道富銀行 (STT) 2024 Q4 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good morning and welcome to State Street Corporation's fourth quarter and full year 2024 earnings conference call and webcast.

    早安,歡迎來到道富公司 2024 年第四季和全年財報電話會議和網路廣播。

  • Today's call will be hosted by Elizabeth Lynn, Head of investor relations at State Street.

    今天的電話會議將由道富銀行投資者關係主管伊麗莎白·林恩 (Elizabeth Lynn) 主持。

  • We ask that you please hold all questions until the completion of the formal remarks.

    我們要求您保留所有問題,直至正式發言結束。

  • At which time, you will be given instructions for the question and answer session.

    屆時,您將收到有關問答環節的說明。

  • Today's discussion is being broadcasted live on State Street's website at investors.statestreet.com. This conference call is also being recorded for replay.

    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。

  • State Street's conference call is copyrighted and all rights are reserved.

    道富銀行的電話會議受版權保護,並保留所有權利。

  • This call may not be recorded for rebroadcast or distribution in whole or in part without the express written authorization from State Street Corporation.

    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以進行轉播或分發。

  • The only authorized broadcast of this call will be housed on the State Street website.

    本次電話會議的唯一授權廣播將在道富銀行網站上進行。

  • Now, I would like to hand the call over to Elizabeth Lynn.

    現在,我想將電話轉交給伊莉莎白林恩。

  • Elizabeth Lynn - Executive Vice President & Global Head of Investor Relations

    Elizabeth Lynn - Executive Vice President & Global Head of Investor Relations

  • Good morning.

    早安.

  • And thank you all for joining us.

    感謝大家加入我們。

  • With me today, are State Street's Chief Executive Officer, Ron O'Hanley; Chief Financial Officer, Eric Aboaf; and Investment services CFO and as we announced this morning, incoming interim CFO, Mark Keating.

    今天與我在一起的有道富銀行執行長 Ron O'Hanley;財務長埃里克·阿博夫;和投資服務財務官,正如我們今天早上宣布的那樣,馬克·基廷 (Mark Keating) 將擔任臨時財務長。

  • On today's call, Ron will provide an overview on 2024 performance and milestones achieved.

    在今天的電話會議上,Ron 將概述 2024 年的業績和實現的里程碑。

  • Eric will then walk through the fourth quarter and full year 2024 earnings results in detail and both Eric and Mark will provide our 2025 outlook, after which we'll be happy to take questions.

    然後,埃里克將詳細介紹第四季度和 2024 年全年的盈利結果,埃里克和馬克將提供我們的 2025 年展望,之後我們將很樂意回答問題。

  • Today's presentation is available on the Investor Relations section of our website investors.statestreet.com.

    今天的簡報可在我們網站 Investors.statestreet.com 的投資者關係部分查看。

  • Before we get started, I'd 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.

    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。

  • Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our presentation.

    我們簡報的附錄中提供了這些非公認會計準則衡量標準與最直接可比較的公認會計準則或監管衡量標準的對帳。

  • In addition, today's call will contain forward-looking statements.

    此外,今天的電話會議將包含前瞻性陳述。

  • Actual results may differ materially from those statements due to a variety of important factors such as those referenced in our discussion today and in our SEC filings including the risk factors section in our form 10-K.

    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,包括我們表格 10-K 中的風險因素部分,實際結果可能與這些陳述有重大差異。

  • Our forward-looking statements speak only as of today and we disclaim any obligation to update them even if our views change.

    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。

  • With that, let me turn it over to Ron.

    那麼,讓我把它交給羅恩。

  • Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

    Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

  • Thank you, Liz, and good morning, everyone.

    謝謝你,莉茲,大家早安。

  • Before we begin, I want to acknowledge the terrible wildfires, devastating parts of Los Angeles.

    在我們開始之前,我想承認洛杉磯地區發生了可怕的野火,造成了毀滅性的破壞。

  • Our thoughts are with all those impacted by this terrible events, including our colleagues and clients, as well as the brave first responders working to protect the impacted communities.

    我們與所有受這可怕事件影響的人同在,包括我們的同事和客戶,以及致力於保護受影響社區的勇敢的急救人員。

  • Turning now to our quarterly investor presentation.

    現在轉向我們的季度投資者介紹。

  • Our fourth quarter results represent a strong close to a strong year for State Street.

    我們第四季的業績代表道富銀行強勁的一年即將結束。

  • We enter 2024 with a clear set of strategic priorities aimed at driving revenue growth, improving our sales performance, strengthening our market position, and enhancing our operating model.

    進入 2024 年,我們制定了一系列明確的策略重點,旨在推動收入成長、提高銷售業績、加強市場地位並改善我們的營運模式。

  • We executed well against these objectives, enabling us to serve our clients and deliver strong financial performance and continued business momentum for our shareholders.

    我們在這些目標上表現出色,使我們能夠為客戶提供服務,並為股東提供強勁的財務表現和持續的業務動力。

  • These results included both positive fee and operating leverage, pre-tax margin expansion, and higher earnings growth, illustrating the power of our franchise and the effectiveness of our strategy.

    這些結果包括正的費用和營運槓桿、稅前利潤率擴張和更高的獲利成長,說明了我們特許經營的力量和我們策略的有效性。

  • The foundation for our strong business performance in 2024 was laid in prior years, building upon the significant strategic investments we have made in our capabilities and our client value proposition to be our client's essential partner and lead with service excellence.

    我們在2024 年實現強勁的業務業績的基礎是在前幾年奠定的,建立在我們對自身能力和客戶價值主張進行的重大戰略投資的基礎上,以成為客戶的重要合作夥伴並以卓越的服務領先。

  • These actions have positioned State Street to compete better and win.

    這些行動使道富銀行能夠更好地競爭並獲勝。

  • Turning to slide 2 and beginning with our financial highlights, I am particularly pleased with our improved revenue performance.

    轉向投影片 2,從我們的財務亮點開始,我對我們改善的收入表現感到特別滿意。

  • Full year fee and total revenue increased 7% and 9% respectively, excluding notable items, fee revenue, NII, and total revenue each increased by a solid 6% year over year in 2024.

    全年費用和總收入分別成長 7% 和 9%,不包括顯著項目,2024 年費用收入、NII 和總收入均較去年同期穩定成長 6%。

  • Year over year, each revenue line contributed positively including double digit growth in management fees, FX trading services, and front office software and data revenues while we also delivered a second consecutive year of a record NII.

