UBS Group AG (UBS) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good morning. Welcome to the UBS First Quarter 2024 Results Presentation. The conference must not be recorded for publication or broadcast. (Operator Instructions) At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, madam.

女士們、先生們，早安。歡迎來到瑞銀 2024 年第一季業績發表會。不得錄音會議以供出版或廣播。 （操作員說明） 現在，我很高興將工作移交給瑞銀投資者關係部門的 Sarah Mackey。請繼續，女士。

Good morning, and welcome, everyone. Before we start, I'd like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors filed with our group results today, together with additional disclosures in our SEC filings. On Slide 2, you can see our agenda for today.

早上好，歡迎大家。在我們開始之前，我想提請您注意今天結果簡報後面的警告聲明投影片。另請參閱今天與我們的集團業績一起提交的風險因素，以及我們向 SEC 文件中披露的其他資訊。在投影片 2 上，您可以看到我們今天的議程。

It's now my pleasure to hand over to Sergio Ermotti, Group CEO.

現在我很高興將工作交給集團執行長 Sergio Ermotti。

Thank you, Sarah, and good morning, everyone. A little over a year ago, we were asked to play a critical role in stabilizing the Swiss and global financial systems through the acquisition of Credit Suisse and we are delivering on our commitments. This quarter marks the return to reported net profit and capital accretion, a testament to the strength of our client franchises and significant progress on our integration plans.

謝謝莎拉，大家早安。一年多前，我們被要求透過收購瑞士信貸在穩定瑞士和全球金融體系方面發揮關鍵作用，我們正在兌現我們的承諾。本季標誌著報告淨利潤和資本增值的回歸，證明了我們客戶特許經營的實力以及我們整合計劃的重大進展。

Reported net profit was $1.8 billion with underlying PBT of $2.6 billion and an underlying return on CET1 capital of 9.6%. Our commitment to stay close to clients supported healthy revenue growth in our core businesses and flows across our asset gathering franchises. Meanwhile, we are executing on our restructuring plans at pace and actively winding down Non-core and Legacy assets. We also achieved another $1 billion in annualized run rate gross cost savings during the quarter as we progress towards our $13 billion target.

報告淨利潤為 18 億美元，基本稅前利潤為 26 億美元，CET1 資本基本回報率為 9.6%。我們致力於與客戶保持密切聯繫，這支持了我們核心業務的健康收入成長以及我們資產收集特許經營權的收入。同時，我們正在加快執行重組計劃，並積極清理非核心和遺留資產。隨著我們朝 130 億美元的目標邁進，本季我們也實現了年化運行率總成本再節省 10 億美元。

As for the next significant integration milestones, we remain on track with our plans to simplify our legal entity structure. The merger of our parent banks is expected by the end of May and the transition to a single U.S. intermediate holding company is expected to occur shortly thereafter. The merger of our Swiss bank entities is set to take place before the end of the third quarter. All of this is subject to final regulatory approvals.

至於下一個重要的整合里程碑，我們仍然按照簡化法人實體結構的計畫進行。我們的母銀行預計將於 5 月底合併，並預計不久後將過渡到單一美國中間控股公司。我們的瑞士銀行實體的合併定於第三季末之前進行。所有這些都需要最終監管部門的批准。

These critical milestones will facilitate the migration of clients onto UBS platforms beginning later this year and unlock the next phase of the cost, capital, funding and tax benefits from the second half of 2024 and more so by the end of 2025 and into 2026. Lastly, improvements in our CET1 capital ratio was supported by our optimization of risk-weighted assets. As a consequence, we remain well positioned to deliver on our capital return targets for this year.

這些重要的里程碑將促進客戶從今年稍後開始遷移到瑞銀平台，並從 2024 年下半年開始，到 2025 年底到 2026 年，釋放下一階段的成本、資本、融資和稅收優惠。的CET1資本比率的改善得益於我們對風險加權資產的最佳化。因此，我們仍有能力實現今年的資本回報目標。

Our underlying financial performance was driven by significant positive operating leverage at the group level with 15% revenue growth alongside a 5% reduction in operating expenses compared to the fourth quarter. Compared to a year ago, we reduced operating expenses by around 12%. We had excellent performance in Global Wealth Management as underlying PBT doubled sequentially to $1.3 billion. Personal & Corporate Banking delivered underlying profit growth quarter-on-quarter, driven by higher revenues and lower credit loss expenses.

我們的基本財務表現是由集團層級顯著的積極營運槓桿推動的，與第四季度相比，收入成長了 15%，營運費用減少了 5%。與一年前相比，我們的營運費用減少了約 12%。我們在全球財富管理方面表現出色，基本 PBT 連續翻倍達到 13 億美元。在收入增加和信用損失費用降低的推動下，個人和企業銀行業務實現了季度基本利潤成長。

Meanwhile, Asset Management posted solid results thanks to cost discipline. As a result of the restructuring efforts we have undertaken over the last 9 months, I'm particularly pleased that Credit Suisse's wealth management, Swiss bank and asset management franchises are now all profitable and contributed to our financing performance.

同時，由於成本控制，資產管理公司取得了穩健的表現。經過過去 9 個月的重組努力，我特別高興的是，瑞士信貸的財富管理、瑞士銀行和資產管理業務現已全部盈利，並為我們的融資業績做出了貢獻。

Investment Bank delivered a double-digit underlying return on attributed equity supported by lower operating expenses compared to Q4 and another strong quarter in Global Banking revenues. Lastly, we had a positive revenue contribution from Non-Core Legacy as we accelerated position exits while further reducing costs.

與第四季度相比，投資銀行實現了兩位數的基本權益回報率，這得益於營運費用的降低以及全球銀行業務收入的另一個強勁季度。最後，隨著我們加速退出，同時進一步降低成本，非核心遺留業務為我們帶來了積極的收入貢獻。

While we continue to deliver on the integration, helping our clients manage, grow and protect their assets remains our top priority. We maintained our momentum with clients in GWM. Invested assets have now surpassed $4 trillion as we generated $27 billion of net new assets.

在我們繼續實現整合的同時，幫助客戶管理、成長和保護他們的資產仍然是我們的首要任務。我們與長城汽車的客戶保持了良好的勢頭。投資資產現已超過 4 兆美元，我們創造了 270 億美元的淨新資產。

Though geopolitical volatility and macroeconomic uncertainty continue to weigh on client sentiment, we observed an improvement in risk appetite and activity. We also saw an improvement in client activity within P&C, particularly among corporates.

儘管地緣政治波動和宏觀經濟不確定性繼續影響客戶情緒，但我們觀察到風險偏好和活動有所改善。我們也看到財產與意外險內部的客戶活動有所改善，尤其是企業客戶活動。

In Asset Management, our clients continue to value our separately managed account and sustainability offerings. We have generated $21 billion in net new money during the quarter. In Global Banking, we outperformed the fee pools in all regions, but most notably in the U.S., where the integration of Credit Suisse teams is progressing well, and our pipeline continues to build.

在資產管理方面，我們的客戶繼續重視我們的獨立管理帳戶和永續發展產品。本季我們創造了 210 億美元的淨新資金。在全球銀行業務中，我們的表現優於所有地區的費用池，但最引人注目的是在美國，瑞士信貸團隊的整合進展順利，我們的管道也持續建置。

Let's move to Non-core and Legacy. As I said before, and you can see on this slide, we are making good progress in taking out costs and streamlining our operations as we round down the portfolio. We accelerated the wind-down of several complex and longer-dated positions this quarter, supporting a capital release of around $2 billion and a material improvement in our natural runoff profile.

讓我們轉向非核心和遺留。正如我之前所說，您可以在這張投影片中看到，隨著我們縮小投資組合，我們在降低成本和簡化營運方面取得了良好進展。本季度，我們加速了幾個複雜且長期頭寸的縮減，支持釋放約 20 億美元的資本，並顯著改善了我們的自然徑流狀況。

We are well positioned to achieve our target to reduce Non-core Legacy risk-weighted assets to around 5% of the group by the end of 2026, and we remain focused on accelerating positions exit in a manner that continues to optimize value.

我們完全有能力實現到 2026 年底將非核心遺留風險加權資產減少到集團 5% 左右的目標，我們仍然專注於以持續優化價值的方式加速頭寸退出。

Turning to capital. As you can see, the combination of our highly capital generative business and the restructuring and active management of financial resources has further reinforced our balance sheet for all seasons. This permits us to follow through on our capital return plans for 2024.

轉向資本。正如您所看到的，我們的高資本生成業務與財務資源的重組和主動管理相結合，進一步增強了我們各個季節的資產負債表。這使我們能夠繼續執行 2024 年的資本回報計劃。

During the quarter, we began accruing for a mid-teen percentage year-on-year increase in our dividend. And as previously communicated, we expect to resume share repurchases following the completion of the parent bank merger, targeting up to $1 billion.

在本季度，我們的股息開始按年中位數成長。如同先前所傳達的，我們預計在母行合併完成後將恢復股票回購，目標高達 10 億美元。

Our ambition is to continue repurchases in 2025 and for our capital returns in 2026 to exceed pre-acquisition levels. Of course, all of this is now subject to our assessment of any proposed requirements related to Switzerland's ongoing review of its regulatory regime.

我們的目標是在 2025 年繼續回購，並在 2026 年實現資本回報超過收購前的水平。當然，所有這些現在都取決於我們對與瑞士持續審查其監管制度有關的任何擬議要求的評估。

In this respect, I'd like to address the recent proposals in Switzerland to strengthen the too-big-to-fail regime. It is clear both to us and several expert groups that too-low capital requirements were not why Credit Suisse needed rescuing. However, we agree with the Swiss Federal Council's view that capital and liquidity requirements on their own are not sufficient to ensure the resilience and stability of a systemically important bank.

在這方面，我想談談瑞士最近提出的加強「太大而不能倒」制度的提議。我們和幾個專家組都清楚，資本要求過低並不是瑞信需要救援的原因。然而，我們同意瑞士聯邦委員會的觀點，即資本和流動性要求本身不足以確保具有系統重要性的銀行的彈性和穩定性。

In addition to adding a strong capital position, it is key to maintain a sustainable business model centered around risk-adjusted profitability and a robust risk management framework. All of these are core principles for UBS. For over 10 years, this approach has served our clients, employees, investors and the Swiss economy well. It is what allowed UBS to respond to the Swiss government's request in March 2023 to be part of the solutions to stabilize the financial system.

除了增加強大的資本狀況外，維持以風險調整獲利能力和穩健的風險管理框架為中心的可持續業務模式也很關鍵。這一切都是瑞銀的核心原則。十多年來，這種方法為我們的客戶、員工、投資者和瑞士經濟提供了良好的服務。這使得瑞銀得以回應瑞士政府 2023 年 3 月的要求，成為穩定金融體系解決方案的一部分。

While some modifications to the regulatory regime may be necessary and we have endorsed many, the discussion around capital should be based on facts that includes a full and transparent account of what led to the idiosyncratic failures of Credit Suisse. The ultimate and crucial objective of the too-big-to-fail regime must be to credibly demonstrate that a systemically important bank could be safe in a crisis largely through its own financial resources.

雖然對監管制度的一些修改可能是必要的，而且我們已經支持了許多修改，但圍繞資本的討論應該基於事實，包括對導致瑞士信貸特殊失敗的原因進行全面和透明的說明。 「太大而不能倒」制度的最終和關鍵目標必須是可信地證明，具有系統重要性的銀行可以主要透過自己的金融資源在危機中保持安全。

We believe UBS has and will continue to demonstrate its resolvability from both an operational and capital point of view. With around $200 billion in total loss absorbing capacity, our shareholders and structurally subordinated bondholders bear the significant costs and risks to ensure taxpayers would not suffer in the highly unlikely scenario that a major systemic event affects UBS.

