道富銀行 (STT) 2026 Q1 法說會逐字稿

Good morning and welcome to State Street Corporation's first quarter 2026 earnings conference call and webcast. Today's call will be hosted by Elizabeth Lynn, Head of Investor Relations at State Street. (Operator Instructions)

早安，歡迎收聽並觀看道富公司（State Street Corporation）2026 年第一季財報電話會議與網路直播。今天的會議將由道富投資人關係主管 Elizabeth Lynn 主持。（接線員指示）

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

今天的討論將在道富網站 investors.statestreet.com 進行即時直播。本次電話會議亦將錄音以供回放。

State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded for re-broadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website.

道富的電話會議內容受著作權保護，並保留所有權利。未經道富公司明確書面授權，本通話不得全部或部分錄製以供再播或散布。本通話唯一經授權的播送內容將存放於道富網站。

Now, I'd like to hand the call over to Elizabeth Lynn.

現在，我想把電話交給 Elizabeth Lynn。

Good morning, and thank you all for joining us. On our call today, our CEO, Ron O'Hanley, will speak first. Then John Woods, our CFO, will take you through our first quarter 2026 earnings presentation, which is available for download in the Investor Relations section of our website, investors.statestreet.com. Afterwards, we'll be happy to take questions.

早安，感謝各位加入我們。今天的會議將先由我們的執行長 Ron O'Hanley 發言。接著，我們的財務長 John Woods 將帶各位回顧 2026 年第一季財報簡報；簡報可於我們網站 investors.statestreet.com 的投資人關係專區下載。之後，我們很樂意回答各位提問。

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 earnings release addendum.

在開始之前，提醒各位，今天的簡報將包含以排除或調整一項或多項 GAAP 項目後所呈現的結果。這些非 GAAP 指標與最直接可比的 GAAP 或監理指標之調節表，已載於財報新聞稿附錄。

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 views change.

此外，今天的電話會議將包含前瞻性陳述。由於多項重要因素，實際結果可能與這些陳述存在重大差異；相關因素已於我們今天的討論及向 SEC 提交的文件中提及，包括 Form 10-K 的「風險因素」章節。我們的前瞻性陳述僅截至今日有效；即使我們的觀點改變，我們亦不承擔更新之義務。

With that, let me turn it over to Ron.

接下來，我把時間交給 Ron。

Thank you, Liz. Good morning, everyone, and thank you for joining us. I'll begin with a few broader observations before John walks you through our financial results in more detail. Reflecting on the first quarter operating environment for a moment. Several factors shaped investor sentiment in Q1, including the Iran war, divided views on the long-term impacts of artificial intelligence, and rising concerns on credit quality in certain parts of the financial system.

謝謝你，Liz。各位早安，感謝各位加入我們。在 John 更詳細帶各位檢視財務結果之前，我先分享幾點較宏觀的觀察。先回顧一下第一季的營運環境。第一季有幾項因素形塑了投資人情緒，包括伊朗戰爭、對人工智慧長期影響的看法分歧，以及對金融體系某些部分信用品質的疑慮升高。

Against this geopolitical and macroeconomic backdrop, we remain firmly focused on serving as an essential long-term partner to our clients and helping to deliver better outcomes for the world's investors and the people they serve.

在此地緣政治與總體經濟背景下，我們仍堅定聚焦於成為客戶不可或缺的長期合作夥伴，並協助為全球投資人及其所服務的人群帶來更佳成果。

We continue to execute effectively on our strategy, supported by our distinctive capabilities, deep operational strengths, and a conservatively positioned balance sheet. That strategic positioning allowed us to deliver strong growth, underpinned by continued financial and strategic progress during the first quarter.

我們持續有效執行策略，並以我們獨特的能力、深厚的營運優勢，以及保守配置的資產負債表作為支撐。這樣的策略定位使我們得以實現強勁成長，並在第一季持續取得財務與策略面的進展，奠定成長基礎。

Our results in the first quarter also underscore the inherent strength and diversification of our business model, which allows us to successfully navigate times of uncertainty and heightened market volatility as we saw in Q1, with both FX trading and NII contributing meaningfully to our year-over-year financial performance.

我們第一季的表現也凸顯了商業模式內在的強韌性與多元化，使我們能在不確定性與市場波動加劇（如第一季所見）時成功因應；其中外匯交易與淨利息收入（NII）皆對我們的年增財務表現做出重要貢獻。

The scale, capabilities, and leading market positions of our core businesses, working together as one State Street, provide balance across varying market environments, reinforce the value of our platform for clients, and accretive value for our shareholders.

我們核心業務的規模、能力與領先市場地位，以「一個道富（one State Street）」的方式協同運作，能在不同市場環境中提供平衡，強化我們平台對客戶的價值，並為股東帶來增值（accretive）效益。

Slide 2 of our investor presentation outlines our first quarter highlights, excluding notable items which John will address shortly. We had a strong start to 2026 with broad-based positive year-over-year revenue performance across the franchise.

我們投資人簡報的第 2 頁概述第一季重點（不含重大項目），John 稍後將說明這些重大項目。2026 年我們開局強勁，整體業務線（franchise）在營收方面呈現廣泛的年增正向表現。

Reported earnings per share increased 22%, while excluding notable items, EPS grew a very strong 39% year over year, supported by record quarterly fee revenue, NII, and total revenue. Importantly, substantial positive operating leverage in the first quarter drove another quarter of year-over-year pretax margin expansion.

每股盈餘（EPS）按報表口徑成長 22%；若排除重大項目，EPS 年增達到非常強勁的 39%，主要受惠於創紀錄的單季手續費收入、淨利息收入（NII）與總營收。更重要的是，第一季顯著的正向營運槓桿帶動稅前利潤率再度實現年增擴張。

Quarter after quarter, the proof points continue to demonstrate that our strategy is delivering consistent durable improvements in financial performance, with Q1 marking our ninth consecutive quarter of year-over-year positive operating leverage, excluding notable items.

一季又一季，這些具體成果持續證明我們的策略正在帶來一致且具韌性的財務表現改善；第一季亦是我們在排除重大項目後，連續第九季實現年增正向營運槓桿。

Stepping back from the quarter for a moment, I want to highlight some of the many growth opportunities we are realizing and see ahead at State Street. For disciplined business investments and focused execution against a clear set of strategic priorities, we believe we are well positioned to continue to accelerate growth and deliver substantial and sustainable returns for our shareholders.

先跳脫單一季度，我想強調道富目前正在實現、以及未來可望看到的眾多成長機會。透過有紀律的業務投資，並針對一套清晰的策略優先事項聚焦執行，我們相信自己已具備良好定位，可持續加速成長，並為股東帶來可觀且可持續的報酬。

We are drawing on deep, broad-based, technology-driven innovation and delivering digital platforms, compelling AI tools and agentics, and client solutions. Together, these capabilities help our clients succeed in a constantly evolving market, while strategically pivoting State Street to faster-growing segments of the industry.

我們正運用深厚且廣泛、以科技驅動的創新能力，提供數位平台、具吸引力的 AI 工具與代理式 AI（agentics），以及客戶解決方案。這些能力共同協助客戶在不斷演進的市場中取得成功，同時也在策略上推動道富轉向產業中成長更快的領域。

In digital, we are focused on building the market infrastructure clients need to bridge seamlessly between traditional and digital finance. Following the recent launch of our digital asset platform, we are executing against a clear and comprehensive product road map that includes tokenization of assets, funds, and cash for institutional investors.

在數位領域，我們聚焦於打造客戶所需的市場基礎設施，以便在傳統金融與數位金融之間無縫銜接。在近期推出我們的數位資產平台後，我們正依循清晰且完整的產品路線圖推進，其中包括為機構投資人進行資產、基金與現金的代幣化（tokenization）。

These capabilities are designed to drive greater efficiency, enhance liquidity, and support new avenues of growth for markets, our clients, and for State Street. We are well advanced with clients to support their launch of tokenized fund strategies this year.

這些能力旨在提升效率、增強流動性，並為市場、客戶以及道富開拓新的成長途徑。我們已與客戶進行到相當成熟的階段，以支援他們在今年推出代幣化基金策略。

Furthermore, State Street is deeply engaged in a number of digital asset-related industry initiatives, including DTCC's tokenization efforts as well as finalities work to create an ecosystem of Central Bank-connected blockchain-based payment systems. These initiatives are key to the development of digital markets and consistent with our track record as a critical market infrastructure provider and standard setter.

此外，道富也深度參與多項與數位資產相關的產業倡議，包括 DTCC 的代幣化推動，以及「最終性（finalities）」相關工作，以建立一個由央行連結的、以區塊鏈為基礎的支付系統生態系。這些倡議對數位市場的發展至關重要，也符合我們作為關鍵市場基礎設施提供者與標準制定者的一貫紀錄。

Across alternatives, including private markets and hedge funds, we continue to see compelling long-term growth potential as the segment matures, with clients leveraging State Street to bring innovative solutions to markets. Our leadership positions across both Investment Servicing and Investment Management position us well to capture opportunities as we broaden access and simplify operations for clients and our clients' clients.

在另類投資領域（包括私募市場與避險基金），隨著該領域日益成熟，我們持續看到具吸引力的長期成長潛力，且客戶正運用道富將創新解決方案帶入市場。我們在投資服務（Investment Servicing）與投資管理（Investment Management）兩大領域的領導地位，使我們能在擴大可及性並簡化客戶及其客戶之客戶的營運之際，掌握相關機會。

In Wealth Services, we are investing and leveraging Charles River's capabilities, alongside our strategic partnership with Apex Financial Solutions, to build a differentiated, fully digital, and globally scalable wealth custody and clearing solution. This positions us to serve wealth advisers and self-directed wealth platforms and unlock a new avenue for growth that leverages our strength across Investment Servicing and Investment Management.

在財富服務（Wealth Services）方面，我們正投資並運用 Charles River 的能力，並結合與 Apex Financial Solutions 的策略合作夥伴關係，打造具差異化、全數位化且可全球擴展的財富託管與清算解決方案。這使我們得以服務財富顧問與自助式（self-directed）財富平台，並開啟一條新的成長路徑，充分運用我們在投資服務與投資管理方面的優勢。

And finally, at State Street Investment Management, our strong track record of innovation, differentiated solutions, and scaled franchises in areas such as ETFs, cash, and retirement, to name just a few, create multiple avenues for growth. An illustration of our progress is the way we provide barbelled investment exposure at scale to serve distinct client needs.

最後，在道富投資管理（State Street Investment Management），我們在創新、差異化解決方案，以及在 ETF、現金與退休等領域（僅舉數例）的規模化業務方面擁有強勁的實績，從而創造多元的成長途徑。我們進展的一個例證，是我們如何以規模化方式提供「槓鈴式（barbelled）」投資曝險，以滿足不同客戶需求。

At one end, SPYM, our low-cost US S&P 500 ETF, is gaining strong traction in retail and wealth channels. It ranked as the number one asset-gathering ETF globally in the first quarter, with $27 billion of inflows in that fund alone.

在其中一端，SPYM——我們的低成本美國 S&P 500 ETF——在零售與財富通路正快速獲得強勁動能。該基金於第一季在全球 ETF 中資產募集排名第一，僅此一檔基金的淨流入就達 270 億美元。

At the other end, SPY continues to anchor institutional usage as the market's liquidity benchmark, with nearly $4 trillion of notional value traded in the quarter, representing roughly 17% of total US-listed ETF volume. Together, this underscores strength, breadth, and flexibility of our platform across client segments and our ability to successfully extend from our leading position in SPY to other high-growth ETF segments.

在另一端，SPY 持續作為市場流動性基準，錨定機構投資者的使用；本季交易名目價值接近 4 兆美元，約占美國上市 ETF 總成交量的 17%。綜合而言，這凸顯我們平台在各類客戶族群中的強勁實力、廣度與彈性，以及我們能夠從 SPY 的領先地位成功延伸至其他高成長 ETF 細分領域的能力。

Our scaled franchises within Investment Management also create a competitive advantage and will enable us to capitalize on several important global trends, including the shift from savings to investment, to move globally towards funded retirement systems, the expansion of digital assets, and the continued democratization of investing.