    與去年同期相比,每個收入項目都做出了積極貢獻,包括管理費、外匯交易服務以及前台軟體和數據收入的兩位數增長,同時我們還連續第二年實現了創紀錄的NII。

  • Full year EPS was $8.21 as compared to $5.58 in 2023, excluding notable items, EPS growth was up 13% year over year, pre-tax markets expanded by more than 100 basis points while full year return on average tangible common equity was a robust 19%.

    全年每股收益為 8.21 美元,而 2023 年為 5.58 美元,不包括顯著項目,每股收益同比增長 13%,稅前市場擴張超過 100 個基點,而全年平均有形普通股回報率強勁 19 %。

  • Turning to our strong business momentum in 2024.

    展望 2024 年我們強勁的業務動能。

  • Our key business performance indicator including wins, clearly illustrate the effectiveness of our strategy and positioning State Street to effectively serve our clients, compete better, and gain share. 2024 was an important year of business growth and significantly improved sales performance, which sets us up well as we look forward to drive further fee revenue growth in 2025 and beyond.

    我們的關鍵業務績效指標(包括勝利)清楚地說明了我們策略的有效性以及道富銀行的定位,以有效地服務我們的客戶、更好地競爭並獲得份額。 2024 年是業務成長的重要一年,銷售業績顯著改善,這為我們奠定了良好的基礎,我們期待在 2025 年及以後進一步推動費用收入成長。

  • In investment services, we generated very strong AUC/A wins of over $2.3 trillion in 2024 including $1.1 trillion of wins in Q4.

    在投資服務方面,我們在 2024 年實現了超過 2.3 兆美元的強勁 AUC/A 盈利,其中包括第四季度的 1.1 兆美元盈利。

  • Full year, new servicing fee revenue wins were $377 million including $154 million in Q4.

    全年新增服務費收入為 3.77 億美元,其中第四季為 1.54 億美元。

  • The strength of our sales performance in the fourth quarter was underpinned by a large strategic and multiregional win with an APAC asset owner.

    我們第四季銷售業績的強勁表現得益於與亞太地區資產所有者的重大策略和多區域勝利。

  • With the strong fourth quarter sales performance, we achieved our goal of $350 million to $400 million of new servicing fee revenue wins in 2024.

    憑藉強勁的第四季銷售業績,我們實現了 2024 年新增服務費收入 3.5 億至 4 億美元的目標。

  • State Street Alpha brings together the full depth and breadth of our servicing and software solutions and is a clear competitive advantage for State Street's Investment services business.

    State Street Alpha 匯集了我們服務和軟體解決方案的全面深度和廣度,為道富投資服務業務帶來了明顯的競爭優勢。

  • Our strong full year sales performance in 2024 demonstrates the strength of this compelling value proposition.

    我們 2024 年強勁的全年銷售業績證明了這一引人注目的價值主張的力量。

  • As a tangible proof point of the more than $2.3 trillion of new AUC/A wins in 2024, Alpha accounted for approximately 50% of those wins.

    作為 2024 年超過 2.3 兆美元的新 AUC/A 勝利的實際證據,Alpha 約佔這些勝利的 50%。

  • All told, we won seven new Alpha mandates in 2024 including two new mandates in Q4, achieving our goals of 6 to 8 new Alpha clients last year.

    總而言之,我們在 2024 年贏得了 7 項新的 Alpha 委託,其中包括第四季度的兩項新委託,實現了去年獲得 6 至 8 個新 Alpha 客戶的目標。

  • Our investment management franchise had another strong year of strategic progress with both 4Q and full year management fees achieving record levels.

    我們的投資管理業務又迎來了戰略進展強勁的一年,第四季度和全年管理費均達到創紀錄水平。

  • We continue to strategically broaden global advisors, product and distribution capabilities, which has positioned the business for future growth and from which we are already realizing the early benefits of these strategic actions.

    我們繼續策略性地擴大全球顧問、產品和分銷能力,這為業務的未來成長奠定了基礎,並且我們已經從中實現了這些策略行動的早期效益。

  • We generated $146 billion of net new assets in 2024 including $64 billion in 4Q.

    2024 年,我們創造了 1,460 億美元的淨新資產,其中第四季創造了 640 億美元。

  • This equates to over 3% organic AUM growth for the second year in a row, well above the 2% target we laid out early last year.

    這相當於連續第二年有機資產管理規模成長超過 3%,遠高於我們去年初制定的 2% 目標。

  • ETF inflows were a record in 2024 with record flows in our strategically important US low cost ETF suite as well as in the EMEA region, gaining market share in both.

    2024 年 ETF 流入量創歷史新高,我們具有重要戰略意義的美國低成本 ETF 套件以及歐洲、中東和非洲地區的流量均創歷史新高,在這兩個地區都獲得了市場份額。

  • We also had the highest number of ETF launches in global advisors history last year and announced innovative partnerships with a number of market leaders aimed at leveraging our SPDR franchise to expand investor access to new investment opportunities.

    去年,我們還推出了全球顧問歷史上最多的 ETF,並宣布與許多市場領導者建立創新合作夥伴關係,旨在利用我們的 SPDR 特許經營權擴大投資者獲得新投資機會的機會。

  • In addition, Global Advisors made a host of key strategic investments, most notably in EnvestNet, a leading provider of integrated technology, data, and wealth solutions.

    此外,Global Advisors 還進行了大量關鍵策略投資,其中最引人注目的是對領先的整合技術、數據和財富解決方案提供商 EnvestNet 的投資。

  • This investment consistent with State Street's Wealth Services Strategy will enhance our access to the independent wealth advisory and high net worth distribution channels driving future growth.

    這項投資符合道富銀行的財富服務策略,將增強我們獲得獨立財富諮詢和高淨值分銷管道的機會,從而推動未來的成長。

  • Building on a record year of inflows in 2023, our cash business generated an aggregate $32 billion of full year inflows, while our institutional business also has had a positive year of inflows with US defined contribution again continuing to drive inflows with $28 billion in 2024.

    在2023 年創紀錄的流入基礎上,我們的現金業務全年流入總額達到320 億美元,而我們的機構業務今年也實現了積極的流入,美國固定繳款在2024 年再次繼續推動流入280 億美元。

  • Turning to our markets and financing franchise despite lower daily average FX volatility in 2024, FX trading services generated double digit revenue growth supported by strong and growing client volumes.