我們相信瑞銀已經並將繼續從營運和資本的角度證明其解決能力。我們的股東和結構性次級債券持有人擁有約2000 億美元的總損失吸收能力，承擔著巨大的成本和風險，以確保納稅人不會在重大系統性事件影響瑞銀的情況下遭受損失。

We appreciate that many of you would like a quantification of the potential impact of any new capital regime, but it's too soon to jump to conclusions. It would be inappropriate for us to speculate or respond to speculation on the potential impact.

我們理解你們中的許多人希望量化任何新資本製度的潛在影響，但現在下結論還為時過早。我們不宜猜測或回應有關潛在影響的猜測。

We were not involved in the consultation process, leading to the publication of the Federal Council's report and we do not have clarity on any proposed changes and how they would be implemented. Nonetheless, one point on which we may offer some clarification is the topic of parent bank capital.

我們沒有參與導致聯邦委員會報告發布的諮詢過程，並且我們不清楚任何擬議的變更以及它們將如何實施。儘管如此，我們可以澄清一點，那就是母行資本這一主題。

Our parent bank was already well capitalized in both absolute and relative terms and is in a position today to absorb the removal of substantial regulatory concessions granted to Credit Suisse. By fully aligning the treatment of capital at Credit Suisse to our more rigorous approach, UBS has to provide the additional capital required for the phasing of risk-weighted assets for Credit Suisse participations. UBS had already done this for its subsidiaries when the rules were introduced in 2017.

我們的母行無論是絕對資本或相對資本都已經充足，並且今天能夠吸收瑞士信貸取消的重大監管優惠。透過使瑞士信貸的資本處理完全符合我們更嚴格的方法，瑞銀必須為瑞士信貸參與的風險加權資產的分階段提供所需的額外資本。當 2017 年規則出台時，瑞銀就已經為其子公司做到了這一點。

Further, UBS will not rely upon the regulatory filter historically applied to Credit Suisse. Overall, this requires additional capital in the amount of about $9 billion. When applied consistently and coherently, the Basel III rules that UBS and its global peers must follow are robust. They too are being significantly tightened.

此外，瑞銀不會依賴歷史上適用於瑞士信貸的監管過濾器。總體而言，這需要約 90 億美元的額外資本。如果一致、連貫地應用，瑞銀及其全球同行必須遵守的巴塞爾協議 III 規則將是強而有力的。它們也被大幅收緊。

In addition, the phasing in of progressive capital add-ons will already lead to substantially higher capital requirements for UBS' parent bank, about another $10 billion. So overall, we are adding almost $20 billion in additional capital, which, of course, was already reflected in our previously communicated capital and financial targets.

此外，漸進資本附加的逐步實施將導致瑞銀母行的資本要求大幅提高，約再增加 100 億美元。因此，總體而言，我們將增加近 200 億美元的額外資本，當然，這已經反映在我們先前傳達的資本和財務目標中。

In our view, all of this must be considered when new requirements are discussed, defined and calibrated. In this respect, we will be constructively contributing our views to the relevant authorities and various policymakers.

我們認為，在討論、定義和校準新要求時必須考慮所有這些。在這方面，我們將向相關當局和各政策制定者建設性地提出我們的意見。

As the third largest private employer, one of the country's largest taxpayer and as importantly, a significant provider of credit to households and businesses in Switzerland, we believe it is also our responsibility to share our perspectives with a wider public. This is an important discussion for the country, and I remain hopeful for a proportionate outcome.

作為第三大私人雇主、瑞士最大的納稅人之一，以及重要的瑞士家庭和企業信貸的重要提供者，我們相信，與更廣泛的公眾分享我們的觀點也是我們的責任。這對國家來說是一次重要的討論，我仍然希望能達到相對應的結果。

In the meantime, in addition to executing on our integration plans, we will remain focused on what we are able to control, serving our clients, following through on our strategy, investing in our people and remaining a pillar of economic support in the communities where we live and work.

同時，除了執行我們的整合計劃外，我們將繼續專注於我們能夠控制的事情，服務我們的客戶，貫徹我們的策略，投資於我們的員工，並繼續成為所在社區的經濟支持支柱。生活和工作。

With that, I'll hand over to Todd.

這樣，我就把任務交給托德了。

Thank you, Sergio, and good morning, everyone. Before I begin, I would offer a reminder that the first quarter financial report published today includes select interdivisional changes we signaled last year. We shifted the Swiss high net worth segment from P&C to GWM and pushed out residual centrally held costs and financial resources to our business divisions, ultimately increasing the equity we allocate to them.

謝謝你，塞爾吉奧，大家早安。在開始之前，我想提醒大家，今天發布的第一季財務報告包括我們去年表示的部分部門間變化。我們將瑞士高淨值人士從財產保險轉移到長城汽車，並將剩餘的集中持有的成本和財務資源轉移到我們的業務部門，最終增加了我們分配給他們的股權。

These divisional shifts support continued resource discipline and accountability. They also align with the interest of shareholders by reflecting group performance as a whole through the reporting lens of the respective individual businesses. In my remarks today, I will refer to underlying numbers in U.S. dollars and compare them to our performance last quarter unless stated otherwise.

這些部門的轉變支持持續的資源紀律和問責制。他們也透過各自業務的報告視角反映集團的整體業績，從而與股東的利益保持一致。在今天的演講中，除非另有說明，我將提及以美元計算的基本數據，並將其與我們上季度的業績進行比較。

As illustrated on Slide 9, our financial performance this quarter reflects strength in our core businesses as well as excellent progress across our integration work streams, resulting in substantial reductions in operating expenses and risk-weighted assets.

如投影片 9 所示，我們本季的財務表現反映了我們核心業務的實力以及整合工作流程的出色進展，從而導致營運費用和風險加權資產大幅減少。

Profit before tax increased significantly to $2.6 billion from strong operating leverage quarter-on-quarter driven by higher revenues and lower costs, both of which I will cover in more detail shortly. Net credit loss expenses declined by $30 million this quarter to $106 million.

由於收入增加和成本降低，季度環比強勁的營運槓桿推動稅前利潤大幅增長至 26 億美元，我將在稍後詳細介紹這兩點。本季淨信用損失費用減少了 3,000 萬美元，至 1.06 億美元。

On a reported basis, the first quarter net profit was $1.8 billion, including a tax expense of $0.6 billion. The effective tax rate for the quarter was 26%, lower than previously guided, primarily due to the strong performance in Non-core and Legacy that reduced the level of losses in select Credit Suisse legal entities.

根據報告，第一季淨利潤為 18 億美元，其中稅費為 6 億美元。本季的有效稅率為 26%，低於先前的指導，主要是由於非核心和傳統業務的強勁表現降低了瑞信精選法人實體的損失水準。

We expect the effective tax rate in the second quarter to return to more elevated levels from higher forecasted losses in these entities before the first of the planned mergers takes place later this month. We then expect the group's effective tax rate in the second half of 2024 to continue to normalize, ultimately falling to its structural level of 23% by 2026 driven by further legal entity optimization and cost elimination.

我們預計，在本月稍後進行第一次計劃合併之前，這些實體的第二季有效稅率將恢復到更高的水平，因為這些實體的預測損失較高。我們預計，在法人實體進一步優化和成本消除的推動下，集團2024年下半年的有效稅率將繼續正常化，最終到2026年降至23%的結構水準。

Total revenues, on Slide 10, increased by 15% to $12 billion with strong sequential gains in Global Wealth Management, the Investment Bank and Non-core and Legacy. The latter included a gain from the closeout of the main aspects of the transaction relating to the former Credit Suisse securitized products business, which was announced earlier in the quarter. Partially offsetting our top line performance was a decline of $446 million in group items, driven primarily from hedging P&L, reflecting higher interest rates and widening currency basis spreads in the quarter.

第 10 張投影片上的總收入成長了 15%，達到 120 億美元，其中全球財富管理、投資銀行以及非核心和傳統業務連續強勁成長。後者包括本季早些時候宣布的與前瑞士信貸證券化產品業務相關的交易主要方面的結束所帶來的收益。集團項目下降 4.46 億美元，部分抵銷了我們的營收業績，這主要是由於對沖損益造成的，反映出本季利率上升和貨幣基差擴大。

Total reported revenues reached $12.7 billion, which included $0.8 billion from purchase price allocation adjustments in our core businesses. Since the Credit Suisse acquisition, these adjustments totaled $3.1 billion, excluding the effects in NCL and mainly relate to loans that will pull to par if held to maturity. We continue to expect to report additional revenues of around $7.4 billion through the end of 2028 from these acquisition-related effects, of which $0.6 billion is expected in the second quarter.

報告總收入達到 127 億美元，其中包括核心業務購買價格分配調整帶來的 8 億美元。自瑞士信貸收購以來，這些調整總計 31 億美元，不包括 NCL 的影響，主要與持有至到期將恢復面額的貸款有關。我們仍然預計，到 2028 年底，這些收購相關影響將帶來約 74 億美元的額外收入，其中第二季預計將增加 6 億美元。

Moving to Slide 11. Operating expenses for the group decreased by 5% quarter-on-quarter to $9.2 billion, with the largest reductions in Non-core and Legacy, Global Wealth Management and the Investment Bank. Personnel costs, excluding variable and financial adviser compensation, decreased by around $120 million or 3% quarter-on-quarter.

轉到投影片 11。人員成本（不包括可變薪酬和財務顧問薪酬）環比下降約 1.2 億美元，即 3%。

Variable and FA compensation expenses were up 11% sequentially on the back of higher revenues. Overall, personnel expenses increased by 2%. There were almost 2,000 fewer total staff at the end of the first quarter when compared to the end of the fourth quarter of 2023 and over 19,000 fewer versus the end of 2022, down 12.5% over the past 5 quarters.

由於收入增加，可變薪酬和 FA 薪酬支出環比增長 11%。整體而言，人員費用增加了2%。與 2023 年第四季末相比，第一季末員工總數減少了近 2,000 人，與 2022 年末相比減少了 19,000 多人，過去 5 個季度下降了 12.5%。

Non-personnel expenses were down $0.6 billion quarter-on-quarter, driven by lower real estate expenses, combined with the reduction in third-party spend. Additionally, the fourth quarter contained charges for the U.K. bank levy and the U.S. FDIC special assessment that were not present in our first quarter performance. Integration-related expenses in the first quarter were $1 billion, split roughly half-half between personnel and non-personnel costs resulting in reported operating expenses of $10.3 billion.

由於房地產支出減少以及第三方支出減少，非人事支出較上季下降 6 億美元。此外，第四季還包含英國銀行稅和美國聯邦存款保險公司特別評估的費用，這些費用未出現在我們第一季的業績中。第一季與整合相關的費用為 10 億美元，其中人員成本和非人員成本約為各佔一半，導致報告的營運費用為 103 億美元。

On Slide 12, we report on the progress against our cost ambitions as described during the investor update in February. Exiting the first quarter, we realized an additional $1 billion in gross cost saves when compared to the 2023 exit rate. Since the end of 2022, we have achieved $5 billion in gross saves or nearly 40% of our 2026 exit rate ambition of $13 billion.

