道富銀行 (STT) 2023 Q2 法說會逐字稿

Good morning, and welcome to State Street Corporation's Second Quarter 2023 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's website at investors@statestreet.com. This conference call is also being recorded for replay. State Street's conference call is copyrighted, and all rights are reserved. This call may not be recorded for rebroadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on State Street's website. Now I would like to introduce Ilene Fiszel Bieler, Global Head of Investor Relations at State Street. Please proceed.

早上好，歡迎參加道富銀行 2023 年第二季度收益電話會議和網絡廣播。今天的討論將在道富銀行網站 Investors@statestreet.com 上進行現場直播。這次電話會議也被錄音以供重播。道富銀行的電話會議受版權保護，並保留所有權利。未經道富公司明確書面授權，不得對本次通話進行全部或部分錄音或轉播或分發。本次電話會議的唯一授權廣播將在道富銀行的網站上進行。現在我想介紹道富銀行投資者關係全球主管艾琳·菲澤爾·比勒(Ilene Fiszel Bieler)。請繼續。

Good morning, and thank you all for joining us. On our call today, our CEO, Ron O’Hanley, will speak first. Then Eric Aboaf, our CFO, will take you through our second quarter 2023 earnings slide presentation, which is available for download in the Investor Relations section of our website, investors.statestreet.com. Afterwards, we'll be happy to take questions.

早上好，感謝大家加入我們。在今天的電話會議上，我們的首席執行官羅恩·奧漢利 (Ron O’Hanley) 將首先發言。然後，我們的首席財務官埃里克·阿博夫 (Eric Aboaf) 將向您介紹我們的 2023 年第二季度收益幻燈片演示文稿，該幻燈片演示文稿可在我們網站 Investors.statestreet.com 的投資者關係部分下載。之後，我們將很樂意回答問題。

During the Q&A, please limit yourself to 2 questions and then requeue. Before we get started, I would like to remind you that today's presentation will include results presented on a basis that excludes or adjusts one or more items from GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our slide presentation, also available in the IR section of our website.

在問答過程中，請限制自己提出 2 個問題，然後重新排隊。在我們開始之前，我想提醒您，今天的演示將包括在排除或調整 GAAP 中的一項或多項項目的基礎上呈現的結果。這些非 GAAP 衡量標準與最直接可比的 GAAP 或監管衡量標準的調節可在我們幻燈片演示文稿的附錄中找到，也可以在我們網站的 IR 部分找到。

In addition, today's presentation will contain forward-looking statements. Actual results may differ materially from those statements due to a variety of important factors such as those factors referenced in our discussion today and in our SEC filings, including the risk factors in our Form 10-K. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our views change. Now let me turn it over to Ron.

此外，今天的演示將包含前瞻性陳述。由於各種重要因素，例如我們今天的討論和 SEC 文件中提到的因素，包括我們 10-K 表格中的風險因素，實際結果可能與這些陳述存在重大差異。我們的前瞻性聲明僅代表今天的情況，即使我們的觀點發生變化，我們也不承擔任何更新這些聲明的義務。現在讓我把它交給羅恩。

Thank you, Ilene, and good morning, everyone. Earlier today, we released our second quarter financial results. Relative to the significant volatility experienced by investors in the first quarter, market conditions in 2Q were more subdued, and global financial market performance was varied. Global equities generated positive returns for the third consecutive quarter as investors saw continued strength in developed equity markets but weakness in emerging markets.

謝謝艾琳，大家早上好。今天早些時候，我們發布了第二季度財務業績。相對於第一季度投資者經歷的大幅波動，第二季度市場狀況較為溫和，全球金融市場表現參差不齊。全球股市連續第三個季度產生正回報，因為投資者看到發達股市持續走強，但新興市場疲軟。

Fixed income markets fell as investors had to contend with still elevated levels of inflation and further Central Bank rate hikes including the Federal Reserve raising interest rates above 5% for the first time since 2007.

由於投資者不得不應對通脹水平仍然較高以及央行進一步加息（包括美聯儲自 2007 年以來首次將利率提高至 5% 以上），固定收益市場下跌。

The second quarter was also characterized by falling currency market volatility, which created headwinds for our foreign exchange business.

第二季度的另一個特點是貨幣市場波動性下降，這給我們的外匯業務帶來了阻力。

Turning to Slide 3 of our investor presentation. I will review our second quarter highlights before Eric takes you through the quarter in more detail. Beginning with our financial performance. Second quarter ROE was 13% and pretax margin expanded by 1.2 percentage points year-over-year to 29.5%. Relative to the year ago period, 2Q EPS increased by 14% to $2.17 supported by our common share repurchases, significantly higher NII, strong front office software and data revenue growth and an increase in securities finance revenue.

轉向我們的投資者演示文稿的幻燈片 3。在埃里克向您詳細介紹第二季度之前，我將回顧第二季度的亮點。從我們的財務業績開始。第二季度淨資產收益率為 13%，稅前利潤率同比增長 1.2 個百分點至 29.5%。與去年同期相比，第二季度每股收益增長 14% 至 2.17 美元，這得益於我們的普通股回購、NII 顯著提高、前台軟件和數據收入強勁增長以及證券金融收入增加。

Our results also benefited from the release of an allowance related to the support of a financial -- U.S. financial institution as well as an accounting adoption. Taken together, these factors more than offset headwinds in some of our other fee-based businesses and the impact of higher-than-desired year-over-year expense growth.

我們的業績還得益於與金融機構——美國金融機構的支持以及會計採用相關的津貼的發放。總而言之，這些因素足以抵消我們其他一些收費業務的不利因素以及高於預期的同比費用增長的影響。

Turning to our business momentum. In Q1, I highlighted that by strengthening our implementation capabilities, we had line of sight into a meaningful amount of client onboarding this year. We began to realize the benefits of this plan and onboarded $1.2 trillion of AUC/A during the second quarter, primarily driven by State Street Alpha, underscoring the power of the alpha value proposition to our investment services strategy and long-term growth.

轉向我們的業務動力。在第一季度，我強調，通過加強我們的實施能力，我們今年有望吸引大量客戶。我們開始意識到該計劃的好處，並在第二季度增加了 1.2 萬億美元的 AUC/A，這主要是由道富阿爾法 (State Street Alpha) 推動的，強調了阿爾法價值主張對我們的投資服務戰略和長期增長的力量。

As a result, our AUC/A installation backlog declined to $2.4 trillion while total AUC/A increased by 5% quarter-over-quarter to $39.6 trillion, both at quarter end, in part as a result of this new business. We also recorded over $140 billion of asset servicing wins in the second quarter, largely driven by strong sales in the desirable Asset Owner, Official Institutions and Alternatives client segments. Our sales pipeline grew and we expect substantial onboardings in the coming quarters.

結果，我們的 AUC/A 安裝積壓下降至 2.4 萬億美元，而季度末總 AUC/A 增長了 5%，達到 39.6 萬億美元，部分原因是這項新業務。第二季度我們還取得了超過 1,400 億美元的資產服務收益，這主要是由理想的資產所有者、官方機構和另類客戶細分市場的強勁銷售推動的。我們的銷售渠道不斷增長，預計未來幾個季度將有大量新客戶加入。

We continue to advance and broaden our enterprise outsourced solutions strategy across our clients' front, middle and back office activities, as demonstrated by the expansion of Alpha's capabilities to ETFs which we announced in 2Q. For the past 30 years, State Street has continuously innovated to support what has become a $10 trillion ETF market. Today, State Street is the largest ETF administrator in the world, with more than 2,700 ETF serviced in 13 countries. That long cycle of innovation continues as State Street Alpha now supports the entire ETF life cycle.

我們繼續在客戶的前台、中台和後台活動中推進和擴大我們的企業外包解決方案戰略，正如我們在第二季度宣布的將 Alpha 功能擴展到 ETF 所證明的那樣。過去 30 年來，道富銀行不斷創新，以支持規模已達 10 萬億美元的 ETF 市場。如今，道富銀行是全球最大的 ETF 管理機構，在 13 個國家為 2,700 多只 ETF 提供服務。隨著 State Street Alpha 現在支持整個 ETF 生命週期，這種漫長的創新周期仍在繼續。

By integrating CRD's front office products with State Street's industry-leading ETF servicing capabilities, Alpha now provides a centralized platform for ETF issuers across the entire ETF life cycle, including portfolio management, trading and compliance to enable a growth across a variety of ETF strategies and increased speed to market.

通過將 CRD 的前台產品與道富銀行業界領先的 ETF 服務能力相結合，Alpha 現在為 ETF 發行人提供了一個集中平台，涵蓋整個 ETF 生命週期，包括投資組合管理、交易和合規性，以實現各種 ETF 策略和合規性的增長。加快上市速度。

Turning to front office software and data business. Our overall CRD pipeline is strong. In the second quarter, we converted a meaningful number of on-prem CRD clients to recurring SaaS revenue, which when coupled with new SaaS client implementations, increased annual recurring revenue by 12% relative to the year ago period. In addition, Charles River Wealth Management solution continues to resonate with clients and drove a significant increase in on-prem revenues this quarter. Year-to-date, CRD's wealth-driven revenue has more than doubled as compared to the first half of 2022, and we remain on track to grow CRD's wealth revenue this year.

轉向前台軟件和數據業務。我們的整體 CRD 渠道很強大。在第二季度，我們將大量本地 CRD 客戶轉換為經常性 SaaS 收入，再加上新的 SaaS 客戶端實施，年度經常性收入較去年同期增加了 12%。此外，Charles River 財富管理解決方案繼續引起客戶的共鳴，並推動本季度本地收入大幅增長。今年迄今為止，CRD 的財富驅動收入比 2022 年上半年增長了一倍多，而且我們今年仍有望實現 CRD 財富收入的增長。

The State Street Global Advisors quarter-end assets under management totaled $3.8 trillion, supported by higher period end market levels and $38 billion of net inflows from all 3 business lines: ETF, Cash and Institutional. Our SPDR ETF business gathered $27 billion of net inflows in the second quarter, including $20 billion of net inflows into SPY, the industry's largest ETF.

道富環球顧問公司季末管理的資產總額為 3.8 萬億美元，這得益於較高的期末市場水平以及所有 3 個業務線（ETF、現金和機構）淨流入 380 億美元的支撐。我們的SPDR ETF業務第二季度淨流入270億美元，其中200億美元淨流入業內最大的ETF SPY。

We also delivered a solid performance in our U.S. low-cost ETF segment, which gathered $7 billion of net inflows in the quarter, continuing to gain market share. Our cash business gathered a solid $10 billion of net inflows in the second quarter as our U.S. government money market funds benefited from the attractiveness of the cash asset class in the higher rate environment.

我們在美國低成本 ETF 領域也取得了穩健的業績，該領域在本季度吸引了 70 億美元的淨流入，繼續擴大市場份額。我們的現金業務在第二季度獲得了 100 億美元的穩定淨流入，因為我們的美國政府貨幣市場基金受益於現金資產類別在較高利率環境下的吸引力。

Turning to our financial condition. State Street's balance sheet, liquidity and capital positions remain strong. Our CET1 ratio was a strong 11.8% at quarter end, well above our regulatory minimum. The ongoing capital generation of our business, coupled with effective balance sheet management and our strong capital position has enabled us to deliver against our goal of returning significant capital to our shareholders.