    轉向我們的市場和融資業務,儘管 2024 年日均外匯波動性較低,但在強勁且不斷增長的客戶量的支持下,外匯交易服務實現了兩位數的收入成長。

  • Turning to our balance sheet, our markets and financing franchise delivered strong loan growth in support of our clients contributing to record NII performance in 2024 and supporting fee growth in private market servicing.

    就我們的資產負債表而言,我們的市場和融資特許經營權帶來了強勁的貸款成長,以支持我們的客戶,為2024 年創紀錄的NII 業績做出貢獻,並支持私募市場服務的費用增長。

  • Our strong balance sheet position enabled us to return $2.2 billion of capital to shareholders last year including common share repurchases and a 10% increase in our quarterly common dividend per share.

    我們強勁的資產負債表狀況使我們去年能夠向股東返還 22 億美元的資本,包括普通股回購以及每股季度普通股股息增加 10%。

  • As we look ahead, we remain focused on consistently returning capital to our shareholders and are targeting a payout of about 80% of earnings in 2025 subject to market conditions and other factors.

    展望未來,我們仍致力於持續向股東返還資本,並根據市場狀況和其他因素,目標是在 2025 年支付約 80% 的收益。

  • Finally, 2024 was also an important year for our transformation as we continue to focus on core operating model improvements to enhance our client and colleague experience and generate increased productivity.

    最後,2024 年也是我們轉型的重要一年,我們將繼續專注於核心營運模式的改進,以增強客戶和同事的體驗並提高生產力。

  • We made a number of key investments in operational simplification, automation, and technology modernization.

    我們在營運簡化、自動化和技術現代化方面進行了多項關鍵投資。

  • These actions contributed to the approximately $500 million of year over year productivity savings that we achieved in 2024 in line with our target.

    這些行動使我們在 2024 年按照我們的目標實現了約 5 億美元的生產力節省。

  • The majority of these savings are recurring and will enable us to continue to increase our investments in Alpha, custody, private markets, and asset management distribution, to drive the sales and momentum to power our next wave of growth.

    其中大部分節省是經常性的,將使我們能夠繼續增加對 Alpha、託管、私募市場和資產管理分銷的投資,以推動銷售和動力,推動我們的下一波成長。

  • Further, excluding notable items, these transformation efforts supported the approximately 200 basis points of both positive fee and total operating leverage in 2024 even as underlying expenses increased by 4% year over year driven in part by higher revenue related costs.

    此外,排除值得注意的項目,這些轉型努力支持 2024 年正費用和總營運槓桿均增長約 200 個基點,儘管基礎費用同比增長 4%,部分原因是收入相關成本增加。

  • In summary, our fourth quarter results represent a strong close to a strong and important year for State Street.

    總而言之,我們第四季的業績代表著道富銀行即將迎來強勁而重要的一年。

  • Good execution against a clear set of strategic priorities enabled us to support our clients better and deliver strong financial results.

    針對一系列明確的策略優先事項的良好執行使我們能夠更好地支持客戶並取得強勁的財務業績。

  • Our strategic actions have positioned State Street to compete better and win as evidenced by the accelerating business momentum we generated from start to finish in 2024.

    我們的策略行動使道富銀行能夠更好地競爭並獲勝,我們從 2024 年開始到結束所產生的不斷加速的業務勢頭就證明了這一點。

  • As you know, last October, we announced that our CFO of eight years, Eric Aboaf will be departing State Street in February.

    如你所知,去年 10 月,我們宣布任職八年的財務長 Eric Aboaf 將於 2 月離開道富銀行。

  • At that time, we launched a formal search process to identify a successor, which is progressing very well and as planned.

    當時,我們啟動了正式的尋找繼任者的流程,目前進展順利且按計畫進行。

  • This morning, we announced that Mark Keating, EVP and CFO for investment services will serve as our interim CFO following Eric's departure next month while our search for a permanent CFO continues.

    今天早上,我們宣布投資服務執行副總裁兼首席財務官馬克·基廷 (Mark Keating) 將在埃里克下個月離職後擔任我們的臨時首席財務官,同時我們仍在尋找永久首席財務官。

  • Mark is a 30 year State Street Finance veteran who has worked in almost every area of our business across three continents.

    Mark 是一位擁有 30 年道富金融經驗的資深人士,幾乎在三大洲的所有業務領域都工作過。

  • As the executive finance leader within our largest segment, Mark has been instrumental in supporting our transformation efforts, driving revenue growth initiatives, and he brings deep operational expertise, a partnership mindset, and team building focus.

    作為我們最大部門的執行財務負責人,馬克在支持我們的轉型工作、推動收入成長計劃方面發揮了重要作用,他帶來了深厚的營運專業知識、合作夥伴心態和團隊建設重點。

  • Once again, I want to thank Eric for his leadership and wish him well in his new role.

    我要再次感謝埃里克的領導,並祝他在新職位上一切順利。

  • With that, let me hand the call over to Eric, who'll take you through the quarter in more detail.

    接下來,讓我將電話轉交給艾瑞克,他將帶您更詳細地了解本季。

  • Eric Aboaf - Vice Chairman, Chief Financial Officer

    Eric Aboaf - Vice Chairman, Chief Financial Officer

  • Thank you, Ron.

    謝謝你,羅恩。

  • Before I begin my review of our financial results, let me briefly discuss some of the notable items we recognized in the fourth quarter on the right panel of slide 3.

    在開始回顧我們的財務表現之前,讓我簡要討論一下我們在第四季度在幻燈片 3 的右側面板中認識到的一些值得注意的項目。

  • Fourth quarter, notable items collectively totalled $58 million pre-tax or $0.14 a share and were largely driven by an acceleration of expenses associated with certain prior period, deferred incentive compensation awards to allow our compensation program to be more competitive with peer practices.

    第四季度,值得注意的項目總計稅前5800 萬美元或每股0.14 美元,主要是由於與前期某些相關的費用加速、遞延激勵薪酬獎勵,以使我們的薪酬計劃與同行實踐相比更具競爭力。

  • Notable items this quarter also included an FDIC special assessment release and some other small items.

    本季值得注意的項目還包括 FDIC 特別評估發布和其他一些小型項目。

  • Our fourth quarter results are the culmination of the important work we accomplished throughout 2024 and reflect broad-based fee growth across the entire franchise, up 13%, higher NII, up 10% and continued capital returns.

