道富銀行 (STT) 2026 Q2 法說會逐字稿

Good morning, and welcome to State Street Corporation's second-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 年第二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. 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. The only authorized broadcast of this call will be on the State Street website.

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重播。道富的電話會議受著作權保護，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轉播或散布。本通話唯一授權的播出管道為道富網站。

Now I would 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 today's call are CEO, Ron O'Hanley; and our CFO, John Woods, who will review our second-quarter 2026 results and provide an update on our medium-term financial outlook. Both are included in our earnings presentation, which is available in the Investor Relations section of our website at investors.statestreet.com. Following prepared remarks, we will be happy to take your questions.

早安，感謝各位加入我們。今天與會者包括執行長 Ron O'Hanley，以及財務長 John Woods；他們將回顧我們 2026 年第二季的業績，並更新我們的中期財務展望。兩位的內容均收錄於我們的財報簡報中，該簡報可於 investors.statestreet.com 網站的投資人關係專區取得。準備好的發言結束後，我們很樂意回答各位的問題。

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，我想提醒各位，今天的簡報將包含以排除或調整一項或多項 GAAP 項目為基礎所呈現的結果。這些非 GAAP 指標與最直接可比的 GAAP 或監理衡量指標之調節表，已載於財報新聞稿附錄中。

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 should 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；相關因素包括我們今天討論內容以及向美國證券交易委員會（SEC）提交的文件中所提及者，其中包括 10-K 表格的「風險因素」章節。我們的前瞻性陳述僅截至今日為準；即使我們的觀點有所改變，我們亦不承擔更新該等陳述的任何義務。

With that, let me turn it over to Ron.

接下來，讓我把時間交給 Ron。

Thank you, Liz. Good morning, everyone, and thank you for joining us. Today, we'll focus on two key topics. First, we'll review our strong second quarter performance, the momentum we continue to build across the franchise and our improving outlook for 2026. We'll then discuss our new medium-term financial targets, which we released this morning.

謝謝你，Liz。各位早安，感謝各位加入我們。今天我們將聚焦兩個關鍵主題。首先，我們將回顧第二季強勁的表現、我們在整體業務版圖（franchise）持續累積的動能，以及我們對 2026 年展望的改善。接著，我們將討論今天早上發布的最新中期財務目標。

We are excited to outline the strategic pillars that will drive this next phase of State Street's growth the significant opportunities we see to further strengthen our compelling value proposition and competitive position and the actions we are taking to further transform our operating model. Together, these initiatives reinforce our confidence in our ability to deliver sustained growth, expand margins and returns, and create long-term value for our clients and shareholders.

我們很高興說明將推動道富下一階段成長的策略支柱、我們所看到可進一步強化具吸引力的價值主張與競爭地位的重大機會，以及我們為進一步轉型營運模式所採取的行動。這些措施共同強化我們的信心：我們有能力實現持續成長、擴大利潤率與報酬率，並為客戶與股東創造長期價值。

But first, let me begin with our second quarter highlights on slide 3. We delivered a strong set of financial results in the second quarter, driven by disciplined execution, deep client engagement, and continued momentum across our businesses. These results reflect the strength of our platform and position us well for continued progress as we look ahead.

不過首先，讓我從第 3 頁投影片的第二季重點開始。在嚴謹執行、深度客戶互動，以及各項業務持續動能的帶動下，我們第二季交出一組強勁的財務成果。這些結果反映我們平台的實力，並使我們在展望未來時，能夠為持續進展做好良好準備。

Second quarter EPS was $3.65, up from $2.17 in 2Q '25. Excluding prior year notable items, we delivered significant earnings growth of 44% year-over-year driven by record quarterly fee revenue, including record servicing, management, and FX trading revenues together with record NII, driving total quarterly revenue up 17% year-over-year to an all-time high. This performance drove continued margin expansion and stronger returns.

第二季每股盈餘（EPS）為 3.65 美元，高於 2025 年第二季的 2.17 美元。若排除前一年顯著項目（notable items），我們的獲利年增 44%，主要受創新高的單季手續費收入帶動，其中包含創新高的託管服務、資產管理與外匯（FX）交易收入，以及創新高的淨利息收入（NII），使單季總營收年增 17% 至歷史新高。此表現帶動利潤率持續擴張並提升報酬。

Taking a step back, this quarter's results reinforce the durability of our franchise and the sustained progress in our financial performance. 2Q marks our tenth consecutive quarter of positive operating leverage, excluding notable items, reflecting disciplined execution and the momentum we're building across the business. In addition to our strong 2Q financial results, we also meaningfully advanced our strategic agenda in the second quarter, further strengthening our franchises and positioning us for continued growth.

從更宏觀的角度來看，本季結果再次印證我們業務版圖的韌性，以及我們財務表現的持續進展。第二季是我們連續第十個季度在排除顯著項目後仍呈現正向營運槓桿，反映出嚴謹的執行力與我們在各項業務上累積的動能。除了第二季強勁的財務成果外，我們也在第二季大幅推進策略議程，進一步強化各項業務版圖，並為持續成長奠定定位。

Within Investment Services, innovation continues to be a key driver of future growth. For example, our digital asset platform is always on financial infrastructure that will enable clients to rapidly bridge from traditional to digital finance, and we continue to make strong progress in advancing this strategy.

在投資服務（Investment Services）方面，創新仍是未來成長的關鍵驅動力。例如，我們的數位資產平台是一套「永續運作（always on）」的金融基礎設施，可協助客戶快速從傳統金融銜接至數位金融；我們也持續在推進此策略上取得強勁進展。

In 2Q, we announced our intention to deliver a tokenized fund servicing capability by year-end, subject to regulatory approval. Following a competitive process, a leading European asset manager selected State Street to service tokenized money market funds expected to launch later this year.

在第二季，我們宣布計畫在年底前提供代幣化基金服務能力，但仍須取得監理核准。在競爭性遴選流程後，一家領先的歐洲資產管理公司選擇道富為其預計於今年稍晚推出的代幣化貨幣市場基金提供服務。

Importantly, State Street Investment Management is also expected to be an early adopter of this offering, underscoring the strength of our One State Street approach. Our investment management business continued its focus on innovation and product capability to position the franchise for sustained growth, and it demonstrated further evidence of the power of our franchises working together as an integrated One State Street.

重要的是，道富投資管理（State Street Investment Management）也預期將成為此項服務的早期採用者，凸顯我們「One State Street」整合策略的優勢。我們的投資管理業務持續聚焦創新與產品能力，以使該業務版圖具備可持續成長的定位；同時也進一步展現各業務版圖以整合的「One State Street」方式協同運作的力量。

In 2Q, Ninety One, a State Street Alpha client entered into a strategic partnership with State Street Investment Management, paving the way for a suite of active co-branded ETFs. This is a clear example of how we bring the value of our combined firm to clients for our One State Street approach as well as how we drive innovation within the industry, deploying our extensive expertise and capabilities to identify and create solutions for the world's investors.

在第二季，Ninety One（道富 Alpha 客戶）與道富投資管理建立策略合作夥伴關係，為一系列主動式聯名 ETF 鋪路。這清楚展現我們如何透過「One State Street」策略，將整體公司的綜合價值帶給客戶；也展現我們如何運用廣泛的專業與能力推動產業創新，為全球投資人辨識並打造解決方案。

We also recently announced that SPYM, our low-cost S&P 500 ETF has been selected by the US Department of the Treasury as the exclusive default ETF for Trump accounts. These accounts are designed to make investing simple and accessible giving children a straightforward opportunity to begin early in life as asset owners, benefit from the power of compounding, and stay invested over time to build wealth. We're proud to help Americans through that journey with SPYM.

我們近期也宣布，SPYM——我們的低成本標普 500（S&P 500）ETF——已獲美國財政部選定為 Trump 帳戶的唯一預設 ETF。這些帳戶旨在讓投資變得簡單且易於取得，讓孩子能以直接明瞭的方式在生命早期就開始成為資產持有人，受益於複利的力量，並隨時間持續投資以累積財富。我們很自豪能透過 SPYM 協助美國民眾走過這段旅程。

Turning to State Street Markets. We continue to demonstrate the strength of our integrated liquidity and financing capabilities, driving strong client activity. We experienced record FX trading volumes and revenues in the second quarter with securities lending also up significantly year over year. Our markets franchise provides industry-leading capabilities to our Investment Services clients, deepening client relationships, while driving revenue diversification and earnings growth.

接著談道富市場（State Street Markets）。我們持續展現整合式流動性與融資能力的優勢，帶動強勁的客戶活動。第二季外匯（FX）交易量與收入均創新高，證券借貸收入亦較去年同期顯著成長。我們的市場業務版圖為投資服務客戶提供業界領先的能力，深化客戶關係，同時推動營收多元化與獲利成長。

Before I turn the call over to John, let me briefly touch on the strength of our capital position, which was reflected in the Federal Reserve's recent stress test. Following the release of those results, we announced an increase to our quarterly common stock dividend of 10% to $0.92 per share beginning in the third quarter. Dividend growth remains an important component of our capital return as demonstrated by the double-digit average dividend per share growth we've delivered over the last four years.

在把電話交給 John 之前，我先簡要談談我們資本部位的強勁，這也反映在聯準會近期的壓力測試結果中。在結果公布後，我們宣布自第三季起將季度普通股股利提高 10% 至每股 0.92 美元。股利成長仍是我們資本回饋的重要組成部分，過去四年我們所達成的每股股利雙位數平均成長即為明證。

In closing, we delivered a strong second quarter, driven by disciplined execution, deep client engagement, and broad-based momentum across the franchise. Our results highlight the strength of our businesses both individually and as One State Street and the role innovation plays in driving performance today and growth ahead. We are encouraged by our progress and confident in our ability to continue delivering improved performance for the balance of the year and over the medium term, supported by solid financial and strategic momentum.

總結來說，在嚴謹執行、深度客戶互動，以及整體業務版圖廣泛動能的帶動下，我們交出強勁的第二季表現。我們的成果凸顯各項業務不論是單獨運作或以「One State Street」整合運作的實力，也凸顯創新在推動當前績效與未來成長中的角色。我們對進展感到鼓舞，並對在今年剩餘期間及中期持續交出更佳表現充滿信心，這將由穩健的財務與策略動能所支撐。

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

接下來，我把時間交給 John，請他更詳細說明本季表現。

Thank you, Ron. And good morning, everyone. Starting on slide 4. Our second quarter results, excluding the impact of notable items in the prior year period, reflect continued momentum across the franchise with broad-based revenue growth driving 645 basis points of positive operating leverage.

謝謝你，Ron。各位早安。從第 4 頁投影片開始。我們第二季的結果（排除前一年期間顯著項目的影響）反映整體業務版圖持續的動能；在廣泛的營收成長帶動下，帶來 645 個基點的正向營運槓桿。

Total revenue increased 17% year-over-year to a record $4 billion. Fee revenue of $3.2 billion increased 16% year-over-year, reflecting strong performance across Investment Services, Investment Management, and Markets while net interest income of $860 million increased 18%, driven by a 17-basis-point increase in net interest margin to 113 basis points.

總營收年增 17%，達到創紀錄的 40 億美元。手續費收入 32 億美元年增 16%，反映投資服務、投資管理與市場業務的強勁表現；同時，淨利息收入 8.60 億美元年增 18%，主要受淨利差（NIM）上升 17 個基點至 113 個基點所帶動。

Against the backdrop of strong revenue performance, expenses of $2.7 billion increased 10% year-over-year, primarily reflecting higher revenue-related costs as well as continued strategic investment in the franchise. These results drove another quarter of improved profitability, with pretax margin expanding 470 basis points year-over-year to 34% and ROTCE increasing over 6 percentage points to approximately 26%.

在營收表現強勁的背景下，費用為 27 億美元，年增 10%，主要反映與營收相關成本上升，以及持續對本業務版圖進行策略性投資。上述結果帶動本季獲利能力再度改善，稅前利潤率年增 470 個基點至 34%，ROTCE 提升逾 6 個百分點至約 26%。

Turning to slide 5. Servicing fees were $1.5 billion in the second quarter, up 13% year-over-year primarily reflecting organic growth of approximately 7%, driven by client activity, flows, and net new business with the remainder from higher average market levels and currency translation. AUC/A ended the quarter at a record $57.9 trillion, up 18% year-over-year, reflecting higher period end market levels, client flows, and net new business. Servicing fee sales totaled $87 million in the second quarter, reflecting continued client demand across regions and strength in strategic growth areas, including alternatives.

接著看第 5 張投影片。第二季服務費為 15 億美元，年增 13%，主要反映約 7% 的有機成長，受客戶活動、資金流入/流出及淨新增業務帶動；其餘增長來自較高的平均市場水準與匯率換算影響。AUC/A 於季末達到創紀錄的 57.9 兆美元，年增 18%，反映期末市場水準較高、客戶資金流與淨新增業務。第二季服務費銷售額合計 8,700 萬美元，反映各地區客戶需求持續，以及包含另類投資在內的策略性成長領域表現強勁。

Turning to slide 6. Management fees were $772 million in the second quarter, up 29% year-over-year, reflecting approximately 9% organic growth and strong support from higher average market levels. Assets under management ended the quarter at a record $6.3 trillion, up 23% year-over-year, supported by higher period end market levels and positive net flows.

接著看第 6 張投影片。第二季管理費為 7.72 億美元，年增 29%，反映約 9% 的有機成長，並受較高的平均市場水準強力支撐。資產管理規模（AUM）於季末達到創紀錄的 6.3 兆美元，年增 23%，主要受期末市場水準較高與淨流入為正所支持。

Net inflows totaled $114 billion in the quarter, marking our fifth consecutive quarter of positive organic growth. This performance was primarily driven by strong index ETF and cash net inflows of $66 billion and $35 billion, respectively.

本季淨流入合計 1,140 億美元，為我們連續第五季實現正向有機成長。此表現主要由指數型 ETF 與現金產品的強勁淨流入所帶動，分別為 660 億美元與 350 億美元。

Net inflows were broad-based across geographies, led by the Americas and complemented by solid contributions from Asia Pacific and EMEA. We launched 38 new products and solutions during the quarter, including a tokenized money market solution and a stable coin in reserves fund further advancing our digital asset strategy.