轉向我們的財務狀況。道富銀行的資產負債表、流動性和資本狀況依然強勁。截至季度末，我們的 CET1 比率高達 11.8%，遠高於我們的監管最低水平。我們業務的持續資本創造，加上有效的資產負債表管理和強大的資本狀況，使我們能夠實現向股東返還大量資本的目標。

In 2Q, we returned approximately $1.3 billion of capital, buying back more than $1 billion of our common shares and declaring over $200 million of common stock dividends. This means that cumulatively over the last 3 quarters to the end of June, we have returned approximately $4.4 billion of capital to our shareholders through a combination of share repurchases and common stock dividends.

第二季度，我們返還了約 13 億美元的資本，回購了超過 10 億美元的普通股，並宣布了超過 2 億美元的普通股股息。這意味著，截至 6 月底的過去 3 個季度，我們通過股票回購和普通股股息的結合，累計向股東返還了約 44 億美元的資本。

The strength of our balance sheet was also highlighted with the release of the Federal Reserve's annual CCAR stress test results in June, following which we announced our intention for the third year in a row, to increase State Street's common stock dividend by 10% in the third quarter, subject to consideration and approval by our Board of Directors. It remains our intention to continue common share repurchases under our existing authorization, for up to $4.5 billion in 2023, subject to market conditions and other factors.

美聯儲 6 月份發布的年度 CCAR 壓力測試結果也突顯了我們資產負債表的實力，隨後我們宣布了連續第三年將道富銀行普通股股息在 2019 年增加 10% 的計劃。第三季度，尚需董事會審議批准。我們仍然打算根據現有授權繼續回購普通股，回購金額將在 2023 年達到 45 億美元，具體視市場狀況和其他因素而定。

To conclude, financial market conditions in the second quarter were mixed. Although global equities recorded another sequential quarter of growth, there was weakness in emerging markets, and we witnessed the negative impact of persistent inflation and further Central Bank rate hikes on fixed income markets. Meanwhile, both equity and currency volatility continued to decline. Despite this varied backdrop, we achieved a number of positive outcomes in the second quarter, including meaningfully reducing our asset servicing backlog and further developing our Alpha capabilities, continuing to record new asset servicing wins, driving strong growth in front office software and data revenue and gathering solid net inflows to Global Advisors.

總而言之，第二季度的金融市場狀況好壞參半。儘管全球股市再錄得季度增長，但新興市場表現疲軟，我們目睹了持續通脹和央行進一步加息對固定收益市場的負面影響。與此同時，股市和貨幣波動性繼續下降。儘管背景不同，我們在第二季度取得了許多積極成果，包括有意義地減少我們的資產服務積壓和進一步發展我們的 Alpha 能力，繼續記錄新的資產服務勝利，推動前台軟件和數據收入的強勁增長，以及為全球顧問公司帶來穩定的淨流入。

And while we reached double-digit year-over-year EPS growth supported by our capital management and the higher interest rate environment, our results were below our potential. First, while we achieved sequential fee revenue growth in areas of our business this quarter, we need to demonstrate the fee growth every quarter, especially as NII. We need to demonstrate that fee growth every quarter, especially as NII is no longer a tailwind. And second, we are highly focused on controlling our expense base.

儘管在資本管理和較高利率環境的支持下，我們的每股收益同比增長達到了兩位數，但我們的業績仍低於我們的潛力。首先，雖然我們本季度在業務領域實現了費用收入的環比增長，但我們需要展示每個季度的費用增長，尤其是 NII。我們需要證明每個季度的費用增長，特別是當 NII 不再是一個推動因素時。其次，我們高度重視控制我們的費用基礎。

We have a well-established track record of reengineering our processes and transforming our operations in order to improve our efficiency and realize productivity growth. We plan to utilize additional tactical expense levers at our disposal in addition to our ongoing structural productivity efforts in order to support our financial performance for the benefit of our shareholders.

我們在流程再造和運營轉型方面擁有良好的記錄，以提高效率並實現生產力增長。除了我們持續的結構性生產力努力之外，我們還計劃利用額外的戰術費用槓桿，以支持我們的財務業績，造福股東。

Now let me hand the call over to Eric, who will take you through the quarter in more detail.

現在讓我將電話轉交給埃里克，他將帶您更詳細地了解本季度。

Thank you, Ron, and good morning, everyone. I'll begin my review of our second quarter results on Slide 4. We reported EPS of $2.17 for the quarter, an increase of 14% relative to the second quarter a year ago. As you can see on the left panel of the slide, revenue grew by 5% year-on-year, driven by the expansion in our front office solutions area, where we are an industry leader, continued momentum in the securities finance business as well as strong growth in net interest income. This growth enabled us to offset some of the headwinds we saw in other fee areas given the relatively mixed macroeconomic backdrop.

謝謝你，羅恩，大家早上好。我將在幻燈片 4 上開始回顧第二季度的業績。我們公佈的本季度每股收益為 2.17 美元，與去年同期相比增長了 14%。正如您在幻燈片左側面板中看到的那樣，收入同比增長了 5%，這得益於我們處於行業領先地位的前台解決方案領域的擴張以及證券金融業務的持續增長勢頭淨利息收入強勁增長。鑑於相對複雜的宏觀經濟背景，這種增長使我們能夠抵消在其他費用領域看到的一些不利因素。

We also had the benefit of an accounting change for tax credit investments, which simplifies our reporting going forward. While our overall year-on-year fee growth was less than we would have liked to deliver, we did see sequential quarter revenue momentum and a step-up in the sales pipeline, which we expect to build upon in the coming quarters and which I'll discuss later in today's presentation.

我們還受益於稅收抵免投資的會計變更，這簡化了我們未來的報告。雖然我們的整體同比費用增長低於我們希望實現的水平，但我們確實看到了連續季度的收入勢頭和銷售渠道的加強，我們預計將在未來幾個季度以此為基礎，我我們將在今天的演示中稍後討論。

As we drive growth, we continue to prudently invest in the business while remaining focused on managing costs given the current operating environment, and we stand ready to further intervene on expenses should the softness in the global environment persists.

在推動增長的過程中，我們將繼續謹慎地投資業務，同時在當前的運營環境下繼續專注於管理成本，如果全球環境持續疲軟，我們隨時準備進一步干預支出。

Turning now to Slide 5. We saw period-end AUC/A increased by 4% on a year-on-year basis and 5% sequentially. Year-on-year, the increase in AUC/A was largely driven by higher period end equity market levels and client net inflows. Quarter-on-quarter, AUC/A increased as a result of the significant trillion-dollar Alpha installation and a higher period end market levels.

現在轉向幻燈片 5。我們看到期末 AUC/A 同比增長 4%，環比增長 5%。與去年同期相比，AUC/A 的增長主要是由於期末股市水平較高和客戶淨流入推動的。由於價值數万億美元的 Alpha 安裝和較高的期末市場水平，AUC/A 環比有所增加。

At Global Advisors, we saw similar positive dynamics play out in the quarter. Period-end AUM increased 9% year-on-year and 5% sequentially. The year-on-year increase in AUM was largely driven by higher period end market levels. Quarter-on-quarter, the increase in AUM was also due to higher period end market levels as well as strong sequential net inflows.

在 Global Advisors，我們看到本季度出現了類似的積極動態。期末資產管理規模同比增長 9%，環比增長 5%。資產管理規模同比增長主要是由較高的期末市場水平推動的。與上一季度相比，資產管理規模的增長也是由於期末市場水平較高以及連續強勁的淨流入所致。

Turning to Slide 6. On the left side of the page, you'll see second quarter total servicing fees down 3% year-on-year as net new business in the quarter was more than offset by lower client activity and adjustments largely due to lower custody and transaction volume and better than usual pricing headwinds. Positive year-on-year equity markets were offset by the negative impact of fixed income markets.

轉向幻燈片 6。在頁面左側，您會看到第二季度的總服務費同比下降 3%，因為該季度的淨新業務被客戶活動減少和調整所抵消，這主要是由於託管量和交易量較低，定價阻力好於平常。股市同比的積極增長被固定收益市場的負面影響所抵消。

Sequentially, total servicing fees were up 3%, primarily as a result of higher average market levels and net new business, slightly offset by better-than-usual pricing headwinds this quarter. We had a more constructive market environment relative to the first quarter as well as a significant onboarding of $1.2 trillion of AUC/A related to an Alpha client in the Asset Manager Client segment which comes at a modest fee rate, but with services that are expected to be added in the coming years.

隨後，總服務費上漲了 3%，主要是由於平均市場水平和淨新業務增加，但本季度好於平常的定價阻力略有抵消。與第一季度相比，我們的市場環境更具建設性，並且與資產管理客戶部門的 Alpha 客戶相關的 1.2 萬億美元的 AUC/A 大幅增加，費用適中，但服務符合預期將在未來幾年添加。

Within the servicing fees, back-office servicing fees were generally consistent with total servicing fees and largely driven by the factors I just described. Middle office services performance was meaningfully more positive for the quarter. On a year-on-year basis, fees were up 3%, primarily reflecting net new business and up 10% sequentially, largely driven by the installation that I just mentioned.

在服務費中，後台服務費通常與總服務費一致，並且很大程度上受我剛才描述的因素驅動。本季度中台服務的表現明顯更加積極。費用同比上漲 3%，主要反映淨新業務，環比上漲 10%，主要是由我剛才提到的安裝推動的。

On the bottom panel of this page, we've again included some sales performance indicators which highlight the business momentum we saw in the quarter. While total AUC/A wins in the second quarter were not as robust in volume terms, client engagement remained healthy and we saw wins across strategic segments, including Mandates and Asset Owners, Official Institutions and Alternatives, which are key growth areas for us as we've previously mentioned.

在此頁面的底部面板上，我們再次包含了一些銷售業績指標，這些指標突出了我們在本季度看到的業務勢頭。雖然第二季度的 AUC/A 勝利總量在數量上並不那麼強勁，但客戶參與度仍然保持健康，我們看到了跨戰略領域的勝利，包括授權和資產所有者、官方機構和替代品，這些是我們的關鍵增長領域，因為我們之前已經提到過。

The wins, including those in the alternative segment, which are more complex to service come with above average fee rates. We have also seen a healthy uptick in our pipeline this quarter.

這些勝利，包括替代領域的勝利，其服務更加複雜，但收費率高於平均水平。本季度我們的管道也出現了健康的增長。

Turning to Slide 7. Second quarter management fees were $461 million, down 6% year-on-year, primarily reflecting the impact of net outflows from prior periods, a shift of certain management fees into NII as previously described, and some pricing headwinds, partially offset by higher average market levels. Quarter-on-quarter, management fees were up 1% as a result of higher market levels and cash net inflows.

轉向幻燈片 7。第二季度管理費為 4.61 億美元，同比下降 6%，主要反映了前期淨流出的影響、某些管理費如前所述轉移到 NII 以及一些定價阻力，部分被較高的平均市場水平所抵消。由於市場水平較高和現金淨流入，管理費環比上漲 1%。

As you can see on the bottom right of the slide, our investment management franchise remains well positioned with very strong and broad-based business momentum across each of our 3 lines of business.

