切題。在 Jed 和 Andy 的帶領下，財富管理團隊一直都在思考如何顛覆、並持續顛覆我們自己，以及在新前沿會有哪些工具可用。

As you know, for us, and as you think about the current client sweep balances, those sweeps we've largely said have behaved -- there are certain places that are similar where they're looking for yield-seeking behavior. But then there's also a transactional nature to that cash itself. And that's what you've seen bottom out. So that's right now in the near term.

如你所知，對我們而言，當你思考目前的客戶自動歸集（sweep）餘額時，我們大致上認為這些歸集資金的行為——在某些方面——呈現出尋求收益（yield-seeking）的特徵。但同時，那些現金本身也具有交易性質。而你看到的就是這部分已經觸底。所以就近端而言是這樣。

Over the long term, we're moving towards thinking about ways and in this new world, you actually have value of advice. So if you talk all -- where do you work through a tokenized world? How do you think of an on chain world where you can move assets quickly.

從長期來看，我們正朝向思考各種方式；在這個新世界裡，「建議的價值」會更凸顯。所以如果你談到——在一個代幣化的世界裡要如何運作？你如何看待一個鏈上（on chain）的世界，在那裡你可以快速移轉資產。

The same way you'd be able to move those liabilities quickly, we would be there to offer different types of products on the asset side. So what kinds of things might exist on the lending side for on-chain advice? And then how do you also move and think about all of those digital assets, be that things that are yield seeking or like we said on the asset side that you're also able to get advice. So how do you actually act and execute.

就像你能夠快速移轉那些負債一樣，我們也會在資產端提供不同類型的產品。那麼，在鏈上建議的放貸端，可能會有哪些東西存在？然後你又要如何移轉並思考所有這些數位資產——不論是追求收益的，或如我們所說在資產端同樣能獲得建議的那些資產。所以你實際上要如何採取行動並執行。

So I think that as things move on, there's a lot of creative space in terms of the advice-driven model. We do, as you know, currently also offer ways to move around cash that's currently yield-seeking in nature.

所以我認為，隨著事情持續推進，在以建議驅動的模式方面，有很大的創意空間。我們也確實——如你所知——目前提供一些方式，讓現金能在追求收益的情境下進行調度。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

So Sharon, I was hoping you could speak to the Fed's new Basel III capital proposal. And given you should benefit from long overdue changes, notably to the G-SIB surcharge calculation removal of double accounting in the stress test, how that might inform where you could be comfortable running on CET1 longer term versus, say, the older legacy framework?

所以 Sharon，我希望你能談談聯準會新的巴塞爾 III 資本提案。鑑於你們應可受益於一些早該到位的變更，特別是 G-SIB 附加資本計算中壓力測試的重複計算移除，這會如何影響你們對長期 CET1 水準的舒適區間——相較於舊的傳統框架？

Yes. So let's just take a step back and just talk about what's actually been proposed. There are three proposals that I think about. One, the models that obviously, we've put comments in II Basel and III G-SIB. So first, taking G-SIB since that's the most obvious quantitative metric.

好的。那我們先退一步，談談目前實際提出了什麼。我會從三個提案來看。第一，是模型——很明顯地，我們已在巴塞爾 II 以及巴塞爾 III 的 G-SIB 部分提出意見。所以先從 G-SIB 談起，因為那是最明確的量化指標。

If you look at the 3.5% G-SIB bucket buffer that we were in at the end of the fourth quarter. That number in the new framework, as proposed currently would be 2.2%, and that gives you a sense of just the base in terms of the rebates from where you would be from G-SIB. But as you know, very well, Steve, you'd also be in a position that you'd see RWA inflation associated with the Basel proposal.

如果你看我們在第四季末所處的 3.5% G-SIB 分級緩衝。在目前提案的新框架下，那個數字會是 2.2%，這讓你大致了解，從 G-SIB 的角度，你的基準（回饋）會落在什麼位置。但如你非常清楚的，Steve，你也會看到與巴塞爾提案相關的 RWA 膨脹。

And we would hope that there will also be some comments taken from the stress testing models in terms of PPNR and the way you think about income-based modeling sort of for fee-based assets and the Wealth Management business as well as expenses. If you take all of that together, we would expect that we're modestly up here, either where we are today from capital neutral to modestly positive in terms of the overall amount of capital that we should have. But we'll have to see to quantify that, really where all three of those land and the interplay between them.

而我們也希望，在壓力測試模型方面，能在 PPNR 以及你如何思考以收入為基礎的建模上——例如針對以手續費為主的資產、財富管理業務，以及費用——納入一些意見。把這些都綜合起來，我們預期整體而言，我們的資本水準會小幅上升：從資本中性到小幅正向，相較於我們今天的位置。但要量化仍需觀察，這三項最終落點以及它們之間的交互影響。

In terms of the actual CET1 metric, you'll see that we are using excess capital. We did see -- specifically, we had the relaxation or the change, I should say, the overall change of SLR. We deployed SLR and leverage-based capital over the course of the quarter, and we continue to increase our RWAs to support our client base.

就實際的 CET1 指標而言，你會看到我們正在使用超額資本。我們確實看到——具體來說，我們有 SLR 的放寬或變更，我應該說，是 SLR 的整體變更。我們在本季期間部署了 SLR 與以槓桿為基礎的資本，同時也持續提高我們的 RWA，以支援我們的客戶基礎。

Yes. The only thing I would add is that the firm view is that we hope to work well with the regulator, along with the rest of the group to get Basel finalized. We have a window here and the big picture is let's put the puck on the ice once and for all. And not everyone is going to get everything they want that's, by definition, the way these things would be. But that take as much of the lot that is reasonable to balance that, which ensures ongoing stability amongst these firms, but also allows us to the pivotal role that we do in helping to power the real economy. So with that in mind, it's absolutely critical that we keep the momentum going and we land this.

是的。我唯一要補充的是，本公司的觀點是：我們希望與監管機構以及同業一起良好合作，讓巴塞爾規則能夠定案。我們現在有一個窗口期，大方向是：把球（puck）放到冰上，一勞永逸地把事情定下來。而且不是每個人都能得到他們想要的一切——按定義，這些事情就是如此。但要在合理範圍內取得平衡：既確保這些機構持續穩定，也讓我們能發揮我們在推動實體經濟方面的關鍵角色。因此，保持動能並把它落地定案，至關重要。

That's great. And for my follow-up, if I could just double click a little bit more into some of the organic growth opportunities. You talked about leaning more heavily into markets. We certainly saw a nice uptick in loan growth in the quarter. Just want to get a better sense as we start to look under the new proposal, what are some opportunities that might be more compelling just given the strength of your capital position that you might be more inclined to lean into here?

