道富銀行 (STT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to State Street Corporation's second quarter 2025 earnings conference call and webcast. Today's call will be hosted by Elizabeth Lynn, Head of Investor Relations at State Street.

下午好，歡迎參加道富銀行 2025 年第二季財報電話會議和網路廣播。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。

(Operator Instructions)

（操作員指示）

Today's discussion is being broadcasted live on State Street's website at investors.statestreet.com. This 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 part or in whole without the express written authorization from State Street Corporation.

今天的討論將在道富銀行網站 investors.statestreet.com 上直播。本次電話會議也將錄音以供回放。道富銀行的電話會議受版權保護，保留所有權利。未經道富銀行明確書面授權，不得錄製本次通話的部分或全部內容以供重播或散佈。

The only authorized broadcast of this call will be housed on the State Street website. Now I would like to hand the call over to Elizabeth Lynn.

這次電話會議的唯一授權廣播將在道富銀行網站上進行。現在我想把電話交給伊莉莎白·林恩。

Thank you, operator. Good afternoon, and thank you all for joining us. On our call today, our CEO, Ron O'Hanley, will speak first. Then Mark Keating, our interim CFO, will take you through our second quarter 2025 earnings presentation, which is available for download on our website, investors.statestreet.com.

謝謝您，接線生。下午好，感謝大家的參與。在我們今天的電話會議上，我們的執行長 Ron O'Hanley 將首先發言。然後，我們的臨時財務長 Mark Keating 將帶您了解我們的 2025 年第二季財報，該報告可在我們的網站 investors.statestreet.com 上下載。

Afterwards, we'll be happy to take questions. 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. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our presentation.

之後，我們很樂意回答問題。在我們開始之前，我想提醒您，今天的演示將包括以排除或調整 GAAP 中的一個或多個項目為基礎呈現的結果。這些非 GAAP 指標與最直接可比較的 GAAP 或監管指標的對帳可在我們的簡報的附錄中找到。

In addition, today's call will contain forward-looking statements. 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. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our view should change. With that, let me turn it over to Ron.

此外，今天的電話會議將包含前瞻性陳述。由於各種重要因素，例如我們今天的討論和美國證券交易委員會文件中提到的因素，包括我們 10-K 表中的風險因素部分，實際結果可能與這些聲明有重大差異。我們的前瞻性陳述僅代表今天的觀點，即使我們的觀點發生變化，我們也沒有義務更新這些陳述。說完這些，讓我把它交給羅恩。

Thank you, Liz, and good afternoon, everyone. Before we begin, I want to take a moment to acknowledge the devastating floods in Texas. Our thoughts are with those who have tragically lost their lives and with the people and communities who have been affected by this event.

謝謝你，莉茲，大家午安。在我們開始之前，我想花點時間來了解德州發生的毀滅性洪水。我們向那些不幸喪生的人以及受此事件影響的人民和社區表示慰問。

Now turning to the second quarter. In a period characterized at times by significant financial market volatility driven by geopolitical and economic uncertainty, our strong 2Q results demonstrate the powerful and diversified nature of our franchise.

現在轉向第二季。在地緣政治和經濟不確定性導致金融市場劇烈波動的時期，我們強勁的第二季業績證明了我們特許經營的強大和多樣化性質。

By advancing and leveraging our deep capabilities in technology and investment services, markets, and investment management, we continued to strategically position State Street as our clients' essential partner and executed on our purpose to help create better outcomes for the world's investors and the people they serve.

透過提升和利用我們在技術和投資服務、市場和投資管理方面的深厚能力，我們繼續將道富銀行策略性地定位為客戶的重要合作夥伴，並實現我們的目標，幫助為全球投資者及其服務對象創造更好的結果。

Disciplined execution of this strategic approach is delivering positive results, including accelerating financial performance and strong business momentum. For example, on a year-over-year basis, our 2Q results marked the fourth consecutive quarter of positive fee operating leverage and the sixth consecutive quarter of positive total operating leverage, excluding notable items.

這項策略方針的嚴格執行正在帶來積極的成果，包括加速財務表現和強勁的業務發展勢頭。例如，與去年同期相比，我們的第二季業績標誌著費用營運槓桿連續第四個季度為正，總營運槓桿連續第六個季度為正（不包括值得注意的項目）。

New business was strong as we generated a near record quarter for sales and investment services, surpassed $5 trillion in AUM at State Street Investment Management, and generated record FX trading volumes in 2Q. This positive momentum reflects the strong strategic operating and technology foundation we have built over the past several years to support the long-term growth of our businesses.

新業務表現強勁，我們創造了接近創紀錄的銷售和投資服務季度業績，道富投資管理公司的資產管理規模超過 5 兆美元，並在第二季度創造了創紀錄的外匯交易量。這一積極勢頭反映了我們在過去幾年中建立的強大的策略營運和技術基礎，以支持我們業務的長期成長。

As we work to build on this progress, we remain focused on disciplined execution against our strategy, delivering consistent growth for our shareholders and maintaining operational excellence in the service of our clients.

在我們努力取得進展的同時，我們仍然專注於嚴格執行我們的策略，為股東帶來持續成長，並在為客戶提供服務方面保持卓越的營運。

Turning to slide 2 of our investor presentation. I will cover our second quarter highlights before Mark takes you through the quarter in more detail.

翻到我們投資人簡報的第二張投影片。在馬克向您詳細介紹本季之前，我將介紹我們第二季的亮點。

Beginning with our financial performance. Reported earnings per share were $2.17 as compared to $2.15 in the year ago period. Excluding notable items, which Mark will speak to, fee and total revenue increased 12% and 9% year over year, respectively.

從我們的財務表現開始。報告每股收益為 2.17 美元，而去年同期為 2.15 美元。除馬克將要談到的值得注意的項目外，費用和總收入分別年增 12% 和 9%。

We delivered positive fee and total operating leverage, increased pretax margin to nearly 30%, and achieved a 19% return on tangible common equity, while EPS increased 18% year over year, all excluding notable items.

我們實現了正費用和總營運槓桿，將稅前利潤率提高到近 30%，並實現了 19% 的有形普通股權益回報率，而每股收益同比增長 18%，所有項目均不包括顯著項目。

Turning to our business momentum. Within Investment Services, we delivered a very strong sales performance this quarter, securing over $1 trillion in new AUC/A asset servicing wins and generated $145 million of related new servicing fee revenue wins, including two new State Street Alpha mandates. With this continued good sales performance, we remain confident in our ability to meet our full year servicing fee revenue wins target of $350 million to $400 million for a second consecutive year.

談談我們的業務動能。在投資服務領域，我們本季取得了非常強勁的銷售業績，獲得了超過 1 兆美元的新 AUC/A 資產服務收益，並產生了 1.45 億美元的相關新服務費收入收益，其中包括兩項新的 State Street Alpha 授權。憑藉著持續良好的銷售業績，我們仍然有信心連續第二年實現全年服務費收入 3.5 億至 4 億美元的目標。

Second quarter marked an important milestone for our asset management business, which we rebranded State Street Investment Management. This new name reflects our commitment to investing in our relationships, innovation and in the future. Among other benefits, this new brand name reinforces our One State Street approach that aims to leverage collaboration across our firm, expand product offerings, and deepen relationships with our clients.

第二季是我們資產管理業務的一個重要里程碑，我們將其更名為道富投資管理公司。這個新名稱體現了我們對投資關係、創新和未來的承諾。除此之外，這個新品牌名稱還強化了我們的「One State Street」方針，旨在利用整個公司的協作、擴大產品供應並加深與客戶的關係。

This moment for our investment management business came as period-end AUM exceeded $5 trillion for the first time. Quarterly net inflows were over $80 billion, and we continued to gain market share in the strategically important US low-cost ETF market segment.

我們的投資管理業務迎來了這一時刻，期末 AUM 首次超過 5 兆美元。季度淨流入超過800億美元，我們在具有重要戰略意義的美國低成本ETF市場領域繼續獲得市場份額。

The second quarter also offered further evidence of the strength and depth of our ETF franchise as our US ETFs led the industry in trading volume, surpassing $4.6 trillion in total volume for the quarter, ranking number one in equity, number one in commodities, and among the top three in fixed income.

第二季度也進一步證明了我們 ETF 特許經營權的實力和深度，因為我們的美國 ETF 在交易量方面領先行業，本季度總交易量超過 4.6 兆美元，在股票領域排名第一，在大宗商品領域排名第一，在固定收益領域排名前三。

State Street markets is seeing the results of its efforts to deepen client relationships and in Q2, clearly demonstrated its ability to support clients through volatile periods with deep liquidity and trading expertise, while also providing important diversification to our revenue profile. Amid a constructive environment for our markets business, we saw significant year-over-year increases in both FX trading and security finance revenues driven by higher client volumes.

道富市場正在看到其深化客戶關係的努力取得成果，並在第二季度清楚地展示了其憑藉深厚的流動性和交易專業知識幫助客戶度過動盪時期的能力，同時也為我們的收入結構提供了重要的多樣化。在我們的市場業務呈現正面環境的背景下，受客戶數量增加的推動，外匯交易和證券融資收入較去年同期大幅成長。

Our FX trading business recorded its best quarter since 2020 and security finance revenues rose to the highest level since 2019.

我們的外匯交易業務創下了2020年以來最好的季度，證券融資收入升至2019年以來的最高水準。

Turning to our balance sheet. Our strong financial position enabled over $500 million in capital return in the second quarter and over $800 million year-to-date.

轉向我們的資產負債表。我們強大的財務狀況使我們在第二季度獲得了超過 5 億美元的資本回報，今年迄今的資本回報已超過 8 億美元。

Our financial strength was further underscored by the results of the Federal Reserve's annual stress test in June, subsequent to which we were pleased to announce our intention to increase State Street's quarterly per share common stock dividend by 11% to $0.84 beginning in the third quarter, subject to approval by our Board of Directors.

聯準會 6 月年度壓力測試的結果進一步證明了我們的財務實力，隨後我們很高興地宣布，我們打算從第三季開始將道富銀行的每股普通股季度股息提高 11% 至 0.84 美元，但須經董事會批准。

As we look ahead, we remain committed to returning capital to our shareholders, subject to market conditions and other factors.

展望未來，我們仍將致力於根據市場狀況和其他因素向股東返還資本。

Turning to our operational efficiency. We have a well-established track record of expense discipline. This continues to be supported by a proven ability to generate productivity savings to fund investments in our business, which in turn is driving revenue growth and operating leverage.