淨流入在各地區均衡分布，以美洲為主，並由亞太與 EMEA 的穩健貢獻相輔相成。本季我們推出 38 項新產品與解決方案，包括代幣化貨幣市場解決方案，以及儲備基金中的穩定幣，進一步推進我們的數位資產策略。

As Ron mentioned, SPYM was selected as the exclusive default ETF for Trump accounts, expanding access to investing for US children. Beyond the near-term asset gathering opportunity, the program introduces a new generation of investors to State Street Investment Management and reinforces our position in the growing US wealth market.

如 Ron 所提，SPYM 被選為 Trump 帳戶的唯一預設 ETF，擴大美國兒童的投資可及性。除短期資產募集機會外，該計畫也讓新一代投資人認識 State Street Investment Management，並強化我們在成長中的美國財富管理市場地位。

Turning to slide 7. our global client franchise continued to support healthy activity across our markets business in the second quarter. FX trading services revenue increased 27% year-over-year, excluding a notable item in the prior year period, to $494 million, driven by record high client volumes. These volumes reflect both our distinctive capabilities and the continued deepening of relationships with clients. Asia Pacific was a particular area of strength with robust equity market activity in a number of markets across the region, supporting client volumes.

接著看第 7 張投影片。我們的全球客戶版圖在第二季持續支持市場業務的健康活動。外匯交易服務收入年增 27% 至 4.94 億美元（排除去年同期一項顯著項目），主要由創新高的客戶交易量所帶動。這些交易量反映我們獨特的能力，以及與客戶關係持續深化。亞太地區尤為強勁，區內多個市場的股票市場活動活躍，支撐客戶交易量。

Securities finance revenue increased 19% year-over-year, reflecting higher client lending balances.

證券融資收入年增 19%，反映客戶出借餘額提高。

Turning to slide 8. Software services revenue declined 14% year-over-year in the second quarter, excluding a notable item in the prior year period, reflecting elevated on-premises renewal activity last year. That said, underlying trends were strong, with software and data revenue up 10% year-over-year, driven by client onboarding and conversions.

接著看第 8 張投影片。第二季軟體服務收入年減 14%（排除去年同期一項顯著項目），反映去年本地部署（on-premises）續約活動偏高。儘管如此，基本趨勢仍然強勁，軟體與數據收入年增 10%，主要由客戶上線與轉換所帶動。

In addition, annual recurring revenue increased approximately 14% and revenue backlog grew 6% year-over-year, reflecting continued SaaS implementations and conversions as well as ongoing sales momentum across the software platform.

此外，年度經常性收入（ARR）約增加 14%，營收待履約（backlog）年增 6%，反映持續的 SaaS 導入與轉換，以及軟體平台整體銷售動能延續。

Turning now to slide 9. Net interest income of $860 million increased 18% year-over-year, driven by a 17-basis-point expansion in net interest margin to 113 basis points. The improvement in NIM reflected a more favorable funding mix, continued benefits from investment portfolio repricing, and the runoff of terminated hedges, partially offset by lower average market rates.

接著看第 9 張投影片。淨利息收入 8.60 億美元年增 18%，主要受淨利差擴大 17 個基點至 113 個基點所帶動。NIM 的改善反映更有利的資金來源組合、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；部分被較低的平均市場利率所抵銷。

Average interest-earning assets of $305 billion were largely stable from the prior year quarter as growth in deposit balances was partially offset by lower short-term borrowings.

平均生息資產為 3,050 億美元，較去年同期大致持平；存款餘額成長部分被短期借款下降所抵銷。

Moving to expenses on slide 10. Expenses increased 10% year-over-year in the second quarter, excluding notable items, primarily reflecting strong revenue performance. The majority of expense growth in the quarter was tied to higher business activity with revenue-related costs contributing approximately 6 percentage points.

接著看第 10 張投影片的費用。第二季費用年增 10%（排除顯著項目），主要反映營收表現強勁。本季費用成長的大部分與業務活動增加相關，其中與營收相關成本約貢獻 6 個百分點。

Additionally, we continue to invest in our business, including capabilities, products, AI, and technology. These strategic investments contributed an additional 2.5 percentage points, while underlying run-the-bank costs, net of productivity savings accounted for the remaining 1.5 percentage points.

此外，我們持續投資於業務，包括能力建置、產品、AI 與科技。這些策略性投資額外貢獻 2.5 個百分點；其餘 1.5 個百分點則來自銀行日常營運成本（run-the-bank costs），扣除生產力節省後的淨額。

Headcount was down approximately 3% from a year ago, consistent with our focus on productivity and disciplined resource allocation across the enterprise.

員工人數較一年前約下降 3%，符合我們對提升生產力與在全企業範圍內嚴謹資源配置的重點。

Turning to slide 11. Our capital position remained robust at quarter end, providing flexibility to support client activity, invest in the business, and return capital to shareholders. Our standardized CET1 and Tier 1 leverage ratios were 10.8% and 5.3%, respectively, broadly stable relative to the first quarter.

接著看第 11 張投影片。我們的資本部位於季末仍然穩健，提供彈性以支持客戶活動、投資業務並回饋股東。我們的標準化 CET1 與第一類資本槓桿比率分別為 10.8% 與 5.3%，相較第一季大致持平。

We returned $631 million to shareholders during the quarter consisting of $400 million of common share repurchases and $231 million in declared common stock dividends for a total payout ratio of 62%, bringing our year-to-date payout ratio to approximately 73%. As Ron noted, we announced a 10% increase in our quarterly common dividend per share beginning in the third quarter, reflecting the strength and resiliency of our business.

本季我們回饋股東 6.31 億美元，包括 4.00 億美元普通股回購，以及 2.31 億美元已宣告的普通股股利，合計配發率為 62%，使年初至今配發率約為 73%。如 Ron 所述，我們宣布自第三季起每股季度普通股股利提高 10%，反映我們業務的強勁與韌性。

Let's turn to our full year outlook on slide 12, which, as a reminder, excludes notable items. Our outlook assumes global equity markets remain flat on a point-to-point basis from the end of 2Q through year-end. Our rate outlook is broadly aligned with forward curves and assumes the Fed and BOE remain on hold, while the ECB delivers one additional rate hike this year.

接著看第 12 張投影片的全年展望；提醒一下，此展望排除顯著項目。我們的展望假設全球股票市場自第二季末至年底以點對點（point-to-point）基準維持持平。利率展望大致與遠期曲線一致，並假設聯準會（Fed）與英國央行（BOE）維持利率不變，而歐洲央行（ECB）今年再升息一次。

We now expect fee revenue growth of 12% to 13%, up from our prior outlook of 7% to 9% reflecting continued organic growth across servicing and management fees as well as healthy client activity in markets. We expect NII growth of 14% to 15%, up from our prior outlook of 8% to 10% primarily reflecting stronger average deposit balances.

我們目前預期手續費收入成長 12% 至 13%，高於先前 7% 至 9% 的展望，反映服務費與管理費持續的有機成長，以及市場業務中健康的客戶活動。我們預期淨利息收入成長 14% 至 15%，高於先前 8% 至 10% 的展望，主要反映平均存款餘額更為強勁。

Consistent with our stronger revenue outlook, expenses are expected to increase by roughly 8%, up from our prior outlook of 5% to 6%, reflecting higher revenue-related costs and continued investment. Based on our current outlook, we expect to deliver roughly 500 basis points of positive operating leverage in 2026, implying a pretax margin of approximately 32%.

與更強的營收展望一致，預期費用約增加 8%，高於先前 5% 至 6% 的展望，反映與營收相關成本上升及持續投資。依據目前展望，我們預期在 2026 年實現約 500 個基點的正向營運槓桿，意味稅前利潤率約為 32%。

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. Our strong first half results and improved outlook for 2026 reflect the strength of our franchise and continued execution against our strategic priorities.

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%，惟須經董事會核准及其他因素影響。我們上半年強勁的業績與 2026 年展望的改善，反映我們特許經營優勢的實力，以及持續落實策略優先事項的執行力。

With that, I'll turn it back over to Ron to discuss our medium-term financial targets.

接下來，我把時間交還給 Ron，請他說明我們的中期財務目標。

Thank you, John. Let me turn to the second part of our discussion on slide 14. Our strong execution in the second quarter combined with our improved outlook for 2026 provides meaningful momentum as we begin the next phase of our journey towards achieving new medium-term targets. State Street is well positioned for its next phase of growth and value creation. That begins with the scale and strength of our franchises. The breadth of our platform is substantial, enabling us to compete and serve clients from a position of strength.

謝謝你，John。我來談談投影片 14 上我們討論的第二部分。第二季的強勁執行力，加上我們對 2026 年展望的改善，為我們在邁向達成新的中期目標旅程、進入下一階段之際，提供了顯著動能。State Street 已為下一階段的成長與價值創造做好充分準備。這一切始於我們各項特許業務的規模與實力。我們的平台覆蓋面廣，規模可觀，使我們能以優勢地位競爭並服務客戶。

Globally, we are the second largest custodian, largest ETF servicer, and a partner to the world's largest asset managers and asset owners, entrusted with more than 10% of the world's financial assets. And we operate in more than 100 markets worldwide. We are the fourth largest asset manager and the third largest ETF manager globally. And in our Markets franchise, we are the number one provider of FX to asset managers as well as the top three securities lender with capabilities that are deeply integrated with our investment services business and client relationships.

在全球範圍內，我們是第二大託管機構、最大的 ETF 服務提供者，並且是全球最大資產管理公司與資產所有者的合作夥伴，受託管理超過全球金融資產的 10%。我們在全球超過 100 個市場營運。我們是全球第四大資產管理公司、第三大 ETF 管理人。在我們的 Markets 特許業務中，我們是資產管理人外匯（FX）服務的第一大供應商，同時也是前三大證券借貸機構之一；其能力與我們的投資服務業務及客戶關係深度整合。

Not only do these businesses hold leading market positions, they come together as a powerful One State Street, an integrated firm creating meaningful synergies and delivering greater value for both our clients and our shareholders.

這些業務不僅在市場上居於領先地位，也共同構成強大的「One State Street」——一個整合型企業，創造顯著的協同效益，並為客戶與股東帶來更高價值。

Importantly, our businesses are integrated, not just in how they go to market, but also on how they serve a shared client base across asset managers, asset owners, and wealth managers. As illustrated on the right side of the page, we service an essential and trusted services and investment partner to the world's leading investors. As a result, we are strategically aligned with firms positioned to grow, enabling us to drive further value as we broaden and deepen our relationships and participate in their growth in the years ahead.

重要的是，我們的業務是整合的，不僅體現在市場拓展方式上，也體現在如何服務涵蓋資產管理人、資產所有者與財富管理人的共同客群。如頁面右側所示，我們為全球領先投資人提供不可或缺且值得信賴的服務與投資合作夥伴角色。因此，我們在策略上與具備成長動能的機構保持一致，使我們能在未來幾年透過拓展並深化合作關係、參與其成長，進一步創造價值。

This One State Street is the foundation for everything you will hear from us today. And it is the platform from which we will deliver the medium-term financial targets. Without understanding of who we are and how we go to market as One State Street, let me turn to what all of this translates into strategically and financially, starting with our track record and where we're committing to take the franchise from here.

「One State Street」是你們今天將聽到的一切的基礎。這也是我們用以實現中期財務目標的平台。在理解我們是誰、以及我們如何以「One State Street」的方式走向市場之後，接下來我將說明這些在策略與財務上意味著什麼，先從我們的過往表現，以及我們承諾將把特許業務帶往何處談起。

Turning to slide 15. In recent years, State Street has delivered structural improvement across the metrics that matter most. Excluding notable items and over the past two years through the end of 2025, pretax margin expanded by approximately 300 basis points and return on tangible common equity increased to approximately 20% supported by revenue growth of more than 14%. That strong performance continued into the first half of this year.

請看投影片 15。近年來，State Street 在最重要的指標上實現了結構性改善。排除重大項目後，在過去兩年截至 2025 年底，稅前利潤率擴張約 300 個基點；在營收成長超過 14% 的支持下，有形普通股權益報酬率（ROTCE）提升至約 20%。這樣的強勁表現也延續到今年上半年。

As you can see on the left of this slide, year-to-date pretax margin improved to approximately 32% and ROTCE increased to roughly 23%, excluding notable items. This reflects the deliberate choices we have made in recent years to strengthen the franchise, improve operating efficiency, and invest in the areas that positioned us for durable growth.

如本頁左側所示，今年迄今稅前利潤率提升至約 32%，排除重大項目後，ROTCE 提升至約 23%。這反映了我們近年來為強化特許業務、提升營運效率，並投資於能讓我們實現可持續成長的領域所做出的審慎選擇。

As we look ahead, our continued momentum and next phase of growth will be driven by three key strategic pillars which are outlined on the center of the slide. First, our core businesses. Many of our most compelling growth opportunities lie within the franchises we already lead. These are businesses where we have built deep capabilities, operate at scale, and enjoy strong competitive positions. We remain focused on strategically investing to accelerate these opportunities and executing with discipline to deepen client engagement and deliver durable growth over the medium term.

展望未來，我們持續的動能與下一階段的成長，將由投影片中央所列的三大策略支柱驅動。第一，是我們的核心業務。我們最具吸引力的許多成長機會，存在於我們已居領先地位的特許業務之中。這些業務是我們建立深厚能力、以規模化方式營運，並享有強勁競爭地位的領域。我們將持續聚焦於策略性投資以加速這些機會，並以紀律執行深化客戶互動，在中期實現可持續的成長。

Second, to complement the growth of our core franchises, we are prioritizing three strategic growth initiatives: alternatives, digital assets, and wealth services that span and connect our Investment Services, Investment Management, and Markets franchises, creating opportunities across the breadth of the firm. These three initiatives are adjacencies that align us with evolving client demand and some of the fastest growing and most attractive revenue pools, while also deepening our essential role to our clients as the industry evolves.