我們在投資管理領域的規模化特許業務同樣形成競爭優勢，並將使我們得以把握多項重要的全球趨勢，包括從儲蓄轉向投資、全球朝向提撥制退休制度的轉型、數位資產的擴張，以及投資持續民主化。

For example, in digital, we are preparing to launch the State Street Galaxy On-chain Liquidity Sweep Fund, a tokenized private liquidity fund designed to support 24/7 on-chain liquidity for institutional investors. Together, these strategic initiatives underscore the broad range of opportunities ahead as we focus on driving near- and long-term growth, enhancing client capabilities, and strengthening our platform.

例如在數位領域，我們正準備推出 State Street Galaxy On-chain Liquidity Sweep Fund，這是一檔代幣化的私募流動性基金，旨在為機構投資者提供 24/7 的鏈上流動性支援。綜合而言，這些策略性舉措凸顯未來廣泛的機會，我們將專注於推動短期與長期成長、強化客戶能力，並鞏固我們的平台。

At the same time, the next phase of our operating model transformation will strengthen our ability to deliver sustainable growth and long-term shareholder value. We are scaling AI-enabled capabilities, embedding more agile ways of working across the organization and continuing to modernize our technology with a continued emphasis on operational excellence, consistent execution of our strategy, and delivering for our clients.

同時，我們營運模式轉型的下一階段將強化我們實現可持續成長與長期股東價值的能力。我們正在擴大 AI 賦能能力的規模，在全組織導入更敏捷的工作方式，並持續推進科技現代化，同時持續強調營運卓越、策略一致執行，以及為客戶交付成果。

We are strengthening and improving our core end-to-end capabilities and technology through the deployment of our agentic platform and AI foundry, to scale and accelerate AI in high leverage areas, while also advancing capabilities in areas such as State Street Alpha and Charles River Development. These actions position us to operate more effectively, partner more deeply with clients, and help drive the next phase of industry evolution.

我們透過部署我們的代理式（agentic）平台與 AI Foundry，強化並改善端到端核心能力與技術，以在高槓桿領域擴大並加速 AI 的應用，同時也推進 State Street Alpha 與 Charles River Development 等領域的能力。這些行動使我們能更有效率地營運、與客戶建立更深度的合作關係，並協助推動產業演進的下一階段。

To conclude, we are pleased with our strong start to 2026, while recognizing that our potential is even greater. We see broad-based strength across the franchise, and our first-quarter results reinforce that our strategy is translating into consistent and durable improvements in financial performance.

總結而言，我們對 2026 年的強勁開局感到滿意，同時也認知到我們的潛力更為可觀。我們看到整體特許業務呈現廣泛的強勢表現，而第一季的結果也再次印證，我們的策略正轉化為財務表現上持續且具韌性的改善。

At the same time, we continue to transform across the platform and accelerate the deployment of AI agents, which holds significant opportunity for State Street and our clients given the investment, operational, and technology intensity of what we do.

同時，我們持續推動平台全面轉型並加速部署 AI 代理，鑑於我們業務在投資、營運與科技方面的高度密集性，這為 State Street 與客戶帶來重大機會。

In July, we will provide a detailed update on our strategic growth and transformation initiatives and how these position us to drive stronger performance over the medium term. We are encouraged by our progress, mindful of the environment, and confident in our ability to continue delivering as we move through the year.

7 月，我們將就策略性成長與轉型計畫提供詳細更新，並說明這些計畫如何使我們在中期推動更強勁的表現。我們對進展感到鼓舞，亦留意外部環境，並對我們在今年接下來的時間持續交付成果的能力充滿信心。

With that, I'll turn it over to John to walk you through the first quarter in more detail.

接下來，我把時間交給 John，請他帶各位更深入地了解第一季的表現。

Thank you, Ron, and good morning, everyone. We had an excellent start to 2026 with broad-based, year-over-year growth across the franchise driving record quarterly revenues and over 600 basis points of positive operating leverage in the quarter, excluding notable items. These results reflect disciplined execution alongside ongoing investment across our portfolio of strategic growth areas.

謝謝你，Ron，各位早安。2026 年我們有一個極佳的開局，整體特許業務呈現廣泛的年增成長，帶動單季營收創新高，且本季（不含重大項目）正向營運槓桿超過 600 個基點。這些成果反映我們在持續投資於策略性成長領域組合的同時，仍維持紀律性的執行。

Now let me dive into the details of the quarter, excluding notable items, starting on slide 3. In the first quarter, total revenue increased 16% year over year to a record $3.8 billion.

現在我將從第 3 張投影片開始，深入說明本季細節（不含重大項目）。第一季，總營收年增 16% 至創紀錄的 38 億美元。

Fee revenue of $3 billion increased 15% year over year driven by strong performance across Investment Management, Investment Services, and Markets. Net interest income of $835 million increased 17% year over year, primarily reflecting continued net interest margin expansion.

手續費收入 30 億美元，年增 15%，主要受投資管理、投資服務與市場業務的強勁表現帶動。淨利息收入 8.35 億美元，年增 17%，主要反映淨利差持續擴大。

Expenses of $2.7 billion increased 9% year over year, driven by higher revenue, strategic investments and the impact of currency translation, which was a headwind to expenses, but a benefit to revenues. Taken together, this performance drove a significant improvement in profitability, with 400 basis points of pretax margin expansion and a roughly 4 percentage point increase in ROTCE to 20%.

費用為 27 億美元，年增 9%，主要由較高的營收、策略性投資以及匯率換算影響所致；匯率換算對費用構成不利因素，但對營收則帶來助益。綜合而言，這樣的表現帶動獲利能力顯著改善，稅前利潤率擴張 400 個基點，ROTCE 亦提升約 4 個百分點至 20%。

Before moving on, let me briefly touch on notable items recognized in the quarter. Notable items totaled $130 million pretax in the first quarter or $0.35 per share after tax, reflecting repositioning charges and the rescoping of the middle office client contract.

在進入下一部分之前，我先簡要說明本季認列的重大項目。第一季重大項目稅前合計 1.30 億美元，或稅後每股 0.35 美元，主要反映重整定位費用以及中台客戶合約範疇調整。

Turning to slide 4. Servicing fees in the quarter increased 11% year over year to $1.4 billion, reflecting higher average market levels, the benefit of currency translation, and continued organic growth supported by net client asset activity, flows, and new business.

接著看第 4 張投影片。本季託管服務費年增 11% 至 14 億美元，反映平均市場水準較高、匯率換算帶來的助益，以及在客戶資產淨活動、資金流入與新業務支持下的持續有機成長。

AUC/A ended the quarter at a record $54.5 trillion, up 17% year over year, primarily reflecting higher period end market levels, positive client flows, and net new business. First quarter servicing fee sales were $56 million. These were well distributed across regions and aligned with our strategic focus areas, particularly back office services and alternatives clients.

AUC/A 於季末達到創紀錄的 54.5 兆美元，年增 17%，主要反映期末市場水準較高、客戶資金正向流入以及淨新增業務。第一季託管服務費銷售額為 5,600 萬美元。這些銷售在各地區分布均衡，並與我們的策略聚焦領域一致，特別是後台服務與另類投資客戶。

Looking ahead, we continue to target $350 million to $400 million of sales in 2026. The pipeline remains healthy, with broad geographic and customer segment representation, including APAC, EMEA, emerging markets, and alternatives. Additionally, we reported one new Alpha mandate win during the quarter highlighting continued client engagement with our integrated front-to-back platform.

展望未來，我們仍以 2026 年銷售額 3.5 億至 4 億美元為目標。商機管線維持健康，涵蓋廣泛的地理區域與客戶分群，包括亞太（APAC）、歐洲中東非洲（EMEA）、新興市場與另類投資。此外，我們在本季新增一項 Alpha 委任案（mandate）勝出，凸顯客戶持續與我們整合式前台到後台平台的互動與採用。

Moving now to slide 5. Management fees increased 23% year over year to $724 million in the first quarter, driven by higher average market levels and net inflows. Assets under management increased 20% year over year to $5.6 trillion, reflecting higher period end market levels and continued client inflows.

接著看第 5 張投影片。第一季管理費年增 23% 至 7.24 億美元，主要由平均市場水準較高及資金淨流入帶動。資產管理規模（AUM）年增 20% 至 5.6 兆美元，反映期末市場水準較高以及客戶持續流入。

Net inflows totaled $49 billion for the quarter, led by strength across index strategies and solutions, including ETFs and fixed income, as well as our cash franchise. Within ETFs, net inflows were $25 billion, driven by strong flows and market share gains in our US low-cost suite. As Ron noted, SPYM, our low-cost S&P 500 ETF, was the largest asset-gathering ETF globally during the quarter.

本季資金淨流入合計 490 億美元，主要由指數策略與解決方案的強勁表現帶動，包括 ETF 與固定收益，以及我們的現金業務。在 ETF 方面，資金淨流入為 250 億美元，主要受我們美國低成本產品組合的強勁資金流入與市占率提升所驅動。如 Ron 所提，SPYM（我們的低成本 S&P 500 ETF）在本季為全球吸納資產規模最大的 ETF。

We also continue to advance product innovation and strategic partnerships, launching 57 new products and solutions during the quarter that are creating new avenues for growth. As a signpost of that progress, our State Street Bridgewater All-Weather ETF surpassed $1 billion in assets under management during the quarter.

我們也持續推進產品創新與策略夥伴關係，本季推出 57 項新產品與解決方案，正在開創新的成長途徑。作為進展的指標，我們的 State Street Bridgewater All-Weather ETF 在本季資產管理規模突破 10 億美元。

We were also pleased to see our investment-grade public and private credit ETF, developed in partnership with Apollo Global Management, reached a new high watermark during 1Q with AUM of over $800 million.

我們也很高興看到，與 Apollo Global Management 合作開發的投資級公募與私募信貸 ETF，在第一季 AUM 超過 8 億美元，創下新的高水位。

Turning to slide 6. Markets remains one of the key pillars of our One State Street strategy. It plays a key role in linking our Investment Services and Investment Management platforms, strengthening the connectivity across the firm, and enabling more cohesive client-led solutions.

接著看第 6 張投影片。市場業務仍是我們「One State Street」策略的關鍵支柱之一。它在連結我們的投資服務與投資管理平台方面扮演關鍵角色，強化公司內部的連通性，並促成更一致、以客戶為導向的解決方案。

FX trading revenue increased 29% year over year to $435 million in the first quarter, reflecting a strong 25% increase in client trading volumes, which reached a new record level as we supported clients amid a dynamic market environment. Securities finance revenue increased 2% year over year, supported by growth in client lending balances.

第一季外匯（FX）交易收入年增 29% 至 4.35 億美元，反映客戶交易量強勁成長 25%；在我們於多變的市場環境中支援客戶之際，交易量達到新的紀錄水準。證券融資收入年增 2%，受客戶出借餘額成長所支撐。

Moving on to slide 7. Software Services revenue increased 7% year over year in the first quarter, driven primarily by higher professional services and software and data revenues, reflecting continued SaaS go-lives and platform adoption across our client base. Software business momentum is also reflected in our annual recurring revenue, which increased 12% year over year and our revenue backlog, which increased 11%.

接著看第 7 張投影片。第一季軟體服務營收年增 7%，主要受專業服務以及軟體與資料營收增加所帶動，反映我們客戶群持續進行 SaaS 上線（go-live）與平台採用。軟體業務動能也反映在我們的年度經常性收入（ARR）上，年增 12%，以及我們的營收積壓（backlog）年增 11%。

Turning now to slide 8. First quarter net interest income of $835 million increased 17% year over year, primarily reflecting a 16 basis point expansion in net interest margin to 116 basis points and average interest-earning asset growth of 1%.

接著看第 8 張投影片。第一季淨利息收入為 8.35 億美元，年增 17%，主要反映淨利息利差（NIM）擴大 16 個基點至 116 個基點，以及平均生息資產成長 1%。

The year-over-year increase in NIM reflected improvements in funding mix, continued benefits from investment portfolio repricing, and runoff from terminated hedges, partially offset by lower average market rates. Growth in interest-earning assets was driven primarily by higher client deposits, partially offset by a reduction in short-term wholesale funding.

NIM 的年增主要反映資金來源組合改善、投資組合重新定價帶來的持續效益，以及已終止避險部位的到期流出（runoff），但部分被平均市場利率較低所抵銷。生息資產的成長主要由客戶存款增加所帶動，但部分被短期批發融資下降所抵銷。

Turning to slide 9. Expenses were up 9% year over year in the first quarter, excluding notable items. Currency translation accounted for approximately 2 percentage points of the increase. Of the remaining 7 percentage points, approximately 5 percentage points reflected higher revenue-related costs, with the remaining balance of 2 percentage points, driven by continued strategic investments and run-the-bank expenses net of productivity savings.