正如您在幻燈片右下角所看到的，我們的投資管理業務仍然處於有利地位，在我們的 3 個業務領域均擁有非常強勁和廣泛的業務勢頭。

In ETFs, we saw very strong net inflows of $27 billion into SPY in our sector suite of ETFs as well as our SPDR portfolio low-cost suite. In our institutional business, we saw net inflows with continued momentum in our well-established index fixed income and defined contribution franchises. Across our cash franchise, we continue to see strong demand for our Money Market funds. We recorded net inflows of $10 billion.

在 ETF 中，我們看到我們的行業 ETF 套件以及 SPDR 投資組合低成本套件中 SPY 的淨流入非常強勁，達 270 億美元。在我們的機構業務中，我們在完善的指數固定收益和固定繳款專營權中看到了淨流入的持續勢頭。在我們的現金特許經營中，我們繼續看到對貨幣市場基金的強勁需求。我們錄得淨流入 100 億美元。

Turning to Slide 8. Relative to the period a year ago, second quarter FX trading services revenue was down 8% year-on-year and 11% sequentially, primarily reflecting lower client FX volumes and lower industry FX volatility. Relative to the period a year ago, both volumes and volatility were more muted as the start of war in Europe last year caused unusually high FX trading activity in the first half of 2022.

轉向幻燈片 8。與去年同期相比，第二季度外匯交易服務收入同比下降 8%，環比下降 11%，主要反映了客戶外匯交易量下降和行業外匯波動性下降。與一年前相比，由於去年歐洲戰爭的爆發導致 2022 年上半年外匯交易活動異常高漲，交易量和波動性都更加溫和。

Many clients were also risk off during the debt ceiling discussions in April and May with a rebound in June in client volumes following its resolution. Altogether, 2Q is muted, we are optimistic about 3Q, but it's hard to predict.

許多客戶在 4 月和 5 月的債務上限討論期間也規避了風險，6 月的客戶數量在該決議解決後出現反彈。總體而言，第二季度表現平淡，我們看好第三季度，但很難預測。

Securities finance performed well in the second quarter with revenues up 9% year-on-year, driven by higher agency spreads. Sequentially, revenues were up 7%, again mainly driven by higher agency spreads as well as higher prime services or enhanced custody revenues from deeper client engagement and special activity, partially offset by lower balances.

在代理利差上升的推動下，第二季度證券金融表現良好，收入同比增長 9%。隨後，收入增長了 7%，這同樣主要是由於較高的代理利差以及較高的優質服務或因更深入的客戶參與和特殊活動而增加的託管收入所推動的，但部分被餘額減少所抵消。

Moving on to software and processing fees. Second quarter software and processing fees were up 18% year-on-year and 34% sequentially, primarily driven by higher front office software and data revenue associated with CRD, which I will turn to shortly. Lending fees for the quarter were down 5% year-on-year, primarily due to changes in product mix, but up 5% sequentially, mainly driven by strong client demand for line to credit.

接下來是軟件和處理費用。第二季度軟件和處理費用同比增長 18%，環比增長 34%，這主要是由於與 CRD 相關的前台軟件和數據收入增加所致，我很快就會談到這一點。本季度貸款費用同比下降 5%，主要是由於產品結構的變化，但環比增長 5%，主要是由於客戶對信貸額度的強勁需求。

Finally, other fee revenue increased $101 million year-on-year, primarily due to a tax credit investment accounting change and the absence of negative market-related adjustments. This includes the impact of the new accounting adoption.

最後，其他費用收入同比增加 1.01 億美元，主要是由於稅收抵免投資會計變更以及沒有進行與市場相關的負面調整。這包括採用新會計法的影響。

Moving to Slide 9. You'll see on the left panel that front office software and data revenue increased 29% year-on-year primarily as a result of higher on-premise renewals and continued growth in our more durable software-enabled and professional services revenue as we continue to convert and implement more clients over to our SaaS environment. About 60% of our clients are now on our SaaS platform. Sequentially, front office software and data revenue was up nearly 50%. About 2/3 of this uptick was driven by wealth management mandates that are becoming an increasingly important growth segment for us.

轉到幻燈片 9。您將在左側面板中看到，前台軟件和數據收入同比增長 29%，這主要是由於內部續訂量增加以及我們更耐用的軟件支持和專業服務的持續增長隨著我們繼續將更多客戶轉換並實施到我們的 SaaS 環境中，我們會獲得服務收入。我們大約 60% 的客戶現在使用我們的 SaaS 平台。隨後，前台軟件和數據收入增長了近 50%。其中大約 2/3 的增長是由財富管理委託推動的，財富管理委託正成為我們日益重要的增長領域。

Our sales pipeline continues to grow and remains strong for our Charles River Development front office solutions products.

我們的 Charles River Development 前台解決方案產品的銷售渠道持續增長並保持強勁。

Turning to some of the other Alpha business metrics in the right panel, we were pleased we had 3 more Alpha mandates go live, which brings our total live Alpha clients to 15 and as I previously mentioned, we installed a significant portion of assets related to Alpha this quarter. We expect to provide more services related to these assets in the future, helping us increase the share of our clients' wallet.

轉向右側面板中的其他一些 Alpha 業務指標，我們很高興又有 3 個 Alpha 任務上線，這使我們的 Live Alpha 客戶總數達到 15 個，正如我之前提到的，我們安裝了很大一部分與本季度阿爾法。我們期望未來提供更多與這些資產相關的服務，幫助我們增加客戶錢包的份額。

Now turning to Slide 10. Second quarter NII increased 18% year-on-year but declined 10% sequentially to $691 million. The year-on-year increase was largely due to higher short-term rates, an increase in long-term rates and proactive balance sheet positioning, partially offset by lower average deposits. Sequentially, the decline in NII performance was primarily driven by our continued rotation of noninterest-bearing deposit balances and rate pressure in the U.S. back book, partially offset by higher short-term market rates from international Central Bank hikes.

現在轉向幻燈片 10。第二季度 NII 同比增長 18%，但環比下降 10%，至 6.91 億美元。同比增長主要是由於短期利率上升、長期利率上升以及積極的資產負債表定位，但部分被平均存款下降所抵消。接下來，NII 表現的下降主要是由於我們無息存款餘額的持續輪動和美國背書的利率壓力，部分被國際央行加息導致的短期市場利率上升所抵消。

On the right side of the slide, we show our average balance sheet during the second quarter. Average deposits declined 2% quarter-on-quarter, in line with industry total deposit trends, which also fell by 2% in the second quarter and reflect client preferences to shift some cash to other products during periods of rising rates.

在幻燈片的右側，我們顯示了第二季度的平均資產負債表。平均存款環比下降 2%，與行業總存款趨勢一致，第二季度存款總額也下降了 2%，反映了客戶在利率上升期間偏好將部分現金轉移到其他產品。

Our operational deposits as a percentage of total deposits remained consistent at approximately 75%. Our global floating rate loan book provides upside at this stage in the cycle, and our investment portfolio positioning provides a tailwind as long rates roll through. We now also have the opportunity to selectively add some duration across the curve as we see good entry points which could enhance NII over time.

我們的經營性存款佔總存款的比例始終保持在 75% 左右。我們的全球浮動利率貸款賬目在周期的現階段提供了上行空間，而我們的投資組合定位則隨著長期利率的推移提供了順風車。我們現在還有機會有選擇地在曲線上增加一些持續時間，因為我們看到好的切入點可以隨著時間的推移增強NII。

Sequentially, U.S. dollar client deposit betas were 100% during the second quarter, leading again to some sequential NII compression. We are now at the point in the U.S. rate cycle where we expect to adjust back book pricing to accommodate our larger clients, but to do so in a disciplined manner and usually as part of a broader relationship discussion of balance and trade for fee opportunities. Foreign currency deposit betas for the quarter continued to be much lower in the 45% to 50% range.

隨後，第二季度美元客戶存款貝塔值為 100%，再次導致 NII 連續壓縮。我們現在正處於美國利率週期的階段，我們預計會調整賬面定價以適應我們的大客戶，但要以嚴格的方式進行調整，並且通常作為更廣泛的平衡和費用機會交易關係討論的一部分。本季度外幣存款貝塔值繼續大幅降低，在 45% 至 50% 的範圍內。

We've also included a new slide in the appendix Page 16 that shows our NII trends over the past few rate cycles. I think it will be -- it will put the larger NII increases and decreases in context, which are driven by many factors, including changes in interest rates, the pacing of hikes, deposit levels and mix, Fed balance sheet changes as well as equity markets. You can see from that page that our recent quarters have come with a much higher than usual level of NII, and we are now normalizing to a more typical level of NII that is inherent in our business activities.

我們還在附錄第 16 頁中添加了一張新幻燈片，顯示了過去幾個利率週期中我們的 NII 趨勢。我認為，它將把NII的較大增幅和下降納入背景，這是由許多因素驅動的，包括利率變化、加息節奏、存款水平和組合、美聯儲資產負債表變化以及股票市場。您可以從該頁面看到，我們最近幾個季度的 NII 水平遠高於平時，並且我們現在正在正常化到我們業務活動中固有的更典型的 NII 水平。

Turning to Slide 11. Second quarter expenses, excluding notable items, increased 6% year-on-year. Sequentially, excluding seasonal expenses, second quarter expenses increased just over 1% as we actively manage expenses and continued our productivity and optimization savings efforts, all while carefully investing in strategic elements of the company including Alpha, private markets, technology and operations, automation.

轉向幻燈片 11。第二季度支出（不包括顯著項目）同比增長 6%。隨後，排除季節性費用，第二季度費用增長略高於 1%，因為我們積極管理費用並繼續提高生產力和優化節約工作，同時仔細投資於公司的戰略要素，包括 Alpha、私人市場、技術和運營、自動化。

On a line-by-line basis, year-on-year, compensation employee benefits increased 7%, primarily driven by salary increases associated with wage inflation and higher headcount attributable primarily to operational staff for growth areas, technology staff, insourcing and some lower attrition -- lower-than-expected attrition rates. Sequentially, however, we have managed headcount to be flat. Information Systems and Communications expenses increased 3%, mainly due to higher technology and infrastructure investments partially offset by benefits from ongoing optimization efforts, insourcing and credits related to vendor savings initiatives.

逐行來看，薪酬員工福利同比增長 7%，主要是由於工資上漲帶來的薪資上漲以及主要歸因於增長領域的運營人員、技術人員、內包和一些較低人員的員工人數增加所推動。人員流失——人員流失率低於預期。然而，我們最終設法使員工人數持平。信息系統和通信費用增長了 3%，主要是由於技術和基礎設施投資增加，部分被持續優化工作、內包和與供應商節省計劃相關的信貸帶來的收益所抵消。

Transaction processing decreased 2%, mainly reflecting lower sub-custody costs from vendor credits. Occupancy increased 7% as we relocated our headquarters building, temporarily resulting in overlapping costs and other expenses were up 7%, mainly reflecting higher professional fees.

交易處理量下降 2%，主要反映供應商信貸的分託管成本降低。由於我們搬遷總部大樓，入住率增加了 7%，暫時導致了重疊成本，其他費用增加了 7%，主要反映了專業費用的增加。

Moving to Slide 12. On the left side of the slide, we show the evolution of our CET1 and Tier 1 leverage ratios followed by our capital trends on the right side of the slide. As you can see, we continue to navigate our operating environment with very strong capital levels, which remain well above both our internal targets and the regulatory minimums. As of quarter end, our standardized CET1 ratio of 11.8% was down 30 basis points quarter-on-quarter, largely driven by the continuation of our share repurchases and modestly higher RWA, partially offset by retained earnings.