第二，為了補強核心特許業務的成長，我們將優先推動三項策略性成長計畫：另類投資、數位資產，以及財富服務；這些計畫橫跨並連結我們的投資服務（Investment Services）、投資管理（Investment Management）與市場（Markets）特許業務，為全公司帶來廣泛的機會。這三項計畫屬於相鄰領域，能使我們與客戶需求的演變以及成長最快、最具吸引力的營收池保持一致，同時也在產業演進過程中，深化我們對客戶不可或缺的角色。

Importantly, these initiatives are diversified across the maturity curve, driving growth from our already strong position today in alternatives, positioning us for the next phase of market structure and digital assets, and enabling access to the largest and fastest growing pools of client demand through wealth services and investment solutions.

重要的是，這些計畫在成熟度曲線上具備多元分布：一方面在另類投資領域以我們目前已相當強勢的地位推動成長；另一方面為市場結構的下一階段與數位資產做好布局；同時也透過財富服務與投資解決方案，讓我們得以切入規模最大、成長最快的客戶需求池。

And third, our next phase of technology and AI-enabled transformation will be a critical enabler, simplifying how we operate, accelerating time to market, and fundamentally improving productivity through a more integrated product platform model, which John will speak to shortly.

第三，我們下一階段的科技與 AI 賦能轉型將是關鍵推動力：透過更整合的產品平台模式，簡化營運方式、加速產品上市時間，並從根本上提升生產力；John 稍後會進一步說明。

Finally, as we execute against these three strategic pillars, we believe the firm is advantaged by the interconnected capabilities across Investment Services, Investment Management, and Markets, enabling us to deliver through a One State Street model that provides whole portfolio of solutions at scale rather than just stand-alone products.

最後，在推進這三大策略支柱的同時，我們相信公司具備優勢，因為投資服務、投資管理與市場三大特許業務之間的能力相互連結，使我們能以「One State Street」模式交付——以規模化方式提供整體投資組合解決方案，而不僅是單一產品。

Taken together, our consistent track record of stronger financial performance positions us well for the next phase of growth. We entered that phase with positive momentum supported by the continued strength of our global franchises, a differentiated portfolio, strategic investments spanning multiple stages of maturity, and the evolution of our operating model through technology and AI-driven transformation. These efforts underpin the new medium-term targets we are announcing today, which include the milestones of expanding our pretax margin to 35% and increasing return on tangible common equity to the mid-20s over the cycle.

綜合而言，我們一貫更強的財務表現紀錄，使我們在下一階段成長上具備良好定位。我們以正向動能進入該階段，並由全球特許業務的持續強勁、差異化的產品組合、跨越多個成熟階段的策略性投資，以及透過科技與 AI 驅動轉型所帶來的營運模式演進所支撐。這些努力構成我們今天宣布的新中期目標之基礎，其中包括在景氣循環期間將稅前利潤率擴張至 35%，並將有形普通股權益報酬率提升至 20% 中段水準。

We are confident in our ability to achieve these ambitious targets as we build on our strong momentum and continued improvement in financial performance. With a clear path to sustained organic revenue growth and positive operating leverage, we believe we are well positioned to unlock long-term value for our shareholders.

我們有信心在既有強勁動能與財務表現持續改善的基礎上，達成這些具挑戰性的目標。憑藉清晰的持續性有機營收成長路徑與正向營運槓桿，我們相信公司已具備良好條件，為股東釋放長期價值。

With that, let me turn it over to John, who will walk through our path to achieving these objectives in greater detail.

接下來，我把時間交給 John，他將更詳細說明我們達成這些目標的路徑。

Thanks, Ron. Turning to slide 16. The pretax margin expansion we expect to achieve over the medium term is broad-based with contributions across Investment Services, Investment Management, and Markets.

謝謝，Ron。請看投影片 16。我們預期在中期達成的稅前利潤率擴張，將是廣泛且多元的，來自投資服務、投資管理與市場三大業務的共同貢獻。

In Investment Services, the approximately 300-basis-point contribution to enterprise margin expansion is expected to be driven by a combination of organic revenue growth and productivity initiatives.

在投資服務方面，對企業整體利潤率擴張約 300 個基點的貢獻，預期將由有機營收成長與生產力提升計畫的組合所驅動。

On the revenue side, we see opportunities to deepen our existing client partnerships. Our key growth priorities include extending our ETF servicing leadership, broadening our reach across key international markets, expanding adoption of our differentiated Alpha front-to-back capabilities, and capturing growth across alternatives, digital assets, and well servicing. We also expect continued support from net interest income, which remains closely tied to the client deposit growth and underlying strength of our servicing business.

在營收面，我們看到深化既有客戶合作關係的機會。我們的主要成長優先事項包括：延伸我們在 ETF 服務的領導地位、擴大在關鍵國際市場的覆蓋、提升市場對我們具差異化的 Alpha 端到端（front-to-back）能力的採用，以及掌握另類投資、數位資產與財富服務的成長。我們也預期淨利息收入將持續提供支撐；其仍與客戶存款成長以及我們服務業務的基本面強勁程度密切相關。

On the productivity side, given the scale of our global operations, Investment Services is expected to be the largest contributor to the expense saves in our technology and AI enabled transformation program. By simplifying our operating model, scaling common platforms modernizing our technology stack, and increasingly leveraging data and AI capabilities, we expect to deliver an upgraded client experience and improved service quality while lowering unit costs over time.

在生產力面，鑑於我們全球營運的規模，投資服務預期將成為我們科技與 AI 賦能轉型計畫中，費用節省的最大貢獻來源。透過簡化營運模式、擴大共用平台規模、現代化我們的技術堆疊，並日益運用資料與 AI 能力，我們預期能在提升客戶體驗與服務品質的同時，隨時間推移降低單位成本。

In Investment Management, we see significant opportunities to drive growth through scale and expanded client access. ETFs, index investing, fixed income, and other solutions remain core growth engines for the business. In addition, wealth is a key strategic focus as we expand our presence across advisory, intermediary, and retirement channels, while partnerships with next-generation wealth platforms extend our distribution to new investors, and bring differentiated investment solutions to market.

在投資管理方面，我們看到透過規模化與擴大客戶觸達來推動成長的重大機會。ETF、指數投資、固定收益及其他解決方案，仍是該業務的核心成長引擎。此外，財富管理是關鍵策略重點；我們將擴大在顧問、通路中介與退休金通路的布局，同時與新一代財富平台的合作夥伴關係，將我們的配銷延伸至新投資人，並把具差異化的投資解決方案推向市場。

We also see substantial opportunities in alternatives and tokenization where we are broadening access and developing new ways for clients to incorporate private market and digital asset exposures into their portfolios. Taken together, these opportunities support our confidence in delivering sustained organic growth, operating leverage and approximately 200 basis points of enterprise margin expansion from Investment Management over the medium term.

我們也在另類投資與代幣化方面看到可觀機會；我們正在擴大可及性，並開發新的方式，讓客戶能將私募市場與數位資產曝險納入其投資組合。綜合而言，這些機會支撐我們對於在中期實現持續的有機成長、營運槓桿，以及投資管理業務約 200 個基點的企業整體利潤率擴張的信心。

In Markets, we see continued opportunities from both geographic expansion and product innovation. This includes scaling our financing, trading, and execution capabilities in our faster-growing international markets, expanding our product offerings and deepening engagement with our core investment services clients. Beyond this, growing demand across alternatives, digital assets, and wealth is creating new opportunities to expand our solution set.

在市場業務方面，我們看到來自地理擴張與產品創新的持續機會。這包括在成長更快的國際市場擴大我們的融資、交易與執行能力，擴充產品供給，並加深與核心投資服務客戶的互動。此外，另類投資、數位資產與財富管理領域的需求成長，正在創造新的機會以擴展我們的解決方案組合。

Supporting these growth drivers, enhance data capabilities, automation, and operating efficiency initiatives are expected to enhance execution and helped to deliver approximately 100 basis points of enterprise margin expansion over the medium term. Underlying all of these opportunities is our One State Street approach which enables us to connect capabilities across Investment Services, Investment Management, and Markets to deliver more integrated solutions, deepen client relationships, and increased wallet share.

為支撐這些成長動能，強化資料能力、自動化與營運效率的各項計畫，預期將提升執行力，並有助於在中期帶來約 100 個基點的企業整體利潤率擴張。支撐所有這些機會的核心，是我們的 One State Street 方法，讓我們能串聯投資服務、投資管理與市場三大業務的能力，提供更整合的解決方案、深化客戶關係，並提升錢包占有率。

Turning now to slide 17. Let me expand on the transformation initiatives that will accelerate execution, enhance service quality, and create capacity for future growth. First is the migration of our operating model to a technology and AI-enabled product platform structure. Rather than just reengineering legacy processes, we are taking an end-to-end view of the enterprise and are planning to rewire how we operate, embedding AI and modern technology into our core business processes.

接著看第 17 頁投影片。我將進一步說明這些轉型計畫，如何加速執行、提升服務品質，並為未來成長創造產能。第一項是將我們的營運模式遷移至由科技與 AI 賦能的產品平台架構。我們不僅是重塑既有的傳統流程，而是以端到端的視角檢視整個企業，並規劃重新改造我們的運作方式，把 AI 與現代科技嵌入核心業務流程。

Under this model, business, operations, and technology resources are reorganized into integrated agile delivery teams with business leaders holding end-to-end ownership of the client delivery process and experience. The result is meaningful efficiency gains from simplification, automation, and AI enablement. Beyond these efficiency benefits, faster time to market for new products, enhanced service quality, and improved client experience are expected to drive incremental revenue opportunities across the franchise.

在此模式下，業務、營運與科技資源將重整為整合式敏捷交付團隊，由業務主管對客戶交付流程與體驗負責端到端的所有權。其結果是透過簡化、自動化與 AI 賦能，帶來顯著的效率提升。除了這些效率效益之外，更快的新產品上市速度、更高的服務品質與更佳的客戶體驗，預期將在整個平台帶來額外的營收機會。

Supporting this operating model is our technology simplification and modernization agenda. By reducing legacy applications, expanding the use of modern cloud platforms, and further strengthening our enterprise data foundation, we are lowering unit costs, improving resiliency, and reducing operational risk. At the same time, a modernized data foundation unlocks new revenue potential by creating capacity for investment in growth and innovation.

支撐此營運模式的是我們的科技簡化與現代化議程。透過減少傳統應用系統、擴大採用現代雲端平台，並進一步強化企業級資料基礎，我們正在降低單位成本、提升韌性，並降低營運風險。同時，現代化的資料基礎也能釋放新的營收潛力，因為它為投資於成長與創新創造了產能。

Finally, we're scaling AI adoption across the enterprise to improve execution, enhance productivity, and accelerate software development. AI will drive meaningful gains in developer efficiency and code modernization freeing up capacity for higher value work. Beyond these productivity benefits, AI is enabling new client-facing capabilities and better data insights that will increase the earnings power of our franchises over time. Together, these efforts are expected to deliver approximately $1 billion of run rate transformation benefits by 2029 with approximately 75% of this driven by expense productivity and 25% from revenue.

最後，我們正在全企業擴大 AI 的採用，以改善執行、提升生產力，並加速軟體開發。AI 將在開發人員效率與程式碼現代化方面帶來顯著提升，釋放產能以投入更高價值的工作。除了這些生產力效益之外，AI 也正在帶來新的客戶端能力與更佳的資料洞察，將隨時間提升我們各項業務的獲利能力。整體而言，這些努力預期在 2029 年前帶來約 10 億美元的轉型效益（以年化 run rate 計），其中約 75% 來自費用生產力、25% 來自營收。

Turning to slide 18. We outline our capital allocation framework and how we intend to deploy capital over the medium term to support our strategic objectives, generate attractive returns for shareholders, and maintain the resilient balance sheet our clients expect. Our capital priorities remain unchanged, supporting a strong and growing common dividend, investing in the franchise to drive organic growth, and returning excess capital to shareholders through share repurchases.

接著看第 18 頁投影片。我們說明資本配置框架，以及我們計畫在中期如何運用資本，以支持策略目標、為股東創造具吸引力的報酬，並維持客戶所期待的具韌性的資產負債表。我們的資本優先順序維持不變：支持穩健且成長的普通股股利、投資於平台以推動有機成長，並透過庫藏股回購將多餘資本回饋股東。

Consistent with these priorities, we continue to target a total payout ratio of approximately 80%. To support these objectives, our current medium-term outlook includes a CET1 ratio of approximately 11% and a Tier 1 leverage ratio of approximately 5.25% to 5.75%.

與這些優先順序一致，我們仍以約 80% 的總派息率為目標。為支持這些目標，我們目前的中期展望包括：普通股權益第一類資本（CET1）比率約 11%，以及第一類資本槓桿比率約 5.25% 至 5.75%。

Turning to our final slide. State Street is entering its next phase of growth from a position of strength. The momentum we have built in recent years has fundamentally repositioned State Street to deliver sustained growth, continued margin expansion, and stronger returns over the medium term. The scale and strength of our franchises, our distinctive portfolio of strategic growth initiatives, and the accelerating impact of our transformation agenda give us real conviction in the path ahead and in our ability to execute against it. Collectively, these drivers support our new medium-term targets of 35% pretax margin and a return on tangible common equity in the mid-20s.

接著看最後一張投影片。State Street 正在以強勁的基礎進入下一階段的成長。我們近年來累積的動能，已從根本上重新定位 State Street，使其能在中期實現持續成長、持續的利潤率擴張，以及更強勁的報酬。我們各項業務的規模與實力、獨特的策略性成長計畫組合，以及轉型議程加速帶來的影響，使我們對前方道路與執行能力充滿信心。整體而言，這些動能支撐我們新的中期目標：稅前利潤率 35%，以及有形普通股權益報酬率（ROTCE）達到 20% 中段水準。

With that, operator, please open the line for questions.

以上，接線員，請開放提問線路。

(Operator Instructions) Alex Blostein, Goldman Sachs.

(接線員指示) 高盛 Alex Blostein。

So I was hoping to start with the medium-term targets. Maybe starting with the revenue question first. So helpful in the way you framed it in terms of sort of qualitatively where you're looking to lean into. But I was hoping you can give perhaps just a little more granularity on the $250 million and kind of which businesses that's likely to come from.

我想先從中期目標開始問起。也許先從營收的問題。你們用定性方式說明了想要著力的方向，這點很有幫助。但我希望你們能就 2.5 億美元提供更細一些的拆解，可能會主要來自哪些業務。

And I guess, more importantly, you guys have been improving organic growth to begin with over the last couple of years. So as you think about the firm-wide organic fee growth today, where does that stand? And I guess, when you layer in these incremental efficiencies or incremental initiatives, where do you see organic growth from white going on the fee side?