    我們第四季的業績是我們在2024 年全年完成的重要工作的頂峰,反映了整個特許經營範圍內廣泛的費用增長(增長13%)、更高的NII(增長10%)以及持續的資本回報。

  • As detailed on the left panel of this slide and excluding notable items, in the fourth quarter, we also achieved a pre-tax margin of about 30% and an ROE of over 13% while year on year EPS growth was a robust 27%.

    如本幻燈片左圖所示,排除值得注意的項目,第四季度我們還實現了約 30% 的稅前利潤率和超過 13% 的股本回報率,而每股收益同比增長強勁 27%。

  • On a full year 2024 basis and excluding notable items, we were pleased to deliver strong revenue growth of 6%, both positive fee and total operating leverage of about 200 basis points each and a pre-tax margin of approximately 28%, contributing to strong EPS growth of 13% and an ROE of roughly 12% for the year.

    在2024 年全年的基礎上,排除值得注意的項目,我們很高興實現了6% 的強勁收入增長,正費用和總運營槓桿各約為200 個基點,稅前利潤率約為28%,為強勁的業績做出了貢獻全年每股收益 (EPS) 增長 13%,淨資產收益率 (ROE) 約 12%。

  • Our 2024 results demonstrate the strong momentum we are seeing across our various businesses and provide a strong step off as we move into 2025.

    我們 2024 年的業績展示了我們在各個業務中看到的強勁勢頭,並為我們進入 2025 年奠定了堅實的基礎。

  • Turning now to slide 4 as detailed on the left panel of the slide period and AUC/A and AUM both increased nicely year on year in the fourth quarter, supported by the market tailwinds and positive client flows.

    現在轉向幻燈片 4,如幻燈片左側面板所示,在市場順風和積極客戶流的支持下,第四季度 AUC/A 和 AUM 同比均實現良好成長。

  • On the right panel of this slide, we detail some of the key market indicators that impact our business, most of the market drivers, global equity markets, bond markets, FX volatility, and industry flows are up year on year, which we have successfully monetized in the form of revenue growth this quarter.

    在這張投影片的右側面板上,我們詳細介紹了影響我們業務的一些關鍵市場指標,大多數市場驅動因素,全球股票市場、債券市場、外匯波動和行業流量同比上升,我們已經成功地做到了這一點本季以營收成長的形式貨幣化。

  • Turning to slide 5, we saw good momentum continue in our investment services business this quarter with strong sales and strong installations.

    轉向投影片 5,我們看到本季投資服務業務持續保持良好勢頭,銷售強勁,安裝量強勁。

  • On a year on year basis, servicing fees increased 6%.

    服務費較去年同期成長6%。

  • The quarterly performance reflected higher average market levels and net new business partially offset by pricing headwinds, lower client activity, and a previously disclosed client transition.

    季度業績反映了較高的平均市場水平和淨新業務,部分被定價逆風、較低的客戶活動和先前披露的客戶轉換所抵消。

  • The impact of that previously disclosed client transition was a headwind of roughly 1-percentage-point to year on year growth, while lower client activity including the asset mix shift into cash was still a slight headwind to the year on year growth, though now abating as clients put more money to work.

    先前披露的客戶轉型的影響是同比增長約 1 個百分點的逆風,而客戶活動的減少(包括資產組合轉向現金)仍然對同比增長構成輕微逆風,儘管現在有所減弱當客戶投入更多的錢來工作時。

  • As Ron mentioned, we were pleased with the meaningful progress we achieved in our investment services business during 2024.

    正如 Ron 所提到的,我們對 2024 年投資服務業務的有意義的進展感到高興。

  • With our strong performance in 4Q, we comfortably met our annual servicing fee sales goal of $350 million to $400 million in 2024.

    憑藉第四季的強勁表現,我們輕鬆實現了 2024 年 3.5 億至 4 億美元的年度服務費銷售目標。

  • In addition, our strategically important private markets business, which continues to be a key growth driver, increased 15% year on year in 4Q and represents approximately 9% of full year 2024 servicing fees.

    此外,我們具有重要策略意義的私募市場業務仍是關鍵的成長動力,第四季年增 15%,約佔 2024 年全年服務費的 9%。

  • Taken together, we are encouraged by the strategic progress we're making in our Investment Services Business.

    總而言之,我們對投資服務業務所取得的策略進展感到鼓舞。

  • Moving to slide 6.

    轉到投影片 6。

  • In the fourth quarter, management fees increased 20% year on year to a record $576 million primarily reflecting higher average market levels and quarterly net inflows of $64 billion.

    第四季管理費年增 20%,達到創紀錄的 5.76 億美元,主要反映了平均市場水準的提高和季度淨流入 640 億美元。

  • As Ron mentioned in 2024, we delivered organic AUM growth of over 3% for a second year in a row as we continue to drive incremental net inflows through the expansion of our distribution and product capabilities.

    正如 Ron 在 2024 年所提到的,隨著我們繼續透過擴大分銷和產品能力來推動增量淨流入,我們的 AUM 有機成長連續第二年超過 3%。

  • Product innovation continues to be a strategically important growth driver for global advisors.

    產品創新仍是全球顧問具有重要策略意義的成長動力。

  • In the fourth quarter, we launched three new ETFs, bringing our full year total to 24 net-new launches efforts such as these, broaden our product capabilities and have contributed to the strong organic AUM growth we have achieved.

    第四季度,我們推出了三隻新 ETF,使全年此類新推出的 ETF 總數達到 24 只,擴大了我們的產品能力,並為我們實現了強勁的 AUM 有機增長做出了貢獻。

  • So taken together, we are quite pleased with the strong performance of our investment management business in the quarter, which generated a pre-tax margin of approximately 32%.

    綜上所述,我們對本季投資管理業務的強勁表現感到非常滿意,稅前利潤率約為 32%。

  • Turning now to slide 7, fourth quarter FX trading revenues increased 17% year on year as investor confidence and increased FX volatility drove double digit increases in client volumes across most of our trading venues.

    現在轉向投影片 7,第四季外匯交易收入年增 17%,因為投資者信心和外匯波動性增加推動我們大多數交易場所的客戶量實現兩位數增長。

  • Securities finance revenues increased 22% year on year in 4Q, primarily driven by strong prime services performance as we put another $2 billion of risk weighted assets to work to support our clients.