接著看第 9 張投影片。第一季費用（不含重大項目）年增 9%。匯率換算約貢獻了增加幅度中的 2 個百分點。其餘 7 個百分點中，約 5 個百分點反映較高的與營收相關成本；剩餘 2 個百分點則由持續的策略性投資與銀行日常營運費用（run-the-bank）所驅動，並已扣除生產力節省。

Moving now to capital and liquidity on slide 10. Our capital levels remain strong, enabling disciplined capital deployment aligned with our strategic priorities. At quarter end, our standardized CET1 ratio was 10.6%, down approximately 100 basis points from the prior quarter.

接著看第 10 張投影片的資本與流動性。我們的資本水準仍然強勁，使我們能在符合策略優先事項的前提下，有紀律地配置資本。截至季末，我們的標準化普通股第一類資本比率（CET1）為 10.6%，較前一季下降約 100 個基點。

The decrease primarily reflects higher risk-weighted assets associated with a normalization of RWA in our Markets business from episodically low levels in the prior quarter, along with the impact of US dollar appreciation in March, and to a lesser extent, equity market appreciation in the final day of the quarter.

下降主要反映我們市場業務的風險加權資產（RWA）自前一季偶發性偏低水準回歸常態所帶來的 RWA 增加，另有 3 月美元升值的影響，以及較小程度上，季度最後一天股市上漲的影響。

Turning to capital return. In the first quarter, we repurchased $400 million in common shares and declared $233 million in common stock dividends, resulting in total capital return of $633 million, equivalent to a payout ratio of 90%.

接著談資本回饋。第一季我們回購 4 億美元普通股，並宣告 2.33 億美元普通股股利，使資本回饋合計達 6.33 億美元，相當於 90% 的配發率（payout ratio）。

Before moving on, I'd call your attention to a new slide 13 in the appendix on our NDFI loan portfolio. This lending remains disciplined and client focused, primarily supporting Investment Services clients. In addition, this is a highly collateralized and diversified portfolio that has performed resiliently across cycles and continues to support durable client relationships.

在繼續之前，我想請各位注意附錄中新增加的第 13 張投影片，內容是我們的 NDFI 貸款投資組合。這項放款仍維持嚴謹且以客戶為核心，主要用於支持投資服務客戶。此外，這是一個高度擔保且多元分散的投資組合，跨景氣循環表現具韌性，並持續支持穩固的客戶關係。

Let's turn to our full-year outlook, which as a reminder, excludes notable items. We continue to assume that global equity markets are flat this year on a point-to-point basis from the end of 2025 while remaining mindful of the potential for variability in the operating environment.

接著看我們的全年展望；提醒一下，該展望不含重大項目。我們仍假設今年全球股市以點對點（point-to-point）方式衡量，將自 2025 年底起持平，同時也留意營運環境可能出現波動。

Against this backdrop, we now expect fee revenue growth in the 7% to 9% range, an increase from our previous outlook of 4% to 6%, reflecting a stronger-than-expected 1Q, along with continued organic growth and solid momentum across the franchise.

在此背景下，我們目前預期手續費收入成長介於 7% 至 9%，高於先前 4% 至 6% 的展望，反映第一季表現優於預期，以及持續的有機成長與整體業務線的良好動能。

Turning to net interest income. Following our strong first quarter performance, we now expect NII growth in the 8% to 10% range, representing an improvement from our previous outlook for low single-digit growth. We currently expect expenses to increase by 5% to 6%, up from our prior 3% to 4% outlook, primarily reflecting higher revenue-related costs.

接著談淨利息收入。在第一季強勁表現之後，我們目前預期 NII 成長介於 8% 至 10%，較先前預期的低個位數成長有所改善。我們目前預期費用將增加 5% 至 6%，高於先前 3% 至 4% 的展望，主要反映較高的與營收相關成本。

Finally, we continue to expect an effective tax rate of approximately 22% for the full year and a total payout ratio of roughly 80%, subject to Board approval and other factors.

最後，我們仍預期全年有效稅率約為 22%，以及總配發率約為 80%，惟仍須經董事會核准並視其他因素而定。

And with that, operator, we can now open the call for questions.

以上，接線員，我們現在可以開放提問。

(Operator Instructions) Glenn Schorr, Evercore.

(接線員指示) Glenn Schorr，Evercore。

Hi. Thanks very much. First one is, I find -- I'm happy about the -- obviously, the pickup and NII and I think the NIM expansion during the quarter was great. I find it interesting that average interest earning assets were only up 1%, so I'm just interested if you could talk to the whole tug-of-war dynamic of better NIM but not a ton of earning asset growth. And does any of that change within your updated guidance? Thank you.

嗨。非常感謝。第一個問題是，我覺得——我對——顯然，NII 的回升我很高興，而且我認為本季 NIM 的擴張很棒。我覺得有趣的是，平均生息資產只成長 1%，所以我想請你談談這種拉鋸：NIM 變好，但生息資產成長不多。而這在你們更新後的指引中是否有任何改變？謝謝。

Yeah. So thanks for the question, Glenn. So thanks for the question, Glenn. I would say that we're very pleased to see our net interest margin progress. And as mentioned, much of that is coming on the funding mix side of the balance sheet. And so as we see growth in the deposit levels, which surged in the first quarter, we are continuing the plans from the last couple of quarters of reducing our short-term wholesale funding.

是的。謝謝你的問題，Glenn。謝謝你的問題，Glenn。我會說，我們很高興看到淨利息利差的進展。如同提到的，其中很大一部分來自資產負債表資金來源組合的改善。因此，隨著存款水準成長——第一季存款大幅增加——我們持續執行過去幾季的計畫，降低短期批發融資。

And so that's higher cost and we just find that to be an appropriate rotation to higher quality funding on the funding mix side. And so interest-earning assets will be less of the story. 1Q was driven almost entirely by net interest margin. I think that's a similar story for our guide for 2026, that range that you articulated that we talked about earlier is almost entirely driven by net interest margin as well.

而那部分成本較高，我們認為在資金來源組合上，轉向更高品質資金是一個適當的輪動。因此，生息資產不會是主要的故事。第一季幾乎完全是由淨利息利差所驅動。我認為這也是我們對 2026 年指引的類似情況；你剛才提到、我們先前談到的那個區間，幾乎也完全是由淨利息利差所帶動。

And so interest-earning assets are really going to be something we keep an eye on, but not really what's going to drive the net interest income in '26.

因此，生息資產確實是我們會持續關注的項目，但在 2026 年並不會真正成為推動淨利息收入的因素。

Operator, we can take the next question.

接線員，我們可以進行下一個問題。

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛。

Hi. Good morning. Thank you for [taking] the question. I was hoping we could spend a minute on the goals you guys are trying to achieve from this next chapter of State Street’s transformation. I know you alluded to the fact that you'll provide a lot more detail in July. But since you cracked that door open, I was hoping you can give us the overarching goals you're trying to achieve. Is that faster revenue growth? Is it better profitability or both?

嗨。早安。謝謝讓我提問。我希望我們能花一點時間談談你們希望透過 State Street 轉型下一階段所達成的目標。我知道你提到 7 月會提供更多細節。但既然你已經稍微開了個頭，我想請你分享一下你們想達成的整體目標。是更快的營收成長嗎？是更好的獲利能力，或兩者皆是？

I believe your last official medium-term pretax margin target is somewhere in the low 30%s. So is the goal to effectively get that into a higher range over time? Or any other way you can give us some high-level framework would be helpful.

我記得你們上一個正式的中期稅前利潤率目標大概在 30% 出頭。因此，目標是否是隨時間推進，把它提升到更高的區間？或任何你能提供的高層次框架都會很有幫助。

Yeah, I'll start off here. I mean, I think as you may have heard me comment on this in prior sessions, I mean, I think that we had a goal to get 30% pretax margin, which we've delivered on at the end of 2025. And again, here in early '26, you're seeing us meet that threshold and the guide that we delivered today actually would -- if you play that through, implies in the neighborhood of 31% pretax margin. So we think we're moving the platform forward from a profitability standpoint.

是的，我先來回答。我的意思是，我想你可能聽我在先前的場合提過，我們的目標是達到 30% 的稅前利潤率，而我們已在 2025 年底達成。同樣地，在 2026 年初，你也看到我們達到這個門檻，而我們今天提供的指引——如果你把它推演下去——隱含的稅前利潤率大約在 31% 左右。因此，我們認為從獲利能力的角度來看，我們正在推動平台持續向前。

I think the second big driver will be growth, right? So when -- what you'll probably hear from us in July is an updated view about what we think this platform can deliver over the medium term from a profitability standpoint.

我認為第二個主要驅動因素會是成長，對吧？所以到了——你們大概會在7月聽到我們對於我們認為這個平台在中期、從獲利能力角度能夠帶來什麼的更新看法。

And we feel like there are extremely attractive opportunities to grow profitability metrics, pretax margin and other metrics. And we also believe that we have very unique opportunities to grow this platform overall from a revenue standpoint. So I think you'll see some commentary on both of those things.

而我們覺得在提升獲利能力指標、稅前利潤率以及其他指標方面，有極具吸引力的機會。我們也相信，從營收角度來看，我們有非常獨特的機會來推動這個平台的整體成長。所以我想你們會看到我們對這兩方面的一些評論。

I think the building blocks of all of that will be the increasing business execution discipline that is emblematic of what you're seeing in organic growth across our fee line items. So we'll talk about that in terms of what that can deliver for us.

我認為這一切的基礎，將是日益提升的業務執行紀律——這正是你們在我們各項費用收入科目有機成長中所看到的特徵。所以我們會談談這在我們看來能為我們帶來什麼。

But I think the other two big categories I'd highlight is we also have a distinctive portfolio of strategic initiatives that would provide some unique outsized ability to drive benefits into the platform over the medium term.

但我認為另外兩個我想強調的大類是：我們也擁有一個具辨識度的策略性計畫組合，能在中期為平台帶來一些獨特且更大幅度的效益推動能力。

And then lastly, transformation. Within transformation, there are several pillars of that that we'll talk through. We'll talk through our ongoing operating model transformation, embedding agile ways of working across the entire enterprise, and really solidifying a product platform approach to delivering our services to our clients.

最後是轉型。在轉型方面，有幾個支柱我們會逐一說明。我們會談到持續推進的營運模式轉型、在整個企業內嵌入敏捷的工作方式，以及真正鞏固以產品平台方法來向客戶交付我們服務的模式。

A second pillar will be the ongoing modernization of our technology infrastructure, which we're excited about. And then lastly, all things AI, where we've continued to make investments and make progress and we'll wrap all of those building blocks together in what we believe they will contribute over the medium term in our commentary that you'll hear from us about in July.

第二個支柱將是我們技術基礎設施的持續現代化，我們對此感到很振奮。最後是所有與AI相關的事項；我們持續投入並取得進展，我們會把所有這些基礎要素整合起來，說明我們相信它們在中期將帶來的貢獻——這些你們會在7月聽到我們的評論。

That sounds great. Looking forward to that. For my follow-up, I wanted to ask you guys a question around ETFs, both in terms of the growth and expense perspective. Obviously, there's been an increased focus on distribution platform fees that may come online towards the end of the year. Schwab obviously the one discussing that.

聽起來很棒。很期待。我的追問想請教你們關於ETF的問題，包含成長面與費用面的觀點。顯然，市場對於可能在年底前後上線的分銷平台費用有更多關注。Schwab顯然就是在討論這件事的那一家。

So any early thoughts on the implications that might have on both ETF growth for State Street and the incremental expenses that you might be willing to incur on the back of that if you were to say on the Schwab platform?

那麼，對於這可能對道富（State Street）的ETF成長，以及如果你們要在例如Schwab平台上架而可能願意承擔的增量費用，是否有任何初步想法？

Yeah. So Alex, it's Ron. I mean, we're very familiar with what some of the platforms are doing. Most of these platforms are close partners. In terms of our long-term strategy and our long-term performance, we're not concerned about this.