另外我想，更重要的是，你們過去幾年本來就一直在改善有機成長。所以就目前全公司層級的有機手續費成長而言，現在大概處於什麼水準？以及我想問的是，當你把這些額外效率或額外計畫疊加進來後，在手續費端，你們認為有機成長會往哪個方向走？

Yeah. Bill, thanks for the question, Alex. This is John. I'll go ahead and give you some context with respect to overall how we're thinking about it.

好的。Bill，謝謝你的問題，Alex。我是 John。我先就我們整體思考方式提供一些背景。

Over the medium term, the way I would think through it would be positive operating leverage is the main sort of North Star that we're committing to. So what we're saying here is, and as I mentioned in my remarks, we look at the baseline from which we're launching this in 2026 whether it's 1H or even our outlook for 2026 overall, we're around 32%. That's growing over the medium term to that 35%. And I'd say that, that would be consistent with positive operating leverage of 100 basis points to 150 basis points, which is driven by organic growth across all three of those businesses that we're talking about.

在中期，我會把「正向營運槓桿」視為我們承諾的主要北極星指標。也就是說，正如我在發言中提到的，我們看 2026 年作為起點的基準（不論是上半年或是 2026 年全年展望），大約在 32% 左右。在中期將成長到 35%。我會說，這與 100 到 150 個基點的正向營運槓桿一致，而這是由我們所談到的三大業務全面的有機成長所驅動。

I would pair that with some commentary with respect to NII over the medium term. So we do see net interest income rising in that low to mid-single digits area driven by balance sheet growth in the low single-digit range and our net interest margin getting to the upper end of our 110 basis points to 115 basis points range as you get out over the medium term. And so those are the underlying engine that drives this progression.

我也會搭配一些關於中期淨利息收入（NII）的說明。我們確實看到淨利息收入在中期將以低到中個位數的幅度成長，主要由資產負債表在低個位數區間的成長所帶動，並且隨著時間推進，我們的淨利差將達到 110 個基點到 115 個基點區間的上緣。因此，這些就是推動這一進程的底層引擎。

And then when you flip over to the transformation program, and that 75-25 split, that $1 billion that we expect to deliver by 2029. As you asked, 25% of that is decked against revenue opportunities. And I think that's the starting point, given what we're trying to accomplish here is so broad-based and has huge impacts on client experience and time to market and cycle times. But the $250 million that we have in there is primarily related to the targeted strategic initiatives that you'll see that we're mentioning here that are on State Street driven. That would be in the alternative space. and in digital and in wealth and among those three probably alternatives is the biggest contributor, just given its maturity profile.

接著談到轉型計畫，以及 75/25 的拆分，也就是我們預期在 2029 年前可實現的 10 億美元。如你所問，其中 25% 是對應到營收機會。我認為這只是起點，因為我們想達成的目標非常廣泛，且會對客戶體驗、上市時間與週期時間帶來巨大影響。而我們所提到的 2.5 億美元，主要與我們在此提及、由 State Street 主導的目標性策略計畫相關。這會在另類投資、數位資產與財富管理領域；在這三者之中，另類投資可能是最大的貢獻者，主要是考量其成熟度曲線。

We've gotten -- that initiative has been ongoing for a number of years, and we're accelerating into it. So that's how I would think about overall the context for the medium-term outlook and putting revenue into the mix there.

我們已經推動——那項倡議已經持續了好幾年，而我們正在加速推進。因此，這就是我對中期展望整體背景，以及把營收納入其中來看待的方式。

Got it. That's helpful. And just for a follow-up, maybe double-clicking on the $750 million of, I guess, cost savings you expect to see here. Again, it feels like there's inherent operating leverage in the business, regular way as you described it initially and then this sort of comes on top. If you round that through, obviously, that leaves you with much higher pretax margin than the 35%.

了解。這很有幫助。另外追問一下，想更深入談談你們預期可看到的 7.5 億美元成本節省。同樣地，感覺這個業務本身就有你一開始所描述的那種內生的營運槓桿，而這又是在其之上再疊加。如果把這個數字大致換算一下，顯然會讓你們的稅前利潤率遠高於 35%。

So if I think about the $750 million being a gross number, maybe help us frame how much of that will ultimately get reinvested back in the business. to think about what the net kind of efficiency on the net cost savings could be on the back of the program.

所以如果我把 7.5 億美元視為一個總額，能否幫我們框架一下，最終其中有多少會再投資回到業務中？以便思考在該計畫帶動下，淨成本節省的淨效率大概會是多少。

Yeah. I mean it's fungible, right? But I would say that the transformation program has two overall objectives, maybe more than two, but two overall financial objectives. It has the broader objective in the revenue space, which we've already covered.

是的。我的意思是它是可互換的，對吧？但我會說，轉型計畫有兩個整體目標——也許不只兩個，但有兩個整體的財務目標。其中一個更廣泛的目標在營收面，我們已經談過了。

But when it comes to just the $750 million, it's doing double duty. First, it's allowing us to grow our strategic investment capacity over this medium term in order to drive the outcomes that we're talking about with respect to these One State Street initiatives as well as the broader powering our leading franchises. So that's the first part of it.

但就這 7.5 億美元而言，它是一魚兩吃。第一，它讓我們在這個中期能夠提升策略性投資的能力，以推動我們所談到的、與「One State Street」各項倡議相關的成果，以及更廣泛地為我們領先的核心業務提供動能。這是第一部分。

And then the second part of it is helping us stay on track for the margin expansion. So I think without giving a specific percentage, I think it's relatively equal parts allocated to reinvestment and margin expansion is, I think, the best way to think about it.

第二部分則是幫助我們維持在擴大利潤率的軌道上。所以在不給出具體百分比的前提下，我認為最好的理解方式是：大致上相對平均地分配在再投資與利潤率擴張之間。

And we also mentioned that when you look at our businesses, just given the footprint of our investment services business, that's the majority of that of the productivity saves get generated by that -- where all that head count is over in the servicing side of the business. So that's the way to think about it across the businesses as well.

我們也提到過，當你看我們的各項業務時，考量到我們投資服務業務的版圖，那些生產力節省的大部分是由那一塊所產生——因為服務端業務那邊集中了大部分的人力。所以跨各業務來看，也可以用這個方式理解。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

I definitely want to ask a question on all things digital assets, stablecoin, and tokenized deposits. But the lead into that, I just want to make sure I get the right perspective.

我確實想問一個關於數位資產、穩定幣以及代幣化存款的問題。但在進入正題之前，我想先確保我抓到正確的視角。

And I think this is for you guys and for the industry is the initiatives and you have many in that space are included in that incremental $250 million, and it's not even the biggest piece. So the message I'm hearing is for you guys in the industry is we're investing a lot in the future infrastructure of the financial markets, but it's a long-term commitment because even if all $250 million was from digital assets, that would be less than 2% of State Street's revenue. So focus on the big picture first.

我認為，對你們以及整個產業而言，該領域的倡議——而你們在那裡有很多——都包含在新增的 2.5 億美元之內，而且那甚至不是最大的一塊。所以我聽到的訊息是：你們以及整個產業正在大量投資於金融市場未來的基礎設施，但這是一項長期承諾，因為即使 2.5 億美元全部都來自數位資產，那也不到 State Street 營收的 2%。所以先把重點放在大局。

And either way, my next question is, I noticed there was two announcements during the quarter. One on the Visa, MasterCard, stablecoin network with over 100 businesses, and you weren't one of them and also tokenized deposit network with a bunch of banks and that's more of a bank thing.

不管怎樣，我的下一個問題是，我注意到本季有兩個公告。一個是 Visa、MasterCard 的穩定幣網路，涵蓋 100 多家企業，而你們不是其中之一；另一個是代幣化存款網路，參與的是一群銀行，那更偏向銀行端的事情。

So my question is what is taking place in terms of as we're modernizing all the payments and clearing and settlement systems? And are we paying too much attention because right now, it's not adding up too much money. So I apologize, I smushed those two together, but I want to get the right perspective on all things digital.

所以我的問題是，在我們現代化所有支付、清算與結算系統的過程中，究竟正在發生什麼？而且我們是否過度關注了，因為目前它並沒有帶來太多金額。抱歉我把兩個問題揉在一起，但我想要對所有數位相關的事情取得正確的視角。

Glenn, maybe I'll start, and John will pick up on the specifics as it relates to the numbers.

Glenn，也許我先開始回答，然後 John 會就與數字相關的細節補充。

And -- as you think about the $750 million and the $250 million, again, that was in the context of the go-forward next phase of transformation that we just described. We've got initiatives underway. And if you think about just the -- on the cost side, if you think about the margin expansion, that we've enjoyed over the past several years. I mean that's been the result of our ongoing transformation program.

而且——當你思考 7.5 億美元與 2.5 億美元時，再次強調，那是在我們剛剛描述的、轉型下一階段的前進脈絡之下提出的。我們已經有一些倡議在進行中。如果只看成本面、只看我們過去幾年享有的利潤率擴張，那其實就是我們持續推動轉型計畫的成果。

What we're talking about here in the $750 million and the $250 million is the next phase, which is incremental. But we've got existing initiatives that also will be contributing. So I just want to make sure that people understand the mathematics here. Number one.

我們在這裡談的 7.5 億美元與 2.5 億美元，是下一階段，也就是新增的部分。但我們也有既有的倡議同樣會持續貢獻。所以我只是想確保大家理解這裡的數學關係。第一點。

Number two, in terms of your specific question, on digital. The way we think about this is we're primarily an infrastructure provider to our clients, enabling them to do to execute their digital strategies. So who are our clients? Our clients are global investors, right? So that's why we're focusing on the -- if you think about it, the traditional to digital back to traditional kind of rails because it will be a long time before the whole infrastructure stack is digital.

第二點，針對你關於數位的具體問題。我們的思考方式是：我們主要是為客戶提供基礎設施，讓他們能夠執行其數位策略。那我們的客戶是誰？我們的客戶是全球投資人，對吧？因此我們聚焦在——如果你這樣想——從傳統到數位、再回到傳統的這種軌道（rails），因為整個基礎設施堆疊完全數位化還需要很長時間。

And then secondly, we're focused on things that relate to those investors, asset managers, or asset owners, hence, for example, the focus on tokenized money market funds. Who are our client base? Well, a large segment of them are large asset managers. So we're picking our spots and going to where we know our clients want to go is the way to think about it. John?

第二，我們聚焦在與這些投資人、資產管理人或資產所有人相關的事情，因此例如聚焦於代幣化貨幣市場基金。我們的客戶基礎是誰？其中很大一部分是大型資產管理公司。所以我們會選擇切入點，前往我們知道客戶想去的方向——可以這樣理解。John？

Yes, just a few comments to add to that. I mean I'd say that, as you know, we launched our digital asset platform recently. It's a secure, scalable platform. I think we're trying to create the capabilities to manage wallets and really manage the on-ramp and off-ramp between traditional finance and into the digital on chain world.

是的，我再補充幾點。我的意思是，如你所知，我們最近推出了數位資產平台。這是一個安全、可擴展的平台。我想我們正在建立管理錢包的能力，並真正管理從傳統金融到數位鏈上世界之間的上鏈與下鏈通道（on-ramp 與 off-ramp）。

A few comments about some things that we've also been able to do is we're -- in the Investment Services side of the business, we're focused on enabling client launches of tokenized money markets. And so that's early in the road map, and we're excited about that.

另外補充一些我們也已經能做到的事情：在投資服務這一端，我們聚焦於協助客戶推出代幣化貨幣市場產品。這在路線圖上仍屬早期階段，我們對此感到很興奮。

And I think on the other side of the house with respect to Investment Management, we also announced a couple of digital asset ecosystem product launches as well. So you think about this across the One State Street lens, State Street Investment Management did launch a tokenized money market fund on chain, basically cash equivalent for the digital ecosystem creating new distribution, et cetera.

而在另一端，就投資管理而言，我們也宣布了幾項數位資產生態系的產品推出。所以從「One State Street」的視角來看，State Street Investment Management 確實在鏈上推出了一檔代幣化貨幣市場基金，基本上是數位生態系的現金等價物，創造新的分銷等。

And broadly, asset managers love this with respect to the distribution aspects as well as collateral mobility. And Investment Management also launched a stablecoin reserves money market fund as well targeted to stablecoin issuers.

整體而言，資產管理人很喜歡這點，因為它在分銷面以及擔保品流動性（collateral mobility）方面都有助益。而投資管理也推出了一檔穩定幣儲備貨幣市場基金，目標客群是穩定幣發行人。

I think it's going to be table stakes for us in the space that we're in to have these capabilities. As we mentioned, alternatives is probably the most mature of the three that we're spotlighting here today. Digital was gaining momentum, but lots of activity, as I articulated here, in the here and now as well that we're making progress on.

我認為，對我們所處的領域而言，具備這些能力將會是基本門檻（table stakes）。如我們提到的，在今天聚焦的三個領域中，另類投資可能是最成熟的一個。數位業務正在累積動能，但正如我在此所闡述的，當下也有很多活動，我們也正在取得進展。

I appreciate that. I mean it sounds like you make a lot of progress. It doesn't add up to huge numbers right now. But that actually, I take as a good thing because it means the other $15 billion, $16 billion of your revenues is that much safer from the digital invasion, but if you agree with that, I'm good and done.

感謝說明。我的意思是，聽起來你們確實取得了很多進展。目前它還沒有累積成很大的數字。但其實我把這視為好事，因為這代表你們另外那 150 億、160 億美元的營收，在面對數位入侵時就更安全；如果你也同意這點，那我就沒問題、也問完了。

Mike Mayo, Wells Fargo.

Mike Mayo，富國銀行。

Could you guys give us more confidence on -- or why you're confident that this new phase at State Street over the next three to five years is going to succeed? I guess I have -- in my plus column, I recognize that you have 10 quarters in a row positive opt leverage, better returns, better pretax margin. And the organic growth aims to pick up. I'd love if you could verify that. It looks like the servicing fees have picked up organic 2% last year to 5% this year. Asset Management, 6% to double digits this year. So that would be the plus column.