很好。那我的追問，如果可以的話，我想再更深入一點談談一些內生成長機會。你提到會更著力於市場業務。我們確實看到本季貸款成長有不錯的上升。我想更清楚了解，當我們開始在新提案下往下看時，考量你們資本部位的強勁，有哪些機會可能更具吸引力，讓你們更傾向在這裡加大投入？

I think you just have to go to the business model as it exists. The three segments, the TAMs are all growing at 2x GDP organically, and our share, depending on the space is somewhere between 10% and 15%. So that alone, knowing what we do and getting after it is critical. It's interesting when Sharon gave the earlier answer with respect to how the funnel is working. That's an accelerating phenomenon inside of wealth.

我認為你只需要回到現有的商業模式。三個事業部門的 TAM（可服務市場總量）都以約 GDP 的 2 倍速度自然成長，而我們的市占率依不同領域大約在 10% 到 15% 之間。光是這一點——了解我們在做什麼並全力以赴——就很關鍵。很有意思的是，Sharon 先前談到漏斗如何運作的回答。那在財富管理內部是一個正在加速的現象。

But it also gives cause for the corporate coverage Officer and Investment Banking to talk to the CEO or talk to CFO and ask her how the stock administration plan is going and how employees feel about that. And now their coverage under the Wealth Management model.

但這也讓企業覆蓋主管與投資銀行有理由去和 CEO 或 CFO 對話，問她股票管理計畫進展如何、員工對此感受如何。而現在他們也納入財富管理模式下的覆蓋。

So there is a lot of really interesting work that can be done within the frame of the integrated firm. I think the decisions with respect to how we deploy capital really has to be around client selection, where we think that there is a long-term reward and wallet setup that is appropriate against our risk parameters. I'd also point out that the Investment Bank is really a global investment bank coming of age now.

所以，在整合型公司的框架內，有很多非常有意思的工作可以做。我認為，關於我們如何配置資本的決策，必須圍繞客戶選擇：在哪些地方我們認為有長期回報，以及在符合我們風險參數下，錢包份額（wallet setup）配置是合適的。我也要指出，投資銀行現在正真正成長為一家全球投資銀行。

If you see the growth that's been experienced in Asia, not just in Greater China. And of course, Japan, where, as you know, we have a special relationship with our partners, MUFG, who own one-fourth of the firm, but also the growth we've seen in the re-equitization of India and then, of course, the AI connectivity that exists in Korea and Taiwan. So too, we are now putting in incremental management strength in places like Germany and the core of Continental Europe, which is looking to reindustrialize given everything that's going on.

如果你看我們在亞洲的成長，不僅僅是在大中華區。當然還有日本——如你所知，我們與合作夥伴 MUFG 有特殊關係，他們持有本公司四分之一的股權——以及我們在印度再股權化（re-equitization）方面看到的成長，還有當然在韓國與台灣存在的 AI 連結性。同樣地，我們也正在德國以及歐陸核心地區增補管理能量；在目前各種情勢下，這些地區正尋求再工業化。

So being a global firm and doing it the way we've done it, but also to stick -- it's why I reiterated very simply in the opening that we stick to our strategic knitting, which is that we raise manage and allocate capital for institutions and individuals and that we keep it that way. And on the organic front, assuming the economy continues to grow, we think we've got a ton of opportunity to put top line up and continue to carry margin.

所以，作為一家全球性公司，我們以我們一貫的方式來做；同時也要堅持——這也是我在開場非常簡單重申的——我們堅守自身的策略本業：為機構與個人募集、管理並配置資本，並且保持這樣的定位。而在內生成長方面，假設經濟持續成長，我們認為我們有大量機會推升營收，並持續維持利潤率。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO Capital Markets。

I'd love to circle back on some of the comments, one you made on cash. You spoke to on-chain. I don't know if you guys saw, but a competitor in the annual report, J.P. Morgan put out that they're planning to reduce some of the friction on brokerage cash. Is it right that in your comments around on-chain that that's the direction you guys are thinking of going as far as reducing that friction? And then relatedly, today, the 15th tax day tends to be a big event seasonally for you in your wealth business, how should we think about cash and then net new? And what the expected impact is on that this year?

我想回到你先前的一些評論，其中一點是你談到現金。你提到了鏈上（on-chain）。我不知道你們是否有看到，但有一家競爭對手在年報中——摩根大通（J.P. Morgan）提到他們計畫降低經紀現金的一些摩擦。那麼，我是否可以理解為，你們在談鏈上時的意思，是你們也在朝著降低那種摩擦的方向思考？另外相關的是，今天 15 號報稅日通常在你們的財富業務上具有季節性的大事件效應；我們應該如何看待現金與淨新增（net new）？以及今年預期會帶來什麼影響？

Thanks so much, Brennan. So going first, just to cash, we continue to offer our clients different ways to access cash, talk about cash, talk about the cash management. And as we've talked about before, there are a lot of different places for people to think through. And we have been talking to our clients around various cash management over time, just given what's gone on over the course of the last five years. But we're obviously, as you know, always looking at ways to continue to enhance conversations that we have with various clients.

非常感謝你，Brennan。先從現金談起，我們持續為客戶提供不同的方式來取得現金、討論現金，以及討論現金管理。而且如同我們先前談過的，大家可以思考的面向與管道有很多。鑑於過去五年所發生的種種情況，我們也一直在一段時間內與客戶就各式各樣的現金管理進行交流。但很明顯地，如你所知，我們始終在尋找方法，持續強化我們與各類客戶之間的對話。

As it relates just to Tax Day and what we've seen so far this quarter, so far, right now, taxes are as we would have expected, but it's worth noting that from an SBL perspective, we've started the quarter strong. So the lending growth that we've talked about even at the beginning of this year continues. And we've put in a lot of resources towards lending products more broadly. So digital tools, digital enhancement and using automation to be able to help with the paper backlog associated with some of the various lending products more broadly.