是的。Alex，我是Ron。我們對一些平台正在做的事情非常熟悉。這些平台多數都是緊密合作夥伴。就我們的長期策略與長期表現而言，我們不擔心這件事。

I mean, if you've been following what we've done in ETFs, we have continued to broaden that platform, moving from where we started as an institutional provider to not only maintaining that institutional leadership, but growing both in terms of client segments in the low-cost wealth channel, but also in channels outside the US.

我的意思是，如果你一直在關注我們在ETF方面的作為，我們持續擴大這個平台；從一開始作為機構型供應商起步，到不僅維持機構端的領先地位，還在低成本財富通路的客戶區隔上成長，同時也在美國以外的通路擴張。

So you'll see pockets of the kinds of things that you're talking about, but we don't see it as any a substantial risk or headwind to our overall ETF business.

所以你會看到你所提到的那類事情在某些區塊出現，但我們不認為這會對我們整體ETF業務構成任何重大風險或逆風。

Okay. Thanks so much.

好的。非常感謝。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

All right. Thanks. Good morning. All right. So this quarter, you obviously showed the ability to put up meaningful operating leverage and also have a higher cost growth rate to even deliver that. I'm just wondering like were you able to pull forward some spending? Or was it mostly revenue-related costs?

好的。謝謝。早安。好。所以本季你們顯然展現了實現顯著營運槓桿的能力，而且即便成本成長率較高也能做到。我只是想了解，你們是否把部分支出提前了？還是主要是與營收相關的成本？

And then as you look forward to the new 5% to 6% cost guidance, I'm just wondering how you're balancing the expected efficiency that you're getting? And then how much FX translation you're still including in the full year guide after the hurt that it was in the first quarter? Thanks a lot.

另外，當你們展望新的5%到6%成本指引時，我想了解你們如何在預期效率提升之間取得平衡？以及在第一季受到不利影響之後，你們在全年指引中仍納入了多少外匯換算（FX translation）的影響？非常感謝。

Yeah. Maybe just a couple of comments about that. I mean, I think what you saw in the first quarter, there was about 2% or so impact from a currency perspective. And so when you take that 9%, you're really starting with 7% ex-currency. That 7% is predominantly revenue-related.

是的。也許我先就這點做幾個評論。我認為你們在第一季看到的，從匯率角度大約有2%左右的影響。所以當你把那個9%拆開看，其實是從扣除匯率後的7%開始。而這個7%主要是與營收相關。

So 5 percentage points of that would be revenue-related, which leaves you a net 2%. Within that 2%, we've got run the bank costs and our strategic investments. And those are in the neighborhood of, if you break that out, call it, 6% of spend and running the bank and really finding ways to invest in exciting initiatives that we're feeling good about. And we fund a lot of that through productivity. So that's the net 4% of productivity that we delivered in the first quarter.

其中有5個百分點是與營收相關，剩下淨額2%。在這2%裡，我們有「維持銀行運作（run the bank）」的成本以及策略性投資。如果把它拆開來看，大概是——可以說，支出中約6%用於維持銀行運作，並且真正找到方法投資在我們感到很有信心的令人振奮的計畫上。而其中很大一部分我們是透過生產力提升來支應。所以這就是我們在第一季交出的淨4%生產力提升。

We're going to continue to monitor our productivity trajectory. And the same storyline holds with the 5% to 6%, the incremental growth that you're seeing, majority of that is revenue-related and then there'll be other costs that we'll consider continuing to fund strategic investments and partially offset by productivity. I think the storyline for 1Q holds for the full year as well when you apply it to the 5% to 6% range.

我們會持續監控我們的生產力走勢。而在5%到6%這個區間的敘事也是一樣：你看到的增量成長，多數是與營收相關；然後還會有其他成本，我們會考量持續投入策略性投資，並由生產力部分抵銷。我認為第一季的敘事同樣適用於全年，當你把它套用到5%到6%的區間時也是如此。

Okay. Thanks, John. And as a follow-up, just with the strong NII and then the strong FX trading, can you just help us understand, do you expect that to run rate? Or do you expect a natural just coming off a little bit, given the types of volatility in the environment that we saw in the first quarter? Thanks, John.

好的。謝謝你，John。再追問一下，考量到淨利息收入（NII）很強，以及外匯交易也很強，你能否協助我們理解：你是否預期這會成為常態的運行水準（run rate）？還是你預期在第一季那種環境波動下，這些表現自然會稍微回落一些？謝謝，John。

Yeah, sure thing. I mean, I think -- I mean, I'd say let me -- I'll start with FX. I mean, so we've had a strong quarter in FX trading. And I think two things have to come together to basically deliver on something like that. First, you have to have the franchise in place to be able to take advantage of these opportunities when they arise and be there for your clients.

好的，當然。我的意思是——我想我先從外匯（FX）開始。我們在外匯交易方面有一個強勁的季度。而我認為要達成那樣的表現，基本上需要兩件事同時具備。第一，你必須先具備相應的業務版圖（franchise），才能在機會出現時把握住，並且能在那裡服務你的客戶。

So first quarter was one of those times. And I'd say that the investments in client acquisition, product extensions, and geographic expansion in the Markets business has served us well in 1Q. And you put that and you combine that with some elevated volatility, I would call it good volatility where liquidity is still good, but there's a lot of turnover given volatility. Those combined together to deliver our first quarter.

第一季就是其中一個時點。我會說，我們在Markets業務中對客戶獲取、產品延伸以及地域擴張的投資，在第一季對我們很有幫助。再把這些與較高的波動性結合起來——我會稱之為「好的波動」，也就是流動性仍然良好，但因波動而帶來大量換手——兩者結合就帶來了我們第一季的表現。

So very strategic and opportunistic and feel good about that. I would say that those conditions for the rest of the year, when you think about our fee guide of 7% to 9%, those conditions, we think moderate gradually throughout the year, and that's built into the 7% to 9%.

所以這既是非常策略性的，也是把握機會的，我們對此感到很有信心。我會說，當你看我們7%到9%的費用收入指引時，我們認為今年剩餘時間的那些條件會逐步溫和下來，而這也已經反映在7%到9%之中。

So we're not depending upon those highly favorable conditions in the first quarter being maintained for the rest of the year in order to deliver the 7% to 9%. So that's how I would just articulate the FX trading side of things.

因此，我們並不需要仰賴第一季那些極為有利的條件在今年其餘時間持續，才能達成7%到9%的目標。以上就是我對外匯交易這一塊的說明。

When it comes to net interest income, we had an -- the original guide was up low single digits. So now it's in an 8% to 10% range. So we're seeing some very solid tailwinds there. We originally had a view that maybe our net interest margin would be somewhere in the 100 to 110 basis point range.

談到淨利息收入（NII），我們原先的指引是低個位數成長。現在則提升到8%到10%的區間。因此我們看到相當強勁的順風。我們原本的看法是，我們的淨利差（NIM）可能落在100到110個基點的區間。

I think you could look for 2026, you could see a net interest margin in the 110 to 115 basis point range, which comes off slightly from the first quarter, where we're at 116. So that will give you a sense of the trajectory. And I think net interest margin is the main driver and the story of this with funding mix being one of the larger tailwinds as I mentioned a little earlier.

我認為你可以看2026年，淨利差可能在110到115個基點的區間，會比第一季的116略微回落。這能讓你了解其走勢軌跡。我認為淨利差是這件事的主要驅動因素與核心主題，而資金來源組合（funding mix）如我稍早提到的，是較大的順風之一。

But overall deposits will be up, basically helping that funding mix. So I think we said before, maybe $250 billion of deposits, probably going to be in the range of $250 billion to $260 billion as we play out the rest of the year.

但整體存款將會上升，基本上有助於改善資金來源組合。所以我想我們之前說過，大概是2,500億美元的存款，隨著今年剩餘時間推進，可能會落在2,500億到2,600億美元的區間。

And so -- but we'll look to maybe pay down some higher cost debt with that and continue to optimize the funding mix to drive the net interest margin. So that -- all of those building blocks are incorporated into the NII guide of 8% to 10%.

因此——我們可能會用其中一部分去償還一些成本較高的債務，並持續優化資金來源組合，以推升淨利差。所以——所有這些構成要素都已納入8%到10%的淨利息收入（NII）指引之中。

Ken, it's Ron. I just wanted to underscore a point that John made on FX, which is that we've been talking to you for years now about the investments we've made in terms of expanding client volumes and to really make sure that we were serving as much of our Investment Servicing clients as possible.

Ken，我是Ron。我只是想強調John在外匯（FX）上提到的一點，也就是我們多年來一直在跟你們談我們所做的投資：擴大客戶交易量，並確保我們能盡可能服務更多投資服務（Investment Servicing）客戶。

We've done that through a variety of ways. Some of it has been expanding geographic capabilities. But most of it has actually been expanding the ways in which we can meet our clients technologically and how they can trade with us.

我們透過多種方式做到這點。其中一部分是擴展地理覆蓋能力。但大多數其實是擴展我們在科技層面與客戶對接的方式，以及他們如何能與我們進行交易。

And we did that at a time when there wasn't a lot of volatility in the market, preparing for the moment when volatility and normal volatility would return. So for us, what we're seeing the benefits of those past and ongoing investments into really meeting our clients where they are in as many ways as they want to trade with us.

而我們是在市場波動不大的時候做這些，為波動回歸、以及正常波動回歸的那一刻做準備。因此對我們而言，我們現在看到的，是過去與持續投入的投資所帶來的效益：真正以客戶所在之處為出發點，用他們希望與我們交易的各種方式來滿足他們。

Jim Mitchell, Seaport Global Securities.

Jim Mitchell，Seaport Global Securities。

Hey. Good morning. Maybe just a follow-up on the deposits, up nicely with the big mix shift to NIBs, which I think was a particular benefit quarter over quarter so on the NII side. So can you talk through what deposits maybe have looked like since April 1? How any further optimization around pricing can affect deposit growth from here and how you're thinking about the mix in your guide? Thanks.

嗨。早安。我想針對存款再追問一下：存款成長不錯，而且NIB（無息存款）的占比大幅提升，我認為這對淨利息收入（NII）端的季對季表現特別有利。所以你能談談自4月1日以來存款大概是什麼樣子嗎？另外，圍繞定價的進一步優化會如何影響後續的存款成長？以及你在指引中如何看待存款結構（mix）？謝謝。

Sure. Yeah. I think I mentioned the level of deposits, I'd anchor to that $250 billion to $260 billion range. When it comes to mix, we originally talked about around 10% of noninterest bearing. I think that's still a good anchor maybe over time.

當然。是的。我想我提過存款水位，我會以2,500億到2,600億美元這個區間作為錨點。談到結構，我們原先提到無息存款大約占10%。我認為從時間拉長來看，這仍是一個不錯的錨點。

But I mean, I think in '26, it appears that we've got a higher net interest -- I'm sorry, noninterest-bearing opportunity. So maybe it's just a little bit higher than that 10% slightly. So that's -- those are the two points I'd make with respect to that.

不過我的意思是，我認為在2026年，看起來我們有更高的無息存款機會——抱歉，我是說無息存款（noninterest-bearing）的機會。所以可能會比10%略高一點點。所以——就這點我會做以上兩點說明。

When it comes to deposit drivers, I mean, we -- with our external drivers, internal drivers. The internal drivers that we control are continuing to grow our platform and just serving our clients and growing AUC/A, which was another record this quarter, and that's really where we're sourcing those deposits, number one.

至於存款的驅動因素，我們有外部驅動、也有內部驅動。我們可控的內部驅動，是持續擴大我們的平台、服務客戶並提升AUC/A（託管/管理資產），而這一季AUC/A再創新高；這也是我們存款來源的第一大來源。

Number two, just given certain client segment growth, so the alternatives segment growth, which is growing faster than maybe the non-alternative segment is -- also happens to be pound for pound, brings more deposits with a more attractive mix generally to the platform. So we're seeing some of that as the tailwind as the alternatives strategic initiative continues to pay dividends.

第二，基於特定客戶分群的成長，例如另類投資（alternatives）客群的成長速度可能快於非另類投資客群——而且同等規模下，另類投資通常會帶來更多存款，且對平台而言其結構一般更具吸引力。因此，隨著另類投資策略性計畫持續帶來成果，我們也看到這部分形成順風。

The external things to keep an eye on deposits tend to rise when money supply is growing. GDP is growing when rates are stable on hold to falling and also given our business if volatility levels and risk off tends to rise, we tend to grow deposits.