轉向幻燈片 12。在幻燈片左側，我們展示了 CET1 和一級槓桿率的演變，以及幻燈片右側的資本趨勢。正如您所看到的，我們繼續以非常強勁的資本水平駕馭我們的運營環境，該水平仍然遠高於我們的內部目標和最低監管要求。截至季度末，我們的標準化 CET1 比率為 11.8%，環比下降 30 個基點，這主要是由於我們繼續進行股票回購和 RWA 略有上升，部分被留存收益所抵消。

Our LCR for State Street Corporation was flat quarter-on-quarter at 108% and decreased 4 percentage points quarter-on-quarter, but still quite high at 120% for State Street Bank and Trust. We're also very happy with our performance in this year's CCAR with a calculated risk capital buffer well above the 2.5% minimum, resulting in a continued preliminary SCB at the floor. This demonstrates we have one of the strongest balance sheets in the industry.

我們對道富銀行的 LCR 環比持平，為 108%，環比下降 4 個百分點，但道富銀行和信託銀行的 LCR 仍相當高，為 120%。我們對今年 CCAR 的表現也非常滿意，計算出的風險資本緩衝遠高於 2.5% 的最低水平，從而導致 SCB 繼續處於最低水平。這表明我們擁有業內最強勁的資產負債表之一。

In keeping with our results, in June, we announced a planned 10% increase for our 3Q '23 quarterly common stock dividend, subject to Board approval, and it remains our intention to continue common share repurchases under a current authorization of up to a total of $4.5 billion in 2023, subject to market conditions and other factors. We plan another $1 billion buyback in third quarter.

根據我們的業績，6 月份，我們宣布計劃將 23 年第三季度的普通股股息增加 10%，但須經董事會批准，並且我們仍然打算在當前授權下繼續回購普通股，回購總額最多為2023 年將達到 45 億美元，具體取決於市場狀況和其他因素。我們計劃在第三季度再回購 10 億美元。

Lastly, we are quite pleased to return roughly $1.3 billion to shareholders in the second quarter of '23, consisting of just over $1 billion of common share repurchases and over $200 million in common stock dividends.

最後，我們很高興在 2023 年第二季度向股東返還約 13 億美元，其中包括略高於 10 億美元的普通股回購和超過 2 億美元的普通股股息。

Turning to Slide 13, which provides a summary of our second quarter results. While there is certainly still work to do, we are pleased with the durability of our business this quarter against a mix and divergent backdrop. Robust expansion in our front office solutions area and continued momentum in securities finance as well as strong growth in net interest income enabled us to offset some of the headwinds we saw in the other fee areas, highlighting the resiliency of the franchise.

轉向幻燈片 13，其中提供了我們第二季度業績的摘要。儘管仍有工作要做，但我們對本季度業務在復雜多樣的背景下的持久性感到滿意。我們前台解決方案領域的強勁擴張、證券金融的持續增長勢頭以及淨利息收入的強勁增長，使我們能夠抵消在其他費用領域看到的一些不利因素，凸顯了特許經營的彈性。

Next, I'd like to provide our current thinking regarding our third quarter. At a macro level, while we know that rate expectations have been moving, our rate outlook is broadly in line with the current forwards, which suggests that the Fed, the ECB and the BOE will all continue to hike in 3Q to varying degrees.

接下來，我想提供我們目前對第三季度的想法。從宏觀層面來看，雖然我們知道利率預期一直在變化，但我們的利率前景與當前的預期基本一致，這表明美聯儲、歐洲央行和英國央行都將在第三季度繼續不同程度的加息。

In terms of average equity markets, we currently expect U.S. equity markets to be up about 5% quarter-on-quarter as we are expecting equity markets to remain flat from now to quarter end and we expect international equity markets to be flattish on average.

就平均股票市場而言，我們目前預計美國股票市場將環比上漲約 5%，因為我們預計股票市場從現在到季度末將保持平穩，並且我們預計國際股票市場平均將持平。

Regarding fee revenue in 3Q on a sequential quarter basis, we expect overall fee revenue to be down approximately 1% to 1.5% with servicing fees down 1% to 2% as the below average fee repricing headwinds we saw this past quarter is expected to normalize in 3Q. This will also include a revenue headwind from the previously disclosed client exit.

關於第三季度的費用收入環比，我們預計整體費用收入將下降約 1% 至 1.5%，服務費下降 1% 至 2%，因為我們上個季度看到的低於平均水平的費用重新定價阻力預計將正常化在第三季度。這還包括之前披露的客戶退出帶來的收入阻力。

We expect management fees to be up around 0.5% to 1.5%. We expect front office software and data quarter-on-quarter to be down 7%, as we do not expect the level of on-premise renewals in 3Q that we saw this quarter. We expect the other fee revenue line to come in around $30 million to $35 million in 3Q, which is higher than prior years, but down post the accounting change impact in 2Q.

我們預計管理費將上漲 0.5% 至 1.5% 左右。我們預計前台軟件和數據環比將下降 7%，因為我們預計第三季度的本地續訂水平不會達到本季度的水平。我們預計第三季度其他費用收入約為 3000 萬至 3500 萬美元，高於往年，但受到第二季度會計變更影響後有所下降。

Regarding NII, after 3 double-digit sequential increases in NII last year, we now expect NII to decrease 12% to 18% on a sequential quarter basis, driven by lower deposit levels and continued rotation as rate hikes continue into 3Q.

關於NII，繼去年NII出現3次兩位數連續增長後，我們現在預計NII將環比下降12%至18%，這是由於存款水平下降以及隨著加息持續到第三季度而持續輪換的推動。

Our outlook assumes that average noninterest-bearing deposits declined by approximately $5 billion from 2Q to 3Q. As we look forward to 4Q, we do expect to see some moderation to the amount of deposit rotation as we work through most of our back book and most Central Banks begin to pause.

我們的展望假設第二季度至第三季度平均無息存款下降約 50 億美元。當我們展望第四季度時，我們確實預計存款輪換量會有所放緩，因為我們完成了大部分後台賬目，並且大多數央行開始暫停。

With that context, we expect that 4Q NII decline to be much less, somewhere in the range of down 2% to 6% versus 3Q. And we expect NII to then stabilize around those levels, but it will depend on market conditions. And our expectation is that 4Q declines in noninterest-bearing deposits [will be smaller] as well, likely in the down $2 billion to $3 billion range versus 3Q.

在此背景下，我們預計第四季度 NII 降幅將小得多，較第三季度下降 2% 至 6% 之間。我們預計NII隨後將穩定在這些水平附近，但這將取決於市場狀況。我們的預期是，第四季度無息存款的下降幅度也將較小，與第三季度相比，可能下降 20 億至 30 億美元。

Turning to expenses, we remain focused on controlling costs in this environment, and we expect to take action in 3Q to bend the cost curve. As such, we expect that expenses will be down 0.5% to 1% on a sequential quarter basis and intend to continue to actively manage expenses. As always, this is on an ex notables basis, and we are keeping an eye on the FDIC assessment, which could be a 3Q notable item. And as I noted previously, given the accounting changes we adopted this quarter, we expect our effective tax rate to be between 21% and 22% for the third quarter. With that, let me hand the call back to Ron.

談到費用，我們仍然專注於在這種環境下控製成本，我們預計在第三季度採取行動來彎曲成本曲線。因此，我們預計費用將環比下降 0.5% 至 1%，並打算繼續積極管理費用。與往常一樣，這是在前重要指標的基礎上進行的，我們正在密切關注 FDIC 的評估，這可能是第三季度的值得注意的項目。正如我之前指出的，鑑於我們本季度採用的會計變更，我們預計第三季度的有效稅率將在 21% 至 22% 之間。接下來，讓我把電話轉回給羅恩。

Thanks, Eric. Operator, we can now open the call for questions.

謝謝，埃里克。接線員，我們現在可以開始提問。

(Operator Instructions)

（操作員說明）

And our first question comes from Brennan Hawken from UBS.

我們的第一個問題來自瑞銀集團的布倫南·霍肯。

Eric, I'd like to sort of double click on some of the comments that you made about deposits. So you talked about back book pricing in the U.S. dollar book. Does that mean that we should be thinking about the potential for betas to exceed 100% here when that starts to work through? And what kind of magnitude do you think that could reach? And could you also help me understand the euro? Because when I look in the financial supplement and the breakout by currency, it looks like the euro deposit costs were up about low 40s bps quarter-over-quarter, which seems like a beta that's a good deal higher than the 50% you referenced. I know there's some swap noise. So maybe that's what it is. But could you maybe flesh that out a bit for me?

埃里克，我想雙擊您對存款所做的一些評論。所以你談到了美元賬簿的過賬定價。這是否意味著當這一切開始發揮作用時，我們應該考慮貝塔值超過 100% 的可能性？您認為這可能達到什麼程度？你能幫我了解歐元嗎？因為當我查看財務補充和貨幣突破時，歐元存款成本似乎環比上漲了約 40 個基點，這似乎是一個比您提到的 50% 高得多的貝塔值。我知道有一些交換噪音。所以也許就是這樣。但你能為我充實一下嗎？

Brennan, sure. Let me start on the betas that we saw in particular in the U.S. book because we are at a period in the interest rate cycle where we've now had multiple 50 basis points moved. It's been a very strong signal to our clients that rates are much, much higher, much more quickly and much more visibly. And at the same time, they now have -- because of the highly inverted yield curve, they have real substitute alternatives that they used to not have in the past, whether it's treasuries, whether it's money market, whether it's repo, there's a range of what they can invest in.

布倫南，當然。讓我從我們特別在美國書中看到的貝塔開始，因為我們正處於利率週期的一個時期，現在我們已經移動了多個 50 個基點。這對我們的客戶來說是一個非常強烈的信號，即利率要高得多、快得多、更加明顯。與此同時，由於收益率曲線高度倒掛，他們現在擁有了過去沒有的真正的替代品，無論是國債、貨幣市場、回購協議，都有一系列的選擇。他們可以投資什麼。

And what we found is that our larger clients, and we primarily have large, sophisticated clients, are quite active in thinking about their alternatives and that, that has been accelerated by the swiftness of this cycle and the place that we've come to and the speed.

我們發現，我們的大客戶，主要是大型、經驗豐富的客戶，非常積極地考慮他們的替代方案，而這一周期的迅速性和我們所到達的地方加速了這一點。速度。

If we think about the U.S. deposit betas, they were in the 80% to 90% range the last couple of quarters. This quarter, we saw 100%. And yes, we expect next quarter we'll be well over 100%. And what's driving that is really a catch-up in the back book. We have clients coming to us as you'd expect, just like it happens with retail -- deposits for retail banks, but we have sophisticated large clients coming back and saying, look, some of our lower transactional rate levels or mid-tier rate levels are something that they'd like us to adjust.