就報稅日以及我們本季迄今所看到的情況而言，到目前為止，稅務狀況符合我們的預期，但值得注意的是，從 SBL 的角度來看，我們本季開局強勁。因此，我們在今年年初就談到的放款成長仍在延續。而且我們已投入大量資源於更廣泛的放款產品。包括數位工具、數位化強化，以及運用自動化來協助處理與更廣泛各類放款產品相關的紙本積壓。

Got it. And Ted, you spoke to an adolescent moment for private credit, which I thought was an interesting way to put it. You also flagged as a distributor, 1% of client assets in private credit, obviously, very small. But curious, but you do have great touch points across your Wealth Management business. And clearly, all the attention here is around wealth specifically given these vehicles.

了解。Ted，你提到私募信貸正處於「青少年時刻」，我覺得這個說法很有意思。你也指出，作為分銷方，客戶資產中配置在私募信貸的比例為 1%，顯然非常小。但我很好奇，因為你們在財富管理業務上有很好的觸點。而且很明顯，鑑於這些工具，市場的關注焦點都集中在財富端。

What are you hearing from the field around the temperature on some of these non-traded BDCs. Is the concern coming from more of the FA population or the investor side? And is there any emerging signs of looking at other asset classes besides credit?

你從第一線聽到的，對於這些非交易型 BDC 的「溫度」如何？擔憂更多是來自理財顧問（FA）族群，還是投資人端？另外，是否有任何跡象顯示，大家開始關注除信貸以外的其他資產類別？

Yes. Adolescent I mean to say sort of coming of age. The asset clients did not exist. And when the private lenders stepped in effectively in the place of the traditional Wall Street firms, it was new and of course, became part of the story for private and also public asset managers. We have to remember that this class is real.

是的。我說「青少年」是想表達它正在「成熟、成長」。這類資產過去並不存在。當私人放款人在某種程度上取代傳統華爾街機構的角色時，這是新的事物，當然也成為私募與公募資產管理人的故事之一。我們必須記得，這個資產類別是真實存在的。

It's at anywhere between $1.5 trillion, $1.7 trillion, high yield, similar size, levered lending, similar size. But the IG market, obviously, is enormously bigger at $13 trillion to $15 trillion. So it's just one piece of the credit stack. And the reality is that with spreads having widened out a bit, there is an institutional bid. And we've seen this now in the last week where a number of the top asset managers have underwritten.

其規模約在 1.5 兆到 1.7 兆美元之間；高收益債規模相近；槓桿貸款規模也相近。但投資級（IG）市場顯然大得多，約 13 兆到 15 兆美元。所以它只是信貸結構中的一部分。而現實是，隨著利差略為擴大，機構端出現承接買盤。我們在最近一週已看到，多家頂級資產管理人進行承銷。

And we've been very happy to act as underwriter on some benchmark issuances, they have been actually two over the last couple of days, wherein the -- at the asset manager level, at the BDC level, our real capital has been raised at quite reasonable rates to help get at the refinancing phenomenon that will exist in the years ahead.

我們也非常樂於在一些基準發行案中擔任承銷商；事實上，過去幾天就有兩筆。在這些交易中——在資產管理人層級、在 BDC 層級——真正的資本以相當合理的利率募集到位，以協助因應未來幾年將出現的再融資現象。

Now the reality is some asset managers are going to outperform other asset managers, and that's just the nature of product selection and diversification. Part of the reason that the FAs do such a brilliant job with our clients is that they very much preach this idea of durably growing your portfolio in a risk-managed way, taking into account your liquidity needs in every imaginable scenario.

當然，現實是有些資產管理人的表現會優於其他人，這就是產品選擇與分散配置的本質。我們的理財顧問之所以能為客戶做得非常出色，其中一部分原因在於，他們非常強調以風險管理的方式，穩健地讓投資組合成長，同時在所有可想像的情境下都把流動性需求納入考量。

And then importantly, to think about how alts over time, over decades, generations and even lifetimes can be an additive part of your portfolio. And even with that, through the decades of alt being introduced into the system. This is going back to the financial crisis, through COVID through BREIT a number of years ago.

而且很重要的是，要思考另類投資在時間拉長後——跨越數十年、跨越世代，甚至一生——如何能成為投資組合的加分項。即便如此，另類投資被引入體系也已經歷了好幾個十年。這可以追溯到金融危機、COVID 期間，以及幾年前的 BREIT。

These products have sort of sustained the test of time. And even now, the penetration is only 5%. So on the one hand, it's material. On the other hand, it is still an area of growth. And the key is to be selective in how you've put that capital across different alternative selections, whether it's PE, private credit infrastructure, and do -- or just straight private equity and then real estate, the four big ones and how you have selected managers on a diversified basis on the basis of where they have expertise by sector, what their history is of deployment, what their history is of return on capital, and that is part of the learning. And I think that has been taking place.

這些產品某種程度上經得起時間考驗。即便到現在，滲透率也只有 5%。所以一方面，它的確具有一定規模。另一方面，它仍然是一個成長領域。關鍵在於，你如何有選擇性地把資本配置到不同的另類選項上——不論是私募股權（PE）、私募信貸、基礎建設，或是單純的私募股權以及不動產，這四大類——以及你如何以分散方式挑選管理人：依其產業/領域專長、資金部署歷史、資本回報歷史來評估。這也是學習的一部分。我認為這個過程正在發生。

And the data point that I would put to you, which we've heard elsewhere to is that during the quarter, notwithstanding all of the press and discussion, the system was a better buyer of alts. And so that is an important indicator that folks want to be participating at the right price with the right manager. And then over time, the asset managers that perform will generate terrific results.

我想提供你一個數據點，我們也在其他地方聽到：在本季期間，儘管媒體與討論很多，整個體系反而是另類資產更好的買方。因此，這是一個重要指標，顯示大家希望以合適的價格、搭配合適的管理人來參與。而隨著時間推移，表現優異的資產管理人將帶來非常出色的成果。

And the ones that perform less or -- less well will underperform, and that becomes part of the asset manager selection dynamic.

而表現較差或——較不好的——就會落後，這也就成為資產管理人選擇動態的一部分。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Question on Wealth Management. Stocks obviously sold off several times during the quarter on AI feature announcements the customer cash sweep optimization. I think to Dan's question was one of the events about other automation tools, I think, and just potential implications on revenue models. So the market seems like it's currently weighing AI as a negative for wealth towards a risk. And I suspect you don't agree with that.