外部方面，需要留意的是：當貨幣供給成長時，存款往往會上升。當GDP成長、利率維持穩定（按兵不動）到下行時也會如此；另外就我們的業務而言，如果波動水準上升、以及風險趨避（risk off）情緒升溫，我們通常也會增加存款。

So broadly, our NII line ends up being a little bit of an offset to other line items similar to what happens in the Markets business, when and if you see periods of higher volatility like you saw in the first quarter.

因此整體而言，我們的淨利息收入（NII）項目，最終會在某種程度上對其他項目形成抵銷，類似於市場（Markets）業務的情況：當你看到像第一季那樣的較高波動期時（如果出現的話）。

Any thoughts on April 1 from here, what you've seen so far?

那對於4月1日以來，你們目前看到的情況有什麼想法嗎？

Yeah. I mean, I would say I'd probably put it in moderating from here. We had extremely positive conditions in the first quarter, still very solid trends. I'd stick with the $250 billion to $260 billion, maybe slightly better than our 10% noninterest-bearing guide, as I mentioned earlier. April trends are good in the NII space and in the deposit space.

有。我的意思是，我會說從這裡開始可能會趨於溫和。第一季的環境非常正面，但目前趨勢仍然相當穩健。我會維持2,500億到2,600億美元的區間；如我先前提到的，無息存款占比可能會略優於我們10%的指引。4月在NII與存款方面的趨勢都不錯。

Okay. Great. And maybe just a follow-up on the Wealth Management business. Across regions, EMEA was the largest contributor to net flows in the first quarter, I think $29 billion. That's obviously quite good progress. So what vehicles and asset classes, was it lumpy? And do you think that momentum in Europe can continue?

好的。謝謝。再追問一下財富管理（Wealth Management）業務：以各區域來看，EMEA在第一季對淨流入的貢獻最大，我記得是290億美元。這顯然是相當不錯的進展。所以是哪些產品載體（vehicles）與資產類別帶動的？是否具有一次性/不均勻（lumpy）的特性？以及你認為歐洲的這股動能能否延續？

Yeah. I mean, I think if you want to talk about net asset flows in general, as we mentioned earlier, our -- from an asset class standpoint, its fixed income, was a very strong quarter and led the way followed by multi-asset. And then you did hear how well our low-cost suite did this quarter as well, more broadly and ETF in general. So those would be the ones, but possibly fixed income, one of the bigger drivers.

是的。我的意思是，如果你想談整體的淨資產流入，如我們先前提到的，從資產類別角度來看，固定收益（fixed income）是非常強勁的一季並領先帶動，其次是多元資產（multi-asset）。另外你也聽到我們這一季低成本產品組合（low-cost suite）的表現非常好，更廣泛來說以及ETF整體也是如此。所以大概就是這些，但固定收益可能是較大的驅動因素之一。

Okay. Thanks.

好的。謝謝。

Mike Mayo, Wells Fargo.

Mike Mayo，Wells Fargo。

Hi. One short-term question, one long-term question. The short-term question, I think you said revenue backlogs are up 11%. If that's correct, can you size that a little bit more in terms of the level of the backlog versus history and where that's coming from?

嗨。一個短期問題、一個長期問題。短期問題是，我想你提到營收積壓（revenue backlogs）上升了11%。如果沒記錯的話，你能否更具體量化一下：目前積壓的水位相較於歷史處於什麼水平，以及主要是從哪裡來的？

And then the long-term question, Ron, just back to AI, you guys seem clearly engaged in AI. You're looking to scale AI, but some people out there are like saying, this is -- they're going to remodel their entire business model around AI.

然後長期問題是，Ron，再回到AI，你們顯然在AI方面投入很深。你們希望擴大AI的規模，但外界有些人會說，這將——他們會圍繞AI重塑整個商業模式。

You have a few banks saying that, some others actually giving -- only one bank gives quantifies expected AI benefits. You have some saying the business models will be destroyed due to AI scare trade? And then some other banks will say, hey, it's really overrated, but will go along with it. So that's the long-term question. But first, the short-term question about the revenue backlogs. Thank you.

你看到有幾家銀行這麼說，另外一些其實有提供——只有一家銀行量化了預期的 AI 效益。也有一些說因為 AI 的恐慌交易，商業模式會被摧毀？然後還有一些銀行會說，嘿，這其實被高估了，但也會跟著做。所以那是長期的問題。但首先，短期的問題是關於營收積壓（backlog）。謝謝。

Yeah. Thanks for the questions, Mike. That 11% was with respect to the Software Services line alone. And that is correct, uninstalled revenue up 11%. Multiyear revenue growth in this space has been around that level.

是的。謝謝你的問題，Mike。那個 11% 是僅就軟體服務（Software Services）這一條線而言。而且沒錯，未安裝收入（uninstalled revenue）成長 11%。這個領域的多年期營收成長大約就在這個水準。

So that continues that expectation of around 10%, low double-digit growth that we expect over the medium term. And as we continue to invest in the business, we may have opportunities to do better than that, but the ARR grew 12% as well. So that's the background on that question.

所以這也延續了我們對中期約 10%、低雙位數成長的預期。而隨著我們持續投資這項業務，我們可能有機會做得更好；但 ARR 也成長了 12%。以上是這個問題的背景說明。

And then I'll turn it over to you. You had a follow-up to Ron related to AI.

接著我把問題交給你。你有一個針對 Ron、與 AI 相關的追問。

Yeah, Mike. I mean, we're very positive on AI. And a lot of that has to do with the nature of our business, which you understand well. It's investment, operational, and technology intensive. So where are we on this? I would say it certainly is comprehensively embedded across the enterprise.

是的，Mike。我的意思是，我們對 AI 非常正面。這很大一部分與我們業務的性質有關，你很了解。它在投資、營運以及技術上都很密集。那我們目前進展如何？我會說，它確實已經全面嵌入整個企業。

We've got broad access and accelerating adoption, virtually every employee, where it makes sense, has access to the tools and usage is continuing to scale rapidly. And a lot of repeat behavior indicating that the tools are becoming part of the distributed daily workflows.

我們已經廣泛開放存取並加速採用；幾乎每位員工在適用的情況下都能使用這些工具，而且使用量仍在快速擴大。並且有大量重複使用的行為，顯示這些工具正逐漸成為分散式日常工作流程的一部分。

Secondly, in terms of development and technology development/systems development, we're fully enabled there and there we're already realizing productivity gains. And it's giving us the ability to actually do more faster and get to those projects that we would have liked to have gotten to but wouldn't have made the cut before this productivity gain.

第二，就開發與技術開發／系統開發而言，我們已經完全具備能力，而且我們已經在那裡看到生產力提升。這讓我們能夠更快做更多事情，並且能推進一些我們原本想做、但在生產力提升之前可能無法排進優先順序的專案。

So again, all of our developers have access to these AI assisted development tools, and they really -- we really are seeing an acceleration, both of new technology development, but also technology modernization.

所以再說一次，我們所有開發人員都能使用這些 AI 輔助開發工具，而它們確實——我們確實看到加速，不僅是新技術開發，也包括技術現代化。

Thirdly, it's what you do with it after that. And we have built a centralized AI hub, which has a very deep use case pipeline that's beginning to scale and will scale over the back half of 2026. This platform supports over 200 AI use cases now with 70 of those already live.

第三，是你之後如何運用它。我們建立了一個集中式 AI 中樞（AI hub），擁有非常深的使用案例管線，正開始擴大規模，並將在 2026 年下半年進一步擴張。這個平台目前支援超過 200 個 AI 使用案例，其中 70 個已經上線。

And as they mature, we expect tangible business impact to begin emerging in the back half of '26 and then accelerating going forward, which then leads to the fourth piece of all this, which is agentic service delivery. I talked a little bit about that in my prepared remarks.

隨著這些案例成熟，我們預期可量化的業務影響將在 26 年下半年開始浮現，之後持續加速；這也引出第四個部分，也就是代理式（agentic）服務交付。我在事先準備的發言中稍微談到過。

Again, given the operational intensity of what we do, the opportunities are just manifest for us. We have agent-enabled service delivery that will come online in July. And we're, at the same time, put forth what we're calling the AI foundry to be able to do this and repeat this.

同樣地，考量到我們所做工作的營運密集度，對我們而言機會非常明顯。我們的代理（agent）賦能服務交付將在 7 月上線。同時，我們也推出我們稱之為 AI 鑄造廠（AI foundry）的東西，以便能夠做到這件事並可重複擴展。

The longer-term question that you're asking is do you think it destroys the business model. We don't see that. Now at the same time, we also see that these are widely available tools. There's nothing proprietary here. So it is how you actually deploy them. John talked about in his remarks, how you actually turn that, not just into operational improvement, but create real agility in the way the organization operates.

你問的長期問題是：你是否認為它會摧毀商業模式。我們不這麼看。但同時我們也看到，這些工具是廣泛可得的。這裡沒有什麼專有的東西。所以關鍵在於你如何實際部署它們。John 在他的發言中談到，你如何把它不只是轉化為營運改善，而是創造組織運作方式上的真正敏捷性。

And what does that mean right? It's -- many of these businesses have grown up organized the way they are going back years and years. A lot of that won't make sense any longer. We're already seeing that change in our organization in terms of how we think about those things.

那這代表什麼，對吧？就是——許多這些企業多年來一直以既有方式組織運作。其中很多將不再合理。我們已經在我們的組織中看到這種改變，反映在我們如何思考這些事情上。

So the real power of exploitation, first is deploying the technology, but second is recognizing what it means for how you square off against clients and how you actually organize -- and organize the work internally. But for us, we see this as an opportunity, more opportunities than risk.

所以真正的運用力量，第一是部署技術；第二是理解這對你如何面對客戶、以及你如何組織——並在內部組織工作——意味著什麼。但對我們而言，我們把這視為機會，機會多於風險。

Three words -- sorry --

三個字——抱歉——

Go ahead. You go ahead, Mike.

請說。你先說，Mike。

No, the three words, quote, annual business impact, unquote. Can you -- is it bigger than a bread box? You said starting late this year or next year, again, only one bank has given any numbers -- financial numbers around this. So maybe my expectations are low for the answer, but could you dimension this in any way?

不，我的三個字是：「年度業務影響」（annual business impact）。你能——它有大到值得一提嗎？你說從今年稍晚或明年開始；再說一次，只有一家銀行給過任何數字——與此相關的財務數字。所以也許我對答案的期待不高，但你能用任何方式幫我們界定一下規模嗎？

Yeah. I mean, I'll go ahead and articulate the framing around that, Mike. I think it's going to start scaling in the second half of '26, and we're going to dimension what the impact is going to be over the medium term. It will be very meaningful and it will be a very important pillar of how we're going to drive value and financial bottom-line impact as well as expanding resources to continue to invest in our strategic road map.

是的。我的意思是，我先把這個的框架說清楚，Mike。我認為它會在 26 年下半年開始擴大規模，而我們會在中期維度上界定其影響會是什麼。它會非常有意義，並且會成為我們推動價值與財務損益影響的重要支柱，同時也能擴充資源以持續投資我們的策略路線圖。

So it will do double duty, and we'll be very transparent about that medium-term expectation. And as we get into later in the year, when we start looking at run rate benefits as we're exiting '26 into '27, we'll come back around and articulate what that near-term benefit will be.

所以它會一舉兩得，而我們也會對這個中期預期非常透明。而當我們進入今年稍晚、開始觀察在 26 年結束進入 27 年時的運行率（run rate）效益，我們會再回來說明那個短期效益會是什麼。

Okay. So if you -- we'll get this on the second quarter earnings call or -- and/or you'll have like a conference in Boston with lobsters like you did a few decades ago or something in between that?

好的。所以如果你——我們會在第二季財報電話會議上聽到，或——以及／或者你們會像幾十年前那樣在波士頓辦個有龍蝦的會議之類的，或介於兩者之間？

Earnings call. I wasn't around for the lobsters, but sounds interesting, but no, it will be on the earnings call.

財報電話會議。我沒趕上龍蝦那段，但聽起來很有趣；不過不會，會在財報電話會議上。

All right. Thank you.