在投影片 12 中，我們報告了 2 月投資者更新中所述的成本目標的進展。與 2023 年的退出率相比，第一季退出後，我們額外節省了 10 億美元的總成本。自 2022 年底以來，我們已實現總節省 50 億美元，相當於 2026 年 130 億美元退出率目標的近 40%。

As I highlighted in February, we expect our integration work to intensify over the next several pivotal quarters. This will require appropriate staff levels to ensure efficient, effective and well-controlled execution. Accordingly, the pace of gross cost saves is likely to decelerate from the run rate savings output achieved over the last 5 quarters, with another $1.5 billion in gross cost saves expected by the end of the year.

正如我在二月強調的那樣，我們預計我們的整合工作將在接下來的幾個關鍵季度中加強。這將需要適當的人員水平，以確保高效、有效和良好控制的執行。因此，總成本節省的速度可能會比過去 5 個季度實現的運行率節省產出有所放緩，預計到年底總成本將再節省 15 億美元。

Following this intensive phase, we continue to expect the pace of gross saves to pick up again in 2025. Integration-related expenses linked to our cost-saving actions reached a total of $5.5 billion since the Credit Suisse acquisition, including the $1 billion incurred in the first quarter.

在這一密集階段之後，我們繼續預計總節省速度將在2025 年再次加快。億美元。

As previously mentioned, we expect to incur around $13 billion of integration-related expenses by the end of 2026 or a ratio of about 1:1 between cost to achieve and gross saves. As these integration charges enable and unlock future cost reductions, we expect them to outpace gross saves through the rest of 2024, totaling $3.5 billion, of which we estimate $1.3 billion in the second quarter.

如前所述，我們預計到 2026 年底將產生約 130 億美元的整合相關費用，即實現成本與節省總額之間的比率約為 1:1。由於這些整合費用能夠實現並釋放未來的成本削減，我們預計到 2024 年剩餘時間，它們將超過節省的總成本，總計 35 億美元，其中我們預計第二季將達到 13 億美元。

Of course, what matters is turning gross saves into clear progress in our underlying OpEx performance. Our 1Q '24 underlying operating expenses of $9.2 billion signaled a significant improvement against our 2022 benchmark, meaning a majority of the gross cost saves we realized to date have translated into net reductions in our underlying OpEx.

當然，重要的是將總節省轉化為我們基本營運支出績效的明顯進步。我們24 年第一季的基本營運支出為92 億美元，這表明我們比2022 年的基準有了顯著改善，這意味著我們迄今為止實現的總成本節省的大部分已轉化為基本營運支出的淨減少。

Thus far, most of these live-to-date net saves benefit Non-core and Legacy. I highlighted in February that we expect around half of the group's planned gross cost saves and a considerable majority of net saves to be achieved from running down NCL's book as well as eliminating expenses associated with maintaining Credit Suisse's many legal entities and branches. We are seeing this dynamic reflected in our cost performance. We also expect NCL to benefit further from the upcoming legal entity mergers and from continued position exits, working towards a 2026 OpEx exit rate of less than $1 billion.

到目前為止，大部分即時淨節省都受益於非核心和舊版。我在 2 月強調，我們預計該集團計劃的總成本節省的大約一半和淨節省的相當大一部分將通過減少 NCL 的賬簿以及消除與維持瑞士信貸的許多法人實體和分支機構相關的費用來實現。我們看到這種動態反映在我們的成本效益中。我們也預計 NCL 將從即將到來的法人實體合併和持續的頭寸退出中進一步受益，努力實現 2026 年營運支出退出率低於 10 億美元。

Finally, in our core businesses, we expect to realize a significant portion of integration cost synergies beginning in 2025 when client accounts and positions are moved to UBS platforms and applications and Credit Suisse infrastructure is shut down.

最後，在我們的核心業務中，我們預計從 2025 年開始，客戶帳戶和頭寸將轉移到瑞銀平台和應用程序，並且瑞士信貸基礎設施將關閉，屆時將實現很大一部分整合成本協同效應。

Moving to the quarterly performance of our business divisions and starting with Global Wealth Management on Slide 13. In the quarter, GWM's pretax profit doubled to $1.3 billion on stronger revenues and lower operating expenses. Notably, on a combined basis, PBT increased by around 20% year-over-year with the Credit Suisse platform returning firmly to profitability.

接下來是我們業務部門的季度業績，從幻燈片 13 上的全球財富管理開始。值得注意的是，在綜合基礎上，PBT 年成長約 20%，瑞信平台穩定恢復獲利。

Overall, we see very good client momentum across GWM with net new assets of $27 billion and strong contributions from the Americas, Switzerland and APAC. Net new fee-generating assets reached almost $18 billion from healthy net inflows to SMAs in the U.S. and discretionary mandates in EMEA and Switzerland.

總體而言，我們看到長城汽車的客戶勢頭非常好，新淨值達到 270 億美元，美洲、瑞士和亞太地區的貢獻強勁。由於美國 SMA 的健康淨流入以及歐洲、中東和非洲 (EMEA) 和瑞士的酌情委託，淨新增費用資產達到近 180 億美元。

The business achieved this full performance while focusing on financial resource efficiency and balance sheet management, seeking to reprice loans with sub hurdle returns or to otherwise exit such positions. This ongoing work mitigates some of the headwinds from inherited Credit Suisse risk models and led to a decline in credit and counterparty risk RWAs of $4 billion in the quarter. We've also begun to see progress in GWM's revenue over RWA metric, particularly on the Credit Suisse platform.

該業務在實現這一全面業績的同時，注重財務資源效率和資產負債表管理，尋求對低門檻回報的貸款重新定價或以其他方式退出此類頭寸。這項正在進行的工作緩解了繼承的瑞士信貸風險模型帶來的一些不利因素，並導致本季信用和交易對手風險 RWA 下降了 40 億美元。我們也開始看到長城汽車的收入超過 RWA 指標的進展，特別是在瑞士信貸平台上。

GWM also attracted $8 billion in net new deposits in the quarter, while our pricing increasingly reflects the group's strong liquidity profile and tighter funding spreads. I would note that we estimate seasonal tax-related outflows in our U.S. business in the mid- to high single-digit billions as a headwind to divisional net new asset performance in the second quarter.

長城汽車本季也吸引了 80 億美元的淨新增存款，而我們的定價越來越反映了該集團強勁的流動性狀況和收窄的融資利差。我要指出的是，我們估計我們美國業務的季節性稅收相關流出量為中高個位數數十億美元，這是第二季部門淨新資產業績的阻力。

Now on to GWM's financials. Revenues increased by 10% sequentially with improvements across all lines, driven by higher client activity and increased average asset levels. Revenue performance related to client transactional activity was particularly strong across the business.

現在來看看長城汽車的財務狀況。在客戶活動增加和平均資產水準提高的推動下，收入環比增長了 10%，各條線均有所改善。整個業務中與客戶交易活動相關的收入表現尤其強勁。

NII increased by 4% sequentially to $1.6 billion as higher revenues from reinvestments as well as increased U.S. dollar deposit rates and volumes offset the effects of tapering deposit mix shifts and client deleveraging. In the second quarter, we expect a low to mid-single-digit percentage decline in GWM NII due to moderately lower lending and deposit volumes and lower interest rates in Switzerland, partly offset by additional revenues, primarily from higher U.S. dollar rates, combined with our repricing efforts.

由於再投資收入的增加以及美元存款利率和交易量的增加抵消了存款組合逐漸減少和客戶去槓桿化的影響，NII 環比增長 4% 至 16 億美元。在第二季度，我們預計GWM NII 將出現低至中個位數的百分比下降，原因是瑞士的貸款和存款量適度下降以及利率下降，但部分被主要來自美元利率上升的額外收入所抵消，加上我們的重新定價努力。

For the full year 2024, we expect NII in GWM to be roughly flat versus 4Q '23 annualized. Specifically, we see NII and margins holding broadly steady in 2H '24 and after the second quarter, broadly reverses out the sequential gains we realized this quarter. This outcome, which models 3 U.S. dollar rate cuts is helped by lower funding costs as well as our balance sheet initiatives.

對於 2024 年全年，我們預計長城汽車的 NII 與 2023 年第四季的年化水準大致持平。具體來說，我們認為NII和利潤率在2024年下半年和第二季之後基本上保持穩定，基本上扭轉了我們本季實現的連續成長。這項結果模擬了 3 美元降息，這得益於較低的融資成本以及我們的資產負債表措施。

Recurring net fee income increased by 4% to $3 billion in the quarter from higher client balances and inflows in net new fee generating assets. This was partly offset by margin compression from more of the back book, reflecting greater penetration into lower margin mandates across higher wealth bands.

由於客戶餘額增加和淨新費用產生資產流入，本季經常性淨費用收入增加了 4%，達到 30 億美元。這在某種程度上被更多後台帳簿的利潤壓縮所抵消，反映出較高財富階層對較低利潤要求的滲透更大。

Transaction-based income increased by 1/3 sequentially to $1.2 billion, driven by higher trading volumes particularly in structured products, partly due to the seasonal increase in client activity levels with significant improvements across all regions. Combined transaction revenues were also 9% higher year-over-year.

基於交易的收入比上一季增長了1/3，達到12 億美元，這主要是由於交易量增加，特別是結構性產品的交易量增加，部分原因是客戶活動水平季節性增加，所有地區都有顯著改善。綜合交易收入也較去年同期成長 9%。

Our APAC franchise had a particularly impressive transaction revenue quarter, doubling from 4Q with strength demonstrated across all product classes despite the economic uncertainties weighing on sentiment for most of the first quarter. We also saw positive momentum in the Americas where the introduction of our international model of joint coverage of GWM clients with the IB led to transaction-based revenue gains of 11% quarter-on-quarter and a mid-teens increase year-on-year.

儘管經濟不確定性在第一季的大部分時間打壓了市場情緒，但我們亞太地區的特許經營業務季度交易收入尤其令人印象深刻，較第四季度翻了一番，所有產品類別均表現強勁。我們在美洲也看到了積極的勢頭，引入了我們與 IB 聯合覆蓋長城汽車客戶的國際模式，導致基於交易的收入季度環比增長 11%，同比增長 15% 左右。

Expenses for the quarter were down 3% sequentially, mainly from decreases in salaries and nonpersonnel costs and with nonrecurring items in the fourth quarter falling away, outweighing increases this quarter in variable and financial adviser compensation.

本季度費用環比下降 3%，主要是由於工資和非人事成本的下降，以及第四季度非經常性項目的減少，超過了本季度可變薪酬和財務顧問薪酬的增長。

Turning to Personal & Corporate Banking on Slide 14. With good momentum and the front office teams now more closely aligned to strengthen client engagement, P&C increased pretax profit by 11% sequentially to CHF 774 million, its highest PBT since before the Credit Suisse acquisition. Revenues were up by 4%, with gains across each significant revenue line, further supported by a 47% decline in credit loss expense quarter-on-quarter.

轉向幻燈片14 上的個人和企業銀行業務。收購之前以來的最高PBT。收入增長了 4%，各主要收入線均有所增長，信貸損失費用環比下降 47% 進一步支撐了這一增長。

Deposit balances in Swiss franc terms remain roughly stable with inflows in Personal Banking, largely offset by outflows in corporate balances with lower liquidity value. This was a strong outcome considering the current rates environment in Switzerland and the ongoing work in the business to gain share of wallet and to improve balance sheet efficiency, supporting our net interest margin in 1Q.