關於財富管理的問題。本季期間，股票顯然因為 AI 功能公告、客戶現金歸集（cash sweep）最佳化等因素，多次出現賣壓。我想呼應 Dan 的問題，其中一個事件可能與其他自動化工具有關，以及對營收模式的潛在影響。所以市場目前似乎把 AI 視為對財富管理不利、偏向風險的因素。我猜你們並不同意這種看法。

So it'd just be great to hear more about your view on some of the biggest implications of AI on the business. I know you guys have been investing for a number of years here.

因此，很希望多聽聽你們對 AI 對業務影響最大的幾個面向的看法。我知道你們在這方面已投資了好幾年。

Yes, I want to weigh in on that one. AI is our friend, okay? It is just the latest generation of technology that is going to be part of the ecosystem. And we're at an important moment. We're working with Claude Mythos, the beta version, and we are looking at different places inside of infrastructure, where we will just continue to -- there'll just be continuous improvement and that's going to go on with the firms that have the history that we have of cybersecurity infrastructure as the number one priority.

是的，我想回應這題。AI 是我們的朋友，好嗎？它只是最新一代、將成為生態系一部分的技術。而我們正處在一個重要時刻。我們正在使用 Claude Mythos 的 beta 版本，並在基礎設施內部尋找不同的切入點；我們會持續——會有持續性的改善。而這也將發生在像我們這樣把資安基礎設施視為第一優先、且具備相關歷史的公司身上。

This is not a new phenomenon. What is new is that we are beginning to evolve from pure efficiency exercises where you could have effectively replacements of what might have been a call center or what might have been an operational function to automate routine tasks like moving money to something that over time becomes a productivity phenomenon.

這不是新現象。新的地方在於，我們正開始從純粹的效率提升——例如可能取代原本的客服中心或某些營運職能，把像轉帳這類例行任務自動化——逐步演進到一種隨時間推移成為生產力提升的現象。

And that efficiency and effectiveness transform is super compelling. The efficiency you talked about, but what about the effectiveness where you can have the historical context as between the financial adviser and the client where she is well aware of the past interactions and how that might drive against certain market dynamics, future action.

而這種效率與效能的轉型非常有吸引力。你提到效率，但效能呢？也就是你能掌握理財顧問與客戶之間的歷史脈絡，讓她非常清楚過去的互動，以及這些互動如何在某些市場動態下影響未來的行動。

And so that co-piloting, I think, is something that Jed Fin under the leadership of Andy Saperstein is spending a lot of time on where they effectively have corridors or super agents they are going to be working to drive, again, efficiency and effectiveness across the portfolio in wealth.

因此我認為所謂的「共同駕駛」（co-piloting）是 Jed Fin 在 Andy Saperstein 的領導下投入大量時間在做的事情；他們實際上會建立一些通道（corridors）或超級代理人（super agents），以推動並再次提升財富管理整體投資組合的效率與效能。

I'd also say that this phenomenon is taking place inside of our our equities business, where, as you know, we have a leadership business where we are able to take some of the complex questions that are asked, but sort of of the technical type and they can be answered directly by a client agent inside of the electronic trading platform.

我也會說，這種現象也正在我們的股票業務內部發生；如你所知，我們有一個領先的業務模式，能夠承接一些被提出的複雜問題，但偏技術性的那種，並且可以由電子交易平台內的客戶代理人直接回答。

And then, of course, there are the numerous examples inside of core infrastructure, where efficiency around classic operational flow and surveilling is a foot. So there will be the continuous arms race of one AI platform versus another, but this is not new, and this is something we consider to be additive to what we have, which is world-class technology, world-class cyber defense and then the best trusted advisers sitting with the client. That is ultimately, again, the secret sauce, whether it's the investment banker, the asset manager coverage Officer or importantly, the wealth management and financial adviser. That is the key.

當然，在核心基礎設施中也有許多例子，圍繞傳統作業流程與監控（surveilling）的效率提升正在進行中。因此，不同 AI 平台之間會持續展開軍備競賽，但這並不新鮮；我們認為這是對我們既有能力的加成——也就是世界級的科技、世界級的資安防禦，以及與客戶並肩合作的最佳、最值得信賴的顧問。這才是最終的「秘方」，無論是投資銀行家、資產管理覆蓋主管（coverage officer），或是更重要的財富管理與理財顧問。這就是關鍵。

I appreciate that color. As a follow-up, I want to touch just on Asia, 45% of the firm sequential revenue improvement came from Asia. It's only 16% of firm-wide revenues. I know a lot of that delta is from prime brokerage, but can you just expand a bit on the momentum in Asia? How sustainable is it further growth opportunity in the region, just given the big step-up we've been seeing here?

感謝你提供這些說明。作為追問，我想談一下亞洲：本季公司營收的環比改善中，有 45% 來自亞洲。但亞洲只占全公司營收的 16%。我知道其中很大一部分差異來自主經紀（prime brokerage），但你能否再多談一些亞洲的動能？考量到我們看到的這個大幅躍升，這種動能的可持續性如何？該區域是否仍有進一步成長機會？

Well, it's a question of people. The person who runs Asia for Morgan Stanley is Gogo Leroy, who is a plus or minus three-decade veteran of the firm. And he's one of the trusted leaders of the firm. He is also the co-head of equities with Alan Thomas, and they've done a phenomenal job in equities.

嗯，這其實是人的問題。摩根士丹利負責亞洲的人是 Gogo Leroy，他在本公司服務大約三十年上下。他也是公司內深受信賴的領導者之一。他同時與 Alan Thomas 共同擔任股票業務聯席主管，而他們在股票業務上做得非常出色。

But the Asia strategy has been one where we have really integrated the effort as between the bankers and the sales and trading unit inside of Institutional Securities for the last many years, there's a firm that has been a leader in Hong Kong from the '90s right through SARS and the handover and through recent years,

但我們的亞洲策略，是在過去很多年裡，真正把機構證券（Institutional Securities）內部的銀行業務與銷售交易團隊之間的努力整合起來；我們在香港自 1990 年代起就是領導者，一路走過 SARS、主權移交，以及近些年。

But the game changer for us, of course, was during the depths of the financial crisis to be effectively married to our friends at MUFG and the senior management team of the firm travels to Tokyo three, sometimes four, times a year to meet with our partners day in turn, join us, they have two seats on our board. So we are deeply sconced in Japan with two ventures that were formed 20 years ago.