好。謝謝。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行（Bank of America）。

I missed the lobsters, too, John. So if you're feeling bad about it. But -- maybe I wanted to follow up, like you spent some time in your prepared remarks just around tokenization, your digital asset platform. If you don't mind, talk to us -- should we think about all of this as mostly retaining the customer activity that you already have, but it's just moving from analog to digital to take a comp? Or are there new revenue opportunities that you think that will surface as a result of tokenization and moving on-chain?

我也錯過龍蝦了，John。所以如果你因此覺得遺憾的話。不過——我想追問一下：你在事先準備的發言中花了一些時間談到代幣化（tokenization）、你們的數位資產平台。如果你不介意，跟我們談談——我們是否應該把這整件事主要視為留住你們既有的客戶活動，只是從類比轉向數位、以便做可比（comp）？還是你認為代幣化與上鏈（moving on-chain）會帶來新的營收機會？

Yeah. Ebrahim, I would say it's both. I mean, obviously, given the nature of our client base and our market share with the most sophisticated clients, you'd expect -- they expect from us and you'd expect us to be delivering the best that the market has to offer to them. But if you think about some of the use cases, they're all very real in terms of the tokenization of assets. That's in the end net new opportunity for us.

是的。Ebrahim，我會說兩者都有。我的意思是，顯然，鑑於我們客戶基礎的性質，以及我們在最成熟客戶中的市佔率，你會預期——他們對我們的期待，以及你也會期待我們能為他們提供市場上所能提供的最佳方案。但如果你想想一些使用情境，就資產代幣化而言，它們都非常真實且具體。而這最終對我們而言是淨新增的機會。

And we talked and we've talked to you before in other venues about tokenized money market funds. I mean, that's a real use case and it's beneficial to the market. It's beneficial to liquidity and will result in more revenues for us.

而且我們也談過——我們之前在其他場合也跟你談過——代幣化的貨幣市場基金。我的意思是，那是一個真實的使用案例，並且對市場有益。它有利於流動性，並將為我們帶來更多收入。

The whole on-ramp, off-ramp bridge from, quote, traditional finance to digital finance is also a real opportunity. I mean, what I'm -- the way to think about what's going on here, is there's lots of new railroads being manufactured and being laid.

從所謂傳統金融到數位金融的整個入金（on-ramp）、出金（off-ramp）橋樑，同樣也是一個真實的機會。我的意思是，我——看待目前正在發生的事情的方式是：有許多新的「鐵路」正在被製造並鋪設。

There's not yet the interchange to those. And that's a very real thing. And when you think about everything that whether it's the stablecoin providers are doing or some of the other digital platforms. Again, the volumes are growing fast, but again -- off a very small base. And part of the reason for that is the on-ramps and off-ramps really are underdeveloped at this point.

但目前還沒有與之對接的「轉運枢紐／互通機制」（interchange）。而那是非常真實的問題。當你去想不論是穩定幣提供商正在做的事，或是其他一些數位平台正在做的事。再說一次，量正在快速成長，但同樣——是從非常小的基礎起步。而其中一部分原因在於，目前入金與出金通道確實仍不夠成熟。

Being part of that on-ramp/ off-ramp and providing that infrastructure is a second source of new revenues, so we see it as both going forward.

成為該入金／出金的一部分並提供那套基礎設施，是第二個新增收入來源，因此我們認為未來兩者都會發生。

Got it. And maybe just sticking with that, Ron, are there opportunities? Or should they -- like, is this all built in-house in terms of when you think about tapping into this? Or are they like very targeted digital asset platforms or capabilities as this infrastructure build-out that you would look at and where M&A would make sense? Or does it not quite exist, given just how new all of this is?

了解。那也許就沿著這點，Ron，有沒有機會？或者他們——比如說，當你想到要切入這一塊時，這些是否全部都在內部建置？還是說，在這個基礎設施建置過程中，有一些非常聚焦的數位資產平台或能力，你會去評估，並且在哪些情況下併購（M&A）會有意義？或者因為這一切都還很新，所以其實還不太存在？

Ebrahim, as you know, we always think about that. We always think about the make versus buy decision. And even on the make decision, M&A is one, but partnerships are another. So we've got this product that we've referred to that's -- with Galaxy. I mean, that's a partnership with Galaxy. We'll continue to explore that.

Ebrahim，如你所知，我們一直都會思考這件事。我們一直在思考自建（make）與外購（buy）的取捨。即便是在自建的選項下，併購是一種方式，但合作夥伴關係也是另一種。所以我們有一個我們提過的產品——是與 Galaxy 合作的。我的意思是，那就是與 Galaxy 的合作夥伴關係。我們會持續探索。

There are -- we're very tied into the to the emerging fintech platforms, not only here in the US but in other hotspots of fintech development. There's hotspots in Europe, there's hotspots in India, we're very tied into those. So we'll continue to explore the M&A. But we also have a lot of confidence in our own organic capabilities and our ability to build this out, so it will be all of the above.

我們——與新興的金融科技平台連結非常緊密，不僅在美國，在其他金融科技發展的熱點地區也是如此。歐洲有熱點、印度也有熱點，我們都與那些地方保持非常緊密的連結。所以我們會持續探索併購。但我們也對自身的有機能力以及把這些建置出來的能力很有信心，因此會是多管齊下。

Got it. Thank you.

了解。謝謝。

Brennan Hawken, BMO Capital Markets.

BMO 資本市場的 Brennan Hawken。

Good morning. Thanks for taking my question. John, you gave some really clear color on deposit trends and how those feed into the NII. Thanks for that. I was curious about expectations around the euro and GBP deposits. Those beta, specifically, the forward curve there has on hawkish with two hikes the outlook.

早安。謝謝讓我提問。John，你對存款趨勢以及它們如何影響淨利息收入（NII）提供了非常清楚的說明。謝謝。我想了解你們對歐元與英鎊存款的預期。那些存款的 beta（存款利率傳導係數）——特別是那邊的遠期曲線偏鷹派，展望中有兩次升息。

Are those hikes included in your updated outlook? And the betas on those currencies were low during the recent rate cuts. So therefore, should we expect -- can you tell us about your expectations for betas when those rates are moving up? Thanks.

你們更新後的展望是否已納入那些升息？而且在近期降息期間，這些貨幣的 beta 很低。因此，我們是否應該預期——你能否談談當利率上升時，你們對 beta 的預期？謝謝。

Yeah. Sure. So a couple of thoughts related to that. So in the guide, we have an assumption of one hike in and we've got the Bank of England and the Fed on hold. But we've got the ECB in for one hike. We acknowledge that currently, it appears that there could be more than one.

是的。當然。所以針對這點有幾個想法。在指引中，我們假設有一次升息，並且我們假設英國央行與聯準會按兵不動。但我們假設歐洲央行（ECB）會有一次升息。我們也承認，目前看起來可能不只一次。

Just from a sensitivity standpoint, it's not a huge driver on a quarterly basis. I think, we've communicated previously around $5 million a quarter. So you can basically build that in from a sensitivity standpoint. And the other question that you wanted to talk about?

就敏感度而言，它在季度層面不是很大的驅動因素。我想我們之前溝通過大約每季 500 萬美元。所以從敏感度角度，你基本上可以把它納入。那你想談的另一個問題是？

Just whether you expect the betas to remain low as they were during the cut.

就是你們是否預期 beta 會像降息時那樣維持在低檔。

Yeah. I mean, I think I'd say that the betas in the -- and really, it's US dollar and euro, but the betas for US dollar pretty much is in the range symmetrically in terms of the tightening cycle and the easing cycle. They've been relatively symmetric and then in terms of the betas for the euro, probably a similar expectation to be lower than the US, maybe in the 50% range versus the 75% to 80% that you'd see in the US but relatively symmetrical on the up and down.

是的。我的意思是，我想我會說，beta——其實主要是美元與歐元——美元的 beta 在緊縮循環與寬鬆循環中，大致上是對稱的區間。它們相對對稱；至於歐元的 beta，我們可能也預期類似情況：會低於美元，可能在 50% 左右，相較於你在美國會看到的 75% 到 80%，但在上行與下行方面相對對稱。

Got it. That makes a lot of sense. And then for my follow-up, Ron, you spoke to not expecting much from ETF into your [ETF] business from some of these changes that the wealth management firms are working on, which makes a lot of sense. I know it's not -- active ETFs aren't big for you, but there's a little confusion, I think, around space. And given your strong position in the ETF oligopoly, I'm curious of your perspective.

了解。這很合理。那我的追問是，Ron，你提到你不預期這些財富管理公司正在推動的一些變化，會讓 ETF 對你們的 [ETF] 業務帶來太多影響，這很合理。我知道——主動式 ETF 對你們來說不是很大，但我覺得市場上對這個領域有些混淆。鑑於你們在 ETF 寡占格局中的強勢地位，我想聽聽你的看法。

So it seems as though there's a higher rate being discussed on the active ETF side, which makes sense. There's better expense ratios or higher fee rates in those products versus the passive. Is that sense what I'm hearing from my channel checks and wealth. Is that right? And does that speak to why you think that the impact will be pretty de minimis or manageable for your ETF business providers? Thanks.

看起來主動式 ETF 這邊正在討論較高的費率，這也合理。這些產品相較於被動式產品，有更好的費用率（expense ratios）或更高的收費率。這是我從通路訪查與財富管理端聽到的感覺。是這樣嗎？而這是否也說明了為什麼你認為對你們 ETF 業務服務提供者的影響會相當有限（de minimis）或可控？謝謝。

There's a lot in that question, Brennan. The active ETFs are absolutely growing, and we're seeing -- we're the beneficiary of that in our servicing business. And I think one of the reasons why they're growing in addition to the vehicle in many cases, simply being a better vehicle and also aligned with the way distribution has gone either within the traditional wirehouses where you want to have control over how the portfolios are put together or with the rise of the independents.

這個問題包含很多內容，Brennan。主動式 ETF 的確在成長，而我們也正在看到——我們在託管／基金服務（servicing）業務上是受益者。我認為它們成長的原因之一，除了在許多情況下這種載體本身就是更好的載體之外，也與通路演變的方向一致：不論是在傳統券商通路（wirehouses）中，你希望能掌控投資組合如何建構，或是隨著獨立理財顧問（independents）的崛起。

But the buyer's fee comparison is less about the active ETF versus the passive ETF and much more around the active mutual fund versus the active ETF. So I think that's also helped with the value proposition there.

但買方的費用比較，與其說是主動式 ETF 對被動式 ETF，不如說更多是主動式共同基金對主動式 ETF。所以我認為這也強化了那裡的價值主張。

We see -- and because of our platform, we can realize opportunity in ETF growth literally around the world, right? So we talked a little bit about -- John talked a little bit about the growth that we've seen in Europe. That was -- we were early on there, both as a sponsor and as a servicer and it was slow growth at the beginning, but you're seeing a much bigger take-up.

我們看到——而且因為我們的平台，我們確實能在全球各地把握 ETF 成長的機會，對吧？所以我們稍微談到——John 也稍微談到——我們在歐洲看到的成長。那是——我們很早就進入那裡，無論是作為發行方（sponsor）還是作為服務提供者（servicer），一開始成長較慢，但你現在看到採用率大幅提高。

We actually think that the real growth is yet to come in Europe. Why do I say that? Because the distribution in Europe is still largely bank based. Yet there's a lot of platforms and alternatives to banks that are going after them. They will employ and deploy ETFs as the tool. And again, we'll help us both on the sponsor side and the servicing side.

我們其實認為，歐洲真正的成長還在後面。我為什麼這麼說？因為歐洲的分銷仍然主要以銀行為基礎。但同時，有很多平台以及銀行以外的替代者正在搶攻這些客群。他們會把 ETF 作為工具來採用並部署。而且同樣地，這會在發行方端與服務端兩方面都對我們有利。

You look even in places like the Middle East and the funds business in places like the UAE and Saudi -- I just came back from Saudi earlier this week, my second trip to the Gulf this year, you're just seeing those countries skipping over the old mutual funds and use it and going right to ETFs and building modern platforms around ETFs. So all of this we see as real tailwind there.

你甚至看看中東這些地方，以及像阿聯酋與沙烏地這些地區的基金業務——我本週稍早才從沙烏地回來，這是我今年第二次去海灣地區——你會看到這些國家正在跳過舊式共同基金，直接轉向 ETF，並以 ETF 為核心建立現代化平台。所以我們把這一切都視為非常實質的順風。

If you're a distributor, like a Schwab, obviously, you want to get paid for this, and they're going to do what they need to do to be appropriately compensated. At the same time, every distribution platform is going to have to look at what are other distributors are doing. And there's emerging a lot of these tech-forward, tech-driven distribution platforms that are going to provide competition to them.