以瑞士法郎計價的存款餘額保持大致穩定，個人銀行業務的資金流入，很大程度上被流動性價值較低的企業餘額的流出所抵消。考慮到瑞士當前的利率環境以及該業務為獲得錢包份額和提高資產負債表效率而正在進行的工作，這是一個強勁的結果，支持了我們第一季的淨息差。

NII increased by 3% sequentially to CHF 1.1 billion, principally as higher reinvestment income more than offset declines in revenue from lower lending volumes and ongoing deposit mix shifts. In the second quarter, we expect a mid- to high single-digit percentage decrease in P&C's NII in U.S. dollars more than offsetting the first quarter sequential gains, especially as the effects of the Swiss central bank's March interest rate cut hit through for a full quarter.

NII 環比增長 3%，達到 11 億瑞士法郎，主要是因為再投資收入的增加足以抵消貸款量減少和持續的存款結構變化帶來的收入下降。 In the second quarter, we expect a mid- to high single-digit percentage decrease in P&C's NII in U.S. dollars more than offsetting the first quarter sequential gains, especially as the effects of the Swiss central bank's March interest rate cut hit through for a full四分之一.

For the full year 2024, we likewise expect a mid- to high single-digit percentage decline in P&C's NII versus 4Q '23 annualized. We see NII holding broadly steady in U.S. dollar terms in 2H '24 as P&C's balance sheet management efforts to improve loan margins help to mitigate lower loan and deposit volumes as well as the modeled effects of two further 25 basis point rate cuts in Switzerland.

對於 2024 年全年，我們同樣預期 P&C 的 NII 與 2023 年第四季的年化百分比相比將出現中高個位數百分比下降。我們認為2024 年2 季以美元計算的NII 基本上保持穩定，因為P&C 為提高貸款利潤率而進行的資產負債表管理努力有助於緩解貸款和存款量下降以及瑞士兩次進一步降息25 個基點的模擬影響。

The outlook also includes a $50 million annualized headwind from the effects of higher minimum reserve requirements at the Swiss central bank. Transaction-based revenues were up 9% in the quarter, principally on strong corporate client engagement. Recurring net fee income gained 5% sequentially on higher client asset balances supported by net new inflows in the quarter.

該前景還包括瑞士央行提高最低準備金要求帶來的 5,000 萬美元的年化阻力。本季基於交易的收入成長了 9%，這主要得益於企業客戶的強勁參與。由於本季新增淨流入的支持，客戶資產餘額增加，經常性淨費用收入較上季增加 5%。

Credit loss expense was CHF 39 million as PPA adjustments offset a similar level of charges on impaired loans acquired from Credit Suisse. Operating expenses were up 4% quarter-on-quarter, principally due to higher staff costs in Switzerland and a lease accounting credit recorded in the comparable quarter.

信用損失費用為 3,900 萬瑞士法郎，因為購電協議調整抵消了從瑞士信貸獲得的減損貸款的類似費用。營運費用較上季增加 4%，主要是由於瑞士員工成本上升以及同期記錄的租賃會計信用。

As illustrated on Slide 15, Underlying PBT in Asset Management decreased by 2% quarter-on-quarter to $182 million as lower revenues were only partially offset by reduced operating expenses. While net management fees were steady quarter-on-quarter, the sequential drop in the top line is explained by fourth quarter revenues, which included the gain from the sale of an investment stake as well as seasonally higher performance fees.

如投影片 15 所示，資產管理業務的基礎 PBT 環比下降 2%，至 1.82 億美元，因為收入下降僅被營運費用減少部分抵銷。雖然淨管理費環比穩定，但營收的連續下降是由第四季度的收入解釋的，其中包括出售投資股權的收益以及季節性較高的績效費用。

Net new money in the quarter was $21 billion, due to several big-ticket inflows in mainly passive equity and fixed income funds, including money markets. We also continue to see client demand for SMA, sustainable investments in our private markets capabilities.

本季新增資金淨額為 210 億美元，主要是由於主要被動股票和固定收益基金（包括貨幣市場）的大量資金流入。我們也持續看到客戶對 SMA 的需求，以及我們私募市場能力的永續投資。

OpEx decreased by 7% to $594 million, mainly from lower personnel, technology and litigation costs. As I highlighted during the investor update in February, we aim to improve operating leverage and asset management by focusing on cost optimization across the entire division and realizing synergies from migration of clients on to UBS infrastructure over the course of 2025.

營運支出下降 7% 至 5.94 億美元，主要是因為人員、技術和訴訟成本下降。正如我在 2 月的投資者更新中所強調的那樣，我們的目標是透過專注於整個部門的成本優化以及在 2025 年實現客戶遷移到瑞銀基礎設施的協同效應來提高營運槓桿和資產管理。

On to our Investment Bank's performance on Slide 16. As in prior quarters, we compare the results of the combined IB with stand-alone UBS performance on a year-on-year basis. Operating profit was $404 million, marking the IB's first profitable quarter since the acquisition and broad completion of the restructuring of the parts of Credit Suisse's IB that are core to our own.

關於投影片 16 上我們投資銀行的表現。營業利潤為 4.04 億美元，標誌著自收購瑞士信貸投資銀行的核心部分並全面完成重組以來，該投資銀行首次實現盈利。

Return on attributed equity also turned positive and reached 10% for the quarter. Underlying revenues increased by 4% to $2.5 billion. Underscoring our efforts to increase the IB's market share in the U.S., the IB's top line increased by 29% in the region.

本季歸屬股本回報率也轉正並達到 10%。基礎收入成長 4%，達到 25 億美元。 IB 在該地區的收入成長了 29%，這凸顯了我們為提高 IB 在美國市場份額所做的努力。

Banking maintained its strong momentum with overall revenues up by 52%. Notably, we also increased market share in the U.S., where banking now contributes 1/3 of total IB revenues, up from less than 20% a year ago.

銀行業保持強勁勢頭，整體收入成長 52%。值得注意的是，我們還增加了在美國的市場份額，銀行業現在貢獻了 IB 總收入的 1/3，而一年前還不到 20%。

We continue to be pleased with our performance in Capital Markets, up 85% year-over-year as LCM, DCM and ECM, all saw increased activity levels, building on the momentum we saw in the fourth quarter. Advisory revenues increased by 11% as we continue to outperform the global fee pool. The recovery in M&A is continuing, particularly in the U.S. albeit with more subdued client sentiment and activity in APAC, where we have a large share of the market.

我們仍然對資本市場的表現感到滿意，在第四季度的勢頭基礎上，LCM、DCM 和 ECM 的活動水平均有所增加，同比增長 85%。由於我們的表現持續優於全球收費池，諮詢收入成長了 11%。併購活動正在持續復甦，尤其是在美國，儘管我們在亞太地區擁有較大市場份額，但客戶信心和活動較為低迷。

With our banking coverage teams now fully integrated, our pipeline offers encouraging revenue potential in the second half of 2024 and into 2025. Revenues in Markets declined 5% to $1.9 billion, but were up 6% year-over-year in the Americas. Equities revenues driven by cash equities were up 3%. FRC, where we remain underweight by design, was down 21% with both rates and FX affected by lower volatility and decreased client activity.

隨著我們的銀行業務團隊現已完全整合，我們的管道在 2024 年下半年和 2025 年提供令人鼓舞的收入潛力。由現金股票推動的股票收入成長了 3%。 FRC（我們仍有意減持）下跌 21%，匯率和外匯均受到波動性下降和客戶活動減少的影響。

Operating expenses rose 8%, predominantly from additional costs related to personnel onboarded from Credit Suisse's Investment Bank, but importantly, dropped 4% sequentially, while revenues were up 32% quarter-on-quarter.

營運費用成長 8%，主要是因為與瑞信投資銀行人員入職相關的額外成本，但重要的是，營運費用較上季下降 4%，而營收則是環比成長 32%。

Moving to Slide 17. Non-core and Legacy's pretax profit in the quarter was $197 million, supported by $1 billion in revenues, principally from gains on position exits. In addition to the securitized products transaction I mentioned earlier, the business recognized proceeds from the closeout of several complex and longer-dated positions above their book carrying amounts, including in its conduit and corporate loan books and within its longevity portfolio.

轉向投影片 17。除了我之前提到的證券化產品交易外，該公司還確認了一些高於其帳面帳面金額的複雜且長期頭寸的平倉收益，包括在其管道和公司貸款帳簿以及其長期投資組合中。

Despite the strong revenue performance in the first quarter, we continue to expect the NCL book to ultimately close out across its various positions at more or less their current carrying values, meaning it is still appropriate to assume revenues of nil going forward, net of hedging and funding costs.

儘管第一季營收表現強勁，但我們仍然預計 NCL 帳簿最終將以其當前帳面價值或多或少的價格平倉，這意味著假設未來收入為零（扣除對沖）仍然是合適的和資金成本。

It is also important to reiterate that in pursuit of our priorities in NCL, we may at times sacrifice P&L on position exits to eliminate costs and release sub-optimally deployed capital. Nevertheless, given the strong revenue performance in 1Q, along with the significant progress we've made on costs, we now expect NCL's full year 2024 underlying PBT to be a loss of around $2.5 billion versus the expected $4 billion loss we signaled in February.

同樣重要的是要重申，在追求 NCL 的優先事項時，我們有時可能會犧牲頭寸退出的損益，以消除成本並釋放次優部署的資本。儘管如此，鑑於第一季強勁的營收表現以及我們在成本方面取得的重大進展，我們現在預計NCL 2024 年全年基本PBT 將虧損約25 億美元，而我們在2 月表示的預期虧損為40 億美元。

As Sergio highlighted, we made substantial progress in reducing the NCL portfolio in the quarter, decreasing RWAs by $16 billion, principally in credit and market risk. In just 9 months, we've run down $28 billion or almost 1/3 of NCL's risk-weighted assets.

正如 Sergio 所強調的那樣，本季度我們在減少 NCL 投資組合方面取得了實質進展，將 RWA 減少了 160 億美元，主要是在信貸和市場風險方面。在短短 9 個月內，我們就耗盡了 280 億美元，幾乎相當於 NCL 風險加權資產的 1/3。

From an LRD perspective, the overall portfolio is down by roughly half from 2Q '23 after a further reduction of $49 billion in the first quarter. As I covered earlier, a significant portion of the group's overall OpEx decline this quarter was delivered by NCL, which saw a 26% sequential drop in underlying costs to $769 million, primarily due to lower third-party, real estate and technology costs.

從 LRD 的角度來看，繼第一季進一步減少 490 億美元之後，整體投資組合較 2023 年第二季下降了約一半。正如我之前提到的，該集團本季整體營運支出下降的很大一部分是由NCL 造成的，該公司的基本成本環比下降26% 至7.69 億美元，這主要是由於第三方、房地產和技術成本的降低。

Moving to capital and financial resources on Slide 18. CET1 capital was broadly flat in the quarter, with profits generated in 1Q, offsetting our dividend accruals and $1.3 billion in negative currency translation effects. As we've highlighted, we made significant progress this quarter in reducing financial resource consumption across the bank from both the active rundown of NCL as well as balance sheet management initiatives across the core businesses. This resulted in a 4% sequential decline in RWA and a 6% reduction in LRD.

轉到幻燈片 18 上的資本和財務資源。正如我們所強調的，本季度我們透過 NCL 的主動縮減以及核心業務的資產負債表管理舉措，在減少整個銀行的金融資源消耗方面取得了重大進展。這導致 RWA 環比下降 4%，LRD 環比下降 6%。

Credit and counterparty risk RWAs dropped by $11 billion from position sales and roll-offs as well as from risk model mitigation with currency effects contributing another $11 billion to the quarter-on-quarter decline. Market risk RWAs increased by $3 billion as asset size decreases were more than offset by the effects of model updates from the integration of time decay into our VaR calculations.