但對我們而言，當然真正的改變發生在金融危機最深的時候——我們實質上與 MUFG 的朋友們結成緊密夥伴關係；公司高層管理團隊每年會到東京三次、有時四次，與合作夥伴會面；他們也會輪流加入我們的會議，並在我們董事會擁有兩個席位。因此，我們在日本深度扎根，並且有兩個在 20 年前成立的合資事業。

We expanded our capability across our research, integrating the research and equities trading platform now we help MUFG monetize through the old Bank of Tokyo, foreign exchange spot flow, which is incredibly powerful. So this is one of the classic cases where a great idea somewhat out of necessity was nurtured through management teams through the years of Mr. Gorman and now this management team has really gone even further to think about what Align 3.0 could look like, which is to really tap into the demography and opportunity that's inside of Japan.

我們擴充了研究能力，並把研究與股票交易平台整合；現在我們也協助 MUFG 透過舊東京銀行（Bank of Tokyo）的外匯即期（spot）流量來變現，這股力量非常強大。因此，這是一個典型案例：一個在某種程度上出於必要而產生的好點子，在 Gorman 先生任內以及多年來的管理團隊培育下成長；而現在這個管理團隊更進一步思考 Align 3.0 可能的樣貌，也就是更深入地掌握日本內部的人口結構與機會。

So the ecosystem works. We also have a world-class wealth business inside of Hong Kong that caters to the Asia Pac region. That's quietly a $1 billion business. And then the last piece I'd say is some of this is location strategy. We decided years ago to exit a number of places.

所以這個生態系是有效運作的。我們在香港也有世界級的財富管理業務，服務亞太地區。那是一個低調但規模達 10 億美元的業務。最後我想說，其中一部分也來自據點策略。我們多年前決定退出若干地區。

We exited the Russia ecosystem. We lightened up on non-core parts of the emerging world. But we really doubled down on places like Korea and Taiwan and then importantly, in India, where we not only have 15,000 people as an infrastructure phenomenon, but we have a world-class investment banking trading business.

我們退出了俄羅斯生態系。我們也縮減了新興市場中非核心的部分。但我們在韓國與台灣等地加倍投入；更重要的是在印度——我們不僅以基礎設施的形式擁有 15,000 名員工，同時也擁有世界級的投資銀行與交易業務。

So this is not sort of the region du jour, this is a region where we've had a leadership position. Actually, I think we've attracted some incremental competition into the space. So in a way that actually makes the challenge harder now. because I think people have seen the success, but that's the nature of our business, and we just keep on going. As these countries re-equitize, they take great companies and they want to list them and they want to effectively also deal with the issues around a lack of energy independence or where they sit in the AI ecosystem.

所以這不是什麼「當紅地區」（region du jour）；這是我們長期擁有領導地位的區域。其實我認為我們也吸引了一些新增競爭者進入這個領域。因此某種程度上，現在挑戰反而更大，因為大家看到了成功；但這就是我們行業的本質，我們只會持續前進。當這些國家重新進行股權化（re-equitize）時，他們會把優質公司拿出來上市，同時也希望有效處理能源獨立性不足的問題，或是他們在 AI 生態系中的定位。

You can expect some very interesting M&A and hybrid activity. And that's right in the sweet spot for corporate finance coverage. So we like that region very much, and we like the growth potential and it's, of course, also very closely risk-managed.

你可以預期會出現一些非常有意思的併購（M&A）與混合型（hybrid）活動。而這正是企業融資覆蓋（corporate finance coverage）的甜蜜點。所以我們非常喜歡這個區域，也看好其成長潛力；當然，我們也對風險進行非常嚴密的管理。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

I wonder if we could talk about and equity pipeline for a second, usually when the markets are this strong. It's a little bit better, but I know it's building, and I know there's some really big ones out there that might -- that are talked about coming. But thought one of the interesting angles on this was also that it seems like some of these big IPOs are very partial towards having a big retail allocation. And just curious if you thought that's true, how you use E-TRADE as part of your selling process? And then just talk about the overall pipeline in general would be helpful. So appreciate that.

我想我們能否花點時間談談股票發行（equity）管線？通常市場這麼強的時候，情況會好一些；我知道它正在累積，也知道外面有一些非常大型的案子——可能——大家都在談即將到來。但我覺得其中一個有趣的角度是，似乎有些大型 IPO 非常偏好配置較高比例給散戶。我想確認你是否也認為如此，以及你們如何在銷售流程中運用 E-TRADE？另外，如果能談談整體管線的狀況也會很有幫助。所以先謝謝。

Yes. So it's a great question. And I think that you do continue to see the democratization sort of products more broadly. That's one of the reasons when you actually think about the acquisition of Equity Zen and what we're trying to do, right? So a place where there's stuff within the private domain that's actually already beginning to transact.

是的。這是個很好的問題。我認為你確實持續看到更廣泛的產品「民主化」趨勢。這也是我們思考收購 EquityZen 以及我們想要做的事情的原因之一，對吧？也就是在私募領域裡，已經開始有資產在進行交易的地方。

We see that as a technology that can help us. We have already begun to offerings come through that platform, and we would expect that to continue. So that is a market, as you know, it's growing.

我們把它視為一種能夠幫助我們的技術。我們已經開始有發行（offerings）透過該平台進來，並且預期這種情況會持續。因此，如你所知，那是一個正在成長的市場。

There are a lot of places within the retail channel, the different companies are looking to attract, and we have that channel and those capabilities. you have it already existing on the adviser side, you have an existing to some degree when you think about the underlying E-TRADE side, but what you really need is to make sure that you also have the private market ecosystem necessarily before you see an IPO come through the marketplace that you're able to have different access and different corporate relationships. And those are the pieces that Jed and Andy have really begun to lay the foundation and build over time.