    第四季證券金融收入年增 22%,這主要是由於我們另外投入了 20 億美元的風險加權資產來支持我們的客戶,因此主要服務表現強勁。

  • Agency lending volumes grew 25% year on year in 4Q as we continue to engage with our clients, even though US equity specials activity and spreads remain muted.

    儘管美國股票特別活動和利差仍然低迷,但隨著我們繼續與客戶接觸,第四季度代理貸款量年增 25%。

  • Moving on to software and processing fees.

    接下來是軟體和處理費用。

  • Fourth quarter revenues were up 9% year on year, mainly driven by higher front office software and data revenue associated with CRD, which is described in greater detail on the following slide.

    第四季營收年增 9%,主要受到與 CRD 相關的前台軟體和數據收入增加的推動,下一張投影片對此進行了更詳細的描述。

  • Turning to slide 8 now.

    現在轉到投影片 8。

  • Front office software revenues increased 10% year on year in 4Q with our software enabled and professional services revenues up a robust 25%.

    第四季度,前台軟體營收年增 10%,我們的軟體支援和專業服務收入強勁成長 25%。

  • We continue to have very solid momentum in the front office as evidenced by the record quarterly new bookings of $48 million in the quarter and over $70 million for the year.

    我們的前台部門繼續保持著非常強勁的勢頭,本季新預訂量創紀錄的 4800 萬美元和全年超過 7000 萬美元的季度新預訂量就證明了這一點。

  • As Ron noted, we reported two additional alpha mandates and wins in the quarter bringing our full year wins to seven.

    正如羅恩指出的那樣,我們報告了本季度另外兩項 alpha 任務和勝利,使我們全年的勝利達到七次。

  • Importantly, all seven of these mandates either included the back office as a component of mandate or were built upon an existing backoff relationship consistent with our goal, prioritizing our sales mix towards faster time to revenue products.

    重要的是,所有這七項任務要么包括後台作為任務的一部分,要么建立在與我們的目標一致的現有回退關係的基礎上,優先考慮我們的銷售組合,以加快產品創收的速度。

  • State Street Alpha continues to be an important differentiator for our business.

    State Street Alpha 仍然是我們業務的重要差異化因素。

  • And in 2024, a substantial portion of servicing fee and AUC/A wins were driven by alpha.

    2024 年,服務費和 AUC/A 收益的很大一部分是由阿爾法驅動的。

  • Moving to slide 9.

    轉到投影片 9。

  • 4Q NII increased 10% year on year to $749 million as higher investment portfolio yields and higher loan growth more than off that continued deposit rotation.

    第四季NII年增10%,達到7.49億美元,原因是投資組合收益率上升和貸款成長超過了持續的存款輪換。

  • On a sequential basis, NII increased 4% primarily driven by higher deposit balances with average non-interest bearing deposits increasing $2 billion as well as healthy loan growth.

    NII 環比增長 4%,主要是由於存款餘額增加(平均無息存款增加 20 億美元)以及貸款的健康增長。

  • As detailed on the right panel of this slide, we benefited from very strong average deposit growth this quarter as we saw more cash in the banking system and higher assets under custody as well as typical fourth quarter seasonality.

    正如本投影片右側面板所詳述的,我們受益於本季非常強勁的平均存款成長,因為我們看到銀行系統中有更多現金、託管資產增加以及典型的第四季季節性。

  • In addition, our continued focus on client engagement also helped to contribute to this strong growth consistent with prior quarters.

    此外,我們對客戶參與度的持續關注也有助於促成與前幾季一致的強勁成長。

  • Average total deposits were up 15% year on year and 5% quarter on quarter and 4Q marked our fifth consecutive quarter of sequential growth in average deposits.

    平均存款總額年增 15%,季增 5%,第四季標誌著我們平均存款連續第五個季度環比增長。

  • Our strong deposit performance together with our targeted management actions throughout 2024 were the principal drivers of the improvement in our NII performance relative to our expectations at the beginning of last year.

    我們強勁的存款表現以及整個 2024 年有針對性的管理行動是我們的 NII 表現相對於去年初的預期有所改善的主要推動力。

  • I'd also note that we modestly shortened our investment portfolio duration in the early part of the quarter, in anticipation of rising long in rates.

    我還要指出的是,我們在本季初期適度縮短了投資組合的久期,因為預期利率會上升。

  • And this mitigated the AOCI impact on our capital, which I'll come back to shortly.

    這減輕了 AOCI 對我們首都的影響,我稍後會談到這一點。

  • Turning to slide 10, as we calibrated our expense base to the more constructive revenue environment in the fourth quarter, we generated positive operating leverage of 4% points excluding notable items.

    轉向投影片 10,當我們根據第四季更具建設性的收入環境調整我們的費用基礎時,我們產生了 4% 的正營運槓桿(不包括顯著項目)。

  • And in 4Q revenue related costs including performance based incentive compensation represented 3-percentage-points of the 8% year on year increase in total expenses excluding notable items.

    在第四季度的收入中,包括基於績效的激勵薪酬在內的相關成本佔不包括顯著項目的總費用同比增長 8% 的 3 個百分點。

  • Employee benefits contributed to another percentage point.

    員工福利又貢獻了一個百分點。

  • As we continue to invest in our business for future growth, we remain intensely focused on maintaining expense discipline.

    在我們繼續投資業務以實現未來成長的同時,我們仍然高度重視維持費用紀律。

  • Outside of performance based incentive compensation and employee benefits expenses, our fourth quarter compensation expense was roughly flat year over year.

    除了基於績效的激勵薪酬和員工福利費用外,我們第四季度的薪酬費用與去年同期大致相當。

  • And as detailed on the bottom left of the slide, our pro forma headcount actually fell by an additional 4% year on year as we continued to benefit from our ongoing organizational simplification and process improvement initiatives.

    正如幻燈片左下角所詳述的,我們的預期員工人數實際上年比又減少了 4%,因為我們繼續受益於我們正在進行的組織簡化和流程改進措施。

  • We continue to drive sustained productivity improvements through the transformation of our operating model and other savings initiatives in 4Q totalling approximately $500 million productivity savings in 2024, thereby meeting the target we set at the beginning of the year.

    我們繼續透過第四季度營運模式轉型和其他節約措施推動生產力持續提高,到 2024 年生產力節省總計約 5 億美元,從而實現我們年初設定的目標。

  • This allowed us to self-fund roughly $375 million in the incremental business and technology investments, including those that will drive further revenue growth.