信用和交易對手風險加權資產因頭寸出售和轉期以及風險模型緩解而下降了 110 億美元，貨幣效應又導致季度環比下降 110 億美元。市場風險 RWA 增加了 30 億美元，因為資產規模的減少被將時間衰減整合到我們的 VaR 計算中的模型更新的影響所抵消。

Slide 19 illustrates our strong capital position with a CET1 capital ratio of 14.8%, increasing by 40 basis points over the course of 1Q. As previously highlighted, a surplus above our CET1 capital ratio target of around 14% is necessary to cater for expected volatility in our reported profitability as we execute on the various phases of the integration. Our LCR at quarter end was 220%, reflecting ample levels of liquidity to remain compliant with the new Swiss liquidity ordinance that went live at the start of the year.

投影片 19 顯示了我們強大的資本狀況，CET1 資本比率為 14.8%，在第一季增加了 40 個基點。如同先前所強調的，在我們執行整合的各個階段時，為了因應我們所報告的獲利能力的預期波動，我們必須有高於我們的 CET1 資本比率目標 14% 左右的盈餘。我們季度末的 LCR 為 220%，反映出充足的流動性水平，以維持符合年初生效的新瑞士流動性條例的要求。

We remain focused on raising stable deposits with tenors, products and counterparty selection resulting in higher liquidity value. And we continue to apply discipline on pricing. Strong investor demand for our name in capital markets and improving conditions allowed us to complete nearly half of our full year funding plan during the first quarter. We successfully placed over $5 billion in attractively priced holdco in January and $1.5 billion in AT1 across 2 transactions in February at spreads that were around 100 basis points inside our heavily subscribed November placement.

我們仍然專注於透過期限、產品和交易對手選擇籌集穩定的存款，從而帶來更高的流動性價值。我們繼續嚴格定價。投資者在資本市場上對我們品牌的強勁需求以及不斷改善的條件使我們能夠在第一季完成全年融資計劃的近一半。我們在1 月份成功發行了超過50 億美元的價格極具吸引力的控股公司，並在2 月份的2 筆交易中成功發行了15 億美元的AT1，其利差在我們大量認購的11 月份發行中約為100 個基點。

Similarly, secondary market spreads continue to tighten post acquisition, having now dropped to February 2023 levels and together with ongoing diversification of our funding sources, are supporting our plan to lower funding costs by around $1 billion by 2026. As part of the broadening out of our funding sources, we structured 2 first-of-their-kind transactions for UBS, including an issue of $1 billion in euro-denominated covered bonds and a private placement for size via repo of a portion of our portfolio of Swiss franc denominated covered bonds.

同樣，二級市場利差在收購後繼續收緊，現已降至2023 年2 月的水平，再加上我們融資來源的持續多元化，正在支持我們到2026 年將融資成本降低約10 億美元的計劃。 。

I would highlight that these trades were priced below the spread on the outstanding ELA line with the Swiss Central Bank. As to ELA, we have now repaid CHF 29 billion of this line extended to Credit Suisse pre-acquisition, including CHF 9 billion just yesterday. We expect to repay the remaining CHF 9 billion in the coming months.

我要強調的是，這些交易的定價低於與瑞士央行未償還 ELA 額度的利差。至於ELA，我們現在已經償還了瑞士信貸預收購額度中的290億瑞士法郎，其中包括昨天的90億瑞士法郎。我們預計在未來幾個月內償還剩餘的 90 億瑞士法郎。

Overall, our balance sheet management initiatives, together with actions on the funding side that I just described, improved our loan-to-deposit ratio this quarter and narrowed the funding gap we inherited from Credit Suisse. Importantly, our efforts are helping us to offset NII headwinds and are contributing to the strength of our overall liquidity and funding profile.

總體而言，我們的資產負債表管理舉措以及我剛才描述的融資方面的行動改善了本季度的貸存比，並縮小了我們從瑞士信貸繼承的資金缺口。重要的是，我們的努力正在幫助我們抵消國家資訊基礎設施的不利因素，並有助於增強我們的整體流動性和資金狀況。

With that, let's open for questions.

那麼，就讓我們開始提問吧。

(Operator Instructions) The first question is from Ryan Alastair from Bank of America.

（操作員說明）第一個問題來自美國銀行的 Ryan Alastair。

Billion dollar beat in the quarter. I never did quite get the hang of this forecasting luck. Just on that Legacy Non-core, you had a very strong performance. I appreciate the updated run-off profile you gave us on Slide 6. Is there any reason that you're just reverting to natural runoff or can we expect continued sales if markets stay favorable because clearly, there's quite a meaningful driver of the very favorable capital ratio, the interactions of all of those?

本季突破 10 億美元。我從來沒有完全掌握這種預測運氣的秘訣。就在 Legacy Non-core 上，你的表現非常強勁。我很欣賞您在投影片 6 上向我們提供的更新徑流概況。資本比率，所有這些之間的相互作用？

And then secondly, the project to improve the revenue to risk-weighted assets in Wealth Management. I presume you wouldn't represent the Q1 performance as kind of the payoff of that project. It's too early. But just what's the profile of that project? How long is that repricing sitting on the net new asset generation and has it started?

其次，該專案旨在提高財富管理中風險加權資產的收入。我認為您不會將第一季的業績視為該項目的回報。太早了。但該項目的概況如何？新資產淨產生的重新定價持續了多久？

Alastair, before I pass to Todd, I wanted to -- you were the first to ask the question not by coincidence, since I understand it's your last day at the office.

阿拉斯泰爾，在我向陶德提問之前，我想──你是第一個問這個問題的人，這並非巧合，因為我知道這是你在辦公室的最後一天。

Yes.

是的。

Well, enjoy your time off going forward. So I'll pass it over to Todd. Thank you.

好吧，祝你接下來的假期愉快。所以我會把它交給托德。謝謝。

Alastair, thanks for the questions. So on NCL, I mean first, reverting to the natural runoff, we've been consistent in just reflecting the natural runoff profile. What I think the Slide 6 really does indicate is it really narrows that the delta between where we started, as you could see, where we set our ambition is to reduce to 5%. And the natural runoff profile has really come in.

阿拉斯泰爾，謝謝你的提問。因此，在 NCL 上，我的意思是，首先，回到自然徑流，我們在反映自然徑流剖面方面一直保持一致。我認為投影片 6 真正表明的是，正如您所看到的，我們的起點與我們設定的目標之間的差距確實縮小了，目標是減少到 5%。自然徑流剖面已經真正發揮作用。

And so now you see that the delta between the natural runoff profile and where we -- our ambition is, is narrowed. So that should eliminate whatever uncertainty was considered. But I do think that it's appropriate still to reflect it that way.

所以現在你看到自然徑流剖面和我們的目標之間的三角洲正在縮小。因此，這應該消除所考慮的任何不確定性。但我確實認為以這種方式反映它仍然是合適的。

In terms of whether we can do more, of course, we're going to continue to do what we can. We'll try to exit positions at or above their book values wherever possible, but it's appropriate to continue to stick with our guidance on NCL in terms of our approach and in terms of our expectations around revenues.

至於我們是否可以做得更多，當然我們會繼續做我們能做的。我們將盡可能以等於或高於帳面價值的價格退出頭寸，但在我們的方法和對收入的預期方面，繼續堅持我們對 NCL 的指導是適當的。

On GWM, in terms of revenue over the RWA, I mentioned that we're starting to see progress, which, of course, does suggest -- you asked has it started, and it has. In fact, it started at the end of last year, and the business is quite active in it. And so we would expect that we're going to continue to make progress on driving up RWA efficiency with respect to revenues in that respect over the course of the next couple of years.

關於 GWM，就 RWA 的收入而言，我提到我們開始看到進展，當然，這確實表明 - 你問它是否開始了，它已經開始了。其實從去年年底就開始了，裡面的業務相當活躍。因此，我們預計在未來幾年內，我們將繼續在提高 RWA 效率（在這方面的收入方面）取得進展。

You asked how long that will impact, how long will it go, how long will it impact net new assets. We said it's going to take the better part of 2 years, which is why we guided net new assets of around $200 billion over that 2-year time frame, and we think that's the appropriate guidance still.

你問這會影響多久，會持續多久，影響淨新資產多久。我們表示這將需要 2 年的時間，這就是為什麼我們在這 2 年內指導淨新資產約為 2000 億美元，我們認為這仍然是適當的指導。

The next question is from Chris Hallam from Goldman Sachs.

下一個問題來自高盛的克里斯哈勒姆。

Yes. So 2 for me. By the end of the year, I guess you'll be effectively halfway through the integration process in terms of gross savings. So as you get through that process, are you starting to get a better picture of what you could expect for the net savings figure in relation to the $13 billion? Thought I think you mentioned the majority earlier. And does that change at all the phasing of the multiyear return on core tier 1 path you laid out at the full year?

是的。所以對我來說2。到今年年底，我想就總節省而言，您將有效地完成整合過程的一半。那麼，當您完成該過程時，您是否開始更好地了解與 130 億美元相關的淨節省數字的預期情況？我想你之前提到了大多數。您在全年制定的核心一級路徑多年回報的分階段是否會改變？

And then second question, Sergio, you referenced earlier that insufficient capital didn't cause the collapse of CS. And I guess in the final instance, what we really saw was a crisis in client confidence that drove that liquidity shortfall. So when we talk about capital distribution, it's sort of automatic to assume that higher or earlier capital distribution resulted in lower capital ratios, which in turn reduces resilience.

第二個問題，Sergio，您之前提到資本不足並沒有導致 CS 的崩潰。我想在最後一個例子中，我們真正看到的是客戶信心危機，導致流動性短缺。因此，當我們談論資本分配時，我們自然會假設較高或較早的資本分配會導致較低的資本比率，從而降低彈性。

But when you talk to clients, how important is that distribution ambition as an indicator and driver of confidence in the business, i.e., could you argue that ultimately aligning your distribution strategy more closely with the distribution policies we see elsewhere in European financials actually increases client confidence in the business and improves resilience? There's a big perception difference basically between a firm that's buying back stock versus a firm that's issuing stock.

但是，當您與客戶交談時，分銷雄心作為業務信心的指標和驅動力有多重要，也就是說，您是否可以認為，最終將您的分銷策略與我們在歐洲金融業其他地方看到的分銷政策更緊密地結合起來實際上會增加客戶對業務的信心並提高彈性？回購股票的公司與發行股票的公司之間基本上存在著很大的認知差異。

Yes, Chris, I'll take the first. So on whether the OpEx progress that we saw sort of informs a better view on the net that we'll get to. Look, I think we're quite pleased with our 1Q operating expense performance. We did highlight that we expect gross saves to be halfway to our $13 billion ambition at the end of the year, which is a bit better than we highlighted in February, in large part because of the 1Q performance that we saw.

是的，克里斯，我會選擇第一個。那麼，我們看到的營運支出進度是否可以讓我們對網路有更好的了解。看，我認為我們對第一季的營運費用表現非常滿意。我們確實強調，我們預計今年年底總節省額將達到我們 130 億美元目標的一半，這比我們在 2 月強調的要好一些，這在很大程度上是因為我們看到了第一季的表現。

But look, we still -- our ambition is a cost-to-income ratio of less than 70% at the end of 2026. That's what we're really focused on to manage to. And so how we pace any investments, which we'll continue to make in, for example, the resilience of our infrastructure, the organic growth in our core businesses, how we pace that will be a function of the revenue environment. So it is still way too early to change that perspective. But of course, we are pleased with the OpEx performance we saw in 1Q.