在散戶通路中，有很多不同的公司都希望吸引資金與客群，而我們具備那個通路與能力。你在顧問端已經有既有的能力；當你想到 E-TRADE 這一端時，也在某種程度上已經存在；但你真正需要確保的是，在 IPO 進入公開市場之前，你也必須先建立必要的私募市場生態系，讓你能夠擁有不同的進入管道與不同的企業關係。而這些正是 Jed 和 Andy 已經開始奠基並隨時間逐步打造的部分。

So it's not just one thing. I'd say that it's a build across the other. And I think we have that offering to many of these companies that are looking for ability to transact within retail.

所以不只是單一因素。我會說這是一個跨多個面向的建置。而我認為，對於許多希望能在散戶端進行交易的公司，我們確實提供了這樣的方案。

And do you have any numbers that you could throw at the pipeline or some soft details, we've been all been waiting for years on the sponsor-led pipeline, but in general, it feels like a backdrop that should be improving. Just curious on your take.

那麼，您是否有任何可以用來描述承銷管線的數字或一些較為概括的細節？我們多年來一直在等待由贊助方主導的管線，但整體而言，感覺大環境應該正在改善。只是想聽聽您的看法。

Yes, Glenn, what I'd say on that is, as you know, the PE firms are sitting on $1 trillion plus of dry powder. There are 1,500 companies plus that are privately held with an average duration of five years that are worth $1 billion plus. And the entire ecosystem of private companies, hard to know. Are they worth $3 trillion or $5 trillion, but there were multiple trillions. And so the question now is, do they come and how do the markets feel? And I think the reality is I give you a balanced answer on this. I think that on the one hand, you see the earnings power of the large-cap group, the balance sheets and the earnings growth.

是的，Glenn，對此我想說的是，如你所知，私募股權（PE）公司手上握有超過1兆美元的未動用資金（dry powder）。目前有超過1,500家私人持有的公司，平均持有期間為五年，且估值超過10億美元。而整個私人公司生態系的規模則很難精確估算。它們到底值3兆美元還是5兆美元，但確實是數兆美元的量級。因此現在的問題是：它們是否會出來，以及市場的感受如何？我想現實是，我會給你一個較為平衡的回答。一方面，你看到大型股族群的獲利能力、資產負債表以及獲利成長。

And of course, now if the war is contained, 7,000 S&P and NASDAQ working its way back to. So pretty constructive backdrop. The fact is that the sponsors, as you know, would like to crystallize some of this portfolio, especially the publicly traded ones so they can keep this process going of effectively deploying and raising. I do think that not every company is going to be able to make it as an IPO in this environment. There's going to be some selection. And what we're seeing is that the largest asset managers, the largest private equity firms, some of whom have very high-quality companies are likely to be the first to move.

當然，如果戰事受到控制，標普與那斯達克也正朝著7,000點回升。所以整體背景相當具建設性。事實上，如你所知，贊助方希望將部分投資組合的價值實現（crystallize），尤其是那些已公開交易的資產，如此才能讓「部署資金並募資」的流程持續運轉。我確實認為，在目前環境下，不是每家公司都能以IPO的形式成功上市。會有一定程度的篩選。而我們看到的是，最大的資產管理機構、最大的私募股權公司，其中一些擁有非常高品質的公司，可能會率先採取行動。

And the data point I'd give you is that there are increased numbers of bake-offs with sponsors. And again, think of it the way Dan Simkowitz would describe it is think about sort of corporates think about public asset managers, private asset managers. There's effectively competition and horizontal to see where capital clears is the way I'd put it. And a number of these bake-offs are two track, can we make a sale or can we list? And I think if we can get to a period now where we resume some of the narrative that we had going into 2026, which was a very strong one.

我給你的數據點是：與贊助方相關的「競標遴選」（bake-offs）數量正在增加。再者，用Dan Simkowitz的說法來看，就是把企業端、公共資產管理人、私募資產管理人放在一起思考。本質上存在橫向競爭，用我的說法就是看資金最終在哪裡「出清／成交」（capital clears）。而其中不少bake-offs是雙軌並行：我們是能賣掉，還是能上市？我認為，如果我們現在能回到接近2026年前那段時間的敘事節奏，而當時的敘事是非常強勁的。

I think what you'll see is effectively the resumption of pipeline hitting the marketplace, whether it's through outright sales to other sponsors or likely to strategics or partial sales through IPOs, which is kind of a call that we collectively made going into the year. But I do think there is some selection. There are going to be mid-cap or small and mid-cap companies that aren't going to be ready to make it as public companies because the reality is that the bar is very high for public manager and investors, as you know, against the resiliency that's been demonstrated across sectors in the C-suite through COVID and now this period.

你將會看到承銷管線實質上重新回到市場，不論是透過直接出售給其他贊助方，更可能是出售給策略買家，或是透過IPO進行部分出售——這也是我們在年初共同做出的判斷。但我確實認為會有一些篩選。會有一些中型股或中小型公司尚未準備好成為上市公司，因為現實是，對公募基金經理與投資人而言，門檻非常高；如你所知，這也要對照各產業在COVID期間以及目前這段時期中，管理層（C-suite）所展現出的韌性。

So the comps in a sense are tougher. But I do think that the desire for private equity sponsors to begin steadfastly to liquefy chunks of their portfolio in order to get to the next, which is to deploy capital into the next leg of the cycle. I think that has increased. And I think what you should expect to see is a reasonable drumbeat of leading sponsor and leading companies hitting either the private or public markets if the macro environment permits.

因此某種程度上，可比基準（comps）變得更嚴苛。但我確實認為，私募股權贊助方希望開始更堅定地將其投資組合的一部分變現，以便進入下一步——也就是在週期的下一階段部署資本。我認為這種意願已經提高。而我認為你應該預期看到的是：如果宏觀環境允許，領先的贊助方與領先的公司會以合理的節奏，陸續進入私募或公募市場。

Mike Mayo, Wells Fargo Securities.

Mike Mayo，富國證券。

Can you elaborate more on the financing business within trading? I assume that's for both private credit and liquid markets, and that's just been growing so much the last year for this decade and a comment on the resiliency of that. Does that mean trading is less volatile than it used to be or if and when we get a bear market, does this shrink back down?

你能否更詳細說明交易業務中的融資業務？我假設這涵蓋私募信貸與流動性市場，而過去一年乃至這十年它成長非常快，也請評論其韌性。這是否意味著交易業務比以前波動更小？或者如果／當我們進入熊市，這部分會縮回去嗎？

Sure. Thank you so much, Mike, for the question. There is a stabilizer, I would say, over the course of the last 10 years. I mean you've been covering us nearly two decades, I think. The last decade in fixed income has been marked by refocusing our business on clients and also creating durable sources of revenue.