談到我們的營運效率。我們在費用管理方面有著良好的記錄。我們已證明能夠產生生產力節約來資助我們業務的投資，這繼續支持了我們的做法，進而推動了收入成長和營運槓桿。

For example, over the last three years, we have generated over $1 billion of expense savings, largely from productivity initiatives, and we anticipate that number will increase to over $1.5 billion by year-end as we continue to progress well against our $500 million expense savings target in 2025. Importantly, as we look further ahead, the next generation of our operating model transformation remains our priority and a key opportunity to add even more value for clients and shareholders.

例如，在過去三年中，我們節省了超過 10 億美元的開支，這主要來自生產力舉措，我們預計到年底這一數字將增至 15 億美元以上，因為我們將繼續朝著 2025 年 5 億美元的開支節省目標邁進。重要的是，展望未來，下一代營運模式轉型仍然是我們的首要任務，也是為客戶和股東創造更多價值的關鍵機會。

The charge related to second quarter illustrates this opportunity as we drive further operational efficiency and unlock productivity gains over time, supported by AI and continued platform scaling. To conclude, our first half results build meaningfully on 2024.

與第二季相關的費用體現了這一機會，因為在人工智慧和持續平台擴展的支援下，我們將進一步提高營運效率並隨著時間的推移釋放生產力成長。總而言之，我們上半年的業績對 2024 年具有重要意義。

The second quarter included a number of strategic and platform milestones for State Street, offering tangible proof points that our strategy is delivering, reflected in the continuing improvement in our financial performance and the strong momentum we're seeing across our businesses.

第二季度，道富銀行實現了多項策略和平台里程碑，為我們的策略正在取得成效提供了切實的證據，這體現在我們財務業績的持續改善和各項業務的強勁發展勢頭上。

These results underscore the strength of our franchise and the disciplined execution of our strategy by our teams. As we look ahead, we have strong conviction in our strategy and in our ability to serve our clients well, underpinned by our distinctive value proposition, financial strength, and the next generation of our technology and operational transformation. With that, let me hand the call over to Mark, who will take you through the quarter in more detail.

這些結果凸顯了我們特許經營的實力以及我們的團隊對我們策略的嚴格執行。展望未來，我們堅信我們的策略和服務客戶的能力，這得益於我們獨特的價值主張、財務實力以及下一代技術和營運轉型。說完這些，讓我把電話交給馬克，他將向您更詳細地介紹本季的情況。

Thank you, Ron, and good afternoon, everyone. Picking up on slide 3. Before turning to our second quarter financial results, let me briefly walk you through the notable items we recognized this quarter. Notable items totaled $138 million pretax or $0.36 per share, primarily driven by a $100 million repositioning charge associated with our ongoing operating model transformation.

謝謝你，羅恩，大家下午好。繼續幻燈片 3。在介紹我們第二季的財務表現之前，讓我先簡單介紹一下我們本季確認的值得注意的項目。值得注意的項目總計稅前 1.38 億美元或每股 0.36 美元，主要由於我們正在進行的營運模式轉型相關的 1 億美元重新定位費用。

This action relates to the severance of approximately 900 employees and as we noted in June, is expected to drive expense savings mostly in 2026 with a payback period of roughly four to five quarters. We also recognized roughly $40 million of notable items related to a rescoping of an Alpha client contract along with a few smaller items as detailed on the slide.

此項行動涉及遣散約 900 名員工，正如我們在 6 月指出的那樣，預計將在 2026 年主要推動費用節省，回收期約為四到五個季度。我們還確認了與重新確定 Alpha 客戶合約範圍有關的約 4000 萬美元的值得注意的項目以及幻燈片中詳述的一些較小的項目。

Turning to slide 4. Excluding notable items, second quarter EPS grew a robust 18% year over year to $2.53 a share. Total revenue increased 9% and fee revenue increased 12% year over year, each excluding notable items, reflecting strong business momentum across the business.

翻到幻燈片 4。除重大項目外，第二季每股收益年增 18%，達到每股 2.53 美元。扣除重大項目後，總營收年增 9%，費用收入年增 12%，反映出整個業務強勁的業務動能。

Expenses increased 6% year-over-year, excluding notable items. Approximately half of the year-over-year increase was driven by a combination of higher performance and revenue-related costs associated with the more constructive revenue environment in the second quarter and to a lesser extent, the unfavorable impact of currency translation.

除重大項目外，支出較去年同期成長 6%。年比成長的約一半是由於第二季更為積極的收入環境帶來的更高的業績和收入相關成本，以及貨幣換算的不利影響（但影響較小）。

The remaining increase primarily reflects continued investments in the franchise, including technology and infrastructure. This performance enabled us to deliver meaningful fee and total operating leverage, 526 basis points and 241 basis points, respectively, excluding notable items. Accordingly, our pretax margin expanded to nearly 30%, while ROTCE was approximately 19% excluding notable items.

剩餘的成長主要反映了對特許經營權的持續投資，包括技術和基礎設施。這項業績使我們能夠實現有意義的費用和總營業槓桿，不包括值得注意的項目，分別為 526 個基點和 241 個基點。因此，我們的稅前利潤率擴大至近 30%，而不包括重大項目，ROTCE 約為 19%。

Turning now to slide 5. AUC/A reached a record $49 trillion, up 11% year over year, driven by higher period end market levels and client flows. AUM also reached a new record in the second quarter, increasing 17% year over year to over $5 trillion reflecting higher period end market levels and positive net inflows.

現在翻到投影片 5。AUC/A 達到創紀錄的 49 兆美元，年增 11%，這得益於期末市場水準和客戶流量的提高。資產管理規模在第二季也創下了新高，年增 17%，達到 5 兆美元以上，這反映了期末市場水準的提高和正的淨流入。

Key market indicators reflected the dynamic operating environment in the second quarter, with higher period end market levels and elevated FX volatility across both developed and emerging markets.

主要市場指標反映了第二季動態的經營環境，期末市場水準較高，已開發市場和新興市場的外匯波動性均加劇。

Against this backdrop, our markets business performed well, supported by record quarterly FX volumes as we help clients navigate a shifting market landscape, which I'll speak to in more detail shortly.

在此背景下，我們的市場業務表現良好，由於創紀錄的季度外匯交易量，我們幫助客戶應對不斷變化的市場格局，我將在稍後詳細討論這一點。

Turning to slide 6. Servicing fees increased 5% year over year, supported by higher average market levels, net new business, improved client activity, and the favorable impact of currency translation. We were encouraged by the strong sales momentum in our Investment Services business this quarter, with $145 million of servicing fee revenue wins.

翻到幻燈片 6。服務費年增 5%，得益於平均市場水準提高、淨新業務增加、客戶活動改善以及貨幣換算的有利影響。本季我們的投資服務業務銷售勢頭強勁，服務費收入達到 1.45 億美元，這令我們感到鼓舞。

These wins were well-distributed across regions with key new mandates in Europe and North America and are closely aligned with our strategic priorities, particularly in core back office solutions and private markets.

這些勝利分佈在各個地區，其中歐洲和北美獲得了重要的新授權，並且與我們的戰略重點緊密結合，特別是在核心後台解決方案和私人市場。

Installations progressed steadily and as expected during the quarter. Onboarding our [$444 million] (corrected by company after the call) of to-be installed servicing fee revenue, the highest on record remains a key priority as we aim to drive consistent, sustainable servicing fee growth.

本季安裝工作進展順利，符合預期。我們即將安裝的服務費收入為 [4.44 億美元]（電話會議後公司進行了更正），創歷史新高，這仍然是我們的主要優先事項，因為我們的目標是推動持續、可持續的服務費增長。

In addition, we reported two new Alpha mandates representing $380 billion of our AUC/A wins this quarter. Our interoperable front-to-back Alpha platform remains a key enabler in deepening and expanding client relationships.

此外，我們報告了兩項新的 Alpha 授權，代表我們本季 3800 億美元的 AUC/A 收益。我們可互通的前端到後端 Alpha 平台仍然是深化和擴大客戶關係的關鍵推動因素。

Moving to slide 7. Management fees increased 10% year over year, primarily reflecting higher average market levels and the benefit of prior period net inflows.

移至幻燈片 7。管理費年增 10%，主要反映了更高的平均市場水準和前期淨流入的好處。

For the quarter, net inflows totaled $82 billion, driven by solid performance across ETFs and institutional. In ETFs, we saw healthy inflows across the product set, including US low-cost, gold, SPY, and US fixed income. Our US low-cost offering achieved continued market share gains in the quarter, reflecting the strength of our strategic positioning in this segment.

本季度，受 ETF 和機構投資者強勁表現的推動，淨流入總額達 820 億美元。在 ETF 方面，我們看到整個產品系列的資金流入都很健康，包括美國低成本、黃金、SPY 和美國固定收益。我們的美國低成本航空產品在本季度繼續實現了市場份額的成長，反映了我們在該領域的策略定位的強大。

As Ron noted, the market volatility in the second quarter further highlighted the deep liquidity of State Street Investment Management's ETF franchise, which led the industry in US ETF trading volumes. In our institutional business, we delivered a record $68 billion of quarterly net inflows driven by continued momentum in retirement, including our strategically important US defined contribution business.

正如羅恩所指出的，第二季度的市場波動進一步凸顯了道富投資管理公司 ETF 特許經營權的深度流動性，該特許經營權在美國 ETF 交易量方面處於行業領先地位。在我們的機構業務中，受退休金持續成長勢頭的推動，我們實現了創紀錄的 680 億美元季度淨流入，其中包括具有戰略重要性的美國固定繳款業務。

Overall, we were pleased with the strong performance of our investment management business in the second quarter, which generated a pretax margin of approximately 33%.

總體而言，我們對第二季投資管理業務的強勁表現感到滿意，該業務的稅前利潤率約為 33%。

Turning now to slide 8. FX trading revenue increased 27% year over year, excluding notable items. This strong performance was driven by record client volumes with solid activity across our trading venues, reflecting heightened FX volatility in the quarter. Securities finance revenues increased 17% year over year, with strong balanced growth across both agency lending and prime services.

現在翻到第 8 張投影片。剔除重大項目，外匯交易收入較去年同期成長27%。這一強勁表現得益於創紀錄的客戶數量以及我們交易場所的活躍活動，反映出本季外匯波動加劇。證券融資收入年增17%，代理貸款和主要服務均達到強勁均衡成長。

Within our prime services business, fee revenue increased 29% year over year, supported by higher balances and continued momentum in client engagement.