但我們的目標仍然是，到 2026 年底，成本收入比低於 70%。因此，我們如何調整我們將繼續進行的任何投資，例如，我們的基礎設施的彈性、我們核心業務的有機成長，我們如何調整這些投資將取決於收入環境。因此，改變這種觀點還為時過早。當然，我們對第一季的營運支出表現感到滿意。

As to how that impacts on the return on CET1 path that you mentioned, I would say that coupled with the updated NCL full year PBT guidance I gave, would have roughly 100 to slightly above basis point impact on the return on CET1, but I would still say mid-single digits is the right way to think about the full year RoCET1 even with the 1Q performance that we produced.

至於你提到的這對 CET1 路徑回報的影響，我想說，加上我提供的更新後的 NCL 全年 PBT 指導，將對 CET1 的回報產生大約 100 到略高於基點的影響，但我會即使考慮到我們第一季的表現，仍然認為中個位數是考慮全年RoCET1 的正確方法。

Yes, Chris, first of all, of course, having a strong capital position and a balance sheet for all seasons, as we call it, having a strict risk management approach and policies, and being very disciplined in the way we consume and manage all our resources is the pillar #1 of our strategy. And I think it's almost a prerequisite to create the trust that clients need to have in any bank or any organizations.

是的，克里斯，首先，當然，擁有強大的資本狀況和所有季節的資產負債表，正如我們所說，擁有嚴格的風險管理方法和政策，並且在我們消費和管理所有內容的方式上非常自律。我認為這幾乎是建立客戶對任何銀行或任何組織的信任的先決條件。

So in that sense, I would only add that another very important indicator, which sometimes is in conflict with clients is your funding cost. Of course, our clients would like to have always a higher returns on the deposits and the investment they place with us. But on the other hand, when they see our funding cost being as competitive as we have now, they have the ultimate confirmation of the strength and the solidity of our franchise.

所以從這個意義上來說，我只想補充另一個非常重要的指標，有時會與客戶發生衝突，那就是你的資金成本。當然，我們的客戶希望他們在我們這裡的存款和投資始終獲得更高的回報。但另一方面，當他們看到我們的融資成本像現在一樣具有競爭力時，他們對我們特許經營的實力和可靠性有了最終的確認。

So ultimately, at the end of the day, it's always a trade-off between different dynamics, I would say, emotional and psychological dynamics. But I can only tell you that, of course, last but not least, having a full alignment of client's trust and satisfaction, having shareholders being happy and having your employees being happy is the ultimate way to create sustainable value and trust in any bank.

所以最終，歸根結底，這總是不同動態之間的權衡，我想說的是，情緒和心理動態。但我只能告訴你，當然，最後但並非最不重要的一點是，讓客戶的信任和滿意度完全一致，讓股東滿意，讓員工滿意，是任何銀行創造可持續價值和信任的最終方式。

And this is our philosophy. So of course, having an ability to compete in terms of growth and our global ambitions, but at the same time, being able to deliver attractive returns to shareholders, it's very important to influence the 3 stakeholders I mentioned.

這就是我們的理念。因此，當然，擁有在成長和全球雄心壯志方面競爭的能力，但同時能夠為股東提供有吸引力的回報，影響我提到的三個利害關係人非常重要。

The next question is from Kian Abouhossein from JPMorgan.

下一個問題來自摩根大通的 Kian Abouhossein。

I have a lot of detailed questions, but I wanted to ask 2 questions actually to Sergio, if I may. The first 1 is, Sergio, your first comments on the call today were, we were asked to do a critical role in Switzerland. And the key here is you were asked to buy a distressed asset, a G-SIB asset and when you buy something which you were asked to buy, you clearly are in control of the process.

我有很多詳細的問題，但如果可以的話，我想向 Sergio 實際上問兩個問題。第一個是，Sergio，您今天對電話會議的第一條評論是，我們被要求在瑞士發揮關鍵作用。這裡的關鍵是，你被要求購買不良資產，即 G-SIB 資產，當你購買被要求購買的東西時，你顯然可以控制整個過程。

And I would assume, just like you do in an M&A transaction, you know that better than me, you have a MAC clause. And in this instance, I would assume after all the financial crisis issues that we had in 2012, '13 with mergers by regulators, there would have been an agreement that there's not over-regulation for UBS post the Newco transaction. And I wanted to see if there is anything like this.

我認為，就像您在併購交易中所做的那樣，您比我更清楚您有 MAC 條款。在這種情況下，我認為在 2012 年、13 年金融危機以及監管機構的合併發生之後，我們會達成協議，即 Newco 交易後瑞銀不會受到過度監管。我想看看是否有這樣的事情。

So second question I have is, Sergio, you also commented that the assessment of capital will be based on what the final outcome is or once better know the outcome of these regulations. And one option is also to look at your legal entities and maybe close some of the legal entities or exit and clearly, a lot of Capital is tied up in the U.S.

所以我的第二個問題是，塞爾吉奧，您還評論說，資本評估將基於最終結果，或者一旦更好地了解這些法規的結果。一種選擇是查看您的法人實體，也許關閉一些法人實體或退出，顯然，大量資本被束縛在美國。

They make lower returns if I look at U.S. wealth ex LatAm as well as the U.S. IB, I assume, makes lower returns. So 1 option would be a restructuring or exiting of markets to rather than reducing capital return. I wanted to see if that is also an alternative.

如果我看看拉丁美洲以外的美國財富以及美國投資銀行，我認為它們的回報率較低。因此，一種選擇是重組或退出市場，而不是減少資本回報。我想看看這是否也是一種替代方案。

Thank you. Very good question. Yes. I think let me put it that way that some of the conditions that were discussed and agreed over that weekend were clearly defined and communicated. For example, the one in the respect of the antitrust and the competitive nature in our local markets, that has been very well defined and agreed.

謝謝。非常好的問題。是的。我想讓我這樣說吧，那個週末討論和商定的一些條件已經明確定義和傳達了。例如，在我們當地市場的反壟斷和競爭性質方面，這一點已經得到了很好的定義和商定。

Others, I would say, were also discussed and agreed. Let me put it that way. I'm not so sure we can talk about MAC clause. But as I mentioned in my opening remarks, we are delivering on our commitments. So I'd probably stop here.

我想說，其他一些問題也得到了討論並達成一致。讓我這樣說吧。我不太確定我們可以討論 MAC 條款。但正如我在開場白中提到的，我們正在兌現我們的承諾。所以我可能會停在這裡。

And in respect of the amount of capital, and I think it's clearly too early to speculate or respond to speculations around the capital. I just want to underline that when we talk about our parent company, UBS had already one of the best-in-class capitalization. The quality of our capital in the parent company was very strong.

而就資本金額而言，我認為現在猜測或回應圍繞資本的猜測顯然還為時過早。我只是想強調，當我們談論我們的母公司時，瑞銀已經是同類最佳資本公司之一。我們母公司的資本品質非常好。

What I mentioned that is already embedded in our plan, we are absorbing $9 billion of concession granted to Credit Suisse. We are absorbing the progressive buffers that will come in as a consequence of market share and size. And we believe this is feasible and is part of the plan.

我提到的內容已經包含在我們的計劃中，我們正在吸收瑞士信貸授予的 90 億美元優惠。我們正在吸收因市佔率和規模而產生的漸進緩衝。我們相信這是可行的，並且是計劃的一部分。

So before we speculate about what we would do to respond to any other changes in regulatory requirements, we need to understand what they are, because, believe me, we have not been consulted. We don't know what they are. And so we need to have the full picture before we respond to this kind of situations.

因此，在我們推測我們將採取哪些措施來應對監管要求的任何其他變化之前，我們需要了解它們是什麼，因為，相信我，我們還沒有被諮詢過。我們不知道它們是什麼。因此，在應對此類情況之前，我們需要全面了解情況。

But let me just say that having a global franchise, being competitive globally is what makes us a very attractive bank to our clients. Shrinking back to greatness is not a strategy and is not what will serve not only our clients and our shareholders well, but I'm also convinced is not going to serve well Switzerland and its ambitions to be one of the leading financial center in the world. That's pretty clear to me.

但我只想說，擁有全球特許經營權、在全球範圍內具有競爭力使我們成為對客戶非常有吸引力的銀行。縮回偉大不是一種策略，不僅不能為我們的客戶和股東提供良好的服務，而且我也相信這不會為瑞士及其成為世界領先金融中心之一的雄心服務。這對我來說很清楚。

The next question is from Giulia Aurora Miotto from Morgan Stanley.

下一個問題來自摩根士丹利的 Giulia Aurora Miotto。

So 2 questions from me as well. The first one, just going back on the capital proposal again. And you said you were not consulted on this document, and you need to see what the final proposal looks like. So looking forward, what are the next steps? Do we need to wait until June? Or are you now part of the discussion? Do you expect to have more clarity throughout the year? That's the first question.

我也有兩個問題。第一個，再次回到資本提案。你說這份文件沒有徵求你的意見，你需要看看最終的提案是什麼樣的。那麼展望未來，下一步是什麼？需要等到六月嗎？或者你現在正在參與討論嗎？您希望全年情況更加清晰嗎？這是第一個問題。

And then the second question more related to the quarter. There was a strong performance in transaction fees, better than I expected in Wealth. I'm wondering, is this just a transitory Q1 thing? Or is this continuing? And what should we expect there?

第二個問題與本季更相關。交易費用表現強勁，優於我對財富的預期。我想知道，這只是暫時的 Q1 事情嗎？或者說這種情況還在繼續？我們該期待什麼？

I'll pick up the first one, and then I'll pass it to Todd for the second. I mean, we are not yet clear if we're going to be formally a part of any consultation or any discussions. Of course, as I mentioned in my remarks, we will make sure that our considerations are heard by the regulatory bodies and policymakers, and so that we can contribute to a fact-based discussions.

我會拿起第一個，然後將第二個交給托德。我的意思是，我們還不清楚我們是否會正式參與任何諮詢或討論。當然，正如我在發言中提到的，我們將確保監管機構和政策制定者聽到我們的考慮，以便我們能夠為基於事實的討論做出貢獻。

And of course, we also hope that the report of the investigating commission of the Parliament will highlight some of the reasons why Credit Suisse failed. And that should be a crucial element in contributing to a fact-based discussions on future regulations. So June, you mentioned June, June is not a credible data because the commission is not expected to report before the end of the year. I also think that...

當然，我們也希望議會調查委員會的報告能強調瑞信失敗的一些原因。這應該是促進基於事實的未來監管討論的關鍵因素。所以6月，你提到的6月，6月不是一個可信的數據，因為委員會預計在年底前不會報告。我也認為...

June '25 I meant, sorry.

25 年 6 月，我的意思是，抱歉。

Yes, that one is -- I don't know about June 2025. I think that it's very unlikely that we're going to have more clarity about this matter in terms of what it means before year-end or early -- or even the early part of next year. So in the meantime, we have to accept some level of uncertainty around this topic.

是的，我不知道 2025 年 6 月的情況。因此，同時，我們必須接受圍繞這個主題的某種程度的不確定性。

Giulia, on the second question about TRX in GWM. So yes, very strong 1Q. In terms of how we -- how one should think about it overall and going forward, I'd say a few things. I mean, naturally, the environment needs to be conducive to strong transactional flows in 1Q was, but I would really highlight that it wasn't so much just beta, but actually, it's an environment where you started to see risk come on, you saw some uncertainty, and it's an environment that plays to our strengths, where we were able to advise in particular across our regions in more complex structured products where we saw significant volume up. So it really played to our strengths.