如果我們考慮一下美國的存款貝塔值，過去幾個季度它們處於 80% 至 90% 的範圍內。本季度，我們看到了 100%。是的，我們預計下個季度的增長率將遠遠超過 100%。推動這一趨勢的真正原因是後面的書裡的追趕。正如您所期望的那樣，我們有客戶來找我們，就像零售銀行的存款一樣，但我們有經驗豐富的大客戶回來說，看，我們的一些較低的交易利率水平或中等利率他們希望我們調整級別。

And in a way, what I think has played out is that while spreads widen for us on the deposit, but for some period of time, we're now seeing a convergence back to where they would have been. And that's coming through. And so what we have in the cycle is actually a number of quarters of below 100% beta, then we get to 100% beta. And then we are going to have a quarter where betas are well above that 100% level. And it's really a catch-up in the back book, and that's what's playing through.

在某種程度上，我認為已經發生的事情是，雖然我們的存款利差擴大了，但在一段時間內，我們現在看到了收斂回到原來的水平。這一切即將實現。因此，我們在周期中實際上有幾個季度的 beta 值低於 100%，然後我們達到 100% beta。然後我們將有一個季度的貝塔值遠高於 100% 的水平。這確實是後書的追趕，這就是正在播放的內容。

It is -- what is beginning to drive this higher reduction in NII this quarter, the 10% quarter-on-quarter that you saw, you saw in my outlook, we are expecting 12% to 18% production in NII this coming quarter. And if you peel that apart, some of that is the continued rotation out of noninterest-bearing, but some of it and a good part of it is this catch-up in the back book that's playing through.

是什麼開始推動本季度 NII 大幅下降，你看到的季度環比下降 10%，你在我的展望中看到，我們預計下個季度 NII 產量將下降 12% 至 18%。如果你把它分開，其中一些是無息的持續輪換，但其中一些和很大一部分是正在發生的後面的書裡的追趕。

We do think that over time, we've seen the bulk of that and that, that will begin to moderate, and I'm certainly happy to go into that. And some of our perspectives as we drill down deeply into our areas. But that's the context.

我們確實認為，隨著時間的推移，我們已經看到了大部分這種情況，並且這種情況將開始緩和，我當然很樂意討論這一點。以及我們深入研究我們的領域時的一些觀點。但這就是背景。

On your other question on euros, we should probably follow up. I think we see betas quarter-on-quarter of about 50%, but we probably just follow up offline because I think that's deep in the supplement and probably do that with you and the IR team.

關於你關於歐元的其他問題，我們或許應該跟進。我認為我們看到的 Beta 季度環比約為 50%，但我們可能只是在線下跟進，因為我認為這在補充中很深，並且可能與您和 IR 團隊一起這樣做。

Okay. No problem. And then another question, just quickly on fee revenue. You flagged that the large client migration is going to be part of the outlook. Is the -- how much of that will be impacting the third quarter delta? And then how much will be -- how should we be thinking about the time frame for whatever is left and when that would end up playing out?

好的。沒問題。然後是另一個問題，關於費用收入。您指出大客戶遷移將成為前景的一部分。其中有多少會影響第三季度的增量？然後是多少——我們應該如何考慮剩下的時間框架以及何時最終完成？

Yes. I think the broader context, as you recall, Brennan, is that we disclosed that large client deconversion was going to happen over multiple years. We announced it well over a year ago. And we described it in our K at about 1.7% of fee revenue. So you can calculate that through.

是的。我認為，布倫南，正如您所記得的那樣，更廣泛的背景是我們披露大客戶的去轉換將在多年內發生。我們在一年前就宣布了這一消息。我們在 K 中將其描述為費用收入的 1.7% 左右。所以你可以通過計算得出。

I think in our fourth quarter earnings call in January, I described that we had seen about $20 million on a run rate come out, but I'll -- I can reconfirm that. This -- in the next quarter -- this coming third quarter, we'll see about $20 million come out sequentially. And then in the fourth quarter, there's another piece of about another $15 million that will come out as well. And then after that, it's several more quarters before we see the later and final installments. But that's incorporated into our guide.

我想在一月份的第四季度財報電話會議上，我描述說我們已經看到了大約 2000 萬美元的運行率，但我可以再次確認這一點。在下個季度，即將到來的第三季度，我們將看到大約 2000 萬美元的資金連續流出。然後在第四季度，還會有另外約 1500 萬美元的資金投入。在那之後，又過了幾個季度我們才看到後來的和最後的分期付款。但這已納入我們的指南中。

Your next question comes from Alex Blostein from Goldman Sachs.

您的下一個問題來自高盛的 Alex Blostein。

So just maybe staying on the deposit question for another minute. Why do you guys think this catch-up happening now sort of late in the cycle? We've obviously been in a higher rate environment for well over a year. So curious if you can provide more color on particular customer segments in the U.S. that's driving that and sort of the discussions around that?

所以也許再停留在存款問題上一分鐘。你們為什麼認為這種追趕現在發生在周期的後期？顯然，一年多來我們一直處於較高的利率環境中。很好奇您是否可以提供有關美國特定客戶群的更多信息，從而推動這一點以及圍繞該問題的討論？

And then maybe as you sort of think about the end state for U.S. interest-bearing deposits, I think you're at 3.5 or so today. The cumulative beta on that is, I think, is around 70% relative to the Fed funds rate. Should we think of that approaching, I don't know, 85%, 90% kind of, how do you think about where that deposit price in the U.S. will stabilize?

然後也許當你思考美國有息存款的最終狀態時，我認為你今天的利率約為 3.5。我認為，相對於聯邦基金利率，累積貝塔值約為 70%。我們是否應該考慮這種情況，我不知道，85%、90%，您如何看待美國的存款價格將穩定在哪裡？

Alex, it's a good question. I mean, we're clearly navigating and living through an interesting environment that we've not seen in 2 decades, right? You've got to go back pre-crisis before you see 5% prevailing rates. I think if you also think about how swiftly we've gotten to where we are, that's why we created -- we put some of this information back on Page 16 in our materials. You see this cycle has moved twice as far in terms of the uptick in rates in half the time of the last cycle. And so what plays out as that happens is that we always have clients that, as rates move up, they begin discussing with us and engaging with us on what would be appropriate, maybe putting in place multiple balance tiers, having discussions about their expectations, we negotiate and so forth. And you can imagine large client discussions occur over 3, 6, sometimes even 9-month periods.

亞歷克斯，這是個好問題。我的意思是，我們顯然正在一個二十年來從未見過的有趣環境中航行和生活，對吧？在看到 5% 的現行利率之前，你必須回到危機前。我想，如果您還想一想我們是多麼迅速地達到了現在的水平，這就是我們創建的原因——我們將其中一些信息放回到我們材料的第 16 頁上。您會發現，本週期的利率上升幅度是上一個週期一半的時間的兩倍。因此，當這種情況發生時，我們總是有客戶，隨著利率的上升，他們開始與我們討論並與我們接觸什麼是合適的，也許會建立多個平衡層，討論他們的期望，我們進行談判等等。您可以想像大型客戶討論會持續 3 個月、6 個月、有時甚至 9 個月。

And so if you kind of turn back the clock and say, when did some of those discussions occur, some of the early ones may have started second quarter of last year, third quarter of last year, fourth quarter of last year because there was also a perspective among our clients and us for that matter, that rates might continue to 5%, but they might have gone to 4% or 3%, which would have put us and our clients in a different position from a NIM and NII and rate-setting perspective.

因此，如果你把時間倒轉並說，其中一些討論是什麼時候發生的，一些早期的討論可能是在去年第二季度、去年第三季度、去年第四季度開始的，因為還有我們的客戶和我們對此的看法是，利率可能會繼續保持在 5%，但也可能會達到 4% 或 3%，這將使我們和我們的客戶處於與 NIM 和 NII 和利率不同的位置-設定視角。

So I think it's really the speed of this that has played out and on one hand. And on the other, the inverted yield curve gives clients and the prevalence of the money funds and treasuries and so forth, give clients an alternative, right, that's more vivid, I'd say, than in some of the past cycles. And so that's the kind of client behavior.

所以我認為，一方面，這確實是其發揮的速度。另一方面，反向收益率曲線為客戶提供了貨幣基金和國債等的盛行，為客戶提供了另一種選擇，對，我想說，這比過去的一些週期更生動。這就是客戶的行為。

What we have seen is that if you decompose our book, some of this activity is in the noninterest-bearing deposits, which have come down. And some of it is in the interest-bearing back book because some clients with noninterest-bearing deposits come to us and say, "Look, can you make them now interest-bearing at a certain rate?" And what we've seen is some real segmentation of that book. As an example, the average account in noninterest-bearing, there's about 30,000 accounts. The average account is barely over $1 million.

我們看到的是，如果你分解我們的賬簿，就會發現其中一些活動是無息存款，這些存款已經下降。其中一些是在計息賬簿中，因為一些擁有無息存款的客戶來找我們說：“看，你現在能讓它們以一定的利率計息嗎？”我們看到的是那本書的一些真正的細分。舉個例子，平均無息賬戶大約有30,000個。平均賬戶金額僅略高於 100 萬美元。

What you can do in some of the analytic work we've done is separate out the higher balance noninterest-bearing clients and client accounts from lower balance ones. Not surprisingly, the higher balance accounts are down year-over-year in balance terms by 70%, right? The large number of smaller accounts are down by 15%. And so this is where what we're starting to work through with the, what I'll describe as the burn down. How much of the larger deposits and noninterest-bearing have migrated to interest-bearing, right, at what rate. And our perspective is that we are now working through, I'll describe as a catch-up on the back book. Some of that is noninterest-bearing deposits moving to interest-bearing and some of that is interest-bearing being priced up.

在我們所做的一些分析工作中，您可以做的是將較高餘額的無息客戶和客戶賬戶與較低餘額的客戶和客戶賬戶分開。毫不奇怪，較高餘額賬戶的餘額同比下降 70%，對嗎？大量小型賬戶數量下降了 15%。這就是我們開始解決的問題，我將其描述為“燃盡”。有多少較大規模的存款和無息存款已經轉向有息存款，對吧，利率是多少。我們的觀點是，我們現在正在努力解決，我將其描述為後面本書的追趕。其中一些是無息存款轉向有息存款，而另一些則是計息存款的定價上漲。

And as we think about it, we think that the peak of that catch-up will play out in third quarter as we scan the deposit types, the larger, more sophisticated clients versus the smaller clients. And that's why we expect both the catch-up to continue into the third quarter and likely peak in the third quarter and then begin to moderate in the fourth quarter and to burn down.

當我們思考這個問題時，我們認為，當我們審視存款類型、規模更大、更複雜的客戶與規模較小的客戶時，這種追趕的頂峰將在第三季度出現。這就是為什麼我們預計追趕將持續到第三季度，並可能在第三季度達到頂峰，然後在第四季度開始放緩並逐漸減弱。

Got it. And then like just the end game in terms of what you ultimately think U.S. deposit cost is going to look like relative to kind of the 3.5 and the Fed funds at 5?

知道了。然後就像最終遊戲一樣，您最終認為美國的存款成本相對於 3.5 和美聯儲基金 5 會是什麼樣子？

I think it's -- I've not calculated it directly on a cost versus rate basis, on a NIM basis, but I guess we could back into it if it'd be helpful to you. As we think about the long range view of NII on our book, I've given some guidance for 3Q NII, for 4Q NII. I think our instinct is that NII will settle in this $550 million to $600 million range per quarter. And if it's helpful, we can try to calculate that back into spread on assets or a spread or a cost of funds on deposits and follow up with you.