    這使我們能夠自籌約 3.75 億美元用於增量業務和技術投資,包括那些將推動收入進一步成長的投資。

  • Moving to slide 11, our capital levels remain well above regulatory minimums allowing us to put our balance sheet to work in support of our clients.

    轉向投影片 11,我們的資本水準仍然遠高於監管最低要求,使我們能夠利用資產負債表來支持我們的客戶。

  • As of quarter end, our standardized set one ratio of 10.9% was down approximately 70 basis points quarter on quarter.

    截至季末,我們的標準化設定利率為 10.9%,季減約 70 個基點。

  • RWAs increased roughly $5 billion sequentially largely due to the impact of the appreciating US dollar on our FX trading business.

    RWA 環比增加約 50 億美元,主要是因為美元升值對我們外匯交易業務的影響。

  • In addition, we saw good volumes and utilization in our lending and prime services businesses, which also contributed to the RWA increase.

    此外,我們的貸款和優質服務業務的交易量和利用率良好,這也促進了 RWA 的成長。

  • We were pleased to deliver another quarter of increased capital return with common share repurchases of $550 million up from $450 million in the prior quarter.

    我們很高興透過普通股回購從上一季的 4.5 億美元增加到 5.5 億美元,資本回報又增加了一個季度。

  • Part of this came from our strong earnings generation and part from our active AOCI management, which I mentioned earlier.

    這部分來自我們強勁的獲利能力,部分來自我們積極的 AOCI 管理,這一點我之前提到過。

  • In total, we returned $770 million of capital to our shareholders in the fourth quarter equivalent to a total payout ratio of 106%.

    第四季度,我們總共向股東返還了 7.7 億美元的資本,相當於 106% 的總派息率。

  • And for the full year, we returned $2.2 billion of capital shareholders for a total payout ratio of 87%.

    全年,我們向股東返還了 22 億美元的資本,總派息率為 87%。

  • Turning to slide 12, let me first share some of the macro assumptions underlying our current view for the full year.

    轉向投影片 12,讓我先分享一些我們目前對全年觀點的宏觀假設。

  • We expect global equity markets to be up 5% point to point in 2025, which equates to the daily average being up approximately 8% year on year.

    我們預計 2025 年全球股市將上漲 5%,相當於日均較去年同期上漲約 8%。

  • Our interest rate outlook for 2025 broadly aligns the forward curve as of the end of 2024, which I would note continues to move.

    我們對 2025 年的利率前景與截至 2024 年底的遠期曲線大致一致,我注意到該曲線將繼續移動。

  • In addition, we expect to see a modest increase in volatility.

    此外,我們預計波動性將小幅增加。

  • With that as an economic backdrop, I'd like to turn the call over to Mark to walk through expectations for 2025.

    在此經濟背景下,我想請馬克來談談對 2025 年的預期。

  • Mark Keating - Interim Chief Financial Officer

    Mark Keating - Interim Chief Financial Officer

  • Thank you, Eric and Ron for the introduction and good morning, everyone.

    謝謝艾瑞克和羅恩的介紹,大家早安。

  • It's a pleasure to be on the call today.

    很高興今天接到電話。

  • I am excited by the opportunity ahead of us at State Street as we aim to build upon the strong results we achieved in 2024.

    我對道富銀行面臨的機會感到興奮,因為我們的目標是在 2024 年取得的強勁成果的基礎上再接再厲。

  • Now, turning back to slide 12, based on the macro assumptions that Eric laid out for the full year and excluding notable items, we currently expect fee revenue will be up approximately 3% to 5%.

    現在,回到投影片 12,根據 Eric 為全年制定的宏觀假設並排除值得注意的項目,我們目前預計費用收入將增加約 3% 至 5%。

  • This includes a headwind of nearly 1-percentage-point to servicing fee revenue from the previously disclosed client transition weighted toward the second half of the year.

    這包括先前揭露的下半年客戶轉型導致服務費收入下降近 1 個百分點。

  • Turning to NII, based on our current assumptions, we expect NII to be roughly flat for the full year with a range from up low single digits to down by a similar amount in percentage terms.

    至於NII,根據我們目前的假設,我們預計全年NII將大致持平,範圍從低個位數的上升到類似百分比的下降。

  • Of course, the path of NII is subject to global monetary policy and deposit mix and levels, which are difficult to predict.

    當然,NII的路徑受全球貨幣政策、存款結構和水準的影響,很難預測。

  • We currently expect that the 2025 expense growth rate will moderate relative to 2024 with expenses excluding notable items expected to be up approximately 2% to 3%.

    我們目前預計 2025 年的費用成長率將相對 2024 年有所放緩,不包括重要項目的費用預計將成長約 2% 至 3%。

  • Importantly, we expect continued productivity savings will enable us to once again self-fund incremental growth investments in our business this year.

    重要的是,我們預計持續的生產力節省將使我們能夠再次為今年業務的增量成長投資提供資金。

  • One final point.

    最後一點。

  • With the outlook for a strong US dollar, we expect currency translation to have an unfavorable impact on fee revenues but a favorable impact on expenses worth roughly 1-percentage-point each on fee revenues and expenses.

    鑑於美元走強的前景,我們預期貨幣換算將對費用收入產生不利影響,但對費用產生有利影響,費用收入和費用各約為 1 個百分點。

  • So stepping back, given our positive outlook for fee revenue growth together with continued expense discipline, we currently expect to achieve another year of positive fee operating leverage, excluding notable items.

    因此,考慮到我們對費用收入成長的積極前景以及持續的費用紀律,我們目前預計將在一年內實現積極的費用營運槓桿(不包括值得注意的項目)。

  • I would also note that we see a path to delivering positive total operating leverage excluding notable items in 2025.

    我還想指出的是,我們看到了一條在 2025 年實現正總營運槓桿(不包括值得注意的項目)的路徑。

  • Contingent mainly upon NII coming in roughly flat or slightly better, which is market dependent.

    主要取決於 NII 大致持平或略好,這取決於市場。

  • And we will have more to say as we move through the year.

    隨著這一年的過去,我們將會有更多的話要說。

  • Lastly, we expect an effective tax rate at or just above 22% for the full year.

    最後,我們預計全年有效稅率為 22% 或略高於 22%。

  • And with that, let me hand the call back to Eric.