你們能否讓我們對——或者說你們為什麼有信心——State Street 在未來三到五年的這個新階段會成功，給我們更多信心？我想在我的加分項裡，我看到你們已經連續 10 個季度實現正向營運槓桿、更好的回報、更好的稅前利潤率。而且有機成長目標也打算加速。我希望你們能確認一下。看起來服務費的有機成長從去年 2% 提升到今年 5%。資產管理從 6% 提升到今年的兩位數。所以這些算是加分項。

But I'd say the negative column is I've heard this before at State Street for the last 15 years, and this certainly predates you, John, and it predates you, Ron. But the whole cloud, the tech, the rewiring, as you said, John, was the story last decade and it failed to produce the results that were desired. So really, why is this time different? Why should investors think that this major kind of demarcation new phase of State Street should succeed?

但我會說，扣分項是：過去 15 年我在 State Street 聽過這些說法，而且這當然早於你，John，也早於你，Ron。但整個雲端、科技、重構（rewiring），如你所說 John，是上一個十年的故事，但未能產生所期望的結果。所以，這次到底為什麼不同？投資人為什麼應該相信 State Street 這個重大分水嶺式的新階段會成功？

Mike, it's Ron. I'll start with that. We begin with a very strong foundation. If you look at our track record of execution, we've got, as you point out, the 10 quarters of positive operating leverage. I mean that didn't come out of nowhere that came out of investment in the platform. But also investment in products and the revenue growth capabilities that we've now demonstrated over those 10 quarters.

Mike，我是 Ron。我先回答。我們是從非常強的基礎開始。如果你看我們的執行紀錄，正如你指出的，我們已經連續 10 個季度實現正向營運槓桿。我的意思是，這不是憑空出現的，而是來自於對平台的投資。同時也投資在產品與營收成長能力上，而我們在這 10 個季度已經證明了這些能力。

So what you're seeing in this foundation is consistent organic revenue growth and a very productivity-focused culture, right? John noted in the results that yes, our expenses have gone up, revenue related and reflecting the revenue-related cost-plus investments in these capabilities, but our head count is actually going down. We didn't have that kind of foundation in the history that you're referring to.

所以你在這個基礎上看到的是：一致的有機營收成長，以及一種高度聚焦生產力的文化，對吧？John 在結果中提到，是的，我們的費用上升了，這反映了與營收相關、以及在這些能力上的「成本加成（cost-plus）」投資，但我們的人頭數其實在下降。在你所提到的那段歷史中，我們並沒有這樣的基礎。

Secondly, I put a lot of -- we put a lot of credence in this team. The current management team is a strong one. Over 50% of that team is either new or new to its role in the last three years. They work very well together, and you're seeing it in terms of this strengthening each of the franchises, but also the real results coming out of the integrated One State Street approach.

第二，我非常——我們非常——看重這個團隊。目前的管理團隊很強。該團隊中超過 50% 的成員是在過去三年內新加入，或是新任其職。他們合作得非常好，你也看到這點：各個事業線都在強化，同時整合式的「One State Street」方法也帶來了實質成果。

You're seeing out of this team improved operating efficiency literally across the board quarter after quarter, year after year. And our first half 2026 results kind of reinforced this trajectory, right? We had the prior three years that we pointed to, and you're seeing that now play out again in the first half year.

你看到這個團隊帶來的營運效率提升，幾乎是全面性的——一季接一季、一年接一年。而我們 2026 年上半年的結果也再次強化了這個軌跡，對吧？我們提到的前三年表現，你現在又看到它在上半年再次展現出來。

So taking it all together, we look at these targets. And these are targets over a cycle. I mean, we're in a very constructive environment now. We're not assuming that that's going to last forever. But when we look over the cycle, these are the targets that we're aiming for. They're ambitious, but we're going to hit them. We selected margin and ROTCE because they're within our control and they are things that are important to you as investors.

所以綜合來看，我們看待這些目標。而這些是跨景氣循環（over a cycle）的目標。我的意思是，我們現在處於非常建設性的環境。我們並不假設這會永遠持續。但當我們以整個循環來看，這些就是我們要達成的目標。它們很有企圖心，但我們會達成。我們選擇利潤率與 ROTCE（有形普通股權益報酬率），因為它們在我們可控範圍內，而且對你們投資人而言很重要。

So we bring it all together. We've got a lot of conviction. We've got a lot of confidence, and we intend to execute what we laid out there.

所以把這些整合起來。我們有很強的信念。我們非常有信心，而且我們打算把我們所提出的計畫執行到位。

I guess in terms of the rewiring part, I mean, it all sounds good on paper, and it may or may not play out the way you expect it. Is there any metric that you or we on the outside can monitor to see that success, like revenues per employee or I don't know, number of employees. Just the idea of going to a more agile infrastructure, kind of what that means in financial terms.

我想就重構（rewiring）這部分而言，我的意思是，紙上談兵聽起來都很好，但實際是否會如你們預期發展，可能也未必。你們或我們外部人士是否有任何可以追蹤的指標來觀察成功與否，例如每位員工的營收，或我不知道，員工人數之類的？就是轉向更敏捷的基礎架構，從財務角度來看意味著什麼。

Yeah, Mike, it's John. I guess a couple of things. One is the -- starting with the overall number of the $750 million, it is disproportionately being driven by this operating model transformation, which is pretty tangible.

是的，Mike，我是 John。我想有幾點。第一，從整體 7.5 億美元這個數字開始，它在很大程度上是由這次營運模式轉型所驅動，而這是相當具體可見的。

I mean what we're talking about is basically migrating to a product platform approach where our business technology and ops teams are reorganized into cross-functional integrated teams that deliver specific business outcomes for clients. That's a physical organizational migration that's very tangible to see. And what we're going to be doing is taking out the unneeded interfaces that currently exist that slow down and created some inefficiencies between those groups today. That's pretty tangible, and that will flow through to headcount.

我的意思是，我們談的是基本上轉向產品平台（product platform）的方法：把我們的業務、科技與營運（ops）團隊重組為跨職能的一體化團隊，為客戶交付特定的業務成果。這是一個實體的組織遷移，非常容易看得見。而我們要做的是移除目前存在、會拖慢速度並在這些團隊之間造成一些低效率的不必要介面。這相當具體，而且會反映到人頭數上。

I think what you saw over the last couple of years is that our head count is down. The gross head count is down by more than what the net is. And the reason for that is that we've been investing in driving strategic initiatives along the way. And that theme will continue. So I think you should keep an eye on head count and watch that area.

我想你在過去幾年看到的是，我們的人頭數在下降。總人頭數（gross head count）的下降幅度大於淨人頭數（net）。原因是我們一路上持續投資推動策略性計畫。而這個主題會持續下去。所以我認為你應該關注人頭數，並留意這個面向。

We'll also, over time, look for a short list of metrics that will help support what we're talking about here in terms of product development, like release cycle times and client experience and service quality metrics, et cetera, which we expect to improve.

此外，隨著時間推進，我們也會尋找一小組指標，來支撐我們在產品開發方面所談的內容，例如發佈週期時間（release cycle times）、客戶體驗與服務品質指標等等，我們預期這些都會改善。

And in the platform space, having -- migrating to more applications in the cloud and reducing the footprint of our data centers are also lend themselves to metrics that I think we can share and also migrating our overall investment spend because of the efficiency that we should get in software development life cycle and in the product life cycle. Overall, you should see the percentage of our growth, of our investment spend rise over time as well.

而在平台方面，遷移到更多雲端應用、並縮減我們資料中心的占用規模，也都有相對應的指標，我想我們可以分享；同時，因為我們在軟體開發生命週期與產品生命週期中應該能取得效率，我們也會調整整體投資支出配置。整體而言，你也應該會看到：我們用於成長的投資支出占比，會隨時間上升。

So I think there's a handful of metrics that we can share in combination with the fact that we are actually going to reorganize the company along these lines, and that will be very tangible. It won't be -- and that will be something that we can demonstrate over this medium term.

所以我認為，我們可以分享少數幾個指標；再加上我們確實會依照這些方向重組公司，這會非常具體可見。它不會是——而且這會是我們在這個中期期間內可以展示的成果。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Actually just don't mind to focus on the current outlook. John, just maybe give a little color just looking at kind of what you're expecting for the full year now, I guess, I would assume that NII kind of flattens out from here and fees probably revert a little bit given how strong FX was in the second quarter, I could imagine some of that would be there. But just kind of just still how you expect some of those to progress from here? And anything we should just be thinking about with regards to either seasonality or things that revert from the recent results.

其實我想把焦點放在目前的展望。John，能否就你們現在對全年預期稍微補充一些說明？我猜，我會假設淨利息收入（NII）從這裡開始大致趨於持平，而費用收入可能會稍微回落一些，因為第二季外匯（FX）表現非常強，我可以想像其中一部分會反轉。但整體而言，你預期這些項目接下來會如何演進？以及就季節性或近期結果中可能回歸常態（revert）的部分，有沒有什麼我們應該留意的？

Yeah, sure. I mean I think maybe starting with the revenue, I mean, I think we expect continued organic growth in the servicing fee and management fee space. And I think that's an important anchor point continuing the momentum that you're seeing in the first half, that continues into the second half.

好的，當然。我想也許先從營收談起：我們預期在服務費與管理費領域會持續有機成長。我認為這是一個重要的錨點——你在上半年看到的動能，會延續到下半年。

We're not assuming, however, as much of a tailwind from markets -- market levels, I mean, as well as Markets, I'll get back to Markets in a second, but market levels. We're keeping it flat to the end of the second quarter. And so we'll see how that plays out. But most importantly, organic growth continues into 2H.

不過，我們並未假設市場帶來那麼大的順風——我是指市場水位；至於 Markets（市場業務），我等一下再回到 Markets，但先講市場水位。我們把它維持持平到第二季末。因此我們會看看實際結果如何。但最重要的是，有機成長會延續到下半年。

But to your point, we're setting records in FX trading services here quarter after quarter, it seems. And we do have built in some moderation into the second half. And you can be of two minds there. I mean I think we've been -- we've seen client volumes be extremely resilient. We've seen opportunities internationally where spreads are wider and growth is a little stronger but continue to support our markets business.

但就你提到的點來看，我們在外匯（FX）交易服務上似乎一季接一季地創下紀錄。而我們也在下半年預先納入了一些降溫的假設。對此你可以有兩種看法。我的意思是，我認為我們一直——我們看到客戶交易量展現出極強的韌性。我們也看到國際市場的機會，那裡點差更寬、成長也稍強，但仍持續支撐我們的市場業務。

And so we're excited about that, but we're not counting on that in this -- continuing in this outlook for the revenue side of things in the markets business. I think it's going to be a strong second half for Markets, but moderating a bit from the record in 2Q is what we're assuming in this outlook.

因此我們對此感到振奮，但在這份展望中，就市場業務的營收面而言，我們並沒有把這種動能持續延伸納入假設。我認為 Markets 下半年會很強，但在這份展望中，我們假設會較第二季創紀錄的水準略為降溫。

When it comes to NII, that's about right. I mean, I think you're seeing some flattening out there. I mean I'd say earlier, we had a sense that deposits would be in the $250 billion to $260 billion range. We came in above that in the second quarter. Average was around $270 billion. And I think we're going to assume that that is going to be the outlook for the whole year.

至於淨利息收入（NII），那樣的判斷大致正確。我的意思是，我想你也看到那邊開始有些趨於平坦。我會說，先前我們的看法是存款大約會落在 2,500 億到 2,600 億美元的區間。第二季我們高於這個區間。平均大約是 2,700 億美元。而我認為我們將假設這會是全年展望的水準。

So we're raising that in terms of balance sheet contribution coming from NII, and that's underpinning this increase in the outlook from 8% to 10% to up 14% to 15% year over year. And with the net interest margin kind of staying in that range of 110 basis points to 115 basis points that we mentioned last quarter. So those are the thoughts from my standpoint on those -- on the revenue side.

因此，就來自 NII 的資產負債表貢獻而言，我們上調了假設，這也支撐了展望從年增 8% 到 10% 上調至年增 14% 到 15%。同時，淨利差（NIM）大致維持在我們上季提到的 110 個基點到 115 個基點區間。以上是我對這些——也就是營收面——的看法。

And on expenses, I think the point there is that we're going to see some moderation in the growth in part due to some lower cost on the third-party spend side in the numerator. And then there's also a year-over-year denominator impact from 2H '25 that takes our expenses up to 8% from the prior 5% to 6%, including revenue related. So just a few comments across each one of those line items.

至於費用，我認為重點在於：我們將看到成長有所降溫，部分原因是分子端第三方支出成本較低。另外，分母端也有一個來自 2025 年下半年的年對年影響，使我們的費用增幅從先前的 5% 到 6% 提高到 8%，其中包含與營收相關的費用。所以就這些各項目簡單補充幾點。

Okay. And just one clarification, and I apologize if I missed it in the deck somewhere, but can you just make sure we understand the three to five years of just what years we're talking about there? And the question people are just asking about like possibility of achieving it inside when you can get to these targets inside that range?

好的。再請教一個釐清問題，如果我在簡報某處漏看了也先致歉：你們提到的「三到五年」具體是指哪些年度？大家也在問，例如是否有可能在那個區間內更早達成、以及你們何時能在該區間內達到這些目標？

Yeah, sure. I'd add two points there. One is we -- on the $1 billion transformation program, that is explicitly tied to achieving that by 2029. So that's sort of earlier than the three to five, I would say. So that's by 2029. So that's more in the three-year range early end of it. With respect to the targets overall, so I think we like to talk about the medium-term meeting three to five but that 100- to 150-basis point positive operating leverage expectation would imply that we would get there in the early end of that medium-term time frame.

好的，當然。我想補充兩點。第一，我們的 10 億美元轉型計畫，是明確與在 2029 年前達成綁定的。所以我會說那其實比「三到五年」還要更早一些。也就是在 2029 年前。因此更接近三年期的早端。至於整體目標，我們通常把中期定義為三到五年；但 100 到 150 個基點的正向營運槓桿預期，意味著我們會在這個中期時間框架的較早端達成。

David Smith, Truist.