在我們的主要服務業務中，費用收入年增 29%，這得益於更高的餘額和持續的客戶參與度。

Moving to slide 9. Software and processing fees increased 19% year over year in the second quarter, excluding notable items. Front office software and data revenue increased 27% compared to the prior year quarter, excluding notable items.

移至幻燈片 9。不包括值得注意的項目，第二季軟體和處理費用年增 19%。不包括重大項目，前台軟體和數據收入與去年同期相比成長了 27%。

This strong performance was primarily driven by higher on-premises renewals, largely associated with CRD wealth clients. In addition, software-enabled and professional services revenues increased 10% year over year, excluding notable items, reflecting continued momentum in SaaS client conversions and implementations.

這一強勁表現主要得益於更高的內部續約量，這主要與 CRD 財富客戶有關。此外，不包括顯著項目，軟體支援和專業服務收入年增 10%，反映出 SaaS 客戶轉換和實施的持續動能。

We are pleased with our ongoing success in transitioning clients to our cloud-based SaaS platform with annual recurring revenue increasing by approximately 10% year over year to $379 million in the second quarter.

我們很高興看到我們成功地將客戶轉移到基於雲端的 SaaS 平台，第二季年度經常性收入年增約 10%，達到 3.79 億美元。

Moving to slide 10. Net interest income of $729 million was down 1% year over year, primarily due to the impact of lower average short-end rates and changes in deposit mix. These headwinds were partially offset by continued loan growth and securities portfolio repricing. On a sequential basis, NII increased 2% supported by growth in non-US deposit balances, securities portfolio repricing and loan growth, partially offset by the impact of lower average short-end rates.

移至投影片 10。淨利息收入為 7.29 億美元，年減 1%，主要由於平均短期利率下降和存款結構變化的影響。這些不利因素被持續的貸款成長和證券組合重新定價部分抵消。以環比計算，受非美國存款餘額增長、證券投資組合重新定價和貸款增長的推動，NII 增長了 2%，但被平均短期利率下降的影響部分抵消。

As detailed on the right of the slide, the average balance sheet size expanded relative to 1Q driven by a 7% increase in average deposit balances. The sequential increase in average balances was partly a reflection of the more uncertain macro backdrop that we observed early in the quarter, which moderated through May and June. We remain committed to supporting our clients with our strong, highly liquid balance sheet.

如投影片右側所示，平均資產負債表規模相對於第一季有所擴大，這得益於平均存款餘額增加了 7%。平均餘額的連續成長在一定程度上反映了我們在本季度初觀察到的更不確定的宏觀背景，這種背景在 5 月和 6 月有所緩和。我們將繼續致力於透過我們強大、高流動性的資產負債表為客戶提供支援。

Looking ahead, while we expect deposit balances to remain somewhat elevated relative to our expectations coming into the year, we do anticipate that balances will continue to moderate over the coming months and quarters subject to market conditions.

展望未來，雖然我們預計存款餘額相對於今年的預期仍將保持在較高水平，但我們預計，受市場狀況影響，未來幾個月和幾個季度存款餘額將繼續放緩。

Turning to slide 11. Expenses increased 6% year over year, excluding notable items, as I mentioned earlier. Compensation-related costs were up 7% year over year, excluding notable items, mainly reflecting higher performance-based costs and the impact of currency translation, while total headcount was down slightly.

翻到第 11 張投影片。正如我之前提到的，不包括值得注意的項目，支出比去年同期成長了 6%。扣除重大項目後，薪酬相關成本年增 7%，主要反映了基於​​績效的成本增加和貨幣換算的影響，而員工總數略有下降。

Information systems and communications expense increased 11% year over year, excluding notable items, as we continue to invest in technology and infrastructure to modernize our platforms while enhancing data delivery and user experience.

資訊系統和通訊費用（不包括顯著項目）年增 11%，因為我們繼續投資技術和基礎設施來實現平台現代化，同時增強數據傳輸和用戶體驗。

At the same time, we continue to execute on our productivity and optimization savings initiatives, which generated over $150 million in year-over-year savings during the quarter. Year to date, these efforts have delivered approximately $250 million of savings towards our $500 million full year target.

同時，我們繼續執行生產力和優化節約計劃，本季同比節省超過 1.5 億美元。今年迄今為止，這些努力已為我們節省了約 2.5 億美元，距離我們 5 億美元的全年目標已近在咫尺。

Our ability to consistently generate productivity and optimization savings reflects the intense work of recent years and is a key enabler of strategic investment fueling technology modernization, supporting revenue growth, and helping us drive six consecutive quarters of positive operating leverage, excluding notable items.

我們持續提高生產力和優化節約的能力反映了近年來的辛勤工作，也是推動技術現代化、支持收入成長和幫助我們連續六個季度實現正營運槓桿（不包括值得注意的項目）的戰略投資的關鍵推動因素。

We expect the repositioning actions taken in the second quarter to build on this momentum and support the continued transformation of our operating model in the quarters and years ahead.

我們預計第二季採取的重新定位行動將鞏固這一勢頭，並支持我們在未來幾季和幾年繼續轉型營運模式。

Moving to slide 12. Our capital and liquidity levels remain strong, enabling us to continue supporting our clients as we look ahead. As of quarter end, our standardized CET1 ratio of 10.7% was down approximately 30 basis points from the prior quarter. Risk-weighted assets increased approximately $8 billion from the prior quarter, reflecting growth in our lending and securities finance businesses as well as higher volumes and volatility in our FX trading business.

移至投影片 12。我們的資本和流動性水平依然強勁，使我們能夠在未來繼續為客戶提供支援。截至季末，我們的標準化 CET1 比率為 10.7%，較上一季下降約 30 個基點。風險加權資產較上一季增加約 80 億美元，反映了我們的貸款和證券融資業務的成長，以及外匯交易業務的交易量和波動性的增加。

The LCR for State Street Bank was a robust 136% in the quarter. Capital return increased to $517 million during the quarter, consisting of $300 million of common share repurchases and $217 million in declared common stock dividends for a total payout ratio of 82%.

本季度，道富銀行的流動性覆蓋率高達 136%。本季資本回報增至 5.17 億美元，其中包括 3 億美元的普通股回購和 2.17 億美元的已宣布普通股股息，總股息率為 82%。

As Ron noted, following our strong performance in this year's Federal Reserve stress test, we also announced our intention to increase our first year quarterly common dividend by 11% in 3Q, subject to Board approval.

正如羅恩所指出的，繼我們在今年的聯準會壓力測試中表現強勁之後，我們也宣布，如果獲得董事會批准，我們打算在第三季將第一年季度普通股股息提高 11%。

Looking ahead to the second half of the year, we continue to expect a progressive cadence of common share repurchases, targeting a total payout ratio of approximately 80% for 2025. In summary, we are encouraged by our second quarter and first half results, which highlight our ability to execute on our strategy, driving sustained business momentum, while delivering positive fee and total operating leverage, excluding notable items.

展望下半年，我們預期普通股回購將繼續穩步推進，目標是到 2025 年總派息率達到約 80%。總而言之，我們對第二季和上半年的業績感到鼓舞，這凸顯了我們執行策略的能力，推動了持續的業務發展勢頭，同時實現了正費用和總營運槓桿（不包括值得注意的項目）。

With that, let me turn to our improved full year outlook, which as a reminder, excludes notable items and remains subject to significant variability given the current economic and geopolitical environment. Over the first half of 2025, we have demonstrated our ability to drive sustainable growth across our core businesses.

有了這些，讓我來談談我們改善的全年展望，提醒一下，它不包括值得注意的項目，並且考慮到當前的經濟和地緣政治環境，它仍然容易發生重大變化。2025 年上半年，我們展現了推動核心業務永續成長的能力。

Given this strong performance, plus the current more constructive market environment and the anticipated impact of currency translation, we now expect 2025 total fee revenue growth in the 5% to 7% range, which is an improvement to our prior 3% to 5% full year outlook.

鑑於這一強勁表現，加上當前更具建設性的市場環境和預期的貨幣轉換影響，我們現在預計 2025 年總費用收入增長率將在 5% 至 7% 之間，這比我們之前 3% 至 5% 的全年預期有所改善。

We expect full year NII to be roughly flat to last year's record performance, with the potential for some variability driven by global monetary policy and changes in deposit mix and levels, which are difficult to predict.

我們預計全年NII將與去年的創紀錄表現大致持平，但受全球貨幣政策以及存款結構和水平變化的影響，可能會出現一些難以預測的波動。

With our improved revenue expectations, full year expense growth is now expected to be roughly 3% to 4%, up from our prior full year outlook of 2% to 3%, reflecting higher revenue-related costs as well as expectations of a negative impact from currency translation. And importantly, we continue to expect to generate both positive fee and total operating leverage this year. And with that, operator, we can now open the call for questions.

隨著我們提高收入預期，預計全年支出成長率約為 3% 至 4%，高於我們先前預測的 2% 至 3%，這反映了與收入相關的成本增加以及對貨幣換算負面影響的預期。重要的是，我們預計今年仍將產生正費用和總營運槓桿。接線員，現在我們可以開始提問了。

(Operator Instructions)

（操作員指示）

Ken Usdin, Autonomous.

肯‧烏斯丁，自治。

I just wanted to just ask on kind of like fees and fee operating leverage. Just kind of walking through the implied fee update. And what drives that? Is it mostly just the market's backdrop? Is it what we see in terms of the yet to convert? And anything in terms of like how the timing of these great new wins and still left to convert will come through?

我只是想問一下費用和費用營運槓桿之類的問題。只是稍微介紹一下隱含的費用更新。是什麼推動了這現象？這主要只是市場的背景嗎？這是我們目前所看到的尚未轉變的情況嗎？還有什麼關於這些偉大的新勝利和仍需轉換的時機如何實現的問題嗎？

Yeah, Ken, it's Ron. Why don't I start that? As we've noted, our pace of sales continues to be at an accelerated level. We said we were going to do in servicing fees $350 million to $400 million. We're on track to do that.

是的，肯，我是羅恩。我為什麼不開始呢？正如我們所注意到的，我們的銷售速度持續保持加速成長。我們說我們將支付 3.5 億至 4 億美元的服務費。我們正朝著這個目標前進。

That's what we did last year. That has led to a fairly sizable, in fact, a record level of fees to be installed, roughly $440 million, about half of that is going to install this year, and yet we're adding to that at about the same pace.

這就是我們去年所做的。這導致需要徵收的費用相當可觀，事實上達到了創紀錄的水平，大約 4.4 億美元，其中約一半將在今年徵收，而且我們還在以大致相同的速度增加這部分費用。

So just on sales alone, there's a bit of a flywheel element to it. We've talked about what's occurred in the asset management business that continues to grow fees at a double-digit rate some of that market, but there's been positive organic revenue growth throughout these whole periods. And then finally, in markets, we'd invested heavily in client relationships that really do pay off when you get times of elevated volatility.