    接下來,讓我把電話轉回給艾瑞克。

  • Eric Aboaf - Vice Chairman, Chief Financial Officer

    Eric Aboaf - Vice Chairman, Chief Financial Officer

  • Thank you, Mark.

    謝謝你,馬克。

  • As this is my final earnings call, I want to take a moment once again to say how much I've enjoyed my eight years at State Street.

    由於這是我最後一次財報電話會議,我想再次花點時間談談我在道富銀行的八年是多麼享受。

  • And that it's been a privilege to work with Ron, the leadership team, and the thousands of fellow employees that I've had the pleasure of collaborating with.

    我很榮幸能與羅恩、領導團隊以及數千名同事一起工作,我很高興與他們合作。

  • At this point, I'm leaving things in the good hands of Mark and the whole finance team.

    現在,我將把事情交給馬克和整個財務團隊負責。

  • And finally, I'd like to thank all of our analysts and shareholders.

    最後,我要感謝我們所有的分析師和股東。

  • I've appreciated your engagement, your candor, and your support over the past eight years.

    我感謝您在過去八年中的參與、坦誠和支持。

  • And with that, let me hand the call back to Ron.

    接下來,讓我把電話轉回給羅恩。

  • Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

    Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

  • Thank you, Eric.

    謝謝你,埃里克。

  • As we look ahead to 2025, we are intensely focused on a set of strategic priorities to deliver for our clients, shareholders, and people.

    展望 2025 年,我們將重點放在一系列策略重點,為我們的客戶、股東和員工提供服務。

  • These are one, driving revenue growth by sustaining the solid broad based growth and momentum, we are seeing across our businesses two, further advancing operational excellence to deliver enhanced productivity and client service.

    一是透過維持堅實的廣泛成長和勢頭來推動收入成長,我們在整個業務中看到二是進一步推進卓越運營,以提供更高的生產力和客戶服務。

  • And three, continuing to develop an even higher performance culture, employee experience, and destination for talent.

    第三,持續發展更高績效的文化、員工體驗和人才目的地。

  • To conclude, we are encouraged by the strategic and financial progress we made in 2024.

    最後,我們對 2024 年的策略和財務進展感到鼓舞。

  • And we look forward to continuing that progress as we move into 2025.

    我們期待在進入 2025 年時繼續取得這一進展。

  • Operator, we can now open the call for questions.

    接線員,我們現在可以開始提問。

  • Operator

    Operator

  • (Operator Instructions) Alex Blostein, Goldman Sachs.

    (操作員指示)Alex Blostein,高盛。

  • Alex Blostein - Analyst

    Alex Blostein - Analyst

  • I was hoping we could start with a question around service and fee growth outlook.

    我希望我們可以從有關服務和費用成長前景的問題開始。

  • Your slide implies that you expect to see some growth there in 2025.

    您的幻燈片表明您預計 2025 年會出現一些增長。

  • Given payroll market and organic growth, the payroll market point makes total sense.

    考慮到薪資市場和有機成長,薪資市場點完全有意義。

  • Pretty reasonable and organic growth feels right as well, given the momentum we see in the business.

    考慮到我們在業務中看到的勢頭,相當合理且有機的成長感覺也不錯。

  • But maybe what are some of the other assumptions in terms of client retention or attrition rates, pricing is always been a factor as well.

    但也許在客戶保留率或流失率方面還有其他一些假設,定價也始終是一個因素。

  • So maybe just a little more granularity there on that.

    所以也許只是更細化一點。

  • As well as what are your sales growth expectations for 2025 within servicing?

    您對 2025 年服務領域的銷售成長預期為何?

  • Mark Keating - Interim Chief Financial Officer

    Mark Keating - Interim Chief Financial Officer

  • Thanks, Alex.

    謝謝,亞歷克斯。

  • This is Mark Keating.

    這是馬克·基廷。

  • I'll take that and nice to meet you.

    我會接受的,很高興認識你。

  • I look forward to working with you.

    我期待與您合作。

  • When I think about the momentum in our servicing fee business, I think it's important maybe if we go back a little bit and think through where we've come from because this really has been a multiple year journey and how we're building our servicing fee business.

    當我想到我們服務費業務的勢頭時,我認為如果我們回顧一下我們的起點,也許很重要,因為這確實是一個多年的旅程以及我們如何建立我們的服務收費業務。

  • About a year and a half ago, we laid out a plan on how we're going to power our sustainable growth in our servicing fee business.

    大約一年半前,我們制定了一項關於如何推動服務費業務永續成長的計畫。

  • At that point, we knew we needed to perform better in our core custody and servicing business.

    那時,我們知道我們需要在核心託管和服務業務方面表現得更好。

  • Our near in history at that point in time if you recall and I think we've talked about this a couple of times.

    如果你還記得的話,我們在那個時間點就已經接近歷史了,我想我們已經討論過這個問題好幾次了。

  • We had been doing sales of approximately $140 million to $160 million a year in 2019 and 2020.

    2019 年和 2020 年,我們的年銷售額約為 1.4 億至 1.6 億美元。

  • We then took a step up in 2021 and 2022 to around $250 million to $260 million.

    然後,我們在 2021 年和 2022 年進一步提高至 2.5 億至 2.6 億美元左右。

  • And at that point, we set a goal for ourselves, which is the target that we've been talking to and that you know, now, which is around the $350 million to $400 million range.

    那時,我們為自己設定了一個目標,這是我們一直在談論的目標,而你現在知道,大約在 3.5 億美元到 4 億美元之間。

  • We did $300 million last year and today we're announcing that we did nearly $380 million.

    去年我們賺了 3 億美元,今天我們宣布我們賺了近 3.8 億美元。

  • And it's important to note too of that $380 million.

    值得注意的是這 3.8 億美元。

  • About 85% of that is related to the back office, which as you all know, brings NII, brings FX, brings securities finance, and a lot of other products that we can cross sell.

    其中大約85%與後台有關,眾所周知,後台帶來了NII,帶來了外匯,帶來了證券金融,以及許多我們可以交叉銷售的其他產品。

  • So when you think about it in that way, as I just laid out, we've really increased our servicing fee sales about 45% from 2022 and over 250% from 2020.

    因此,當你以這種方式思考時,正如我剛才所說,我們的服務費銷售額確實從 2022 年開始增加了約 45%,從 2020 年開始增加了 250% 以上。

  • And we did that by restructuring our sales teams, our RM teams, realigning incentives, focusing on service excellence.