我認為——我沒有直接在成本與費率的基礎上、在淨息差的基礎上進行計算，但我想如果這對你有幫助的話，我們可以重新考慮一下。當我們在書中思考 NII 的長期觀點時，我為 3Q NII 和 4Q NII 提供了一些指導。我認為我們的直覺是 NII 將穩定在每季度 5.5 億至 6 億美元的範圍內。如果有幫助，我們可以嘗試將其計算回資產利差或存款利差或資金成本中，並與您聯繫。

I got you. That's helpful. And my bigger picture question for you guys and to Ron as well as I think you mentioned productivity efforts in light of the fact that NII has clearly become a bigger headwind over the next several quarters and you guided servicing fees down in the third quarter.

我接到你了。這很有幫助。我向你們、羅恩以及羅恩提出的更大的問題是，我認為你們提到了生產力方面的努力，因為 NII 顯然在接下來的幾個季度中成為了更大的阻力，而且你們在第三季度指導服務費用下降。

So as you think about measuring those productivities, are you solving for overall pretax margin stability? Are you solving for kind of fee margin stability, sort of like Ex-NII? How should we think about sort of measuring the productivity efforts in light of a more challenging revenue backdrop?

因此，當您考慮衡量這些生產率時，您是否正在解決整體稅前利潤率的穩定性問題？您是否正在解決某種費用保證金穩定性問題，有點像 Ex-NII？鑑於更具挑戰性的收入背景，我們應該如何考慮衡量生產力工作？

Yes. Alex, I mean, where we start with is -- I mean, because what you're describing is outcomes of the productivity efforts where we've -- and these are not new, these are ongoing. We really start with how do we create more scale in our business? How do we increase speed, lower error rates, increase client satisfaction, take out manual interventions.

是的。亞歷克斯，我的意思是，我們從 - 我的意思是，因為你所描述的是我們生產力努力的結果 - 這些並不新鮮，這些都是正在進行的。我們真正從如何擴大業務規模開始？我們如何提高速度、降低錯誤率、提高客戶滿意度、取消手動干預。

So the measures that we're using would be the traditional productivity measures, and this has been underway now for several years. You've been seeing the results in our -- and we've been able to manage costs certainly relative to others.

因此，我們使用的衡量標準將是傳統的生產力衡量標準，而且這種做法已經進行了好幾年了。您已經看到了我們的成果——相對於其他公司，我們確實能夠管理成本。

But in terms of how we think about the business going forward, particularly given that NII is no longer a tailwind in terms of an outcome basis, we really think about the operating leverage, I think, is the key outcome we're managing to, if that's the question you're asking.

但就我們如何看待未來的業務而言，特別是考慮到 NII 不再是結果基礎上的順風車，我們真正考慮的是運營槓桿，我認為，這是我們正在設法實現的關鍵結果，如果這就是你問的問題。

Your next question comes from Rob Wildhack from Autonomous Research.

您的下一個問題來自 Autonomous Research 的 Rob Wildhack。

Just trying to ask about the asset side and the securities book quickly. Decent uplift in yield again, plus 21 basis points. Can you give some color, some numbers around the front book, back book difference there? And how much repricing can sort of assist NII going forward?

只是想快速詢問一下資產端和證券賬簿的情況。收益率再次大幅提升，增加 21 個基點。你能給出一些顏色、一些數字嗎？前面的書、後面的書有什麼區別？重新定價可以在多大程度上幫助 NII 向前發展？

Rob, it's Eric. There is a good bit of tailwind that comes from the front book, back book. I think this -- on kind of year-on-year basis, long rates were quite constructive from a year-on-year NII standpoint, the long rate tailwind year-on-year was in the $100 million basis. So it's quite substantial.

羅布，我是埃里克。前面的書和後面的書都帶來了很大的推動力。我認為，從同比 NII 的角度來看，長期利率是相當有建設性的，同比長期利率的順風是在 1 億美元的基礎上。所以這是相當可觀的。

On a quarter-on-quarter, the long rate tailwind is closer to $15 million, $20 million. So it's not insubstantial. And I think as we see some steepness in the curve come back or I guess I'll describe less inversion, we've got some -- we've got abilities to [leg] into duration or curve position or, in some cases, some amount of convexity where we'd find it helpful.

按季度計算，長期利率順風接近 1500 萬美元、2000 萬美元。所以這並不是無足輕重的。我認為，當我們看到曲線出現一些陡度時，或者我想我會描述更少的反轉，我們有一些 - 我們有能力[腿]進入持續時間或曲線位置，或者在某些情況下，一定程度的凸性，我們會發現它很有幫助。

From a rate standpoint, like you said, average rates on the investment portfolio in aggregate was 270 basis points or so. The runoff is a good bit below that, kind of in the 180 basis point range, so 90 basis points, 100 basis points south of that. And the roll-on that occurs is well above that 270 basis point, average is closer to 410 basis points or more. So you've got a nice tailwind there that's playing through.

從利率的角度來看，正如您所說，投資組合的平均利率總計為 270 個基點左右。徑流遠低於這個數字，大約在 180 個基點的範圍內，所以是 90 個基點，再往南 100 個基點。發生的滾動遠高於 270 個基點，平均值接近 410 個基點或更多。所以你有一個很好的順風正在發揮作用。

We also have a tailwind on short rates for international currencies. So that's helpful. And then we are -- we continue to invest and think about opportunities across currency from a basis standpoint and so forth, and we've got some latitude to do that as well, given our global balance sheet.

國際貨幣的短期利率也對我們有利。所以這很有幫助。然後我們——我們繼續從基礎角度等角度進行投資和思考跨貨幣的機會，考慮到我們的全球資產負債表，我們也有一定的自由度來做到這一點。

And then one more just on the operational deposits. If I use the numbers on Page 10, operational -- or excuse me, overall deposits are down -- operational deposits are down as a percentage of the mix. Conceptually, what would be driving that? I guess I'm confused as to why operational deposits would be down year-over-year more than non-operational deposits.

然後是關於運營存款的另一項。如果我使用第 10 頁上的數字，運營存款——或者對不起，總體存款下降了——運營存款佔存款組合的百分比下降了。從概念上講，是什麼推動了這一點？我想我很困惑為什麼經營性存款同比下降幅度比非經營性存款更多。

Yes. I think there's a little bit of -- I look at that data, and I think you've got roughly similar movements in operational and non-operational deposits. I think what's happening in this part of the cycle is as deposits or I'll say, as cash for our clients is more valuable, right? They are selectively thinking about how much cash do I absolutely must keep in the -- in their custodial accounts. And if you think about it, they make that decision in, I think it's more than 100,000 different accounts themselves, right? It's a very large and disparate set of decisions and sub decisions by 100,000-plus fund managers and many, many fund boards.

是的。我認為有一點——我查看了這些數據，我認為運營性和非運營性存款的變動大致相似。我認為在這個週期的這一部分發生的事情是存款，或者我會說，因為現金對我們的客戶來說更有價值，對嗎？他們有選擇性地考慮我絕對必須在他們的託管賬戶中保留多少現金。如果你想一想，他們做出這個決定，我認為他們自己有超過 100,000 個不同的帳戶，對嗎？這是由 100,000 多名基金經理和許許多多的基金董事會做出的一組非常龐大且不同的決策和子決策。

And so they're trying to see, hey, can I edge it down, and that's why at this point in the cycle, you see total deposits drift down, but also operational.

因此，他們試圖看看，嘿，我可以將其降低，這就是為什麼在周期的這一點上，你會看到總存款下降，但仍在運行。

What they end up needing to trade off and the reason why it will level off over time is that they need a certain amount of deposits that they don't overdraw. They -- fund managers really hate the overdraw at the end of day. And then there's also a governor where we engage with our clients on intraday and make sure that they have enough cash to cover their transactional flow and throughput, but we're just at the period where in the core custody accounts, you've got there's a drift downwards where they're trying to optimize without going too far, and that's what you're seeing.

他們最終需要進行權衡，並且隨著時間的推移會趨於平穩，因為他們需要一定數量的存款，並且不能透支。他們——基金經理真的討厭最終的透支。然後還有一個監管者，我們在盤中與客戶接觸，並確保他們有足夠的現金來支付他們的交易流量和吞吐量，但我們正處於核心託管賬戶的時期，你已經有了他們試圖優化而不走得太遠，這就是你所看到的。

But this is expected. We expect the operational deposits to stay comfortably in this kind of 75% range. And it's a part of the kind of custodial operations, which is what makes them so sticky, right, because they need to be there for the very significant daily, hourly and minute-by-minute transactional flows that we are processing on their behalf so that they aren't overdrawn.

但這是預料之中的。我們預計運營存款將輕鬆保持在 75% 的範圍內。這是託管操作的一部分，這就是它們如此粘性的原因，對吧，因為它們需要在那里處理我們代表它們處理的非常重要的每日、每小時和每分鐘的交易流，所以他們沒有透支。

Your next question comes from Glenn Schorr from Evercore.

您的下一個問題來自 Evercore 的 Glenn Schorr。

Maybe just a different attempt at the deposit discussion. So I get clients wanting more yield. I bought treasurers too, we all did. But is there any point where the client profitability discussion has [teed]. Like are they able to move 100% of nonoperating deposits if they want, like what discussions you're having with them about doing more with State Street in areas like FX, sec lending, Alpha. But maybe you could update us on what you're doing to try to help impact what seems like you can't impact the deposit side. So is there anything else you can do?

也許只是存款討論的不同嘗試。所以我的客戶想要更多的收益。我也買了掌櫃，我們都買了。但是，客戶盈利能力討論是否有任何進展[ted]。比如，如果他們願意，他們是否能夠轉移 100% 的非經營性存款，比如你與他們就如何與道富銀行在外匯、證券貸款、Alpha 等領域開展更多業務進行了討論。但也許您可以向我們介紹您正在採取的最新措施，以試圖幫助影響您似乎無法影響存款方面的情況。那麼你還有什麼可以做的嗎？

Yes. Let me start there, Glenn, and I think Ron will weigh in as well because a number of us have these engaging conversations with clients. I think from a burn down standpoint, let me first take it from that angle is if you think about our $200 billion of deposits, we've got deposits at a number of different price tiers and we have kind of very large sophisticated clients and then kind of that large tail of small and midsized clients. Of the $200 billion, we think there's about $50 billion that we've been very focused on and continue to be focused on.

是的。讓我從這裡開始，格倫，我認為羅恩也會參與其中，因為我們中的許多人與客戶進行了這些引人入勝的對話。我認為，從燃盡的角度來看，讓我首先從這個角度來看，如果你考慮一下我們 2000 億美元的存款，我們有許多不同價格等級的存款，我們有非常大的複雜客戶，然後中小型客戶的大尾巴。在這 2000 億美元中，我們認為大約有 500 億美元是我們一直非常關注並將繼續關注的。

So about 1/4 of our total deposits are with these clients that as we've talked about the last couple of questions, there's been a real catch-up on the back book. I described that because of that $50 billion, which is either a very low price or 0 price for our larger and most sophisticated clients, where we have these engaging and balance of trade discussions, right? We've around -- we've got about $25 billion that's behind us, where largely we've repriced those deposits. We've had those discussions and some of those have come with some balance of trade improvements or some commitments on stability on fees, and those are behind us.