因此，僅從銷售來看，它就具有一點飛輪因素。我們已經討論了資產管理業務中發生的情況，部分市場的費用繼續以兩位數的速度增長，但在整個期間內，有機收入一直保持正增長。最後，在市場中，我們在客戶關係上投入了大量資金，當市場波動加劇時，這些投入確實會帶來回報。

So the organic elements in here are the primary driver of what we're talking about assisted by some constructive markets.

因此，這裡的有機元素是我們所談論的主要驅動力，並得到一些建設性市場的協助。

Okay. Great. And can you talk about just the new ones you're putting on and put it in context with the client rescoping that occurred, like is that now kind of done in the past issue or is there anything else that we could see with regards to that type of thing going forward?

好的。偉大的。您能否談談您正在實施的新措施，並將其與發生的客戶範圍重新調整聯繫起來，例如這是否是過去的問題，或者關於這類事情的未來我們還能看到什麼其他進展？

We don't anticipate anything like that going forward. As we noted, we had two new Alpha wins this quarter, three Alpha installs. In terms of the nature of the back -- of our servicing fee revenue wins, about half of that are back office related, which -- that's a combination of pure back-office sales plus Alpha, which now only come with back office sales, we will not do something A lpha-related without some kind of back office element to it because as you know, back office drives recurring fees, but also gives us the right to other revenue sources like deposits, like FX, like securities, finance, and that.

我們預計未來不會發生類似的事情。正如我們所指出的，本季我們獲得了兩次新的 Alpha 勝利，三次 Alpha 安裝。就後台的性質而言 - 我們服務費收入中大約有一半與後台相關，這是純後台銷售加上 Alpha 的組合，現在只包含後台銷售，我們不會做任何與 A lpha 相關的事情，除非它帶有某種後台元素，因為如你所知，後台不僅會帶來經常性費用，還賦予我們獲得其他收入來源的權利，如你所知，後台不僅會帶來經常性費用，還賦予我們獲得其他收入來源的權利，如存款、外匯、證券來源的權利，

So in terms of that one client, it remains a very important client to us, where it's a very important partner to us. And basically, they changed one element of it. Instead of going to a single platform, they're going to be a multiplatform in their front office.

因此，就該客戶而言，它對我們來說仍然是非常重要的客戶，也是我們非常重要的合作夥伴。基本上，他們改變了其中一個元素。他們不會採用單一平台，而是將前台變成多平台。

And we have built Alpha to be interoperable. So whether it's Charles River or some other provider or Charles River plus another provider as it will be in this case, we've got the ability to interoperate in that way, and we'll be providing all the other services that we intended to.

我們已經建立了可互通的 Alpha。因此，無論是 Charles River 還是其他供應商，或者像本例中那樣是 Charles River 加上另一個供應商，我們都有能力以這種方式進行互通，並且我們將提供我們想要提供的所有其他服務。

More importantly, this was a client that worked with us right at the very beginning, the development side of what we were doing. So going back to the 2019 time frame. And all that development IP still remains with us, which is important because it's being extended to other clients.

更重要的是，這個客戶從一開始就與我們合作，參與我們工作的開發方面。回到 2019 年的時間框架。所有這些開發 IP 仍然屬於我們，這很重要，因為它正在擴展到其他客戶。

And Ken, it's Mark. Maybe I'll just add to that just to make sure. It was very contained to a software client contract rescoping, so it had no impact on the servicing fee revenue to be installed, did not have an impact on our assets to be installed that was very contained, as Ron said, to one particular aspect of a software agreement, which we renegotiated and took the appropriate kind of actions on our -- that we've talked about here in our notables.

肯，我是馬克。也許我只是想補充一下以確保萬無一失。它僅限於軟體客戶合約範圍的重新調整，因此對要安裝的服務費收入沒有影響，對我們要安裝的資產也沒有影響，正如羅恩所說，它僅限於軟體協議的一個特定方面，我們重新進行了談判並採取了適當的行動 - 我們已經在我們的重要事項中討論過了。

Glenn Schorr, Evercore.

格倫·肖爾 (Glenn Schorr)，Evercore。

Maybe we could step back and ask just a big picture question of NII that feels a little different for you guys. And you've been consistent in talking about something in the range of flat year on year after good '24. But feels like the NIM has moved lower more so than others and balances, your thought process on moderating is more so. Is there something maybe related to your client base that's a little bit different?

也許我們可以退一步，只問一個關於 NII 的大問題，這對你們來說感覺有點不同。您一直在談論 2024 年之後同比持平的情況。但感覺 NIM 比其他的和平衡的下降幅度更大，你對調節的思考過程更是如此。與您的客戶群相關的某些事情是否有些不同？

I appreciate the full package of operating leverage and better margins and all that. I just want to focus on the NII for a second.

我很欣賞全面的經營槓桿和更好的利潤率等等。我只想暫時關註一下 NII。

Yeah. Thanks, Glenn, it's Mark. Let me take you through this kind of two part of there. One was kind of our overall NII guide. And then secondly, there's, I think, a specific question on NIM, which I can get at as well.

是的。謝謝，格倫，我是馬克。讓我帶您了解這兩個部分。其中一個是我們的整體 NII 指南。其次，我認為有一個關於 NIM 的具體問題，我也可以回答。

So first, I'd say our guide, as you mentioned, is generally consistent with our original outlook of flat year-over-year, and I said roughly flat because there's still some amount of variability of the factors that we always talk about in terms of rates and deposit mix and levels.

首先，正如您所說，我們的指導與我們最初的同比持平預期基本一致，我說大致持平是因為我們經常談論的利率、存款組合和水平等因素仍然存在一定程度的變化。

I think now that we're halfway through the year, you expect that we'd be able to start to narrow, possibly narrow the outcome that we're seeing here. But again, we feel good about being able to continue to deliver on our guide of roughly flat standing here today.

我認為現在已經過了半年，你預計我們能夠開始縮小，可能縮小我們在這裡看到的結果。但是，我們很高興能夠繼續實現今天在這裡大致保持平穩的指導。

If you look at the first half of 2025, NII has been roughly flat to slightly down versus again the record year we had in 2024. First half was down about 0.6% versus the first half of last year. So we're tracking well to our guide, given some puts and takes that I can get into in a little more detail.

如果你看一下 2025 年上半年，你會發現 NII 與 2024 年創下的紀錄相比大致持平或略有下降。與去年上半年相比，上半年下降了約0.6%。因此，我們正在順利地遵循我們的指南，並提供一些我可以更詳細地介紹的優點和缺點。

So again, holding NII flat to a record year after 6% growth last year, it means we're delivering on our guide and executing well in terms of what we've laid out for you. And we understand how important NII is, obviously.

因此，在去年實現 6% 的成長後，NII 再次保持與創紀錄水平持平，這意味著我們正在履行我們的指導方針，並按照我們為您制定的計劃順利執行。顯然，我們明白 NII 的重要性。

But if we unpack the NII guide with a little more detail, and I'll frame it in the same way that we've been doing it since January and then again in April, using kind of the four buckets of drivers and describing what the impact is to us as a firm in terms of tailwinds and headwinds.

但是，如果我們更詳細地解讀 NII 指南，我將採用自 1 月以來以及 4 月以來一直採用的相同方式，使用四種驅動因素​​，並描述對我們作為一家公司在順風和逆風方面的影響。

So the first one would be deposit levels. And obviously, you saw those go up this quarter. So interest-bearing deposits have certainly provided upside versus our expectations in what we talked about in January and then again in April. While non-interest-bearing deposits have actually largely played out as expected, notwithstanding an early pop in the second quarter.

因此，第一個是存款水準。顯然，您看到本季度這些數字有所上升。因此，正如我們在一月份和四月討論的那樣，有利息的存款肯定比我們的預期有上升空間。儘管第二季初期無息存款激增，但實際上其表現基本上符合預期。

We did have a near-term benefit in April during the peak of market volatility and uncertainty. However, in May and June, and then again, as we sit here in mid-July, we have seen some normalization in deposit balances since the quarterly high point in April. I'd also point out the majority of the spike in assets and deposits that we saw happened in lower spread buckets like market rates and exception rates. And so they did carry a more limited benefit for us.

在四月份市場波動和不確定性達到頂峰時，我們確實獲得了短期利益。然而，在五月和六月，以及七月中旬，我們看到自四月季度高點以來存款餘額有所正常化。我還要指出的是，我們看到的資產和存款激增大部分發生在利差較低的區間，例如市場利率和例外利率。因此，它們帶給我們的好處確實比較有限。

So mix is important. So while deposits are up about 7% sequentially, our non-interest-bearing balances where we have the widest liability spread that was down sequentially roughly $1 billion. So we think deposits will remain like somewhat elevated, but we do expect to see some leveling off over the coming months, and we'll obviously continue to track that closely.

所以混合很重要。因此，雖然存款季增了約 7%，但我們負債利差最大的非計息餘額較上季下降了約 10 億美元。因此，我們認為存款將保持一定水平，但我們預計未來幾個月存款將趨於平穩，我們顯然將繼續密切追蹤這一情況。

In terms of other impacts, again, to us as a firm, our loan growth we've talked about that's also played out as expected. It's been a tailwind year over year, and I can talk about that a little bit more in depth. The investment portfolio reinvestment.

至於其他影響，對於我們公司而言，我們所討論的貸款成長也符合預期。年復一年，情況一直順風順水，我可以更深入地談論這一點。投資組合再投資。

We talked about $4 billion a quarter at 100 basis points to 150 basis points in terms of benefit there, given where rates are, we're seeing it more at the lower end, around 100 basis points. which brings us then to like the major bucket for us, which is short-term rates.

我們談到了每季 40 億美元的收益，收益在 100 個基點到 150 個基點之間，考慮到利率水平，我們看到的收益更多是在低端，大約在 100 個基點左右。這讓我們喜歡上我們的主要目標，即短期利率。

And as we've discussed previously, we are an asset-sensitive bank. We've seen rates come down faster than expected. If you look at the US treasury curve, the two, three, five-year rates are down 50 basis points to 60 basis points over the first six months of the year on a spot basis, also non-US central banks.