    我們透過重組我們的銷售團隊、RM 團隊、重新調整激勵措施、專注於卓越服務來做到這一點。

  • And importantly, as we've talked about investing in our business, products and services, features and functionality, Eric mentioned our growth in private markets.

    重要的是,當我們談論投資我們的業務、產品和服務、功能和功能時,艾瑞克提到了我們在私人市場的成長。

  • I think it's a good example of that.

    我認為這是一個很好的例子。

  • And so we expect, you know that to be the range right now for our business.

    因此,我們預計,您知道這將成為我們業務目前的範圍。

  • And as we target that the team knows that is the level that we need to achieve in order to grow the business.

    當我們的目標是團隊知道這是我們發展業務所需達到的水平。

  • And when you talk about things like revenue retention, you mentioned, we tend to talk about our business around 97%.

    您提到,當您談論收入保留等問題時,我們傾向於談論 97% 左右的業務。

  • That's a target we've set for ourselves that's consistent.

    這是我們為自己設定的一致目標。

  • And then also we tend to target about 2% of fee compression, which has been consistent.

    然後,我們也傾向於將費用壓縮目標定為 2% 左右,這也是一致的。

  • So that level of $350 million to $400 million is in the equation that we need in order to provide sustainable growth.

    因此,3.5 億至 4 億美元的水準是我們實現永續成長所需要的。

  • You know, one other thing I would, one other way to think about the sustainability of our fee revenue growth or servicing fees is to also take a look at the backlog that we've been now disclosing over the last several quarters, which is roughly $350 million at the end of 2024.

    你知道,我想說的另一件事,考慮我們的費用收入增長或服務費的可持續性的另一種方法是,還要看看我們在過去幾個季度披露的積壓訂單,大約是到2024 年底將達3.5 億美元。

  • If you go back and we've disclosed this, that figure was roughly $200 million at the end of Q3 2023.

    如果您回頭看看我們已經披露過這一點,那麼到 2023 年第三季末,該數字約為 2 億美元。

  • So that's an increase of nearly 75%, which I think is another good proof point because that, represents future revenue to come on our platform.

    所以成長了近 75%,我認為這是另一個很好的證據,因為這代表了我們平台未來的收入。

  • And we expect that that needs to be in that range as we go forward to power sustainable growth.

    我們預計,隨著我們繼續推動永續成長,這一數字需要保持在這個範圍內。

  • So those are the things that I think about in terms of gauging our ability to continue to drive our fee revenue growth.

    因此,這些是我在衡量我們繼續推動收費收入成長的能力時所考慮的。

  • We laid out a plan, we reported on that plan, we continue to measure ourselves against it, and we are delivering on it.

    我們制定了一個計劃,我們報告了該計劃,我們繼續根據該計劃來衡量自己,並且我們正在兌現它。

  • So hopefully that's a helpful -- some helpful context.

    所以希望這是一個有用的——一些有用的背景。

  • Alex Blostein - Analyst

    Alex Blostein - Analyst

  • Yeah, no, that's very helpful framework.

    是的,不,這是一個非常有用的框架。

  • I appreciate that.

    我很欣賞這一點。

  • Yep, go ahead, Ron.

    是的,繼續吧,羅恩。

  • Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

    Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

  • Alex, what I would add to what Mark said is kind of why do we believe that this is sustainable?

    亞歷克斯,我想補充馬克所說的,為什麼我們相信這是可持續的?

  • Because there were three things that enabled, Mark described.

    馬克描述說,因為有三件事可以實現。

  • One, was an intense focus on improving service quality, which had a lot to do with the technology investments that we were starting to make back then.

    一是非常注重提升服務質量,這與我們當時開始進行的技術投資有很大關係。

  • And now we've have come to fruition.

    現在我們已經取得了成果。

  • We've got a few more that we want to make.

    我們還有一些想要製作的。

  • Second was enhancing capabilities in areas such as core custody, private markets, as well as Alpha broadly.

    其次是增強核心託管、私募市場以及 Alpha 等領域的能力。

  • And we've talked about Alpha being a back office and servicing fee gathering machine.

    我們已經討論過 Alpha 是一個後台辦公室和服務費收集機器。

  • And then thirdly was just in raw sales capabilities.

    第三是原始銷售能力。

  • There's been a significant build-up of those capabilities change out of some people.

    有些人的這些能力發生了顯著的改變。

  • So that stuff is all in place and therefore gives us a lot of confidence as we look forward.

    所以這些東西都已就位,因此在我們展望未來時給了我們很大的信心。

  • Alex Blostein - Analyst

    Alex Blostein - Analyst

  • Great, very helpful.

    太棒了,非常有幫助。

  • Thank you, both.

    謝謝你們,兩位。

  • But my follow up is around capital management and Ron I heard you say 80% or 80%-plus for 2025 payout.

    但我的後續行動是圍繞資本管理,羅恩,我聽到你說 2025 年的支出是 80% 或 80% 以上。

  • But given the fact that Tier 1 leverage, I think slipped a little bit at the end of the quarter, given the higher balance sheet and the client activity component also seems to be a bit more

    但考慮到一級槓桿率在本季末略有下滑,資產負債表較高,而且客戶活動成分似乎也有所增加

  • …

    ���

  • Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

    Ronald O'Hanley - Chairman of the Board, President, Chief Executive Officer

  • …So in aggregate for the year 80% return to our shareholders, a combination of dividends and buybacks.

    ……因此,今年我們的股東總共獲得了 80% 的回報,包括股息和回購。

  • There is a seasonality to this.

    這有一個季節性。

  • I mean, you saw what it was last year and probably should expect to see something similar this year.

    我的意思是,你看到了去年的情況,今年可能也會看到類似的情況。

  • So starting out modestly and then continuing to progress.

    所以從謙虛開始,然後繼續進步。

  • Alex Blostein - Analyst

    Alex Blostein - Analyst

  • Okay, great.

    好的,太好了。

  • And mark, nice to meet you as well.

    馬克,也很高興見到你。

  • And Eric, best of luck, all the best wishes.

    埃里克,祝你好運,祝你一切順利。

  • Eric Aboaf - Vice Chairman, Chief Financial Officer

    Eric Aboaf - Vice Chairman, Chief Financial Officer

  • Thank you.

    謝謝。