如果你是像 Schwab 這樣的分銷商，顯然你希望因此獲得報酬，而他們也會採取必要作法以取得合理補償。同時，每一個分銷平台都必須觀察其他分銷商在做什麼。而且正有許多以科技為先、由科技驅動的分銷平台崛起，將對他們形成競爭。

So it's a vibrant sector. There's a lot of growth in it and we think we're just very well positioned both as a sponsor and servicer.

所以這是一個充滿活力的領域。其中有很多成長，我們認為無論作為發行方或服務提供者，我們都處於非常有利的位置。

Great. Thanks for taking my questions.

很好。謝謝回答我的問題。

David Smith, Truist Securities.

Truist Securities 的 David Smith。

Thanks. Good morning. On the capital front, you've been running more at the high end of the 10% to 11% CET1 range for most of the last year, but you're in the middle of the range this quarter. Are you now more comfortable running into the range? Or is this just a transitory move down given the elevated balance sheet at the end of March.

謝謝。早安。在資本方面，過去一年大多時間你們的 CET1 比率都維持在 10% 到 11% 區間的高端，但本季是在區間中段。你們現在是否更能接受在區間內運行？還是這只是因為 3 月底資產負債表偏高而造成的短暫下滑？

Then if you could give any early impressions on potential impact of the new RWA and G-SIB surcharge rules proposed last month. And also clarify if the 80% payout ratio target, is that on a GAAP or adjusted earnings basis. Thank you.

另外，如果可以的話，請分享一下對上個月提出的新 RWA 與 G-SIB 附加費（surcharge）規則可能影響的初步看法。也請釐清 80% 的配發率目標，是以 GAAP 還是以調整後盈餘為基礎。謝謝。

Sure. Yeah. So I'll take those one at a time here. So -- the -- our operating range is 10% to 11%, and we've articulated recently that it is -- that we've been operating at the upper end of that range. That hasn't changed.

當然。是的。我會逐一回答。我們的營運區間是 10% 到 11%，而我們最近也說明過——我們一直是在該區間的上緣運行。這點沒有改變。

You can see some variability on quarter end where we report on any given day just given what could happen. And it just so happened that March 31 was an exceptionally active day, and there were some larger movements on that day that maybe drove this to the level of 10.6%.

你會看到在季末，我們在任何特定一天所揭露的數字可能會有些波動，因為當天可能發生各種情況。而 3 月 31 日剛好是非常活躍的一天，當天有一些較大的變動，可能把比率推到 10.6% 這個水準。

If you were to look at the averages for the fourth quarter and the first quarter, average CET1 was in the upper end of 10% to 11%, and that's how we're continuing to operate. So nothing new to communicate there.

如果你看第四季與第一季的平均值，平均 CET1 仍在 10% 到 11% 區間的上緣，而我們也會繼續以這樣的方式運行。所以這部分沒有新的訊息需要補充。

I think the second one that you asked about was related to Basel III and -- yeah. And I think -- I mean, so we're pretty constructive on the proposed approach. I think it's delivering on the expectation that there would be a more targeted view of credit risk RWA.

我想你問的第二個問題是跟巴塞爾 III 有關——是的。我認為——我們對這個提案的方向相當正面。我認為它符合市場預期，也就是會以更具針對性的方式來看待信用風險 RWA。

And I think that's played through. And it's our expectation that we'll see a benefit in the credit risk RWA side of things. That is expected to exceed the additional RWA that we'll have to provide on the operating risk -- operational risk front.

而我認為這點已經反映在提案中。我們預期在信用風險 RWA 方面會看到好處。而這項好處預期將超過我們在營運風險——也就是作業風險——方面需要額外計提的 RWA。

So we'll have to frame this and think about magnitude as we continue to study it and determine what the finalization of these rules will be, which will happen over time. But generally, reasonably constructive on the proposal, and it's going to be a net benefit, it appears for us.

因此，隨著我們持續研究並判斷這些規則最終定案的內容（這會隨時間推進），我們還需要進一步界定並思考其影響幅度。但整體而言，我們對該提案相當正面，看起來對我們會是淨受益。

And then lastly, as it relates to the 80%, that's on a GAAP basis in terms of the payout.

最後，關於 80%，配發是以 GAAP 口徑為基礎。

All right. Thank you.

好的。謝謝。

Manan Gosalia, Morgan Stanley.

Morgan Stanley 的 Manan Gosalia。

Hi. Good afternoon. So just on the private credit side. I appreciate all the incremental disclosure on the NDFI loans. It looks like the majority of those loans are all non-BDC loans, and you also mentioned some of the safeguards that you have on the BDC loans themselves. So maybe the question is, how are you thinking about growth in that NDFI portfolio going forward? And how do you assess the safety around that portfolio?

嗨。午安。我想問一下私募信貸（private credit）這一塊。我很感謝你們對 NDFI 貸款提供的新增揭露。看起來其中大多數貸款都是非 BDC 貸款，而你們也提到在 BDC 貸款本身有一些風險控管措施。所以問題可能是：你們未來如何看待該 NDFI 投資組合的成長？以及你們如何評估該投資組合的安全性？

Yeah. I mean, when you think about all the other categories, this is, in essence, who we serve. These are our clients, non-depository financial institutions, broadly are an important part of how we support that customer segment. And these are Investment Services clients, by and large, and as part of the broad suite of services we provide them, we support them from a balance sheet standpoint.

是的。我的意思是，當你把其他類別都放在一起看，這本質上就是我們服務的對象。這些是我們的客戶——非存款類金融機構（NDFI）——廣義而言，是我們支持該客群方式中的重要一環。而這些多半是投資服務（Investment Services）的客戶；作為我們提供給他們的整體服務組合的一部分，我們也會從資產負債表的角度來支持他們。

So this is highly strategic lending for us when you see NDFIs and each of these categories are extremely well positioned from a risk return credit risk profile standpoint. We've never had losses in subscription finance or in the AAA CLO book. And that's really the large majority of the NDFI book is in that space, and we wanted to make it clear that just how high quality these categories are. We're down to $1.6 billion in the actual BDC lending.

因此，當你看到 NDFI 時，這對我們而言是高度策略性的放款，而且這些類別在風險報酬與信用風險輪廓上都非常有利。我們在認購融資（subscription finance）或 AAA 級 CLO 投資組合上從未發生損失。而 NDFI 投資組合的絕大部分正是在那個領域；我們也希望清楚說明這些類別的品質有多高。我們實際的 BDC 放款已降至 16 億美元。

I would highlight that the points made on the slide with respect to that these are senior secured with substantial subordination on them, 80% subordination sitting behind the positions that we have in the BDC space that have diversified with ongoing structural protections.

我想強調投影片上的重點：就這部分而言，這些部位是優先擔保（senior secured），且具有相當程度的次順位（subordination）；在我們於 BDC 領域持有的部位之後，有 80% 的次順位作為緩衝，並且具備分散化與持續性的結構性保護。

This is -- this will be a growth area for us. And you could see low to mid-single-digit growth and commensurate with our continued penetration of this customer segment, which is really attractive for us. And I think we're feeling very good about the profile here.

這——這將會是我們的成長領域。你可能會看到低到中個位數的成長，並與我們持續滲透這個客群的進展相一致；這對我們非常有吸引力。而我認為我們對這裡的輪廓感到非常有信心。

Great. And on the private market, private credit servicing business, you made several investments there over the past few years. Do any of the pressures that we're seeing here on the private credit side impact that business?

很好。另外在私募市場、私募信貸服務（servicing）業務方面，你們過去幾年做了多項投資。我們目前在私募信貸端看到的一些壓力，是否會影響那項業務？

Yeah. I mean, there's some impacts. I mean, I think that to the extent that you have elevated redemption requests, that can have a marginal impact. It's pretty limited, however. I mean, -- and frankly, the round trip is a net positive for us when you think about elevated redemption requests that may come in, in the private space, that could have a small impact on servicing fees, but it actually results in higher deposits.

是的。我的意思是，確實有一些影響。我的意思是，我認為在贖回申請偏高的情況下，可能會帶來些微影響。不過影響相當有限。我的意思是——坦白說，當你考慮到在私募領域可能出現較高的贖回申請時，這種「來回」交易對我們而言是淨正面；它可能對服務費帶來小幅影響，但實際上會帶來更高的存款。

And so there's a balancing force here with respect to, in the near term net-net, very stable in terms of revenues and fees and just don't see a huge impact here to -- here in the first quarter, which we think is more of a temporary flow-related issue rather than a broad systemic issue.

因此在這裡存在一股平衡力量；就短期而言，整體（net-net）在收入與費用方面非常穩定，我們也不認為在第一季會看到很大的影響——我們認為這更像是與資金流動相關的暫時性問題，而非廣泛的系統性問題。

Yeah, I think it's also important to remember that all this attention on these products and redemptions is really around a very, very small piece of the private credit market. It's around those that are put into funds and available on a semi-liquid basis to investors. The vast majority of private credit is not in those kinds of structures.

是的，我認為也很重要的一點是要記住，市場對這些產品與贖回的所有關注，其實只圍繞私募信貸市場中非常、非常小的一部分。主要是那些被放入基金、並以半流動性方式提供給投資人的產品。絕大多數的私募信貸並不在這類結構之中。

And there's nothing -- no reason to believe that private credit won't continue to grow. It's unlikely that you're going to see significant expansion of bank balance sheets in Europe or Asia. So yet the appetite for credit will continue to grow.

而且沒有任何——沒有理由相信私募信貸不會持續成長。你不太可能看到歐洲或亞洲的銀行資產負債表大幅擴張。因此，對信貸的需求仍將持續成長。

You even think about bank intensive kinds of markets, again, like the GCC -- if you look at those banks, highly profitable banks, but those -- they don't have a lot of places for bank balance sheets to grow. And if you think about the capital needs of that region that we're already there today or before March 1 and what those capital needs are going to be going forward.

你甚至可以想想那些銀行主導（bank intensive）的市場，例如海灣阿拉伯國家合作委員會（GCC）——如果你看那些銀行，它們獲利能力很強，但——它們的資產負債表其實沒有太多成長空間。再想想該地區的資本需求：我們今天已經在那裡（或在3月1日之前就已在那裡），以及未來這些資本需求將會是什麼樣子。

There's -- that's just yet another pocket of -- that will need to be fulfilled by private credit in some form. I do think what you will see is a careful examination of these vehicles. And what actually goes in them, how do you manage expectations of retail and affluent investors appropriately. But again, that's a relatively small segment of the marketplace.

那——這只是另一個——需要以某種形式由私募信貸來滿足的市場區塊。我確實認為你會看到對這些載體（vehicles）進行更審慎的檢視。以及實際放入其中的是什麼、如何適當管理零售與高資產投資人的預期。但再說一次，那只是市場中相對小的一個區段。

And maybe an extension to that, too, just to tie it back to that $1.6 billion that you're seeing on our slide, Ron's point about those that are in that nonpublic, semi-liquid space. It's less than half of that $1.6 billion. And the overall BDCs are 4% of loans, so less than half of those.

也許再延伸一下，把它跟你在我們投影片上看到的16億美元連結起來，呼應Ron提到的那些位於非公開、半流動性領域的部分。那部分不到這16億美元的一半。而整體BDC只占貸款的4%，所以其中不到一半。

So in around the 2% or less, are in the space that's getting a lot of the headlines and then it's well less than 1% of total assets just to wrap it all back together with the point you heard from Ron.

所以大約在2%或更低的比例，位於目前獲得大量媒體標題的那個領域；而把Ron的觀點整體串起來看，這部分占總資產的比例遠低於1%。

Got it. I appreciate all the details. Thank you.

了解。感謝你提供這麼多細節。謝謝。

Vivek Juneja, JPMorgan.

Vivek Juneja，摩根大通。

Thanks. A couple of questions. Firstly, you had a scoping charge of $41 million. This was the second one in the last 12 months. Is it -- can you give us some color? Is it the same client -- what -- is it the same type of issue? It doesn't seem like it, but I just want to not make assumptions. What's driving these and why have we seen twice in the last 12 months?