正如我們之前討論過的，我們是一家資產敏感型銀行。我們看到利率下降的速度比預期的要快。如果你看一下美國公債曲線，你會發現今年前六個月，兩年期、三年期和五年期公債利率以現貨計算下降了 50 個基點至 60 個基點，非美國中央銀行的利率也是如此。

While the ECB and the Bank of England have largely been in line with expectations, albeit a little more aggressive in the case of Bank of England in terms of timing, other central banks have actually been relatively more aggressive in the lowering of their rates, such as the Reserve Bank of Australia and Canada.

歐洲央行和英國央行的降息步伐基本上符合預期，儘管英國央行在時機上略顯激進，但其他央行在降息方面實際上相對更為激進，例如澳洲和加拿大儲備銀行。

I've talked previously about a cut at the ECB or Bank of England being worth about $5 million to $10 million per cut per quarter for 25 basis points. And while Australia and Canada may not be that large to us when you start to look across several of the central banks, it does start to add up as a headwind.

我之前曾談到，歐洲央行或英格蘭銀行每季降息 25 個基點的價值約為 500 萬至 1,000 萬美元。當你開始關注幾家央行時，雖然澳洲和加拿大對我們來說可能沒有那麼大，但它確實開始成為一個阻力。

So hopefully, that helps and that we're putting all this together, we're kind of standing back from it. We have some positives, like short-term pop in interest rates and interest-bearing deposits, some negatives like the pacing of cuts.

所以希望這會有所幫助，並且我們將所有這些放在一起，我們有點退縮了。我們有一些正面的因素，例如短期利率和有利息的存款的上漲，也有一些負面的因素，例如降息的步伐。

But we see it as being relatively balanced, which brings us back to a guide of roughly flat to our record year of NII in 2024. So again, we understand how important NII is. We've been pleased with our ability to deliver on our guidance.

但我們認為它是相對平衡的，這使我們回到與 2024 年創紀錄的 NII 年份大致相同的指導方針。因此，我們再次認識到 NII 的重要性。我們很高興能夠實現我們的指導目標。

This is 20% of the revenue of the company. And when we stand back and look at what we are delivering for our shareholders, it's really the momentum across the fee revenue franchise, which is roughly 80% of the firm's revenue, which for us is really the story.

這占公司收入的20%。當我們回顧我們為股東提供的服務時，我們發現，費用收入特許經營的勢頭確實很強勁，這大約占公司收入的 80%，這對我們來說才是真正的故事。

That was awesome. I really appreciate all that. Ron, I got one quick one for you. I can't resist. You guys have been great acquirers in the past and integrators.

太棒了。我真的很感激這一切。羅恩，我有一個快速答案給你。我無法抗拒。你們過去一直是優秀的收購者和整合者。

You almost got BBH done, but through no fault of your own that one fell through. I'm curious if you share any thought process with us on what you thought when you saw the news, when we saw the news that maybe BK and Northern were doing the dance? I'm just curious what cross your mind and how we should think about that.

您幾乎已經完成了 BBH，但由於您的失誤，它失敗了。我很好奇，當您看到這則新聞時，當我們得知 BK 和 Northern 可能在跳舞時，您是否與我們分享過您的想法？我只是好奇您在想什麼以及我們應該如何看待這個問題。

Well, I'm not going to comment on market rumors, either about ourselves or others, but our view on M&A remains consistent. We have a lot of confidence in the organic growth capability and potential of our franchise.

好吧，我不會對市場謠言發表評論，無論是關於我們自己還是其他人的，但我們對併購的看法保持一致。我們對我們的特許經營的有機成長能力和潛力充滿信心。

But we've always viewed M&A as an important complement to our strategy, but it's a high bar, right? You have to show that is it actually -- is it a good trade-off for shareholders to sacrifice a return on capital to some kind of investment that's going to yield some kind of return? And so it's a high bar. But as you know from us, we evaluate these things. Our focus of late has largely been around capability building.

但我們一直將併購視為我們策略的重要補充，但這是一個很高的標準，對嗎？你必須證明這其實是——對股東來說，犧牲資本回報來換取某種能夠產生回報的投資是一種好的權衡嗎？所以這是一個很高的標準。但正如您從我們這裡了解到的，我們會對這些事情進行評估。我們最近的重點主要放在能力建構上。

So if you think about some of relatively small investments we've done over the past year or two, small case, the technology platform in India, Ethic, the direct indexing player, the investment in Envestnet, all about helping to augment our capabilities and propel us forward. We will always look for opportunities to build scale.

因此，如果您想想我們在過去一兩年中所做的一些相對較小的投資，小案例，印度的技術平台，Ethic，直接索引播放器，對 Envestnet 的投資，都是為了幫助增強我們的能力並推動我們前進。我們將始終尋找擴大規模的機會。

And you've seen us do some of those in the past. But right here right now, we're quite happy with our position, and we'll continue to focus on serving our clients well and building out our capabilities. And if something comes along that makes sense, we'll evaluate it.

您過去也看過我們做過一些這樣的事。但就目前而言，我們對自己的地位非常滿意，我們將繼續專注於為客戶提供良好的服務並增強我們的能力。如果發現有意義的事情，我們就會對其進行評估。

Jim Mitchell, Seaport Global.

吉姆·米切爾，Seaport Global。

Maybe just talk a little bit about the asset management business, record net inflows in the institutional channel and long-term assets. That's a pretty big change from what we've seen in recent years. So can you just talk to, is there anything kind of lumpy in there that may be not to get too excited about? Or do you feel like there's a real turn in sort of the organic growth in that space? And how do we think about the fee rates in the long-term institutional AUM space? Thanks.

也許只是稍微談談資產管理業務，記錄機構管道和長期資產的淨流入。這與我們近年來看到的情況相比發生了很大的變化。那你能不能跟我們說說，這裡面有沒有什麼不會引起太大興奮的塊狀物？或者您覺得該領域的有機成長確實出現了轉變？我們如何看待長期機構 AUM 領域的費率？謝謝。

Yeah. So I'll answer for the second quarter first. For the second quarter, it's a little bit of both. We have seen and talked about consistent organic growth in the institutional channel, mostly in defined contribution. And that's in the US, but not just the US. That's been led by a combination of innovative products. We were the first to be out the door with some kind of an income protection product embedded in a target date fund.

是的。所以我先回答第二季的問題。對於第二季來說，兩者兼具。我們已經看到並討論了機構管道中持續的有機成長，主要是在固定繳款方面。這是在美國，但不僅僅是在美國。這是由一系列創新產品所引領的。我們是第一家推出嵌入目標日期基金的收入保障產品的公司。

We're doing lots of different partnerships to add innovation to target date funds. And we're doing that not just in the US, but outside the US. In addition, in the second quarter, we had a large new mandate from an existing client in Asia Pacific. And so that helped drive that number, which was a record quarterly inflow for us in the institutional business.

我們正在與許多不同的機構建立合作關係，為目標日期基金增添創新。我們這樣做不僅在美國，而且在美國以外。此外，第二季度，我們獲得了亞太地區現有客戶的大量新授權。這有助於推動這一數字，這是我們機構業務中創紀錄的季度流入量。

But kind of on -- if you will, on a structural basis here, the investment in DC for us has been very important. We're very tied in with the investment consultants. We've got a very strong product set that we're constantly innovating and bringing both our know-how to it, but also when it makes sense, bringing in partner know-how. And so we're quite bullish on that segment.

但是，從結構上來說，對 DC 的投資對我們來說非常重要。我們與投資顧問的關係非常密切。我們擁有一套非常強大的產品，我們不斷創新，不僅將我們的專業知識融入其中，而且在必要的時候，還會引入合作夥伴的專業知識。因此，我們對該領域非常看好。

Okay. That's helpful. And maybe just pivoting to regulation. It seems like some of your bigger peers benefit from the SLR being lowered. You guys already had some exemptions, so you're still somewhat constrained by the Tier 1 leverage ratio. Do you -- in your conversations with regulators, do you think there's any acknowledgment of the Tier 1 leverage constraint? And do you think that could also be lowered in the future? What's your sense?

好的。這很有幫助。或許只是轉向監管。看起來，一些體型較大的同業因 SLR 降低而受益。你們已經獲得了一些豁免，因此仍然受到一級槓桿率的一定限制。在您與監管機構的對話中，您是否認為他們承認了一級槓桿限制？您認為未來這個數字還會降低嗎？你的感覺是什麼？

Yeah. Jim, so I mean you've portrayed it accurately. We've gotten relief earlier. So Tier 1 leverage as it relates to leverage constraints that is the binding constraint at this moment, I think there's some acknowledgment amongst regulators.

是的。吉姆，我的意思是你對它的描述很準確。我們早些時候已經得到了救濟。因此，一級槓桿與槓桿約束有關，這是目前的約束性約束，我認為監管機構對此有所認可。

This is something to be looked at. I don't think it's something that's going to be looked at immediately. It may take till the end of the year for that because there's other things obviously around G-SIB and stress tests and things like that. That are reportedly higher up on the agenda.

這是值得關注的事。我不認為這是一個需要立即考慮的事情。這可能要到年底才能實現，因為顯然還有圍繞 G-SIB 和壓力測試等其他事情。據報道，這些議題已被列為優先議題。

But I would say that we're in this period where I think 15, 16, 17 years after the financial crisis and all the changes that were put in place after that, I think for the first time, at least in the US, there's a real look at this. And I don't think any of us expect or even are asking for a massive across-the-board rollback, I think that you're seeing a very sensible look both within agencies and across agencies.

但我想說的是，我們正處於這樣一個時期，我認為金融危機爆發 15、16、17 年後，所有的變化都已到位，我認為至少在美國，這是第一次真正審視這個問題。我認為我們中沒有人期望甚至要求大規模的全面削減，我認為你看到的是機構內部和機構間都非常明智的看法。

And I think that will play out favorably both in regulation and also even how the supervisory environment works. And so I think it's a constructive environment now for large G-SIBs.

我認為這對監管甚至監管環境的運作都會產生正面的影響。因此我認為現在對大型全球系統重要性銀行來說是一個建設性的環境。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯·布洛斯坦。

Ron, I want to go back to the sales momentum you highlighted in the institutional servicing business. And again, I appreciate the disclosure you guys put out there a couple of quarters ago, both on the fee backlog and the few wins that's obviously relevant. In the last several quarters, maybe a year or so, the redemptions have been fairly elevated. Obviously, part of that is BlackRock. But are you, I guess, aware of anything notable on the redemption side that could sort of offset some of the strong wins you're having?