David Smith，Truist。

The $1 billion of transformation is a nice goal. Are you anticipating any major upfront spend required to get there by the 2029 target? Or is it just embedded between your normal investment spend each year net of efficiencies?

10 億美元的轉型是一個不錯的目標。你們是否預期為了在 2029 年達標，需要任何重大的前期支出？還是說它只是嵌入在你們每年的正常投資支出之中，並以效率提升相抵後呈現？

Yes. I think on the recurring side of things, that's all embedded in the numbers that you heard. I think there will be some onetime costs that are predominantly severance related with respect to the head count implications. And so I'd probably frame that in the neighborhood of around $500 million or so would give you a sense for how that would equate to head count reductions, gross.

是的。我認為就經常性（recurring）的部分而言，這些都已經包含在你剛剛聽到的數字裡。我認為會有一些一次性成本，主要與人力編制影響相關的資遣費（severance）。因此我大概會把它框在約 5 億美元左右，讓你對這相當於多少人力縮減（以總額計）有個概念。

And then on a net basis, maybe similar to what you saw over the recent past, we would expect head count to be down in the low single digits range on a net basis after reinvestment of that capacity into strategic initiatives and growing our franchises, so that's the way to think about it. And we think that's a highly attractive ROI on that severance cost.

然後以淨額來看，可能與你們近期看到的情況類似，在把這些產能再投資到策略性計畫與擴大我們的業務版圖之後，我們預期人力編制淨減幅會落在低個位數百分比的區間；這就是理解方式。而我們認為就這筆資遣成本而言，投資報酬率（ROI）非常具吸引力。

There's a little contract termination in there, too, but almost the substantial majority of that $500 million, I would say, is severance-related, which typically ends up with very solid ROIs and solid earn-backs as well.

其中也有一點合約終止成本，但我會說，這 5 億美元中絕大多數仍是資遣相關；而這類成本通常最終會帶來非常扎實的 ROI，以及很好的回收期（earn-back）。

Okay. And then in terms of the lines of business targets, just focusing on Investment Management, you're saying you're going to get about 200 basis points of enterprise-wide margin expansion from there. But it was less than 20% of revenues last year. So just thinking about the weighted contribution, it would take a pretty big improvement in margins, specifically in Investment Management to get 200 basis points for the overall company. Can you just talk a little bit more about the key drivers there and your confidence in achieving them?

好的。接著就各業務線目標而言，聚焦在投資管理（Investment Management）：你們說將從那裡帶來約 200 個基點的全企業（enterprise-wide）利潤率擴張。但去年它的營收占比不到 20%。所以從加權貢獻來看，要讓整體公司增加 200 個基點，投資管理的利潤率必須大幅改善。你能否再多談一些關鍵驅動因素，以及你們對達成的信心來源？

Yeah. I'd say -- I think the answer is -- I think that's right. I mean the math there is that if you go back to 2029, Investment Management was around 33% margin. In second quarter, Investment Management has already improved that to 38%. So -- and I think that's probably about halfway home from a mathematical standpoint in order to deliver that 200 basis points top of the house. So it seems large from '25 but about 50% of that's already delivered here in the second quarter.

好的。我會說——我認為答案是——你說得沒錯。我的意思是，從數學上來看，如果你回到 2029 年，投資管理的利潤率大約是 33%。在第二季，投資管理已經把它提升到 38%。所以——我認為從數學角度來看，為了在整體（top of the house）貢獻那 200 個基點，這大概已經走到一半左右。因此從 2025 年的角度看起來幅度很大，但其中約 50% 在第二季其實已經交付了。

Now nothing is linear, and the market levels can have an impact on that over time. But we're just seeing incredible momentum in the Investment Management space and just flexing the scale advantage that they have and the innovation in terms of the products that's being delivered. We've got a lot of confidence in this 200-basis-point top of house contribution coming from Investment Management.

當然，沒有任何事情是線性的，市場水位也可能隨時間對此產生影響。但我們在投資管理領域看到非常驚人的動能，並且持續發揮其規模優勢，以及在產品交付上的創新。我們對於這 200 個基點、由投資管理帶來的整體貢獻非常有信心。

And I think the specific areas that we're talking about is continuing to drive our leading franchise as it stands with ETFs, index, and fixed income and just our global distribution expanding that is -- that's a big driver. And then their own transformation delivery as part of the overall transformation program is also a large contributor where cycle times and product release cycle times all shorten, and there's revenue uplift that's embedded in that 200 basis points as well. So those are some of the ways I think about the credibility of that 200 basis points.

我認為我們談到的具體面向包括：持續推動我們在 ETF、指數與固定收益方面既有的領先版圖，並透過全球通路擴張——這是一個重要驅動因素。此外，他們自身在整體轉型計畫中的轉型交付也是一大貢獻來源：作業週期時間與產品發布週期時間都縮短，而那 200 個基點中也包含了營收提升（revenue uplift）。以上是我看待這 200 個基點可信度的一些方式。

Jim Mitchell, Seaport Global Securities.

Jim Mitchell，Seaport Global Securities。

Just maybe on the margins and expenses again. I guess if we think about the tech and ops transformation, do you expect any drag, I guess, in the very short term on pretax margins as you invest or is a lot of that stepped-up investment spending kind of in the run rate? Just trying to think through 100 basis points, 150 basis points of pretax margin improvement per year. Would you view that as somewhat linear or back ended?

再回到利潤率與費用的問題。我想如果我們思考科技與營運（tech and ops）轉型，你們是否預期在非常短期內，因為投資而對稅前利潤率造成一些拖累？還是說多數增加的投資支出其實已經反映在目前的常態化水準（run rate）裡？我只是想釐清：每年稅前利潤率改善 100 個基點、150 個基點，你們會認為這是相對線性的，還是偏向後段實現（back ended）？

Yes. It's not back ended. I would say that the base case is that we would expect to generate positive operating leverage in each year of the medium-term outlook. That's our goal, and that's what we're trying to accomplish to make progress along the way. So it's not back-end loaded, but what I'm giving you is an average. And there will be some variation in that inevitably based on both the pace of internal activity and execution as well as external macro factors.

是的。這不是後段才發力。我會說，基準情境是：在中期展望的每一年，我們都預期能產生正向的營運槓桿。那是我們的目標，也是我們一路上努力要達成、持續取得進展的方向。所以它不是後段集中，但我給你的是一個平均值。而且不可避免地會有一些波動，取決於內部活動與執行的節奏，以及外部總體環境因素。

But I think 100 basis points to 150 basis points is a good planning range that takes it to the earlier end of that three- to five-year outlook. And there's not an early years large investment cycle that has been back-end unveiled over the medium term. The tech investments are planned and consistent with the $1 billion program along the way across the medium term without it being back-end loaded.

但我認為100個基點到150個基點是一個很好的規劃區間，能把它對應到那個三到五年展望的較前段。而且在中期內，並不存在前幾年有一個很大的投資循環、然後在後段才揭露或展開的情況。科技投資是有規劃且一致的，會在中期一路按照10億美元的計畫推進，而不是後段才集中投入。

Right. Okay. That's helpful. And then on the numerator side, obviously, this year has been a great year, and you've gotten 500 basis points of operating leverage. But what -- you talked about expectations for the rest of the year from assumptions. But how are you thinking about the assumptions over the medium term for the revenue backdrop? And if we have more years like this, can you get there even quicker? Does that flow to the bottom line, the upside?

了解。好。這很有幫助。接著在分子端，顯然今年是非常好的一年，你們拿到了500個基點的營運槓桿。但你剛才談到今年剩餘期間的假設與預期。那在中期來看，你們對營收背景的假設是怎麼思考的？如果未來還有更多像今年這樣的年度，你們是否能更快達標？那樣的上行空間會直接流到最終盈餘（bottom line）嗎？

Yeah. I mean I think, as I mentioned, the 100 basis points to 150 basis points assumes. And we expect to deliver organic fee growth over this time frame. I also mentioned that NII would come in low- to mid-single digits when we think about how that will contribute over the time frame. And so to the extent that the positive operating leverage exceeds the 100 basis points to 150 basis points, we would achieve the 35% earlier. That's for sure.

是的。我的意思是，我想如我提到的，這100個基點到150個基點是基於一些假設。而我們預期在這段期間能交付有機費用成長。我也提到，當我們思考它在這段期間的貢獻時，NII（淨利息收入）會落在低到中個位數成長。因此，只要正向營運槓桿超過100到150個基點，我們就會更早達到35%。這是肯定的。

I would hasten to add that we are going to be looking for a sustainable level at the [35] and at these targets, where we're delivering it, not only in real time for sufficiently long multiple quarter period but also have an expectation that it will continue to stabilize and grow from there. And then that's the timing for when we would reassess whether those targets have been achieved and then consider whether they should be adjusted higher.

我也要補充一點：我們會尋求在[35]以及這些目標上達到一個可持續的水準；也就是說，我們不僅要在即時表現上、在足夠長的多季期間內交付成果，還要有信心它之後能持續穩定並在此基礎上成長。然後在那個時間點，我們才會重新評估這些目標是否已達成，並考慮是否需要把目標再往上調。

Ebrahim Poonawala, Bank of America Securities Merrill Lynch.

Ebrahim Poonawala，美國銀行證券美林。

First of all, John, thanks for all the details in the slide deck on the target. Nicely laid out. I had a question. I think it's an interesting point in time where you're going through -- when you talked about rewiring the business and kind of when we think about AI adoption within Financial Services.

首先，John，謝謝你在簡報中提供了關於目標的所有細節。整理得很清楚。我有個問題。我覺得現在這個時間點很有意思，因為你們正在經歷——你提到重塑（rewiring）業務，以及我們如何看待金融服務業內的AI採用。

Just talk to us as you've approached the targets as you're thinking about adopting AI, how difficult is it to sort of implement that through workflows and rewire that, is it -- like, do you think over the next 12 to 24 months, you'd have a franchise or an enterprise that fully, I guess, I don't know, AI native or yeah, if you don't mind talking through that?

請你談談：當你們在制定這些目標、並思考採用AI時，把它導入工作流程並進行重塑到底有多難？

And I guess tied to that, how much of AI-driven gains are in these targets as opposed to you could be an even more profitable bank if kind of AI delivers to its promise on productivity.

另外與此相關的是：這些目標中，有多少是由AI驅動的增益所貢獻？相較之下，如果AI在生產力上的承諾真正兌現，你們是否可能成為一家更高獲利的銀行？

Yeah, sure. I mean, I'll make a few comments about this. So I'd say I'd put the AI benefits in maybe three categories. The first one would be within our operating model, which is the lion's share of what we're really delivering here in terms of the $750 million and which depends upon the tech simplification and AI adoption.

好的，當然。我先就這點做幾個評論。我會把AI帶來的效益大致分成三類。第一類是在我們的營運模式內，這也是我們在這裡所交付的7.5億美元中占比最大的部分，並且仰賴技術簡化與AI採用。

We are going to be embedding Agentic capabilities within our operating model redesign. So we are migrating to agile ways of working and within any given cross-functional team, if we would have done this, call it, five years ago, that would have been composed of all humans, of course. Now it's going to be a hybrid of human, a genetic team that actually staff these integrated teams. So I would describe the savings that will be coming from the operating model transformation as embedded with agentic capabilities.

我們會把代理型（Agentic）能力嵌入到營運模式的重新設計中。因此我們正在轉向敏捷的工作方式；在任何一個跨職能團隊中，如果我們在五年前做這件事，那當然會完全由人員組成。現在它會是人類與代理型（agentic）團隊的混合，實際上由這種混合編制來配置這些整合型團隊。所以我會把來自營運模式轉型的節省，描述為已嵌入代理型能力。

And I'm not sure you can fully unpack how much is separately driven by the agentic aspects versus there are a lot of other things going on where we're reengineering, taking out interfaces from business processes at the same time. The rewiring is basically creating these human agentic hybrid teams. And so it all happened together and had put that one category, which is agentic is helping to power the operating model efficiencies that we're talking about. So I'd say that's the first one.

而我不確定你是否能完全拆解出：其中有多少是由代理型特性單獨驅動；因為同時還有很多其他事情在進行，例如我們也在重新工程化，並在同一時間從業務流程中移除介面。所謂重塑（rewiring），基本上就是建立這些人類與代理型混合的團隊。因此這些事情是一起發生的；我會把它歸為同一類：代理型能力正在協助驅動我們所談的營運模式效率。所以我會說這是第一類。

The second one is within the technology organization itself where it's much more able to be ring-fenced, if you will, when we look at software developer productivity. And it's very explicit and we're indicating -- that is our expectation that you'll see equipping software developers with these tools that we would expect to see a 30% to 40% increase in productivity. And that likely gets deployed in faster cycle times and more product launch and higher innovation, which drives revenue. So we're excited about that, and that's the second overall category.

第二類是在技術組織本身；當我們看軟體開發人員的生產力時，這部分更容易被「圈定」或隔離出來衡量。而且這非常明確，我們也指出——我們的預期是：為軟體開發人員配備這些工具後，生產力可提升30%到40%。而這很可能會反映在更快的迭代週期、更多產品上線與更高的創新，進而帶動營收。所以我們對此很興奮，這是第二大類。

I think the third one is really kind of a rising tide lifts all boats story where we're going to be and have delivered agentic capabilities from a standardized standpoint on a copilot platform to all eligible employees. And it's basically allowing them to actively use these AI tools and create higher value work. So knowledge, retrieval data document extraction, content creation, all of those things and analytics and decision support, all of that is improving the productivity of our colleagues across the platform.

第三類更像是「水漲船高」的故事：我們將以標準化的方式，透過一個copilot平台，把代理型能力提供給所有符合資格的員工，而且我們也已經在交付。這基本上讓他們能主動使用這些AI工具，創造更高價值的工作。例如知識檢索、資料與文件擷取、內容生成，以及分析與決策支援等；這些都在提升我們同仁在整個平台上的生產力。

And those are the three ways that I think about it, and you're going to see the savings expressed and embedded in that $750 million with respect to expense saves, definitely, but you'll also see it driving the expectation of the $250 million on revenue and beyond over time.