Giulia，關於長城TRX的第二個問題。所以是的，第一季非常強勁。關於我們應該如何整體思考和展望未來，我想說幾件事。我的意思是，自然地，環境需要有利於第一季的強勁交易流，但我真的要強調的是，這不僅僅是測試版，但實際上，這是一個你開始看到風險出現的環境，你看到了一些不確定性，這是一個發揮我們優勢的環境，我們能夠為我們的地區尤其是更複雜的結構性產品提供建議，這些產品的銷售量顯著增加。所以它確實發揮了我們的優勢。

And it also, I think, structurally reflects a couple of things in addition, that I would say gives us confidence as we look out forward. One is that the aligned product shelf, so across Credit Suisse and UBS coming together and the way we've approached clients from that sense. And on the U.S. side, as I highlighted, just really borrowing from the playbook outside the U.S., inside the U.S. to really approach clients more jointly with the investment bank is also paying off.

我認為，它也從結構上反映了另外一些事情，我想說，這些事情讓我們在展望未來時充滿信心。一是一致的產品貨架，因此瑞士信貸和瑞銀的走到一起，以及我們從這個意義上接觸客戶的方式。在美國方面，如我所強調的，只要真正借鏡美國境外、美國境內的策略，與投資銀行更緊密地接觸客戶，也能獲得回報。

So we see there are some structural things that bode well as we look out. Of course, the environment needs to be conducive, but also an environment like the current one is one that plays to our strengths as mentioned and really allows us to drive transactional flows higher.

因此，我們看到一些結構性的事情在我們看來是個好兆頭。當然，環境需要有利，但像目前這樣的環境也能發揮我們所提到的優勢，真正使我們能夠推動交易流量更高。

The next question is from Jeremy Sigee from BNP Paribas.

下一個問題來自法國巴黎銀行的 Jeremy Sigee。

Two questions, please. One is, you talked about the Investment Bank and the core businesses that you've retained from Credit Suisse and the people you've brought over. I just wondered, are they now fully productive in revenue terms? Or is there some lag still to come through as those people ramp up? Are they up to speed already at this point?

請教兩個問題。一是，您談到了投資銀行和您從瑞士信貸保留的核心業務以及您帶來的人員。我只是想知道，他們現在的收入是否完全有生產力？或者說，隨著這些人的增加，是否還有一些滯後需要克服？他們現在已經跟上進度了嗎？

And then my second question is sort of again on the capital theme. I saw in the report you reiterate your intention to do the $1 billion of buybacks in the second half of this year. I guess that's a small enough amount that you can do it pretty much regardless of the new capital proposals, but I just wanted to hear your thoughts on that.

我的第二個問題又是關於資本主題的。我在報告中看到您重申了今年下半年進行10億美元回購的打算。我認為這個金額足夠小，無論新的資本提案如何，你都可以做到這一點，但我只是想聽聽你對此的想法。

Well, let me take the first question is very -- of course, everybody is now up and running and productive. And -- but when you look at banking, as you know, what does it mean being productive. There is a phase of going out and pitching and winning mandates and then it takes time until they get executed. So in a sense, if you are asking me, if they are productive in pitching and being engaged with clients, they are. Everybody is full speed.

好吧，讓我回答第一個問題，當然，每個人現在都已啟動並運行並且富有成效。但是，當您審視銀行業時，如您所知，高效意味著什麼。有一個階段是出去推銷並贏得授權，然後需要時間才能執行。所以從某種意義上說，如果你問我，他們在推銷和與客戶互動方面是否有生產力，他們是的。每個人都全速前進。

The momentum in winning mandates is great. You could see it in the fourth quarter -- in the first quarter, we have executed many of them, and we are very comfortable that the investments and the trajectory of growth that we see going forward, if market conditions stay there to allow the execution of those mandates, are very promising.

贏得授權的勢頭非常強勁。你可以在第四季度看到這一點——在第一季度，我們已經執行了其中的許多計劃，如果市場條件保持在那裡以允許執行，我們對我們看到的未來​​投資和成長軌跡感到非常滿意其中的任務非常有希望。

In respect of $1 billion, so I think that's -- at this stage, the only constraint we have right now is the waiting until the parent bank merger is executed. We expect this to be at the end of May. And if everything goes through successfully pending the regulatory approvals that we need, we intend to restart the share buyback with up to $1 billion for 2024.

就 10 億美元而言，我認為現階段我們唯一的限制是等待母行合併執行。我們預計這將在五月底進行。如果一切順利，等待我們所需的監管批准，我們打算在 2024 年重新啟動高達 10 億美元的股票回購。

The next question is from Andrew Coombs from Citi.

下一個問題來自花旗集團的安德魯·庫姆斯。

Two questions, please, basically follow-ups. Firstly, on the Non-core result. Obviously, it's a tremendous result both in terms of the RWA rundown, but also the gains that you booked during the quarter. Thank you for the revised guidance for the full year. I just wanted to better understand the source of those gains in Q1.

有兩個問題，基本上是後續問題。首先，關於非核心結果。顯然，無論是在 RWA 縮減方面，還是在本季獲得的收益方面，這都是一個巨大的結果。感謝您修訂全年指導。我只是想更了解第一季這些收益的來源。

I think you said conduit and corporate loan books and longevity portfolio, but you then don't expect that to repeat going forward. Is that because the low-hanging fruit has already been achieved or because you're now selling a different type of assets or anything you can elaborate there would be helpful?

我想你說的是通路和企業貸款簿以及長壽投資組合，但你不希望這種情況會重複出現。這是因為唾手可得的成果已經實現了，還是因為您現在正在出售不同類型的資產，或者您可以詳細說明的任何內容都會有幫助？

And then the second question. Thank you for the opening remarks, Sergio, on the parent bank capital. I just wanted to check the $9 billion you referenced. Is that in relation to a 400% risk weight on foreign subsidiaries? Or is it a 300% as it currently is phased?

然後是第二個問題。謝謝 Sergio 關於母銀行資本的開場白。我只是想查一下你提到的90億美元。這是否與外國子公司 400% 的風險權重有關？還是目前分階段的300%？

And then more broadly, a question, I guess, to both of you. In the event that the risk weight on foreign subsidiaries does go up, to what extent do you think you can mitigate that through the fungibility of capital, dividend, you have capital, so forth?

我想，更廣泛地說，這是一個對你們兩個來說的問題。如果外國子公司的風險權重確實上升，您認為可以在多大程度上透過資本、股利、資本等的可替代性來減輕風險？

Andrew, I'll address the first question. I mean in terms of the source of the gains, I think, as you mentioned and as, of course, I highlighted, it came from a number of the sort of sectors within NCL, conduit and corporate loans, longevity, securitized products. We're also seeing strength in credit and equities and macro as well.

安德魯，我將解決第一個問題。我的意思是，就收益來源而言，我認為，正如您所提到的，當然，我也強調過，它來自 NCL、管道和公司貸款、長壽、證券化產品等領域。我們也看到信貸、股票和宏觀經濟的強勁表現。

And the team has been doing a great job in unwinding these complex, longer-dated transactions, and that continues to be what they're going to be focused on doing. So the source of the gains comes from the ability to add a lot of value to these complex transactions. And to be able to get the transactions closed out at levels that are above book value.

該團隊在解除這些複雜的、長期的交易方面一直做得很好，這仍然是他們將重點關注的事情。所以收益的來源來自於為這些複雜的交易增加大量價值的能力。並且能夠以高於帳面價值的水平結束交易。

As I highlighted, that's not an expectation that people should continue to have, not least just given that sometimes we're going to make decisions to get out of positions where we know there's significant cost takeout or there's suboptimal capital at the moment. It's very suboptimal from a capital efficiency perspective and so getting out would release that. So there are going to be a number of factors that -- which is why we don't see 1Q repeating.

正如我所強調的，人們不應該繼續抱持這樣的期望，尤其是考慮到有時我們會做出決定，退出我們知道目前存在大量成本支出或資本不理想的部位。從資本效率的角度來看，這是非常次優的，因此退出可以釋放這一點。因此，會有很多因素影響——這就是為什麼我們不會看到第一季重複出現的情況。

So if I can add on that one before I touch on the second question. I think that first of all, there is definitely no low-hanging fruit. And if you look at our natural decay profile change, it shows you that we are not really going for easy to sell, but rather complex transaction that also helps in many cases to unwind cost, because priority #1 in Non-core is to take down cost and not necessarily to take down risk-weighted assets and -- market or credit risk-weighted assets.

因此，在討論第二個問題之前，我是否可以補充這一點。我認為首先，絕對沒有唾手可得的果實。如果你看看我們的自然衰減曲線變化，它表明我們並不是真正想要輕鬆出售，而是複雜的交易，這在許多情況下也有助於降低成本，因為非核心的第一要務是採取降低成本，但不一定要降低風險加權資產和市場或信用風險加權資產。

So in that sense, it's very important that in many cases, we are able, thanks the good work the team is doing in managing these unwinds, to leverage the fact that we are not a forced seller. We are only going to dispose assets when they create value to shareholders. And that is a completely different position to be in because our capital is strong. We can allow some delays or some time to elapse between the 2.

因此，從這個意義上說，非常重要的是，在許多情況下，我們能夠利用我們不是被迫賣家的事實，這要歸功於團隊在管理這些平倉方面所做的出色工作。只有當資產為股東創造價值時，我們才會處置資產。這是一個完全不同的處境，因為我們的資本雄厚。我們可以允許兩者之間有一些延遲或間隔一些時間。

Now on the $9 billion there are 2 factors actually. One is the 250 risk weightings and 400 for foreign companies and the elimination of the filter -- of the regulatory filter that Credit Suisse had. The 2 combined account for $9 billion.

現在關於90億美元其實有兩個因素。一是風險權重為 250 項，外國公司為 400 項，並取消瑞士信貸的監管過濾器。兩者合計達 90 億美元。

And the ability to mitigate any increase in the foreign subsidiaries going forward? I assume it's something you're already working on given the already base increase. To what extent you think you could accelerate that?

未來是否有能力減少外國子公司的增加？鑑於已有的基礎成長，我認為這是您已經在做的事情。您認為可以在多大程度上加速這一進程？

No, the mitigation -- look, the mitigation I go back to -- I mean, I have to -- it's like a replay, a push the button again and replay what I told you -- what I said before. We cannot speculate or respond to speculation or do analysis on things that we don't know. What we know is that we're going to hold as a consequence of the Credit Suisse acquisition, $9 billion plus $10 billion. So almost $20 billion of additional capital in an already very strong capital position UBS has. That's the fact. The rest, I don't know. And we will comment when we know more.

不，緩解措施——看，我回到緩解措施——我的意思是，我必須——這就像重播，再次按下按鈕並重播我告訴你的話——我之前說過的話。我們不能猜測或回應猜測或對我們不知道的事情進行分析。我們所知道的是，由於收購瑞士信貸銀行，我們將持有 90 億美元加上 100 億美元。因此，瑞銀已經擁有非常強勁的資本狀況，因此新增了近 200 億美元的資本。事實就是如此。其餘的，我不知道。當我們了解更多時，我們會發表評論。

The next question is from Anke Reingen from RBC.

下一個問題來自 RBC 的 Anke Reingen。

I'm sorry to follow up, just 1 thing. I mean, is it fair to say that a result of the uncertainty, you are not really changing any step in your strategy and execution of the merger? And specifically, with Q4 results, you mentioned the potential amortization of additional DTA, just confirming this, on the current stage, this is going ahead.