羅恩，我想回到你強調的機構服務業務的銷售勢頭。再次，我很感謝你們幾個季度前披露的信息，包括費用積壓和一些顯然相關的勝利。在過去幾個季度，大概一年左右的時間裡，贖回量已經相當高了。顯然，其中一部分是貝萊德。但是，我想，您是否意識到在贖回方面有什麼值得注意的事情可能會抵消您所獲得的一些強勁勝利？

And maybe a little bit more color on the sources of these wins and how investors should think about sustainability of this new business within servicing, potentially turning kind of the growth algo around in that part of the business?

也許可以更詳細地說明這些成功的來源，以及投資者應該如何看待這項新服務業務的可持續性，從而有可能扭轉該部分業務的成長演算法？

Alex, let me start. I think that we've been quite consistent now going back two or three years that we had recognized to make some changes on the servicing side. And also, at the same time, we're investing heavily over the past several years in our operating model, which drives service quality.

亞歷克斯，讓我開始吧。我認為，回顧兩三年前，我們已經意識到要在服務方面做出一些改變。同時，過去幾年來，我們在營運模式上投入了大量資金，以提高服務品質。

And service quality is those two things for you. One, it drives retention rates up. And two, it gives you the right to win with existing clients and deepened relationships with existing clients, but also to be able to show up with new clients or takeaway clients. And that's all playing out as we said it would. So we do not see any kind of elevated loss rate. In fact, we're quite pleased with where our retention rates are now.

服務品質就是這兩件事。一是它提高了留存率。其次，它不僅使您有機會贏得現有客戶並加深與現有客戶的關係，還使您能夠吸引新客戶或外送客戶。而這一切都正如我們所說的。因此，我們沒有看到任何損失率上升的情況。事實上，我們對目前的保留率感到非常滿意。

In terms of the nature of the clients, again, Alpha is a very important platform for us. So that's driving that's driving fee wins kind of across the stack, front office, middle office, back office. But if we really think about it as I said earlier, if it doesn't come along with back office, then we're really not interested in it or it will be a lower priority for us.

就客戶性質而言，Alpha 對我們來說是一個非常重要的平台。這就是推動費用在各個層面（前台、中台、後台）獲勝的動力。但如果我們認真考慮一下，就像我之前說的，如果它不附帶後台辦公室，那麼我們真的對它不感興趣，或者它對我們來說不是一個優先考慮的事情。

What we're also finding is that there's an increasing appeal for Alpha within the private space as we're seeing an increasing appeal just in general, as the private markets move from an in-sourced market to an outsourced market.

我們還發現，隨著私人市場從內部採購市場轉向外包市場，我們看到 Alpha 在私人領域的吸引力總體上不斷增加。

And then finally, our global footprint is really helpful because we saw a lot of wins -- a fair number of wins this quarter outside the US, which again shows the power of the global franchise here.

最後，我們的全球影響力確實很有幫助，因為我們看到了許多勝利——本季度在美國以外取得了相當多的勝利，這再次證明了全球特許經營的實力。

And it's Mark. Maybe I'll just jump in to offer a couple of maybe proof points and some context on that. And to kind of maybe talk through how this has been building. This is not a kind of just recently, we've started looking at posting these type of sales results. And I think I've talked about this before.

他是馬克。也許我只是想提供一些證據點和一些背景資訊。並可能討論一下這一切是如何進行的。這並不是最近才開始關注發布此類銷售業績的。我想我之前已經談論過這個問題。

Back in 2019 and 2020, we were doing $140 million, $160 million in servicing fee sales, and then we started to take that up in $250 million, $260 million in '21 and '22. And that's when we started talking to all of you about setting a more aggressive target for that of the $350 million to $400 million. And again, that came from understanding our business, and we've talked you through this before, the kind of rubric we have around fee compression and deinstalled business each year.

早在 2019 年和 2020 年，我們的服務費銷售額就達到 1.4 億美元、1.6 億美元，然後在 2021 年和 2022 年，我們的服務費銷售額開始上升至 2.5 億美元、2.6 億美元。從那時起，我們就開始與大家討論為 3.5 億至 4 億美元設定一個更積極的目標。再次強調，這是基於對我們業務的了解，我們之前已經向您講過這一點，我們每年都有關於費用壓縮和卸載業務的規則。

And we knew that, that number needed to be much higher. So then we did $300 million in '23, and then we did $380 million last year. And if I put it in context, we just talked about $145 million for the second quarter, and it was a very good quarter, and we've talked about how it can be lumpy and all that, but it was a very good quarter. And you go back and put that in context. That's more in the second quarter than we did in all of 2020.

我們知道，這個數字需要更高。因此，我們在 23 年賺了 3 億美元，去年賺了 3.8 億美元。如果我把它放在上下文中，我們剛剛談到第二季度的 1.45 億美元，這是一個非常好的季度，我們也討論過它可能會如何波動等等，但這是一個非常好的季度。然後你回過頭來把它放在上下文中。第二季的銷售額比 2020 年全年的銷售額還要高。

So to me, that's like real change. That didn't just happen. We changed our organization, our incentives. We focused on service excellence, like Ron talked about, and we invested in products and features and functionality. So we expect the performance to stay in that range, and we know we need to target that going forward. And with proper execution, that's going to really power the business forward.

所以對我來說，這才是真正的改變。這並不是偶然發生的。我們改變了我們的組織和激勵機制。正如羅恩所說的那樣，我們專注於卓越的服務，並且我們投資於產品、功能和功能。因此，我們預計業績將保持在該範圍內，我們知道我們需要以此為目標繼續前進。只要執行得當，這將真正推動業務向前發展。

Got you. Great. That's very helpful. Mark, I wanted to follow-up with you on your answer to Glenn's question around NII and sort of how you guys are thinking about it on a forward basis. So obviously, no 2026 guidance just yet.

明白了。偉大的。這非常有幫助。馬克，我想跟進一下你對格倫關於 NII 的問題的回答，以及你們對此的未來看法。因此顯然，目前還沒有 2026 年的指導。

But as you sort of pointed to being asset-sensitive bank, the forward curve is what it is. So help us maybe think about what are the things you guys could do and what are you working on to perhaps mitigate the effects of lower interest rates as you look out beyond this year.

但正如您所指出的，作為資產敏感型銀行，遠期曲線就是這樣。因此，請幫助我們思考一下，你們可以做些什麼，以及你們正在採取哪些措施來減輕今年以後低利率的影響。

And importantly, is the interplay between NII and operating leverage, you guys have been focused correctly on both positive fee operating leverage and positive total operating leverage. Is that kind of total operating leverage dynamic still possible if NII sort of peaks and starts to go down from here?

重要的是，NII 和經營槓桿之間的相互作用，你們已經正確地關注了正費用經營槓桿和正總經營槓桿。如果 NII 達到高峰並從此處開始下降，這種整體營運槓桿動態是否仍然可能？

Yeah. Thanks, Alex. I guess, obviously, don't want to get into anything around 2026. I mean there are things that we have been doing in terms of looking at our client deposit pricing. We've been looking at our balance sheet strategy.

是的。謝謝，亞歷克斯。我想，顯然，我們不想在 2026 年左右陷入任何困境。我的意思是，我們一直在關注客戶存款定價。我們一直在研究我們的資產負債表策略。

We've been looking at our investment portfolio. So there's many things that we can look at on all those things that we have been in trying to gauge where we're going into 2026 with NII. But I think it's pretty early to start talking about that now.

我們一直在關注我們的投資組合。因此，我們可以從很多方面來考慮我們一直在努力判斷 2026 年 NII 的發展方向。但我認為現在談論這個問題還為時過早。

Mike Mayo, Wells Fargo.

富國銀行的麥克·梅奧。

I just wanted a clarification, just with all the discussion here. So did you benefit from heightened volatility and how you see that going down and NII is at a peak and now you see that going down? I guess, are you overearning the way you look at things or not?

我只是想澄清一下，了解這裡的所有討論。那麼，您是否從波動性加劇中受益？您如何看待波動性下降？ NII 處於峰值，而現在您又如何看待波動性下降？我猜，你看待事物的方式是否超出了你的預期？

Hi Mike, it's Mark. I can start with that. And in terms of the volatility, so maybe let me talk a little bit about our FX, our markets business. And again, as we've said, we think that business performed very well in the second quarter. We saw -- and we did see some heightened FX volatility, but we also saw the payoff in our strategy of expanding geographically in Continental Europe, for example, has been a big focus for us. We've increased our product mix, added some capabilities and things like derivatives.

嗨，麥克，我是馬克。我可以從那裡開始。就波動性而言，也許我可以談談我們的外匯和市場業務。正如我們所說，我們認為第二季的業務表現非常好。我們確實看到了外匯波動性的加劇，但我們也看到了我們在歐洲大陸進行地理擴張的策略的回報，這一直是我們關注的重點。我們增加了產品組合，增加了一些功能和衍生性商品等。

We've deepened our client engagement both existing clients and new clients in privates and hedge funds, which, again, those businesses, the private markets business, we've been talking about that. I mean that has been growing, I think, year over year it grew 19%. And again, that brings new clients, new opportunities for our markets business as well. And that's what really powered sequentially FX trading being up 18% sequentially and year over year, 27% again ex-notables.

我們加深了與私人和對沖基金中現有客戶和新客戶的合作，這些業務，即私人市場業務，我們一直在談論這個。我的意思是，我認為它一直在增長，同比增長了 19%。這也為我們的市場業務帶來了新的客戶和新的機會。這才是推動外匯交易連續成長 18% 和年成長 27% 的真正動力。

So in how we look at the second half, with continued political and economic risks, we expect the investment climate is going to remain challenged.

因此，展望下半年，由於政治和經濟風險持續存在，我們預期投資環境仍將面臨挑戰。

The volatility we've seen is really from multiple sources. So geopolitics, national economics and politics differing central bank policy. So that type of divergence between countries, we think is reflected in the FX markets. And so while a replay of the second quarter is not our base case, we do expect volatility to likely be more sustained. We're going to have to see where it plays out from here. But hopefully, that gives you a little more color on the market side.

我們所看到的波動實際上來自多個來源。因此地緣政治、國家經濟和政治決定了中央銀行的政策。因此，我們認為，國家之間的這種差異反映在外匯市場。因此，雖然第二季的重演不是我們的基本預測，但我們確實預期波動性可能會更加持續。我們將拭目以待，看看事情會如何發展。但希望這能讓你對市場方面有更多的了解。

Mike, it's Ron. I'd add two things to that. The heightened volatility in markets was really an April event, real spike in volatility, but it came back down, you know this as well as anybody. So I think after April, the benefit of our deepened client relationships were as important as anything here.