以上就是我看待這件事的三種方式；你會看到節省反映並嵌入在那7.5億美元之中，特別是在費用節省方面，絕對是如此；但你也會看到它推動我們對2.5億美元營收、以及隨時間推進更高水準的期待。

Got it. So that was helpful. And just a separate question following up on Glenn's on digital assets. I mean there seems to be a lot of hype around that. Not that the technology is not real but just talk to us when you think about blockchain digital assets kind of playing a critical role in the plumbing of the market. Do you think of that as a 5- to 10-year build-out? Or do you think over the next year or two this is going to have a meaningful impact on how you think about revenue growth and including disruption risks to certain line items. Just yeah, your thought process around that?

了解。所以這很有幫助。另外一個獨立問題，延續Glenn剛才關於數位資產的提問。我的意思是，市場上似乎有很多炒作。並不是說這項技術不真實，但想請你談談：當你們思考區塊鏈數位資產在市場「基礎管線」（plumbing）中扮演關鍵角色時，你們認為這會是一個5到10年的建置期嗎？還是你認為在未來一兩年內，這就會對你們對營收成長的看法產生實質影響，並且包含對某些收入項目帶來的顛覆風險？就是，你對此的思考脈絡是什麼？

Ebrahim, it's Ron. It's a really good question. And I think what's playing out is like a lot of technologies. There's an awful lot of promise and the early delivery, I think underwhelms and is disappointing. And then the later delivery actually is greater than what everybody anticipated. And I suspect that's how this will play out.

Ebrahim，我是Ron。這是個非常好的問題。我認為正在上演的情況就像很多技術一樣。一開始有非常多的承諾，但早期的交付往往不如預期、令人失望。而後期的交付反而會比大家原先預期的更大。我猜這次也會是這樣發展。

I mean if you think about some of this blockchain technology, it's not new at all. I mean it's been around for a while. Part of it is you're taking new technology and putting it into an ecosystem. And I'm not talking about just State Street ecosystem. You're talking about a financial ecosystem.

我的意思是，如果你想想這些區塊鏈技術，其實一點也不新。我的意思是，它已經存在一段時間了。其中一部分在於，你把新技術帶進一個生態系統。而我說的不只是道富（State Street）的生態系統。你說的是一個金融生態系統。

But the -- there's a lot of enablement that's occurred over the past couple of years, things like the GENIUS Act and whatever is going to come out of the CLARITY Act. There's a regulatory movement that's starting to align around this. Again, given some of these things, the regulatory movement has to align across borders. But if you think about what it enables, just think about collateral alone and the ability to create a -- to transform money market funds into collateral eligible, there'll be so much pressure to do that.

但是——過去幾年出現了很多促成因素，例如 GENIUS 法案，以及未來 CLARITY 法案可能會推出的內容。監管層面開始出現一股趨勢，逐步在這方面對齊。同樣地，考量到其中一些因素，監管動向必須跨境對齊。但如果你想想它能帶來什麼，只要想想擔保品（collateral）就好，以及把貨幣市場基金轉化為符合擔保品資格的能力，將會有非常大的壓力去推動這件事。

If you think about in real assets, the growth in real assets and the ability to use blockchain to actually tokenize some of these things enable it to be broken up and put into smaller portfolios, wealth and retail portfolios. I think market pressures will accelerate this.

如果你看實體資產（real assets），實體資產的成長，以及運用區塊鏈把其中一些資產真正代幣化（tokenize）的能力，會讓它們得以被拆分，放進更小的投資組合，例如財富管理與零售投資組合。我認為市場壓力會加速這個進程。

So I believe that not surprisingly lower than what the hype might have suggested. But if you look at what's going on under the covers, there's real adoption going on. There's real stuff being built out. And I think you will see this promise over the medium to long term.

所以我相信，結果不意外地會低於炒作所暗示的程度。但如果你看幕後正在發生的事，確實有真正的採用在進行。確實有實質的東西正在建置。而我認為在中長期你會看到這個承諾兌現。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

John, you've spoken about the balance sheet optimization and the NII durability is being central pillars of their medium-term outlook. Can you just remind us on what the near-term and medium-term impacts of the balance sheet optimization efforts are and what the impact is to NII?

John，你談到資產負債表最佳化以及淨利息收入（NII）的韌性，是你們中期展望的核心支柱。你能否提醒我們，資產負債表最佳化措施在短期與中期的影響是什麼，以及對 NII 的影響是什麼？

Yeah. I mean I would say it's all embedded in that outlook with respect to, I think, in mid-2025, our net interest margin was around 96 basis points. I think -- and we've been able to raise that predominantly through optimization activities, not exclusively, but a big part of it was optimization activities to remix the funding side of our balance sheet into higher deposits as a percentage of overall funding and lower short-term wholesale funding.

好的。我的意思是，我會說這些都已經反映在那個展望裡；就我記得，在 2025 年年中，我們的淨利差（net interest margin）大約是 96 個基點。我想——我們主要透過最佳化活動把它提高了；不是完全只靠最佳化，但其中很大一部分是最佳化活動，將我們資產負債表的資金來源端重新配置，使存款占整體資金來源的比重更高、短期批發融資更低。

And so that net interest margin has risen from around that 96% level to 110 basis points to 115 basis points range that we're talking about today. So if you do the math on that, that's around 15 basis points to 20 basis points overall of net interest margin lift.

因此，淨利差已從約 96 個基點，上升到我們今天所談的 110 到 115 個基點區間。所以如果你算一下，整體淨利差大約提升了 15 到 20 個基點。

I think there's some environmental factors and business execution that has been driving that, which is great. And then there's a reasonably large piece of that was restructuring the balance sheet over the last several quarters to stabilize it at this 110 basis points to 115 basis points level. And then as I mentioned earlier, we're expecting to try to see continued tailwinds there on net interest margin.

我認為有一些環境因素以及業務執行在推動這件事，這很好。另外其中相當大的一部分，是過去幾季透過重整資產負債表，使其穩定在 110 到 115 個基點這個水準。然後如我先前提到的，我們預期淨利差仍會持續受惠於一些順風因素。

And so I would -- what's assumed in the medium-term outlook is that is that we'll migrate to the high end of that 110 basis points to 115 basis points to be around the 115 basis points range as you -- as the medium term plays out.

因此我會——中期展望所假設的是，隨著中期逐步展開，我們會往 110 到 115 個基點區間的高端移動，也就是大約 115 個基點左右。

Got it. And then maybe on the capital side, it seems like you raised the CET1 target a little bit from 10% to 11% to 11%. Can you speak to what's driving that? Is it just conservatism or is it a desire to keep some sort of capital buffer right now while the environment is good. And is there any upside to that 80% payout ratio?

了解。那在資本方面，看起來你把 CET1 目標從 10% 稍微提高到 11% 到 11%。你能談談是什麼在驅動這個調整嗎？這只是更保守，還是希望在目前環境良好的情況下保留某種資本緩衝？另外，那個 80% 的配發率（payout ratio）有沒有上行空間？

Yes. I mean I think 80% is a good planning level. That's what we've got included and assumed in our medium-term outlook. And I'll start with that and come back to the back to the ratio itself. We do have very attractive opportunities to put capital to work in support of our strategic clients, whether it's in our global credit finance business, supporting our Investment Services clients or in the markets business who are supporting Investment Services clients as well as asset owners and increasingly thinking about wealth managers over time.

是的。我的意思是，我認為 80% 是一個很好的規劃水準。這就是我們在中期展望中納入並假設的水準。我先從這點開始，之後再回到這個比率本身。我們確實有非常具吸引力的機會，把資本投入以支持我們的策略性客戶——不論是在我們的全球信用融資業務、支持我們投資服務（Investment Services）客戶，或是在市場業務中支持投資服務客戶、資產所有人，並且隨著時間推進也越來越把財富管理機構納入考量。

So there's RWA there that we think about aligning with our strategic goals over the medium term and also being attractive marginal deployment, just a growth mindset there. So I think it balances reasonably well. Our opportunities in terms of putting balance sheet to work with our desire to continue to have an attractive return of capital for shareholders. So that's what's going on there.

因此在風險加權資產（RWA）方面，我們會思考在中期把它與我們的策略目標對齊，同時也把它視為具吸引力的邊際資本部署——也就是一種成長思維。所以我認為這個平衡做得相當合理。我們一方面有把資產負債表投入運用的機會，另一方面也希望持續為股東提供具吸引力的資本回饋。所以大致上就是這樣。

I mean I think what you're seeing with respect to the CET1 ratio is a couple of things. One is we're leverage constrained. If we're increasingly able to continue to grow deposits, which is our expectation, not only here in -- we demonstrated that in the first half. We're committing to that maintaining those levels on an average basis in 2026, that creates more of a leverage constraint. And so we'll have to be managing the interplay between leverage capital and CET1. And so that's probably the thing to think about when you see that 11%.

我的意思是，我認為你在 CET1 比率上看到的是幾件事。第一，我們受到槓桿比率的限制。如果我們能持續增加存款（這是我們的預期），不僅是在這裡——我們在上半年已經證明了；我們也承諾在 2026 年以平均基礎維持那些水準——這會帶來更大的槓桿限制。因此我們必須管理槓桿資本與 CET1 之間的相互關係。所以當你看到那個 11% 時，這大概是需要思考的重點。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO 資本市場。

I had a couple on the ETF business. Recently, you launched a new product, QNDX, which is a rather interesting market, had been dominated by the Qs and recently opened up for new competition. What was particularly interesting to me was the pricing of the product. You priced it at 10 basis points, which was a pretty narrow spread above Nasdaq's 8 basis point licensing charge, and suggested to me that maybe this might be a new pricing strategy for SPDRs, given your inherent advantage of having your own servicer and effectively being able to price more attractively than a lot of your competition. Is this what we're starting to see here, and does it lead to any concerns around potential pricing pressure on ETF servicing?

我有幾個關於 ETF 業務的問題。最近你們推出了一個新產品 QNDX，這是一個相當有趣的市場，過去一直由 Qs 主導，而最近才對新的競爭者開放。我覺得特別有意思的是產品的定價。你們把它定在 10 個基點，僅比那斯達克（Nasdaq）8 個基點的授權費高出很窄的差距；這讓我覺得，考量到你們本身擁有自家的服務機構（servicer）這個內在優勢，並且實際上能比許多競爭對手定價更具吸引力，這可能是 SPDRs 的一種新定價策略。我們現在開始看到的是這個方向嗎？這是否會引發對 ETF 服務可能出現定價壓力的疑慮？

Yes, Brennan, I mean we -- unlike if you think about the history of us in ETFs. If you think about SPY in the Spyder franchise, which started out as an institutional franchise. And later on, we thought about, okay, what are we going to do for the wealth and the asset holder world, if you will, that's what led to the launch of SPYM to set alongside SPY. We didn't have that equivalent institutional product. So our view was when we went into this that we needed to round out our product line. We just didn't have it. It's a good strategy for the wealth and buy and hold investors.

是的，Brennan，我的意思是——如果你回顧我們在 ETF 的歷史，情況不太一樣。如果你看 SPY、也就是 Spyder 系列，它一開始是以機構為主的系列。後來我們思考，好，那我們要為財富管理與資產持有人（asset holder）的世界做什麼——這就促成了推出 SPYM，與 SPY 並列。但我們沒有對應的機構型產品。所以我們的看法是，當我們進入這個領域時，需要把產品線補齊。我們就是沒有那個產品。這對財富管理以及買入並持有（buy and hold）的投資人來說，是個好策略。

So we thought about it positioning that way is really how we thought about and really nothing more than that. obviously, because we are the leading ETF servicer when we're both the servicer and the sponsor, we're in effect deriving revenues from two different places. So sure, that's a factor. But in terms of how we position the product, it really has to do with our starting point, which was not being in that market at all. And when Nasdaq in effect, opened it up to others. That's how we thought about the positioning.

所以我們把它定位成那樣，基本上就是我們的思考方式，也沒有更多其他的考量。

Got it. That makes sense. And also, we've heard a noise from wealth management firms talking about rolling out revenue share programs for ETFs, do you have any sense for that potential impact? Have you been in dialogue with any of those wealth management firms? And what would you expect on that front going forward. I know the ETF business is a little more institutional oriented, but the wealth side is still relevant.

了解。這很有道理。另外，我們也聽到一些來自財富管理公司的聲音，談到要為 ETF 推出收入分成計畫，你對其潛在影響有什麼看法嗎？你們是否已與其中一些財富管理公司進行對話？以及你對未來這方面的發展有何預期。我知道 ETF 業務比較偏向機構導向，但財富端仍然相關。

Yes. So I mean we're -- as I think you know the franchise is growing, and the fastest-growing part of that is the wealth side of it. So we clearly are in dialogue with all these distributors. We work with all of them. There's long-term partnerships here. with them.

是的。所以我的意思是——如你所知，我們的業務版圖正在成長，而其中成長最快的部分就是財富端。因此我們顯然正與所有這些通路商保持對話。我們與他們全部都有合作。這裡存在長期的合作夥伴關係。

In many cases, not only are they our distributor, but we serve them in other ways, and they serve us in other ways. So these are -- virtually all these distributors are also important partners. So we talk to them. We'll do things that make sense, and we won't do things that won't make sense.

在許多情況下，他們不僅是我們的通路商，我們也以其他方式服務他們，而他們也以其他方式支持我們。所以這些——幾乎所有這些通路商也都是重要的合作夥伴。因此我們會與他們溝通。我們會做合理的事，也不會做不合理的事。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

So I wanted to ask on the pricing outlook. Pricing pressures have been less acute in recent years. At the same time, there are more investors that are questioning pricing resiliency going forward, just given the significant windfall, you and your peers are expecting to realize from AI deployment and just a structurally lower cost to serve. Was hoping you could speak to what you're hearing from customers as you engage in more recent discussions on pricing? And what are some of the assumptions on pricing that are underpinning the 35% medium-term target how much of that benefit do you expect will be shared with customers over time?

我想問一下定價前景。近年來定價壓力沒那麼尖銳。同時，也有更多投資人開始質疑未來定價的韌性，因為考量到你們和同業預期將從 AI 部署中獲得顯著的意外之財，以及服務成本在結構性上更低。希望你能談談，近期在與客戶就定價進行討論時，你聽到的是什麼？另外，支撐 35% 中期目標的定價假設有哪些？你預期隨時間推移，這些效益有多少會與客戶分享？

Yes. I'll start on that. I mean I'm just reflecting on your question, and I mean, I spent a lot of time with clients. And I can't think of one -- we always talk about AI, and I can't think of one that's talked about and we're really looking forward to you lowering prices, right? They think of it more -- and the discussions are more around first State Street, how is it going to help you serve us. And we talk there about speed, so kind of cycle times and those kinds of things.