謝謝。我有幾個問題。第一，你們有一筆4,100萬美元的範疇調整費用（scoping charge）。這是過去12個月內的第二次。能否——請你提供一些背景？是同一個客戶嗎——或——是同一類型的問題嗎？看起來不像，但我只是想避免自行假設。這些費用是由什麼驅動？為什麼過去12個月會出現兩次？

Yeah. Vivek, it's Ron. It's -- these are idiosyncratic. It's not the same client, and it's not for the same reason. In this case, it was a -- it's an existing Alpha client, and it will remain an Alpha client.

是的。Vivek，我是Ron。這——這些是個別事件（idiosyncratic）。不是同一個客戶，也不是同樣的原因。這次是——是一位既有的Alpha客戶，而且他們仍會是Alpha客戶。

It was one part of their in-source to outsource journey. So we serve them in our middle office business. They had intended, and we were working with them to help outsource more of that and we mutually agreed that this was not the time for them to continue that outsourcing journey. So it's within the middle office and it's an in-source versus outsource decision that the client has made.

這是他們從內部自建（in-source）走向外包（outsource）的旅程中的其中一部分。我們在中台業務為他們提供服務。他們原本打算、而且我們也正與他們合作以協助外包更多內容，但我們雙方同意，現在不是他們繼續推進外包旅程的時點。所以這是在中台範圍內，屬於客戶所做的自建與外包之間的決策。

And it's not the same underlying drivers that drove the decisions in both of the client scoping changes?

所以，這兩次客戶範疇變更（client scoping changes）的決策背後，並不是相同的根本驅動因素？

No.

不是。

Okay. Different topic. Ron, you made a comment about the Schwab charging a fee for their distribution platform. I want to clarify your response. Will you absorb it? Or will you be able to -- will you pass it on? What's the plan with that?

好的。換個主題。Ron，你提到Schwab會對其分銷平台收取費用。我想釐清你的回應。你們會自行吸收嗎？還是你們能——會把它轉嫁出去？對此的計畫是什麼？

Yeah. We don't have a concrete plan yet because we haven't seen what the final is here. I mean, we'll figure out what we what we'll do once we see what it is. And once we know that, we'll come back to you.

是的。我們目前還沒有具體計畫，因為我們還沒看到最終方案是什麼。我的意思是，我們會在看到具體內容後再決定我們要怎麼做。一旦我們知道了，我們會再回來跟你說明。

Okay. Lastly, if you look in to me for one, this is John Woods, just a little detail. The charge-off jump you saw this quarter, any -- what type of loan? Any color on that?

好的。最後，如果你們不介意我補充一個，這是John Woods，我想問一點細節。你們這一季看到的核銷（charge-off）跳升，是哪一類貸款？能否提供一些背景？

Yeah. This is -- this would be a COVID commercial loan. So just coming out of some high-margin contracts that a name was able to execute back in, call it, the 2021 period when those rolled off, they went in, they had some pressure and went into nonaccrual. And we took the opportunity to exit the name. We had it substantially reserved for.

是的。這——會是一筆COVID期間的商業貸款。也就是說，某個客戶在大約2021年期間能夠執行一些高利差合約；當那些合約到期後，他們承受了一些壓力並進入停計息（nonaccrual）。我們把握機會退出這個案子（name）。我們對它已經提列了相當程度的準備。

So it's not really a big P&L impact but we decided to crystallize it and move on from the name in the first quarter, and that's what drove the charge-off. So nothing that really extends into the other portfolios. And it didn't have anything to do with NDFI or anything else.

所以對損益表（P&L）的影響其實不大，但我們決定在第一季把它確定下來（crystallize）並從這個案子抽身，這就是核銷的原因。因此沒有什麼會延伸到其他投資組合。而且這與NDFI或其他任何事情都無關。

Okay. Thanks.

好的。謝謝。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

Hi. Good morning. This is actually Sharon Leung filling in for Steven today. Just wanted to ask, I really appreciate the color on the drivers of the expense growth, including the 4% from net productivity phase. Just wanted to ask, given the head count was down 2% year on year, how much did that contribute to the overall efficiency savings? And then looking ahead, do you see the potential for further headcount optimization from here?

嗨。早安。今天其實是Sharon Leung代替Steven出席。我想問一下，非常感謝你們說明費用成長的驅動因素，包括淨生產力階段（net productivity phase）帶來的4%。我想問的是，鑑於人員編制（headcount）年減2%，這對整體效率節省貢獻了多少？另外往前看，你們是否認為從現在起仍有進一步優化人力編制的空間？

Yeah. I mean, headcount will clearly be something that we'll think about. But I would say there are puts and takes there. We're growing businesses, and we're investing in businesses. And we may be -- and really what we're doing is thinking about how these gross productivity levers that we're engaging in by getting much more automation and by reengineering processes and by zero basing those processes, we're finding ways to reduce reliance on as many headcount as we've had before, but we're using that net-net as ability to go higher in other areas.

是的。我的意思是，人力編制顯然會是我們會思考的事情。但我會說這裡面有取有捨。我們的業務在成長，我們也在投資業務。而我們可能會——其實我們正在做的是思考：透過大幅提升自動化、重新設計流程，以及對這些流程採取零基礎檢視，我們正在啟動這些整體生產力槓桿，並找出方法降低對過往那麼多員工人數的依賴；但從淨額角度來看，我們也會把這種能力用在其他領域加大投入。

So round trip, there will be an expectation of continuing contributions from headcount, but there are puts and takes as we're continuing to invest in other places. But -- so it's a meaningful portion of the productivity of 4%.

所以整體來看，會預期人力編制仍將持續帶來貢獻，但在我們持續於其他地方投資的同時，也會有取有捨。不過——所以它是4%生產力中相當有意義的一部分。

Great. Thank you so much.

很好。非常感謝。

Gerard Cassidy, RBC.

RBC 的 Gerard Cassidy。

Good afternoon, gentlemen. John, can you talk to us -- you've had obviously some real strong positive operating leverage, identified ninth consecutive quarter, excluding the notable items, of course. How much of the positive operating leverage -- and I guess this plays into your pretax margin comments as well, how much of it is structural, meaning your scalable platform that you guys have built [like] mix shift versus cyclical tailwinds like the FX volatility or rising market levels?

各位先生，下午好。John，你能跟我們談談——你們顯然展現了相當強勁的正向營運槓桿，這是連續第九個季度（當然不含重大項目）。這些正向營運槓桿有多少——我想這也與你對稅前利潤率的評論相關——有多少是結構性的，也就是你們建立的可擴展平台（例如組合結構轉移）所帶來的，而不是像外匯波動或市場水準上升這類週期性順風？

Yeah. I'd say -- Gerard, it's a good question. I would tell you that across the board, we've had organic growth in the quarter, and that's been really something that you can -- you will be durable is multiyear investments and business execution and a sales culture that is starting to pay dividends.

是的。我會說——Gerard，這是個好問題。我會告訴你，我們本季各方面都有有機成長，而這確實是你可以——你會看到其具備持久性，因為這來自多年期投資、業務執行，以及正在開始帶來成果的銷售文化。

So we're seeing organic growth across all of our line items. As I mentioned earlier, all the investments that we've made in geographic expansion and product capabilities in the Markets business, which from a distance, you might say, is purely environmental; it's really not.

所以我們在所有的項目上都看到有機成長。如我先前提到，我們在 Markets 業務的地理擴張與產品能力上所做的所有投資，從遠處看你可能會說這純粹是環境因素；但其實不是。

I mean, it's also environmental, but it's not only environmental. There are long-term client relationships and platforms that we've built that our clients find very attractive and the connectivity between Markets and our Investment Services clients and Investment Management clients are very strong.

我的意思是，它也受到環境影響，但不僅僅是環境因素。我們建立了長期客戶關係與平台，客戶覺得非常有吸引力；而 Markets 與我們投資服務客戶及投資管理客戶之間的連結也非常強。

And therefore, I do think we have a durable opportunity to drive positive operating leverage that's attractive that will reflect itself in pretax margin improvements over time. Certainly, environmental factors can help that. But even without environmental factors, we believe we have a very attractive opportunity to grow pretax margin through positive operating leverage given all that organic commentary I just made.

因此，我確實認為我們有一個可持續的機會去推動具吸引力的正向營運槓桿，並會隨時間反映在稅前利潤率的改善上。當然，環境因素可以有所助益。但即使沒有環境因素，基於我剛才提到的所有有機成長評論，我們仍相信，透過正向營運槓桿來提升稅前利潤率，我們有非常具吸引力的機會。

Great. Thank you, John. And then, Ron, obviously, you and I have been around for a fair bit in the custody banks scale has always been so important to success and with all the investing in AI today, can you share with us -- do you think it's even a greater challenge for smaller players to compete against companies like your own and the money center banks in New York or your big competitor down there?

很好。謝謝你，John。接著，Ron，顯然你我在託管銀行這個領域也待了相當一段時間，規模一直是成功的關鍵；而在今天大家都在投資 AI 的情況下，你能否跟我們分享——你是否認為對較小的業者而言，要與像你們公司、紐約的貨幣中心銀行或你們在那邊的大型競爭對手競爭，挑戰變得更大了？

Just can you frame that out? Or is always been the same as just maybe it's more of a dynamic because everybody talks about AI. But how important is it to really have scale to successfully compete in this business?

你能否幫我們框架一下？還是其實一直都一樣，只是因為大家都在談 AI，所以看起來更具動態性？但要在這個業務中成功競爭，擁有規模到底有多重要？

I think it's a really good question, Gerard. I think that the importance of scale certainly hasn't gone down. If you think just about the investments required around technology and cyber and those kinds of things just to stay where you are, right?

我認為這是個非常好的問題，Gerard。我認為規模的重要性當然沒有下降。如果你只想想在科技、資安以及這類事情上，僅僅為了維持現狀所需要的投資，對吧？

Forget about growth, forget about new opportunities. The cost of doing that, which is either being imposed regulatorily on all the other players or increasingly by clients themselves who are saying, this is our expectation in terms of what we're going to expect and demand of you.

先別談成長，先別談新機會。做這些事情的成本——這些要求要嘛是監管面對所有其他業者施加的，要嘛是越來越多由客戶本身提出，他們會說：這就是我們對你們的期待，也就是我們將要求並希望你們達到的標準。

You then layer on to that, the real revolution that we're seeing both on the AI front and what it means, again, not just to bring the technology in, but to actually profit from it the scale, both around people, know-how, et cetera, is just really hard, I think, for a smaller player to do.

接著你再把我們在 AI 前沿所看到的真正革命疊加上去，以及它所代表的意義——同樣不只是把技術導入，而是要真正從中獲利——在人才、專業知識等等方面所需的規模，我認為對較小的業者來說真的非常困難。

And then you -- if you believe that we're moving towards this true digitization of finance, that will take time. So it's not just about showing up with the fancy new platform but recognizing that there's this long-term transition between digital and digital that there are these on-ramps and off-ramps that need to be built. And if that's -- if you want to make money, that's what you need to do, again, puts more scale requirements.

然後你——如果你相信我們正朝向金融真正的數位化邁進，那會需要時間。所以這不只是帶著一個很炫的新平台就能上場，而是要認知到在數位與數位之間存在一個長期的轉換期，期間需要建立這些上線入口與下線出口（on-ramps 和 off-ramps）。而如果——如果你想賺錢，這就是你需要做的事，這也再次提高了對規模的要求。

So I don't dismiss the innovators, and we look at them and we follow them. And in some cases, we partner with them and an even smaller number of cases, we buy them. But in terms of do we see one of those developing into a true scaled player to compete in this little pocket that we compete in, we're not seeing that.

所以我不會輕忽創新者，我們會觀察他們、追蹤他們。在某些情況下，我們會與他們合作；在更少數的情況下，我們會收購他們。但就我們是否看到其中某一家會發展成真正具規模的業者，來在我們所競爭的這個小利基領域與我們競爭而言，我們並沒有看到。

Very good. Thank you.

非常好。謝謝。

There are no further questions. I will now turn the call back over to Elizabeth Lynn for closing remarks.

沒有其他問題。我現在把電話交回給 Elizabeth Lynn 作結語。

Thank you, all, for joining us today. Please feel free to reach out to Investor Relations with any follow-up questions. Thank you, again, and have a nice day.

感謝各位今天加入我們。如有任何後續問題，歡迎隨時聯繫投資人關係部門。再次感謝，祝各位有美好的一天。