麥克，我是羅恩。我還想補充兩點。市場波動加劇其實是四月發生的事件，波動性確實飆升，但後來又回落了，這一點大家都心知肚明。因此我認為，四月之後，深化客戶關係的好處與任何事情一樣重要。

On the other hand, I get the cyclical high point here that you come down for that volatility. On the other hand, it seems like some of the core businesses are doing better, like Charles River quarter over quarter, some kind of growth rate you've been up-tiering the sales force? Are you still upgrading? It seems like you have some core business momentum that you didn't have a few years ago? Am I looking at the right data, do you have anything to substantiate that?

另一方面，我了解到這裡的周期性高點是由於波動性而下降的。另一方面，似乎一些核心業務表現得更好，例如 Charles River 季度環比成長，您是否提升了銷售團隊的某種成長率？你還在升級嗎？看起來您現在擁有了幾年前所沒有的一些核心業務動力？我看到的數據正確嗎？您有什麼證據可以證實這一點嗎？

Yeah. I mean, you are. And I'll just pick up on what Mark said a few minutes ago, $145 million in servicing fee sales in 2020 -- $145 million of servicing fee sales in the second quarter of this year. And I think that actually does paint a good picture. Secondly, I would just point to the guide.

是的。我的意思是，你是。我只是想接著馬克幾分鐘前說的話，2020 年的服務費銷售額為 1.45 億美元——今年第二季的服務費銷售額為 1.45 億美元。我認為這確實描繪了一幅美好的畫面。其次，我只想指出指南。

And we try and be very straight with you when we give guide at the beginning of the year. We gave you a 3% to 5% guide, we're giving you a 5% to 7% guide now, which I think reflects what we're seeing in terms of the increased power of the franchise.

當我們在年初提供指南時，我們會盡量坦誠地告訴您。我們之前給了你 3% 到 5% 的指導，現在我們給你 5% 到 7% 的指導，我認為這反映了我們所看到的特許經營權的增強。

(Operator Instructions)

（操作員指示）

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

I had a question on an announcement that was made on July 1 with University of California on building a super app for individuals. And it was interesting, I wanted to understand thought process behind investing in this. And is this a one-off? Or are you anticipating broadening this out to other participants, partners? And is there any way this would feed into other parts of State Street or is it a goodwill venture?

我對 7 月 1 日加州大學發布的關於為個人打造超級應用程式的公告有一個疑問。這很有趣，我想了解投資背後的思考過程。這是一次性事件嗎？還是您期望將其擴展到其他參與者、合作夥伴？這是否會對道富銀行的其他業務產生影響，或者這只是善意投資？

Yeah. So Betsy, firstly, the University of California, it's a long-time partner of ours. And this initiative is quite consistent with our strategic commitment to the wealth business within State Street Investment Management, wealth now is about -- it's a little over $1 trillion -- I don't know, $1.2 trillion of our total assets and growing quite rapidly through the ETF channel.

是的。貝琪，首先，加州大學是我們的長期合作夥伴。這項舉措與道富投資管理公司對財富業務的策略承諾非常一致，現在的財富大約是——略高於 1 兆美元——我不知道，我們的總資產為 1.2 兆美元，並且透過 ETF 管道成長相當快。

And we have a commitment to the wealth services business. But part of this is an overall belief that the democratization of wealth is continuing unabated. And in spending some time with the University of California, we realized that they were a quite interesting partner because if you add up all of their stakeholders there.

我們致力於財富服務業務。但部分原因在於人們普遍認為財富民主化進程仍在持續進行中。在與加州大學合作一段時間後，我們意識到他們是一個非常有趣的合作夥伴，因為如果你把他們所有的利害關係人加起來。

So you look at students, faculty, employees, and alumni, there's 350,000 potential stakeholders there. They're quite close to most of them, and it becomes an interesting platform to start to experiment with new sorts of offerings.

所以你看看學生、教師、員工和校友，那裡有 35 萬名潛在利害關係人。它們與大多數產品都非常接近，並且它成為一個有趣的平台，可以開始嘗試新類型的產品。

So it's a bit of an experiment for both of us, but certainly, our objective would be to develop something that firstly work for the University of California and then was leverageable in other places. So we look at it as a way to at scale, develop some innovative offerings for the wealth market consistent with this idea of democratizing investing and being able to extend that or potentially being able to extend that elsewhere.

所以這對我們雙方來說都是一種實驗，但當然，我們的目標是開發出一種首先適用於加州大學，然後在其他地方可以利用的東西。因此，我們將其視為一種大規模的方式，為財富市場開發一些創新產品，符合投資民主化的概念，並且能夠擴展或潛在地擴展到其他地方。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Just a couple of follow-ups. One, on capital, and I apologize if you clarified on this, but I think I heard you talk about 80% payout for the full year. Just give us a sense -- remind us in terms of from a capital perspective, what we are managing. Two, in terms of the ratio, it feels like you have a lot of flexibility there. And what stops you from leaning in and doing more in buybacks than the 80%.

僅需幾個後續行動。第一，關於資本，如果您需要澄清這一點，我很抱歉，但我想我聽到您談到了全年 80% 的支出。只是讓我們了解一下——從資本角度提醒我們，我們在管理什麼。第二，就比例而言，感覺你們有很大的彈性。那麼，是什麼阻止你參與並進行超過 80% 的回購呢？

Yeah, sure. It's Mark. Let me just make it a two-parter. I'll talk a little bit about our capital return, and then I'll talk a little bit about CET1, which is really the ratio that we're managing to here. So you're right, I mean, we previously talked about 80% payout.

是的，當然。是馬克。讓我把它分成兩個部分。我將稍微談一下我們的資本回報，然後我將稍微談一下 CET1，這實際上是我們在這裡管理的比率。所以你是對的，我的意思是，我們之前談到了 80% 的賠付。

So we've also highlighted previously that our intention is to return capital at a progressive cadence through the year. So you saw that going from Q1 up into Q2 now at $517 million, which was an 82% payout, was $320 million in Q1.

因此，我們之前也強調過，我們的目標是全年逐步返還資本。因此，您會看到，從第一季到第二季度，支出總額為 5.17 億美元，即 82% 的支出，第一季為 3.2 億美元。

So we expect to move through the third quarter and then into the fourth quarter, anticipating additional step-ups as we move to deliver on our overall payout target of 80% subject to market conditions and other factors, obviously. So that's kind of still our guide, and that's what we're committed to.

因此，我們預計在第三季度和第四季度，我們將進一步提高股息支付率，以實現 80% 的整體股息支付目標，當然，這也取決於市場狀況和其他因素。所以這仍然是我們的指導方針，也是我們所致力於的。

In terms of CET1, I think we've talked about this before. Given the current environment, we are continuing to prudently manage toward the higher end of our 10% to 11% CET1 target range. You should generally expect us to continue in that range and managing to that as our clients really appreciate the value, financial stability and soundness and appreciate us running the business at healthy capital levels.

關於 CET1，我想我們之前已經討論過這個問題。鑑於當前環境，我們將繼續審慎管理，力爭達到 10% 至 11% 的 CET1 目標範圍的高端。您通常應該期望我們繼續保持在該範圍內並努力實現這一目標，因為我們的客戶真正欣賞價值、財務穩定性和穩健性，並欣賞我們以健康的資本水平經營業務。

And also, I'd say, we're cognizant of our own sensitivities around our RWA stack, which can swing several billion at quarter end with market volatility, and that's what you saw this quarter, right, with our 10.7% print. So still, again, very much in line with what we've talked about over the last few quarters.

而且我想說，我們意識到我們自己對 RWA 堆疊的敏感性，隨著市場波動，季度末 RWA 堆疊可能會波動數十億美元，這就是您在本季度看到的，對吧，我們的印刷率為 10.7%。因此，這仍然與我們過去幾季討論的內容非常一致。

Thanks, Mark. And just one quick. I think you talked about deposit balances elevated, but maybe drifting lower in the back half. Just give us a sense of when you think about noninterest-bearing or overall deposit balances, what gets them growing again? Is there a trough that we should look at from a cycle standpoint or just how you're thinking about it, yeah?

謝謝，馬克。只需快速操作一次。我認為您談到了存款餘額增加，但下半年可能會下降。請告訴我們，當您考慮無利息存款或整體存款餘額時，是什麼促使它們再次增長？是否存在一個低谷，我們應該從週期的角度來看待它，或者只是您如何看待它，對嗎？

Yeah. So maybe a couple of things. First, in terms of overall levels, so Ron mentioned it earlier, too, April was really the month that had the most volatility, and we saw the quarterly like period spike, right? That's what happened in April. And then we saw deposit levels overall come down in April -- sorry, in May and then again in June.

是的。可能有幾件事。首先，就整體水準而言，羅恩之前也提到過，四月確實是波動最大的月份，我們看到了季度性的周期性飆升，對嗎？這就是四月發生的事情。然後我們看到 4 月（抱歉，是 5 月）存款水準整體下降，6 月又再次下降。

And then sitting here in mid-July, our deposit levels are not too far off, like our expectations that we had given back in April around the kind of high end of the [230 to 240]. It's not quite down back to that high end of that range, but it's approaching it, sitting here kind of middle of July. So that's number one.

現在是 7 月中旬，我們的存款水準與我們 4 月給出的預期差不多，大約在 2019 年的高端。[230至240]雖然還沒有完全回落到該範圍的高端，但正在接近，目前處於七月中旬左右。這是第一點。

Number two, on non-interest bearing. Again, it was down $1 billion quarter to quarter. We expect that -- as we've said before, we expect that to continue to moderately decline, maybe into the low-20s is what we've talked about that's kind of generally deposit levels.

第二，無利息。再次，環比下降了 10 億美元。我們預計——正如我們之前所說，我們預計這一數字將繼續適度下降，也許會降至 20% 以下，這就是我們所談論的一般存款水平。

Your question about raising deposits, the best way that we can raise deposits is to sell and install back-office business. right? Custody brings deposits, custody brings FX trading revenue, securities finance revenues, all the kind of good stuff that goes around custody as the hub of the company.

您關於籌集存款的問題，我們籌集存款的最佳方式是出售和安裝後台業務。對嗎？託管帶來存款，託管帶來外匯交易收入、證券融資收入，所有這些好東西都圍繞著託管這個公司的中心。

So [$444 million] (corrected by company after the call) in to-be installed revenue, of which roughly 60% of that is back office, which means custody. That's a good sign in terms of our ability to generate custody client-related deposits. And if we keep the flywheel spinning on the servicing fee sales target, that's what we'll see.