因此，我們總存款的大約 1/4 是在這些客戶身上，正如我們討論了最後幾個問題一樣，後面的賬簿上確實有一個真正的追趕。我描述過，因為這 500 億美元對於我們規模較大、最成熟的客戶來說要么是一個非常低的價格，要么是 0 價格，我們在其中進行了這些引人入勝且平衡的貿易討論，對嗎？我們已經擁有大約 250 億美元的資金，其中大部分我們已經對這些存款進行了重新定價。我們已經進行了這些討論，其中一些討論帶來了貿易平衡的改善或對費用穩定性的一些承諾，這些都已經過去了。

Included in the outlook that I provide, beyond the $25 billion, there's another $15 billion that's underway right now. That's included in my third quarter outlook, right? So that gets us to $35 billion, almost $40 billion of the $50 billion. And then there's a trail that we'll still have. And so, I think from a client discussion and negotiation standpoint, the third quarter we expect to be the peak.

在我提供的展望中，除了 250 億美元之外，目前還有另外 150 億美元正在進行中。這包含在我的第三季度展望中，對嗎？這樣一來，我們就達到了 350 億美元，幾乎是 500 億美元中的 400 億美元。然後我們仍然會有一條踪跡。因此，我認為從客戶討論和談判的角度來看，我們預計第三季度將是高峰。

I think what you'll find is that each of these questions on deposits, certainly, rates goes through a pricing committee from a balance sheet management standpoint. But very quickly, those go to the most senior client executives and all the way up to our C-suite because those are large. They're very large, and that's where we engage.

我想你會發現，從資產負債表管理的角度來看，每個關於存款、利率的問題都經過定價委員會。但很快，這些信息就會流向最高級的客戶高管，一直到我們的最高管理層，因為這些信息規模很大。它們非常大，這就是我們參與的地方。

And I think what you'll see over time is some of that we'll come back through in FX revenues and sec lending revenues and the absence of fee rate reductions in the future, right, on one hand. And on the other hand, some of what we do here is also work with clients on expanding the range of what we do for them when it comes to managing their cash, right?

我認為隨著時間的推移，你會看到我們將通過外匯收入和證券貸款收入以及未來不會降低費率來恢復，對吧，一方面。另一方面，我們在這裡所做的一些工作也是與客戶合作，擴大我們為他們提供的現金管理範圍，對嗎？

I think some of the reason you're seeing the uptick in cash with -- in our asset management business because some of those clients say, look, I'd like to be in a cash money market sweep until we've been doing that. You see our repo business continues to do very, very well, is actually an add to -- it's a stabilizer to NII or an add to NII on a year-on-year basis and stabilizing, and it's a stable source of NII income quarter-on-quarter because we've been able to shift some of the client cash to those areas. So there are some offsets as well there. But that's a bit of a start.

我認為你看到現金增加的部分原因是我們的資產管理業務，因為其中一些客戶說，看，我想在現金貨幣市場進行掃蕩，直到我們這樣做為止。你看，我們的回購業務繼續表現得非常非常好，實際上是一個補充——它是 NII 的穩定劑，或者是 NII 的同比增長和穩定，它是 NII 收入季度的穩定來源-按季度計算，因為我們已經能夠將部分客戶現金轉移到這些領域。所以那裡也存在一些偏移。但這只是一個開始。

Yes, Glenn, what I would add to what Eric said is that the -- if you think about over the last 4, 5 years, our focus on pricing has been -- initially was on fee pricing and kind of addressing, if not combating the fee compression and really working that in an institutional way and in a very high skilled way and escalating those -- or elevating those decisions way above where they used to be.

是的，格倫，我要補充埃里克所說的是——如果你想想過去 4、5 年，我們對定價的關注點是——最初是在費用定價和解決問題上，如果不是打擊的話費用壓縮，並以一種制度化的方式和一種非常高技能的方式真正發揮作用，並逐步升級這些決策，或者將這些決策提升到比以前更高的水平。

Deposits for -- up until this rate cycle really weren't part of that because, I mean, there were times that we would just assume not have had the deposits. We've now integrated that as Eric has implied into that discussion, but also included a full share of wallet analysis. And the part of this is recognizing that these institutions are very large. And when you have a pricing discussion and putting that in air quotes, it really depends on what it is.

直到這個利率週期之前，存款實際上並不是其中的一部分，因為我的意思是，有時我們會假設沒有存款。正如埃里克（Eric）在討論中所暗示的那樣，我們現在已經將其納入其中，但也包括了完整的錢包分析。其中一部分是認識到這些機構非常龐大。當您進行定價討論並將其納入空中報價時，這實際上取決於它是什麼。

And what we have worked to avoid is to not have a series of unilateral discussions without understanding and making sure that at the highest levels of our clients, they understand the impact of this. And just reminding them that you have the fee you have because of this assumption on other services that we're going to provide you or some assumption on deposits.

我們努力避免的是，在沒有理解並確保我們的客戶最高層了解這一影響的情況下，不要進行一系列單方面討論。只是提醒他們，您需要支付費用，因為我們將為您提供的其他服務的假設或存款的一些假設。

And those conversations are actually starting to work well. It's caused a change of process for us, another change of process for us. But more importantly, it's changed in the way how we're engaging and at what level we're engaging with these clients. And so more to go there, but we also think it's a skill but now developed, will help us through various kinds of cycles going forward.

這些對話實際上已經開始發揮作用。它給我們帶來了流程的改變，對我們來說又一個流程的改變。但更重要的是，我們與這些客戶的互動方式以及互動程度都發生了變化。還有更多的事情要做，但我們也認為這是一種技能，但現在已經發展起來，將幫助我們度過未來的各種週期。

Your next question comes from Steven Chubak from Wolfe Research.

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

This is actually Sharon Leung filling in for Steven. Just on the deposits, outside of the rotation out of NIB, can you talk about the overall trajectory of total deposits, particularly because it looks like more recent liquidity drawdown has come out of RRP instead of deposits.

這實際上是梁莎朗（Sharon Leung）代替史蒂文（Steven）。就存款而言，除了 NIB 的輪換之外，您能否談談總存款的總體軌跡，特別是因為看起來最近的流動性下降是來自 RRP 而不是存款。

So, I just wanted to get your thoughts on the expectations for the trajectory on deposits from here in the context of QT treasury issuance, et cetera?

所以，我只是想了解一下您對 QT 國債發行等背景下存款軌蹟的預期有何想法？

Yes, it's Eric. It's hard to really gauge the deposit changes outright. I think we're a little more focused on the net interest -- I'm sorry, the noninterest-bearing deposits where we've signaled another $5 billion likely outflow this coming quarter. That's less of an outflow than in the second quarter. So you're starting to see some of the burn down that I've described.

是的，這是埃里克。很難真正徹底地衡量存款的變化。我認為我們更關注淨利息——對不起，我們已經暗示下個季度可能會有另外 50 億美元的無息存款流出。這比第二季度的資金流出要少。所以你開始看到我所描述的一些燒毀情況。

In the external environment, I think from the H.8 reports as banks, we've seen about a 2% sequential fall in deposits. For the trust banks, we tend to have more deposits coming in when deposits in the bank system increase, and we have somewhat more coming out when deposits of the bank system come out and partly just the absolute sophistication of our clients.

在外部環境方面，我認為從銀行的 H.8 報告來看，我們看到存款環比下降了約 2%。對於信託銀行來說，當銀行系統的存款增加時，我們往往會有更多的存款流入，而當銀行系統的存款流出時，我們會流出更多的存款，部分原因在於我們客戶的絕對成熟度。

So we're -- we expect a downtick in deposits again next quarter but have just been a little more focused on the noninterest-bearing because that's where it makes a big difference. I think there is always some movement in interest-bearing deposits, especially at the higher rate tier because what we're finding increasingly as we get to a little more of this -- as we expect to get to a time stabilization or at least a little more of a balance with our clients.

因此，我們預計下季度存款將再次下降，但我們只是更加關注無息存款，因為這才是產生重大影響的地方。我認為有息存款總是會發生一些變化，特別是在較高利率的情況下，因為隨著我們越來越多地發現這種情況，我們預計會達到時間穩定或至少穩定與我們的客戶保持更多的平衡。

Now what they're going to do is it's hard for them to move an underlying operating deposit that actually has to cover the hundreds, thousands, in some cases, tens of thousands of transactions that are flowing through their particular account but sometimes they'll move the thin margin deposits to a treasury. And so we might lose 10 basis points on something and they'll pick up 10 basis points on treasury.

現在他們要做的是，他們很難轉移基礎運營存款，這些存款實際上必須覆蓋流經其特定賬戶的數百、數千，在某些情況下，數万筆交易，但有時他們會將微薄保證金存款轉移至國庫。因此，我們可能會在某些方面損失 10 個基點，而他們會在國債方面獲得 10 個基點。

So there's some of that that's going on. And I think in truth, that's not as dominant as a driver of our NII at this point.

所以有些事情正在發生。我認為事實上，目前這還不如我們 NII 的驅動力那麼占主導地位。

And then as a follow-up, just on some of the updated capital rules that are coming. I understand you probably won't be able to give much color because we haven't seen a proposal yet. But just in terms of like expected ways you might be able to mitigate some of that impact and which businesses might be more impacted for you guys?

然後作為後續行動，我們將討論即將推出的一些更新的資本規則。我知道您可能無法提供太多信息，因為我們還沒有看到提案。但就類似預期的方式而言，您可能能夠減輕一些影響，哪些業務可能對你們影響更大？

Yes. I mean there's -- obviously, we're like many waiting to see more from the rules. We've -- the last time we saw Basel III Endgame, draft from either the U.S. or international regulators was several years back. So I think we've -- we expect some higher capital requirements, just hard to tell how much.

是的。我的意思是——顯然，我們就像許多人一樣在等待規則的更多內容。我們上次看到《巴塞爾協議 III 終局之戰》時，美國或國際監管機構的草案是在幾年前。所以我認為我們預計會有更高的資本要求，只是很難說多少。

We do think there'll be effects on different parts of our businesses. So the new rules will come with an operational deposit -- operational capital charge. That probably will be relatively hard to influence because we actually want to build our fee-driven businesses. And so those, I think, will just come with a capital requirement that's -- that will be an add.

我們確實認為這會對我們業務的不同部分產生影響。因此，新規則將附帶運營保證金——運營資本費用。這可能相對難以影響，因為我們實際上想建立收費驅動的業務。因此，我認為，這些都會有資本要求，這將是一個附加條件。

There'll be some reduction on the lending book, so that will be helpful. And then I think in particular, while the fundamental review of the trading book will affect the universal banks potentially in a negative way. For us, the sec finance business will tend to be a positive, will be in a positive territory where capital requirements will be less. We'll no longer need to hold capital to indemnify treasury. So they'll finally become economically more rational in the safer areas, right, as they should be. They should obviously -- capital needs to be held for the -- for the riskier activities. But we don't traffic in the riskier areas.