當然。Mike，非常感謝你的提問。我會說，在過去10年裡，這確實是一個穩定器。我的意思是，你追蹤我們將近二十年了，我想。固定收益業務的這十年，主要特徵是我們重新聚焦於客戶，同時也打造更具持久性的收入來源。

What you point out to is one of those sources of revenue. It is, to some degree, the intent is to be more stable on a balanced business. But as Ted said, it is a credit risk business. So overall, all of those types of products are looking at underlying credit, looking at counter-party risk, understanding both risk limits as well as the diversification, the structural protections that you might have, the various haircuts.

你提到的就是其中一個收入來源。在某種程度上，其目的就是讓業務更平衡、也更穩定。但如Ted所說，這是一門承擔信用風險的業務。因此整體而言，這些產品都會檢視底層信用、檢視交易對手風險，理解風險限額以及分散度、你可能擁有的結構性保護、以及各種折扣率（haircuts）。

What I think is important, specifically about the private credit business we started the call is that you also have this ability to look down on a loan-by-loan basis and we have the ability to both mark and margin across that. So there's a lot there within the ecosystem. But yes, that has been a stabilizing factor within our fixed income revenue results.

我認為重要的是，特別就我們在電話會議一開始提到的私募信貸業務而言，你也具備逐筆貸款（loan-by-loan）向下檢視的能力，而且我們也能在其上進行估值（mark）與追繳保證金（margin）。因此在這個生態系裡有很多層面。但沒錯，這一直是我們固定收益營收表現中的一個穩定因素。

What I would add to that is I think the durability of the lending business is good. Of course, it kind of speaks to the proposition around valuation is repeatable P&L. But one of the things that Sharon and I have observed over the last number of quarters, the leadership groups in both and this is, I think, part of your underlying question, Mike, as well, in equities and fixed income have both really looked to try to build a well-governed classic trading business, effectively the moving of inventory market making, taking the world-class content that Katy Huberty has and getting it to clients in all kinds of different forms, not just traditional big conferences, but finding curated ways to get institutions to effectively act on bespoke ideas in a moment where you had to take a view when we had so-called Good Vol at the beginning of the year, and we have the content available for you to express that view. And then we effectively take that content and offer market access.

我補充一點：我認為放貸業務的持久性是好的。當然，這也呼應了估值主張的一部分——可重複的損益（repeatable P&L）。但Sharon和我在過去幾個季度觀察到的一件事是，兩邊的領導團隊——而這也我想是你問題的核心之一，Mike——在股票與固定收益方面，都非常致力於建立一個治理良好、經典的交易業務：本質上是庫存移轉與做市（market making），把Katy Huberty所擁有的世界級內容帶給客戶，以各種不同形式呈現，不僅是傳統的大型會議，也透過精選（curated）的方式，讓機構能在需要做出判斷的時點，對客製化想法（bespoke ideas）採取行動——例如年初所謂的「良性波動」（Good Vol）時期，而我們有內容讓你表達那個觀點。接著我們把這些內容轉化為市場進入（market access）。

And that market access is to be on the cash desk where the equities guys did a fantastic job. And then importantly, in the derivatives business, that has really grown into a classic market-making, risk management business around Morgan Stanley's content. Similarly, in fixed income, again, contain risk alongside of -- largely it being a financing business, but doing that around clients wanting to express a view.

而這種市場進入包括在現貨交易台（cash desk）上——股票團隊做得非常出色。更重要的是在衍生品業務上，它已經成長為一個圍繞摩根士丹利內容的經典做市與風險管理業務。同樣地，在固定收益方面，也是在控制風險的同時——雖然很大程度上屬於融資業務——但仍是圍繞客戶想要表達觀點來進行。

So one of the things we kind of look at is having enough of the durable financing revenues throughout these businesses, and by the way, similarly in Wealth Management. There is an element of wanting to expand the lending product, but also we're looking very closely at DARTs and other indicators of just transaction activity, whether it's in cash form or derivatized form.

因此我們會看的其中一件事，是在這些業務中擁有足夠的、具持久性的融資收入；順帶一提，在財富管理也是類似。我們確實有一部分是希望擴大放貸產品，但同時我們也非常密切地關注DARTs以及其他指標，以衡量交易活動——不論是現貨形式或衍生化形式。

And the answer is we want both because there are going to be periods where the markets are not going to be conducive to activity where either it will be risk off or just people sort of set in what they want to do, in which case, the financing revenues are the kind of durable P&L that allow you to sort of sustain the balance of the firm.

答案是我們兩者都要，因為市場總會有一些時期不利於活動：要嘛是風險偏好下降（risk off），要嘛是大家對想做的事情已經定調、活動變少；在那種情況下，融資收入就是那種具持久性的損益來源，能讓你支撐整個公司的其餘部分。

But at the same time, we want to have the right levels of activity around times when Morgan Stanley content matters. When we're delivering something that actually is differentiated and importantly can be acted upon. And then we wish to try to find a way to express that through liquid markets and market access. So it's an excellent question because I think one doesn't want to go too far to one end of the continuum or the other.

但同時，我們希望在摩根士丹利內容真正重要的時點，維持適當的活動水準。當我們交付的內容確實具備差異化，且更重要的是可被採取行動時。接著我們希望設法透過流動市場與市場准入來表達這一點。所以這是個很好的問題，因為我認為不應該在這個光譜的任一端走得太極端。

But the fact that we really have built this financing business with some of our smartest people throughout the firm and that we have these credits as well structured and focused on as we have over the last number of years allows us to have an interesting activities based business alongside of it. And that, again, is not just in the Institutional Securities business, very much in the wealth business as well.

但事實是，我們確實在全公司範圍內，集合了一些最聰明的人才打造了這個融資業務；而且在過去幾年裡，我們對這些信貸的結構設計與聚焦程度都很高，這使我們得以在其旁邊發展一個有趣的、以活動為基礎的業務。而且同樣地，這不僅是在機構證券業務中，在財富管理業務中也非常明顯。

Sticking to that topic of risk and following up on the other question. all I have are the headlines in the paper about Anthropic and the Mythos model. And the article said only a few players had that model. It sounds like you said you have the beta version of the Anthropic Mythos model.