因此，待安裝收入為 [4.44 億美元]（電話會議後公司進行了更正），其中約 60% 來自後台，也就是託管。就我們產生託管客戶相關存款的能力而言，這是一個好兆頭。如果我們繼續按照服務費銷售目標努力，我們就會看到這樣的結果。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Just one housekeeping one quickly and then a longer-term one. The housekeeping is just the -- your assumptions on market returns for the second half that underpin the 5% to 7% guide.

只要快速完成一次家務，然後完成一次長期家務。內部管理只是—您對下半年市場回報的假設支撐了 5% 至 7% 的指導。

Yeah, sure. Let me take the opportunity to maybe take you quickly through kind of the macro points that are underpinning the guide? And I guess I will just start with the equity market. So entering the year, right, we expected 5% point to point, which implied average market levels up 8% for the year. Obviously, as we sit here today, we're tracking a bit better than the assumptions we had coming into the year.

是的，當然。讓我藉此機會快速帶您了解該指南所依據的宏觀要點？我想我先從股票市場開始。因此，進入今年以來，我們預計點對點成長率為 5%，這意味著全年平均市場水準將上漲 8%。顯然，今天我們坐在這裡，我們的追蹤結果比我們今年年初的假設要好一些。

So that's constructive in our current guide. So you expect that to be a tick higher. That said, we've seen considerable volatility over the past quarter. So we'll continue to monitor developments there and see how the averages go up from here. So that should cover the equity market appreciation side.

因此，這對於我們目前的指南來說具有建設性。因此，您預計該數字將會更高。話雖如此，我們在過去的一個季度看到了相當大的波動。因此，我們將繼續監測那裡的發展並觀察平均值如何上升。因此這應該涵蓋股票市場升值方面。

Okay. Great. And then longer term one for Ron. On the concept of tokenization of equities and ETPs and other assets, how are you thinking about that longer term? And I guess just your view and whether you think that will evolve more slowly over time? Or do you think there's a stronger movement and maybe some of the pros and cons of that? And what does State Street doing to be a participant in any kind of trend?

好的。偉大的。然後是羅恩的長期計劃。關於股票、ETP 和其他資產的代幣化概念，您如何看待它的長期發展？我猜這只是您的觀點，您是否認為隨著時間的推移它會發展得更慢？或者您認為存在著更強大的運動，並且可能存在一些優點和缺點？那麼，道富銀行正在做什麼來參與任何一種趨勢呢？

Yeah, Brian. So we think about it in two ways. One, as a bank ourselves, but maybe more importantly, as an important servicer to other asset managers, so we do see tokenization has been slower than I think anybody anticipated if you go back three, four years.

是的，布萊恩。因此我們從兩個方面來思考這個問題。首先，我們自己是一家銀行，但更重要的是，身為其他資產管理公司的重要服務商，我們確實看到，如果回顧三、四年，代幣化的速度比任何人預期的都要慢。

But I think with the current administration and the regulatory frameworks really in most parts of the world starting to emerge, we think that the pace on that will continue to accelerate. And the opportunities for tokenization are really broad.

但我認為，隨著當前政府和世界大部分地區的監管框架開始出現，我們認為這一進程將繼續加快。代幣化的機會確實非常廣泛。

I mean it's not just the tokenization deposits, tokenization money market funds enables uses of that money market of these kinds of assets in a different way than originally anticipated. It could be, in some cases, used for collateral better than it could be in other cases, for example.

我的意思是，這不僅僅是代幣化存款，代幣化貨幣市場基金使得貨幣市場能夠以不同於最初預期的方式使用這些類型的資產。例如，在某些情況下，它可以比在其他情況下更好地用作抵押品。

So we think this will -- as regulatory frameworks are developed. We think this actually will accelerate. I think the questions that the regulators, particularly the bank regulators need to deal with all of these things is -- how do they think about core deposits? And how do they think about banks as the transmitters of monetary policy?

因此我們認為，隨著監管框架的完善，這種情況將會實現。我們認為這實際上會加速。我認為監管機構，特別是銀行監管機構需要處理所有這些問題的問題是——他們如何看待核心存款？他們如何看待銀行作為貨幣政策傳導機構的角色？

And to the extent to which any of this causes more deposits to lead the banking system, I mean, remember, money market funds seem like a passing fad four years ago and now $6 trillion is out of the banking system.

至於這些因素在多大程度上會導致更多的存款流入銀行系統，我的意思是，請記住，貨幣市場基金在四年前似乎只是曇花一現，而現在已有 6 兆美元流出銀行系統。

So I think that's a little bit of the unknown and where regulators come down on this. But given the breadth of tokenization opportunities, let's broaden it out to real assets and the ability to actually take assets that right now are paper intensive, very legal intensive, and be able to make them much more liquid.

所以我認為這有點未知，監管機構會對此採取相應措施。但考慮到代幣化機會的廣度，讓我們將其擴展到真實資產，並能夠實際獲得目前紙質密集型、法律密集型的資產，並能夠使其更具流動性。

We think that this will start to take off at an accelerating pace, but probably nowhere near as much as the optimist thinks -- nowhere near as fast as the optimist thinks it will. But for us, we need to be there and intend to be there, first and foremost, as a servicer -- as a major servicer to these markets, and secondly, as a bank ourselves.

我們認為，這一進程將開始加速，但可能遠不如樂觀主義者想像的那麼快——遠沒有樂觀主義者認為的那麼快。但對我們來說，我們需要並打算在那裡，首先是作為服務商 - 作為這些市場的主要服務商，其次，我們自己也是一家銀行。

Gerard Cassidy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Gerard Cassidy。

Can you guys come back to the sensitivity of revenues to market moves? I think in your 10-K, you give us that 10% increase in equity -- global equity valuations generally leads to maybe a 3% increase in service fee revenues. When you look at your service fee revenue growth this quarter of 12% ex-notable items, how much was associated to market conditions moving higher?

你們能否再次討論收入對市場走勢的敏感度？我認為在您的 10-K 報告中，您給出了股權增加 10% 的預測——全球股權估值通常會導致服務費收入增加 3%。當您看到本季度服務費收入成長 12%（不包括重要項目）時，有多少與市場狀況改善有關？

Gerard, it's Mark. I guess I'd just say that 10%, 3% is servicing fees. And so our servicing fee growth year over year is 5%, so the 12% is total, including software and trading and asset management. So obviously, the -- I don't have it in front of me, but obviously, the impact year over year of where markets have been has been positive.

傑拉德，我是馬克。我想我只想說 10%、3% 是服務費。因此，我們的服務費年增 5%，所以總計 12%，包括軟體、交易和資產管理。顯然，我面前沒有這種情況，但顯然，市場逐年的影響都是正面的。

It's been a positive to us, and that has generally been pretty consistent in terms of the -- if you see a 10% growth, again, over time because quarter-to-quarter can be -- we've talked about this before in terms of billing cycles and whatnot. But the 10%, 3% for servicing fees, and it's like 10%, 5% over from asset management has been pretty consistent.

這對我們來說是積極的，而且總體而言，情況相當一致——如果你看到 10% 的增長，那麼隨著時間的推移，因為季度與季度之間可以——我們之前在結算週期等方面討論過這個問題。但服務費 10%、3% 以及資產管理費 10%、5% 一直相當穩定。

I see. And maybe, Ron, just a broader question. You've referenced in your opening comments about the rebranding of State Street investment management and how that reinforces One State Street strategy approach and how you're going to leverage the collaboration between different product offerings and deepening your relationships with your clients. How as outsiders, can we measure that success as you achieve those deeper relationships?

我懂了。羅恩，也許這只是一個更廣泛的問題。您在開場白中提到了道富投資管理的品牌重塑，以及這如何強化「一個道富」策略方針，以及您將如何利用不同產品之間的協作並深化與客戶的關係。作為局外人，當您建立更深層的關係時，我們如何衡量您的成功？

It's a good question, Gerard, and we should take that away and think if there's some additional disclosures that we want to make to help on that. But if you -- let me talk about it at a kind of conceptual level. If you think about our client base, and this is across the firm, we have one broad set of clients, which is really the global institutional investors is our client base.

這是個好問題，傑拉德，我們應該考慮一下這個問題，並思考是否需要進行一些額外的披露來幫助解決這個問題。但如果你——讓我從概念層面來談論它。如果你考慮我們的客戶群，這是整個公司的，我們有一個廣泛的客戶群，實際上全球機構投資者就是我們的客戶群。

If you think about the sub-segments of that, for example, asset owners, pension funds, sovereign wealth funds, insurance companies, those clients, we serve them both from an investment services basis, from an asset management basis, and from a market basis.

如果你考慮其中的細分領域，例如資產所有者、退休基金、主權財富基金、保險公司，這些客戶，我們從投資服務、資產管理和市場角度為他們提供服務。

A large segment is our asset managers. There, we're really not servicing them out of their investment management business, but we're providing services and markets. So this idea of one State Street and how do we deliver the whole firm.

其中很大一部分是我們的資產管理者。在那裡，我們實際上並不是透過投資管理業務為他們提供服務，而是提供服務和市場。那麼，State Street 這一理念以及我們如何服務整個公司？

Part of it is because if you think about who we are, notwithstanding our size, right, we've got a relatively small number of relatively large clients. So it's very important that we be able to, one, help deal with their issues and address their strategic objectives at the highest level and be able to do that across our firm.

部分原因是，如果你想想我們是誰，儘管我們的規模很大，但我們的客戶數量相對較少。因此，我們能夠幫助他們解決問題並在最高層面上實現他們的策略目標，並且能夠在整個公司範圍內做到這一點，這一點非常重要。

So it's not just about words, I mean part of that is you have to then think about how your relationship-facing force is squared off against that. We've made a lot of changes over the years in that regard, so that rather than have just product-specific sales efforts, we have, particularly for our largest clients and our global clients, we have relationship managers that think about the total of State Street.

所以這不僅僅是關於言語的問題，我的意思是其中一部分是你必須思考如何應對你所面臨的關係力量。多年來，我們在這方面做出了許多改變，因此，我們不再只是針對特定產品的銷售工作，特別是對於我們最大的客戶和全球客戶，我們也安排了考慮道富銀行整體的客戶關係經理。

And your point is a good one, and we'll think about how we can actually show you the results, we see them, but we can think about how to disclose those in some way.

你的觀點很好，我們會考慮如何向你展示結果，我們看到了結果，但我們可以考慮如何以某種方式揭露這些結果。

There are no further questions. I will turn the call back to management for closing remarks.

沒有其他問題了。我將把電話轉回給管理階層，請他們發表結束語。

Well, thank you all for joining us this afternoon.

好的，感謝大家今天下午加入我們。