貸款簿上會有一些減少，所以這會有所幫助。然後我特別認為，雖然對交易賬戶的基本審查可能會對全能銀行產生負面影響。對我們來說，證券交易金融業務往往是積極的，將處於資本要求較低的積極領域。我們不再需要持有資本來補償國庫。因此，他們最終會在更安全的地區在經濟上變得更加理性，對吧，正如他們應該的那樣。顯然，他們應該——需要為風險較高的活動持有資本。但我們不會在風險較高的地區通行。

And I think that, in some ways, that will give us an opportunity to grow those areas that are quite aligned with our client base like sec finance, and actually deploy capital more actively. And so I think there'll be a mix of impacts, we're going to see as it comes through, but I like many were -- we're considering what's to come, and we'll react accordingly as it does.

我認為，在某些方面，這將使我們有機會發展那些與我們的客戶群非常一致的領域，例如證券金融，並實際上更積極地部署資本。因此，我認為將會產生多種影響，我們將看到它的發生，但我喜歡很多影響——我們正在考慮即將發生的事情，我們將做出相應的反應。

Your next question comes from Brian Bedell from Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Bedell。

Ron, I guess I wanted to come back to your comments on the -- basically, the overall revenue per client, if I can sort of summarize it that way. Obviously, there are different components of how clients, the assets servicing clients pay for the business, and there are many different ways aside from the core fees that they can do that. So as you think about that across the client base, I know you have looked at this more holistically across clients over many, many years.

羅恩，我想我想回到您對每個客戶的總體收入的評論，如果我可以這樣總結的話。顯然，客戶、服務客戶的資產為業務付費的方式有不同的組成部分，而且除了核心費用之外，還有許多不同的方式可以做到這一點。因此，當您在整個客戶群中思考這個問題時，我知道您多年來已經對客戶進行了更全面的審視。

But with the deposit beta going up, is that sort of revenue per client going down? Or do you think you're able to actually be able to improve the fee rate given that they aren't paying as much on the compensating balances?

但隨著存款貝塔值的上升，每個客戶的收入會下降嗎？或者，鑑於他們沒有為補償餘額支付那麼多費用，您是否認為您實際上能夠提高費率？

Brian, it's a good question. And what I was referring to and what you're referring to is what I would call how we think about this tactically client by client, but I also want to come back to the strategic elements of this also.

布萊恩，這是個好問題。我所指的和你所指的是我所說的我們如何從戰術上考慮客戶的情況，但我也想回到其中的戰略要素。

In terms of -- there's no one answer for any particular client because if you think about it, in the core back office business, you've got custody fund accounting and there's a pricing element to that along typically with associated deposits. In more and more instances, obviously, we've -- a client might have a middle office assignment with us where we're doing -- we are their back office and obviously, going all the way to Alpha. And then there's the question of are we doing FX and securities finance with them? Obviously, FX is a function of are they -- do they have occasion to use FX? And increasingly, most managers do, securities finances manager, [money managers].

就任何特定客戶而言，沒有一個答案，因為如果你考慮一下，在核心後台業務中，你有託管基金會計，並且通常與相關存款一起存在定價因素。顯然，在越來越多的情況下，我們——客戶可能在我們正在做的事情上有中台辦公室的分配——我們是他們的後台辦公室，顯然，一直到阿爾法。接下來的問題是我們是否與他們進行外彙和證券融資？顯然，外匯是他們的函數——他們有機會使用外匯嗎？大多數經理越來越多地這樣做，證券財務經理，[資金經理]。

So the reason why I'm saying it's tactical, it's -- there's a holistic conversation that needs to occur here. And it's important on both sides, ours included, to lay out for the client that remember all we did for you over the past few years to get you through whatever the challenges they were having, that was predicated on X. And X might be an assumed deposit level, it might be on an assumed FX level, X isn't playing out. We need to have a conversation on this. And that could, in cases, lead to more fees or it could and the more typical outcome is that, well, hey, we're not doing this with you, let's try and do that or even there's a set of funds over here that we've never talked about, whatever Cayman Islands or something, and let's see if we can move those.

所以我之所以說這是戰術性的，是因為這裡需要進行全面的對話。對雙方（包括我們在內）來說，重要的是要讓客戶記住我們在過去幾年中為您所做的一切，以幫助您克服他們所面臨的任何挑戰，這是基於 X 的。而 X 可能是一個假設的存款水平，可能是假設的外匯水平，X 沒有發揮作用。我們需要就此進行對話。在某些情況下，這可能會導致更多費用，或者可能更典型的結果是，好吧，嘿，我們不會和你一起這樣做，讓我們嘗試這樣做，甚至這裡有一組基金我們從未討論過，無論是開曼群島還是其他什麼，讓我們看看是否可以轉移這些。

I mean this deposit situation is a challenge, the conversations at [spurring] are opportunities. And there are real opportunities. The senior people intimately involved in these because we don't get a lot of redos on them. This is the moment to be doing it. So we think it's a way to -- I mean, again, the kind of NII outflow is a significant headwind, but we think it's an opportunity to mitigate some of it.

我的意思是，這種存款情況是一個挑戰，[刺激] 的對話是機遇。並且存在真正的機會。高級人員密切參與這些工作，因為我們沒有對他們進行大量重做。現在正是採取行動的時刻。因此，我們認為這是一種方式——我的意思是，NII 外流是一種重大阻力，但我們認為這是一個緩解其中一些阻力的機會。

The strategic side of this, Brian, I don't want to lose, right? Because going back to the acquisition of Charles River, the launch of Alpha, all the development we've been doing, we're now seeing onboarding happening there. With the typical onboarding journey tends to be the lower fee complicated kind of middle office stuff starts first. And then there's follow-on services. And it's making sure that we are implementing, addressing and implementing those follow-on services as fast as possible. So when we talked earlier and talked about the onboarding, I talked about that we were able to move a little over $1 trillion in to -- to onboard it.

從戰略角度來看，布萊恩，我不想輸，對吧？因為回到對 Charles River 的收購、Alpha 的推出以及我們一直在做的所有開發，我們現在看到那裡正在發生。典型的入職旅程往往是費用較低、複雜的中台工作首先開始。然後還有後續服務。它確保我們盡快實施、解決和實施這些後續服務。因此，當我們早些時候談論入職時，我談到我們能夠投入略高於 1 萬億美元的資金來入職。

What will follow there is other services and increase kind of the revenue per asset per -- I mean that's the way Alpha works and that's where Alpha is going to play out, which is why notwithstanding the short-term issues that Eric has raised in terms of we've got this client transition. We're actually quite optimistic over the -- what I would call the short to medium term as we look into 2024 about the revenue picture.

隨之而來的是其他服務，並增加每項資產的收入——我的意思是，這就是 Alpha 的工作方式，這就是 Alpha 將發揮作用的地方，這就是為什麼儘管 Eric 提出了短期問題我們已經完成了這個客戶轉換。事實上，當我們展望 2024 年的收入狀況時，我們對我所說的中短期非常樂觀。

That's great color. And then maybe just on the expense side, Eric, you mentioned the expense levers. Are they more tactical in nature? Or do you see sort of an ability to reengineer -- continue to reengineer the cost base. You've already done a great job in reducing costs structurally over the last several years. I don't know if we're like mostly through that and when you do have the cost saves you reinvest them in growth initiatives? Or is there an ability to sort of reduce the overall cost structure?

那顏色真棒。然後也許只是在費用方面，埃里克，你提到了費用槓桿。它們本質上更具戰術性嗎？或者你是否看到了某種重新設計的能力——繼續重新設計成本基礎。過去幾年，你們在結構性降低成本方面已經做得非常出色。我不知道我們是否會像這樣，當你確實節省了成本時，你會將其重新投資於增長計劃？或者是否有能力降低總體成本結構？

Brian, let me address that first, and then Eric will comment. The -- we are definitely not through this. And by that, I mean when we started down this journey a couple of years ago, we obviously addressed, call it what you want the lower-hanging fruit, the kinds of things that we could get out without a lot of technology investment, without a lot of reengineering but there is more to do, and we're making a lot of progress on it.

布萊恩，讓我先解決這個問題，然後埃里克會發表評論。我們絕對還沒有完成這個任務。我的意思是，當我們幾年前開始這一旅程時，我們顯然解決了，稱其為你想要的唾手可得的果實，我們可以在沒有大量技術投資的情況下獲得的東西，沒有進行了大量的重新設計，但還有更多工作要做，而且我們正在這方面取得很大進展。

We've got people in place now on both the operations reengineering side and on the technology side that are working this through. The way this has played through in our results, you've seen what our expenses have been, but we've also been able to invest more in the businesses than we otherwise would. And we think that, that journey has more to go, and you'll see that and we'll report on that quarter after quarter.

我們現在已經在運營重組方面和技術方面都安排了人員來解決這個問題。從我們的業績中體現出來的情況來看，您已經看到了我們的支出，但我們也能夠比其他方式對業務進行更多投資。我們認為，這一旅程還有更多的路要走，你會看到這一點，我們將一個又一個季度地報告這一點。

What we also talked about, though, is that there's some tactical things that we can do and should do just given the kind of outlook that we've described to you. And those would be less about reengineering and more about how do we think about short-term things like consensus and those things.

不過，我們還討論了，鑑於我們向您描述的前景，我們可以做並且應該做一些戰術性的事情。這些將不再是關於重新設計，而是更多關於我們如何思考共識之類的短期事物。

And just to round that out, we've got to pay for performance. So when we have larger -- we deliver larger sales, we'll pay for that when it's a little lighter. As you saw, we'll rein that in, and that's part of the execution mines that we have.

為了解決這個問題，我們必須為績效付費。因此，當我們有更大的銷量時，我們會在銷量稍輕時為此付出代價。正如你所看到的，我們將控制這一點，這是我們所擁有的處決地雷的一部分。

We've also just given some of the evolution on salary increases and that we've all worked through over the last couple of quarters of the last year, we also feel like it's time where we have enough staff, and so we've put in place a hiring freeze because we need to contain our staffing costs. So we need to make sure as we reengineer, we actually redeploy our folks to, say, new business areas or to growth areas and actually pair down others.

我們還剛剛給出了加薪的一些進展，並且我們在去年的最後幾個季度都經歷了這些變化，我們也覺得現在是我們擁有足夠員工的時候了，所以我們把凍結招聘是因為我們需要控制人員成本。因此，我們需要確保在重新設計時，我們實際上將我們的人員重新部署到新的業務領域或增長領域，並真正與其他人進行配對。

And the way to do that in a more emphatic way tactically, right, is to be particularly disciplined on hiring and freeze that or just limit it. And so given the short-term performance, we're doing that as well, which gives you a sense for our willingness to bend the cost curve.

從戰術上更強有力地做到這一點的方法是在招聘方面特別嚴格，並凍結或限制它。因此，考慮到短期表現，我們也在這樣做，這讓您感受到我們願意改變成本曲線。

There are no further questions at this time. I would like to turn the call back over to Ron O'Hanley for closing remarks.

目前沒有其他問題。我想將電話轉回羅恩·奧漢利 (Ron O'Hanley) 以供結束髮言。

Well, thanks, operator, and thanks to all on the call for joining us.

好的，謝謝接線員，也感謝所有來電的人加入我們。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for your participation. You may now disconnect at this time.

謝謝你們，女士們、先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。