延續風險這個主題並接續上一個問題。我手上只有報紙上關於 Anthropic 與 Mythos 模型的標題。文章說只有少數幾個參與者擁有那個模型。聽起來你說你們有 Anthropic Mythos 模型的 beta 版本。

And again, the articles said that you guys were summing down to D.C. and that people are extremely concerned. And you say AI is your friend and you should be a beneficiary, not a victim. But I'm just wondering about the cyber risk and how that may have increased and what extra steps you're taking now that you're looking to the model if you're allowed to disclose what you've learned?

而且同樣地，文章說你們正趕往華盛頓特區，大家都非常擔憂。你說 AI 是你們的朋友，你們應該是受益者，而不是受害者。但我只是想了解網路風險，以及它是否有所上升；以及在你們使用該模型之後，你們現在採取了哪些額外步驟——如果你們可以披露你們學到了什麼的話？

Well, we have the regular way meetings in Washington, the Financial Services Forum. So we happen to have been down there, and the press as reported, we all got together. This is not new. We've gotten together before cyber resiliency, as you know, has been a top priority at this firm and other firms. And yes, we are permissioned on -- I think the official name is Claude Mythos Preview.

嗯，我們一向會在華盛頓舉行例行會議，也就是金融服務論壇（Financial Services Forum）。所以我們剛好在那裡；如媒體所報導，我們大家聚在一起。這不是新鮮事。我們以前也曾就網路韌性聚在一起；如你所知，網路韌性一直是本公司以及其他公司的首要優先事項。而且是的，我們已獲授權使用——我想正式名稱是 Claude Mythos Preview。

And certainly, the reality is that cyber risk is in the ecosystem, Mike, as you know, an increasing threat broadly. And so our ability to, along with others, I assume, continue to act a stalwart defense in our industry is important. So we will, I would imagine, collectively get better via that, and then there will be other competitive products. This is another step in kind of the long tail technology transformation that we've been talking about that is once in a generation, and now it's here.

而且當然，現實是網路風險存在於整個生態系中，Mike，如你所知，整體而言是一個日益增加的威脅。因此，我們與其他機構一起（我想也是如此）持續在本產業中扮演堅實防線的能力很重要。所以我想，我們將會透過這件事在集體層面變得更好，之後也會有其他具競爭力的產品出現。這是我們一直在談的那種長尾科技轉型的又一步——這種轉型可說是一代一次，而現在它已經到來。

And as you've heard others say, cyber resiliency is a top priority at institutions like ours across all of our businesses. And if the ecosystem risk is likely increasing because of the quality and muscularity of the model than we do need to get our gloves up and take it to another level, and that's exactly what you'd expect, and we very much intend to do so. But I want to say on the back end, that a lot of the good that AI is going to bring both as an efficiency and effectiveness matter should not get dismissed because that's an important phenomenon that's going to continue to transform this firm.

而且正如你聽到其他人所說，對像我們這樣的機構而言，在我們所有業務中，網路韌性都是首要優先事項。如果因為模型的品質與強度使生態系風險可能上升，那我們確實需要提高警戒、把防護提升到另一個層級；這正是你所期待的，而我們也非常打算這麼做。但我也想補充一點：AI 將帶來的許多好處——無論是效率或效能——不應被忽視，因為這是一個重要現象，將持續改造本公司。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Good morning. Sorry to prolong an already long call, but just wanted to ask one question?

早安。抱歉讓這通已經很長的電話會議再延長，但我只想問一個問題？

Erika, for you. we're very happy to take that last question. You stepped in there, you stepped in there. What was that $25 ago.

Erika，當然可以。我們很樂意回答最後這個問題。你插進來了，你插進來了。那是 25 美元之前的事了。

Hopefully, some people are still listening. So anyway, here's my question --

希望還有人在聽。總之，這是我的問題--

It may just be you and me, but I'm good.

可能就只有你和我，但我沒問題。

I know exactly. We're good. We're good. You talked about organic growth opportunities in wealth you talked about broad-based drivers for NNA. You talked about AI being your friend and you talked about advisers really being empowered by AI.

我完全懂。沒問題。沒問題。你談到財富管理的有機成長機會，也談到推動 NNA 的廣泛驅動因素。你談到 AI 是你們的朋友，也談到顧問將真正因 AI 而被賦能。

As we think about the pretax margin of 30% in a quarter where wealth comp had some upward pressure, should we think about the low 30s as sort of a high level where you can sustain? Or is there potential for upward pressure given all of the dynamics that you mentioned?

當我們思考稅前利潤率在某一季達到 30%，而該季財富管理薪酬有一些上行壓力時，我們是否應該把 30% 出頭視為你們可維持的某種高位水準？或者，考量你提到的所有動態，是否仍有進一步上行的可能？

Yes. Thank you so much for the question, Erika, and thank you for noting all the places that we're investing. We reaffirmed our targets at 30% in the strategy deck. And we did that for good reason, mainly because we want to be in a position that we can invest. And so we've never really managed the margin quarter-by-quarter. We've said that multiple quarters. We always said when we were below 30% that could cut our way very quickly to a 30% margin.

是的。非常感謝你的提問，Erika，也謝謝你指出我們正在投資的各個領域。我們在策略簡報中重申了 30% 的目標。我們這麼做是有充分理由的，主要是因為我們希望處於可以投資的狀態。因此，我們從來不會逐季去管理利潤率。我們已經連續好幾季都這麼說。我們也一直說，當我們低於 30% 時，我們其實可以很快透過削減成本把利潤率拉回 30%。

But for us, what's most important is that we're constantly investing and there are so many places within this best business to invest, and it's paying off. And over time, we'll continue to move up the margin on its own organically. The most important thing for us is to continue to put dollars to work to service both our clients and advisers and continue to be a category of one in this business.

但對我們而言，最重要的是持續投資；在這個最好的業務裡，有太多地方值得投資，而且這些投資正在產生回報。隨著時間推移，我們的利潤率會自然地、以有機方式持續上升。對我們來說最重要的是，持續把資金投入以服務我們的客戶與顧問，並持續在這項業務中成為獨一無二的領導者。

Ladies and gentlemen, this concludes today's conference call. Thank you, everyone, for participating. You may now disconnect, and have a great day.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。