是的。我先回答這個。我在回想你的問題——我花了很多時間和客戶在一起。我想不出有任何一位——我們總是談 AI，但我想不出有任何一位說「我們真的很期待你們降價」，對吧？他們更多是從——討論更多圍繞在：首先，State Street，這將如何幫助你們更好地服務我們。我們在那裡談的是速度，也就是各種週期時間之類的事情。

We then talk about how we can actually think about AI across our firms, particularly in those cases where we're not just the back office, but we're providing middle office services. So it's most -- most of the dialogue is around what does this enable us to do in terms of getting things faster to them or how we might work more intensively and in an automated way together.

接著我們會談到，如何在我們的公司之間實際思考 AI 的應用，特別是在那些我們不只是後台，而是也提供中台服務的情況。所以大多——大部分對話都在於：這讓我們能做什麼，以便更快把事情交付給他們，或我們如何能以更自動化的方式、更密切地一起合作。

Yes, I might just add on to that. I mean, I think what we've got -- we've got planned over the medium term is organic growth in the servicing business. And within that, there are multiple drivers and that incorporates conversations with clients with respect to pricing and all of that. And they all end up being positive.

是的，我也補充一下。我的意思是，我們在中期所規劃的是服務業務的有機成長。在這之中有多個驅動因素，也包含與客戶就定價等各方面的對話。而這些最後都呈現正向結果。

I mean we are going to lower cost to serve over the medium term there is net new business. There is client activity and turnover that we really benefit from. And I think all of that would be included in and inclusive of our organic growth on the top line. And then when you look at the contribution we expect from the servicing business of 300 basis points to the overall enterprise that drops to the bottom line as well from a pretax margin standpoint.

我的意思是，我們在中期會降低服務成本；也會有淨新增業務。還有客戶活動與更替，我們能從中明顯受益。我認為這些都會被納入、並且包含在我們營收端的有機成長之中。然後當你看我們預期服務業務對整體企業的貢獻為 300 個基點時，從稅前利潤率的角度來看，這也會落到最終盈餘上。

That's great color. And for my follow-up, I wanted to ask on the medium-term target, but maybe looking at it from some of the parts lens, if you will. You noted the 35% margin target is ambitious. If I look across each of the core segments, best-in-class peers are running with stand-alone margins, somewhere around 40% plus.

這些說明很有幫助。我的追問是關於中期目標，但也許用「分部加總」（sum-of-the-parts）的角度來看。你提到 35% 的利潤率目標很有企圖心。如果我看各核心分部，最佳同業在單一業務的利潤率大概都在 40% 以上。

And just wanted to better understand how you and the Board settled on 35% just given some of the higher margin upside that might be implied when benchmarking best-in-class peers? And is there anything structural that's precluding you from getting somewhere closer to high 30s to maybe 40% type margin over time even beyond the medium term.

我想更了解你們和董事會為何把目標定在 35%，因為以最佳同業作為基準，似乎暗示還有更高利潤率的上行空間？另外，是否有任何結構性因素，使你們無法隨時間推移、甚至在中期之後，把利潤率提升到更接近高 30% 甚至 40% 的水準？

Yes. Firstly, I think it's important to put these targets into context. They're -- it's not a destination, it's a milestone, right? And if you think about the progress that we've made to date and the fact that we've -- we're talking about what we're going to do through a cycle, we feel like over the time frame that we've talked about, three to four to five years, that this is a reasonable number, and we'll reset them again. So number one.

是的。首先，我認為把這些目標放在脈絡中很重要。它們——不是終點，而是一個里程碑，對吧？如果你想想我們迄今為止取得的進展，以及我們談的是如何穿越一個景氣循環來做，我們覺得在我們所談的時間範圍——三到四到五年——這是一個合理的數字，而我們之後也會再重新設定。這是第一點。

Number two, that margin is composed. I'm not sure the number you're citing kind of which segment that you're alluding to there. But if you if you think about it, obviously, embedded in this or the three businesses, you've got a services kind of service-intensive business, like the Investment Services, which will have a lower margin, but a higher opportunity for improvement, just given this next generation of transformation that we're putting in. You've then got the Investment Management in the markets business, which starts with high margins and will continue to improve. So there's a portfolio of businesses here.

第二點，這個利潤率是由多個部分組成的。我不確定你引用的那個數字是在指哪個分部。但如果你這樣想，顯然在這裡或這三項業務之中，你有一個偏服務密集型的業務，例如投資服務（Investment Services），它的利潤率會較低，但在我們推動下一代轉型的情況下，改善空間更大。接著你有投資管理與市場業務，起點就是高利潤率，並且會持續改善。所以這裡是一個業務組合。

Yes, I think I would just add on to that, just that we've we're looking at in 2029, we were at 29% pretax margin. And we are delivering 32% in the first half of 2026. That's 300 basis points. And what you're seeing here today, given the outlook for 32%, also implied by 2026, another 300 basis points of sustainable pretax margin where we want to have ambitious and achievable targets. And that's some of the thinking that went into this.

是的，我想我再補充一下：我們看的是 2029 年時，我們的稅前利潤率是 29%。而我們在 2026 年上半年交出 32%。這是 300 個基點。而你今天看到的內容，考量 32% 的展望，也意味著到 2026 年還有另外 300 個基點的可持續稅前利潤率提升；我們希望目標既有企圖心也可達成。這就是其中一些思考。

And you heard from Ron that all of these are milestones. And when and if we've been able to demonstrate sustainability not only from a demonstrated delivery of that level, but an expectation that would continue and rise over time, we would reconsider them. And I think that's a pretty natural cadence that you would expect from us as we're delivering these targets.

而且你也聽 Ron 說過，這些都是里程碑。當且如果我們能證明其可持續性——不僅是已經實際交付到那個水準，也包括預期未來能持續並隨時間上升——我們會重新檢視這些目標。我認為，隨著我們交付這些目標，這是你會預期我們採取的一個相當自然的節奏。

That's great color. Really appreciate all the detail in the remarks as well as your slides.

這些說明很有幫助。也非常感謝你們在發言以及投影片中提供的所有細節。

Vivek Juneja, JPMorgan.

Vivek Juneja，JPMorgan。

John, I wanted to clarify a couple of things. One from the last -- your last answer. You said pricing discussions have been positive. Does that mean you're actually having discussions for being able to raise pricing? Or what is that positive mean?

John，我想釐清幾件事。第一個是關於你上一個回答。你說定價討論是正向的。這是否表示你們其實正在討論能夠提高價格？或者你所說的「正向」是什麼意思？

Yes. I'm not sure we said that. I'd have to go and reflect on that one, Vivek. But what I was -- what I said was that we have expectation of organic revenue growth in the servicing fee business over the medium term, that incorporates all impacts with respect to client activity, net new business and all pricing expectations are all built into that, and that incorporates organic growth and that drops to the bottom line because servicing contributes 300 basis points over the medium term. So I think that's what you should take away from that.

是的。我不確定我們有那樣說。Vivek，我得回去再想想那一點。但我當時——我說的是，我們預期在中期內，服務費業務的有機營收將成長；這已納入所有與客戶活動、淨新增業務相關的影響，並且把所有定價預期都包含在內；這反映有機成長，而且會直接反映到損益底線，因為服務業務在中期可貢獻300個基點。所以我認為你應該從中帶走的重點是這個。

So what do you mean by pricing expectations? Are you expecting pricing to go up, stay static? And given that you've never had this kind of operating margin of this anywhere this level of return on tangible common equity, isn't it -- I understand that AI is in the early stages, we were trying to figure out how to use it.

那你所說的定價預期是什麼意思？你是預期價格會上升、還是維持不變？而且鑑於你們從未有過這種營業利潤率、也從未有過這麼高的有形普通股權益報酬率，這是不是——我理解AI還在早期階段，我們都在嘗試弄清楚如何使用它。

But once it gets set in and the returns are much higher, wouldn't your clients come back to you. And this is something that you all have talked about over the years, when the ROE came down that you went back to clients saying you weren't earning an adequate return, wouldn't the flip side happen when the return goes up a lot and your clients look at you and say, "Hey, why are you sharing that with us?

但一旦它成熟、報酬率大幅提高，你們的客戶不會回過頭來找你們嗎？而且這也是你們多年來一直談到的事情：當ROE下降時，你們會回去跟客戶說你們沒有賺到足夠的報酬；那麼反過來，當報酬率大幅上升、客戶看著你們說：「嘿，你們為什麼要跟我們分享那個？」這種情況不會發生嗎？

Vivek, I just think we're in a very different environment than we saw -- if you go back five plus years ago where there was a lot more price compression in the market. Think about the environment we were in. It was largely a mutual fund driven environment that was at some level, particularly in the retail space.

Vivek，我只是認為我們現在所處的環境，和——如果你回到五年以上前——當時市場上有更多的價格壓縮，是非常不同的。想想我們當時的環境。那在某種程度上主要是一個由共同基金驅動的環境，特別是在零售領域。

It was a time when mutual funds were being rapidly consolidated platforms were basically kicking mutual funds off the platform trying to get down from the old supermarkets to a curated selection. That's not what we're in now, right? You've got this rapid adoption and proliferation of ETFs and applications in areas that nobody would have even contemplated five years ago, number one.

那是一個共同基金快速整併的時期，各平台基本上把共同基金從平台上剔除，試圖從過去的「超市」模式轉向精選的產品組合。但我們現在不是那樣的環境，對吧？第一，你看到ETF在過去五年根本沒人會想到的領域快速採用並大量擴散。

Number two, if you think about the firms themselves, particularly are the segment that we operate in, which tends to be the larger multi-discipline kind of asset managers and the most sophisticated asset owners, right? The kinds of asset classes that they're competing in and needs that they have that are driving a couple of things. One, more traditional servicing, but now it's alternatives and things like that.

第二，如果你看這些公司本身，特別是我們所服務的那個區隔——通常是更大型、跨多領域的資產管理公司，以及最成熟的資產所有人，對吧？他們所競爭的資產類別，以及他們的需求，正在推動幾件事。第一，是更傳統的服務，但現在也包括另類投資之類的東西。

But two, it's working with them on their own operations and how do we deliver technology and services to them so they can actually adapt to not only these multiple kinds of assets, but the movement from institutional to wealth. So obviously, these clients are sophisticated and they want to get value for what they're spending, but it's just a very different environment than the one you're referencing.

第二，是與他們在自身營運上合作：我們如何向他們交付技術與服務，讓他們不僅能適應這些多元資產類型，還能因應從機構端走向財富管理端的轉移。所以很明顯，這些客戶很成熟，他們希望所花的錢能得到價值，但這確實和你所提到的那個環境非常不同。

Gerard Cassidy, RBC.

RBC的Gerard Cassidy。

Throughout your conversation on the call that you keep on referring to through the cycle these milestones that you're planning and reaching. I'm assuming that's an economic market cycle. And if it is, is this an average that you think you can get to during -- through the cycle? Or can you frame out the highs and lows at all?

在你們這通電話的討論中，你們一直提到「穿越週期」你們規劃並達成的這些里程碑。我假設那指的是經濟／市場週期。如果是的話，這是你們認為在整個週期中可以達到的平均水準嗎？或者你能否描述一下高點與低點？

Yes. I mean I think maybe a couple of thoughts there, Gerard. I mean I'd say that just going back to 100 basis points to 150 basis points of positive operating leverage is an average over the medium term. It does imply the earlier end of the medium term. But we're just saying that often these things don't happen on a linear straight line. And so they're just based on what may occur in terms of business opportunities as well as the macro environment could have an impact on exactly how this gets achieved over the medium term. But the average what we're talking about is that 100 basis points to 150 basis points.

是的。我的意思是，Gerard，我想這裡可能有幾點想法。我會說，回到100個基點到150個基點的正向營運槓桿，這是中期的平均值。這確實意味著中期較早的那一段。但我們只是說，這些事情往往不會以線性直線的方式發生。因此，這些是基於業務機會可能出現的情況，以及總體環境也可能影響中期內究竟如何達成。但我們所談的平均值就是100個基點到150個基點。

I think one of the larger contributors not just with respect to the business delivery from an organic growth standpoint, one of the -- maybe the way to frame it could be in the NII space, where that's a reasonably important contributor to this over time. And you could think about the rate environment, having an impact on net interest margin. And so framing that for you may be helpful and responsive to your inquiry. If we think about rates, we've got the base case here with respect to forward rates. If we end up, we do a little better if rates are higher.

我認為其中一個較大的貢獻來源，不僅是就有機成長角度的業務交付而言；其中一個——也許可以這樣框架——是在淨利息收入（NII）領域，隨著時間推移，這會是相當重要的貢獻者。你可以把利率環境視為會影響淨利差。所以用這個角度來說明，可能對你有幫助，也能回應你的問題。如果我們看利率，我們這裡有一個基準情境，是依據遠期利率。如果利率更高，我們的表現會更好一些。

And so -- and given that we're asset sensitive and maybe a little lower before management optimization or actions on a static basis, plus or minus 50 basis points on rates would have along the lines of a 3- to 5-basis-point impact up or down with respect to net interest margin, and that can give you a sense for some of the variability from one factor, which is where rates would play out.

因此——而且鑑於我們對資產較為敏感，在管理優化或採取行動之前，若以靜態基礎來看，利率上下變動50個基點，對淨利差的影響大約會是上或下3到5個基點；這能讓你從其中一個因素——也就是利率如何發展——來感受一些變動性。

But other factors, as I already mentioned, in terms of the operating environment, et cetera, would also play into that in terms of the impact on fee revenues. But nevertheless, we're feeling very good about the organic growth profile over the medium term.

但其他因素，如我先前提到的營運環境等等，也會影響手續費收入的變化。不過，儘管如此，我們對中期的有機成長輪廓仍然感到非常有信心。

This concludes our Q&A session. I will now turn the call back over to Elizabeth Lynn for closing remarks.

我們的問答環節到此結束。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。