很抱歉跟進，只有一件事。我的意思是，可以公平地說，由於不確定性，您並沒有真正改變合併策略和執行中的任何步驟嗎？具體來說，在第四季度的業績中，您提到了額外 DTA 的潛在攤銷，只是證實了這一點，在現階段，這一點正在進行中。

And then on the net new assets, the $17 billion in Q1, I'd be running below, if I was thinking about $100 billion for this year. Should be rather than $100 billion this year, is it more like the $200 billion over the year -- 2 years and more back-end loaded towards the 2025 to reach the $200 billion?

然後，就淨新資產而言，如果我考慮今年的淨新資產為 1000 億美元，那麼第一季的 170 億美元我會低於這個水平。今年應該不是 1000 億美元，而是更像是今年的 2000 億美元——兩年或更長時間的後端加載，到 2025 年達到 2000 億美元？

And has the decline in relationship managers had any impact on the net new asset growth in Q1? In the past, you gave us some numbers about the parting relationship managers and the assets they have taken with them. Is that still the case as being relatively low?

客戶經理的減少對第一季新資產淨成長有影響嗎？過去，您向我們提供了一些有關離職關係經理及其帶走的資產的數據。仍然是相對較低的情況嗎？

I'll take the first question. I think that's -- Anke, I think this is a very complex integration, and we cannot afford to be distracted in the execution of it. So we are sticking to our strategy. We are sticking to our plan. We need to do that and at the same time, staying close to our clients.

我來回答第一個問題。我認為——安克，我認為這是一個非常複雜的集成，我們不能在執行過程中分心。所以我們堅持我們的策略。我們堅持我們的計劃。我們需要做到這一點，同時與客戶保持密切聯繫。

And so that's the reason why engaging in hypothetical change of strategy or methodology we use in assess our -- anything that goes around capital would be absolutely very distracting and not in the best interest of any stakeholders because what we want to have is a successful completion of this integration. And so we stay focused on the existing strategy and our approach.

因此，這就是為什麼我們在評估時使用的策略或方法的假設變化——任何圍繞資本的事情都絕對會非常分散注意力，並且不符合任何利益相關者的最佳利益，因為我們想要的是成功完成這種整合。因此，我們繼續專注於現有的策略和我們的方法。

Yes, Anke, on the second question in terms of net new assets in GWM, I would just reiterate that the trajectory that we highlighted over the next 2 years is, among other things, a function of the financial resource optimization and balance sheet initiatives that the team is hard at work and undertaking. So $27 billion in the quarter is a strong result. We're on track to deliver on our ambitions, which we said was $200 billion over the course of 2 years. So I would continue to think about that in those terms.

是的，安克，關於長城汽車淨新資產的第二個問題，我只想重申，我們強調的未來兩年的軌跡，除其他外，是財務資源優化和資產負債表舉措的函數，團隊正在努力工作和承擔。因此，本季 270 億美元是個強勁的業績。我們正在逐步實現我們的雄心壯志，我們所說的目標是在 2 年內實現 2000 億美元的目標。所以我會繼續從這些角度去思考這個問題。

In terms of the RMs who have left, you mentioned that we had given some numbers in the past. Yes, I mean, that has continued just to taper as an impact, just given the number of RMs who have left has become sort of a non-topic at this point in time in terms of any current period. And in terms of the assets that they've taken with them, it is a very small percentage ultimately of the given -- especially given the fact that the RM workforce in Credit Suisse is down 40% from the end of 2022 levels. And we've been able to retain the lion's share of the assets. So we consider that to be sort of a story not terribly worth following. And in the end, we stay focused on our plans and our commitments.

關於離開的RM，您提到我們過去已經給了一些數字。是的，我的意思是，考慮到離開的 RM 數量在當前任何時期都已成為一個非話題，這種影響一直在逐漸減弱。就他們隨身攜帶的資產而言，這最終只佔給定資產的一小部分——特別是考慮到瑞信的 RM 員工隊伍比 2022 年底的水平減少了 40%。我們已經能夠保留大部分資產。所以我們認為這是一個不太值得關注的故事。最後，我們將繼續專注於我們的計劃和我們的承諾。

Can I just ask on the DTA, please? Are you reiterating that you expect to convert the $2 billion and the $500 million you talked about with Q4 results?

我可以直接問DTA嗎？您是否重申您希望將您談到的 20 億美元和 5 億美元轉換為第四季的業績？

Yes, there's no change in terms of our approach to DTAs at the current time, Anke.

是的，安克，目前我們處理避免雙重課稅協定的方法沒有改變。

The next question is from Benjamin Goy from Deutsche Bank.

下一個問題來自德意志銀行的班傑明‧戈伊。

Two questions, please. One on the favorite topic, capital. Just conceptually trying to understand because when in the press it is reported or the Ministry of Finance speaks of capital, we naturally assume it's CET1 capital. But do you think it could also partially include additional CET1 capital which might make a bit more manageable for you?

請教兩個問題。其中一個是最喜歡的話題，資本。只是從概念上嘗試理解，因為當媒體報告或財政部談到資本時，我們自然會假設它是 CET1 資本。但您是否認為它還可以部分包括額外的 CET1 資本，這可能會讓您更容易管理？

And then secondly, on your Wealth Management, the net new loans in the quarter, another decline, it's very similar to the Q4 decline. Just trying to reconcile that with your risk appetite returning statement, being conscious of the yields are still not favorable, but wondering that is also more of a risk alignment still going on in the background, which is why your net spending remains negative?

其次，在財富管理方面，本季的淨新增貸款再次下降，與第四季的下降非常相似。只是試圖將這一點與您的風險偏好返回聲明相協調，意識到收益率仍然不理想，但想知道這更多的是仍在後台進行的風險調整，這就是為什麼您的淨支出仍然為負？

Benjamin, the first one is very short. As I said, we don't speculate or respond to speculation in respect of any numbers that has been flagged out there. So it's not -- we are not in a position to understand where -- how those numbers are calculated. Therefore, we refrain from doing that.

本傑明，第一個很短。正如我所說，我們不會猜測或回應有關已標記的任何數字的猜測。所以我們無法了解這些數字是如何計算的。因此，我們不這樣做。

Yes. Benjamin, on the GWM net new lending side, we are seeing continued deleveraging. Some of that is market-driven and some of that, i.e., rates driven and some of that is just a function of the resource optimization work that we're doing. So that's an outcome that we're managing. To the extent it is the latter, we are looking to drive higher revenues. And therefore, I'm looking for the NIM to sort of hold up in that respect because we're improving the revenue over RWA consideration.

是的。班傑明，在長城汽車淨新增貸款方面，我們看到去槓桿化持續進行。其中一些是市場驅動的，另一些是利率驅動的，還有一些只是我們正在進行的資源最佳化工作的函數。這就是我們正在管理的結果。就後者而言，我們希望提高收入。因此，我希望 NIM 在這方面能夠保持穩定，因為我們正在提高收入而不是 RWA 考慮因素。

But obviously, in the current rates environment, too, we're seeing either the ends of deleveraging and still yet some reticence to re-lever in some of our regions. So I expect that we won't have a lot of momentum on re-levering in the current rates environment until we start to see rates come down over -- if assuming they do over the next, say, 12 to 18 months. So that external factor won't be, to me, a big driver in terms of releverage.

但顯然，在當前的利率環境下，我們要么看到去槓桿化的終結，要么在我們的一些地區仍然不願意重新槓桿化。因此，我預計，在我們開始看到利率下降之前，在當前的利率環境下，我們不會有很大的動力重新槓桿化——如果假設利率在接下來的12 到18 個月內會下降的話。因此，對我來說，外部因素不會成為再槓桿率的重大推動因素。

The next question is from Piers Brown from HSBC.

下一個問題來自匯豐銀行的皮爾斯布朗。

Just 2 for me. Just coming back on the cost issue and the cost takeout in the quarter in the NCL unit. I mean it's quite impressive. You're down 26% quarter-on-quarter. And the cost takeout seems to be tracking more or less in line with the asset reduction. Just -- I mean, the question is, should we expect that sort of linear relationship to continue? Or was there something in particular in terms of front-loading cost takeout in the first quarter in NCL?

對我來說只有2個。剛回到 NCL 部門的成本問題和本季的成本支出。我的意思是這非常令人印象深刻。環比下降 26%。成本削減似乎或多或少與資產削減保持一致。只是——我的意思是，問題是，我們是否應該期望這種線性關係繼續下去？或者說，NCL 第一季的前期成本支出有什麼特別之處嗎？

And then the second question is back to regulation. Not on capital, but just wondering if there's anything in any of the remarks, comments, reports published by the Competition Commission that we need to be mindful of just in terms of the domestic market shares of the new group.

然後第二個問題又回到了監管。不是關於資本，而是想知道競爭委員會發布的任何言論、評論和報告中是否有任何我們需要注意的新集團的國內市場份額。

Piers, in terms of the first question on the NCL cost takeout. There isn't a linear relationship. I would say it could be -- the relationship really doesn't have to flow linearly. And that's because the cost takeout will often come as a result of taking out a portfolio that sits on a given system or supported by a given infrastructure or application that we're able to shut down.

Piers，關於 NCL 成本支出的第一個問題。不存在線性關係。我想說的是，這種關係其實不必是線性的。這是因為成本削減通常是由於刪除位於給定係統上或由我們能夠關閉的給定基礎設施或應用程式支援的投資組合而產生的。

But there is, of course, a relationship between the asset takeout and the cost takeout. I wouldn't say it's linear because you can have -- you could be taking out portions of the portfolio that still needs at least a large share of the headcount supporting that, whether it's the front office or mid or back that's still supporting the broader portfolio.

但當然，資產支出和成本支出之間存在關係。我不會說它是線性的，因為你可以 - 你可能會拿出部分投資組合，這些部分仍然需要至少很大一部分員工來支持，無論是前台還是中層或後台仍然支持更廣泛的業務文件夾。

And if you're not really able to decommission the associated technology, you may not get the saves there. So not linear. But for sure, it's something we watch very carefully, and we're pleased to see that it is moving with a reasonably high degree of correlation.

如果您確實無法停用相關技術，則可能無法在那裡獲得保存。所以不是線性的。但可以肯定的是，我們非常仔細地觀察這一點，我們很高興看到它的變化具有相當高的相關性。

Now on the competitive position, let's forget for a second that we have a crystal clear agreement on that topic. Even if you go down to the substance, which is, I think, is relevant for us, for consumers, for clients or everybody to understand, when you look at facts, it's quite clear that we have no dominant position in Switzerland in banking.

現在，關於競爭地位，讓我們暫時忘記我們在這個主題上已經達成了明確的共識。我認為，即使你深入到與我們、消費者、客戶或每個人都相關的實質內容，但當你審視事實時，很明顯我們在瑞士銀行業沒有主導地位。

So I think that's no matter if you look at deposits, at loans or mortgages, you look at branch, number of branches in any dimension, UBS is not the largest bank in Switzerland in that sense. I think we are the leading bank in Switzerland because of our capabilities, but that should not be confused with market share and size. So in that sense, we are fairly comfortable that both the agreements and the facts support our position that our plan is the right one to pursue.

所以我認為，無論你看存款、貸款或抵押貸款，還是看分行、任何方面的分行數量，就這個意義上來說，瑞銀都不是瑞士最大的銀行。我認為我們是瑞士領先的銀行是因為我們的能力，但這不應與市場份額和規模混淆。因此，從這個意義上說，我們相當放心，協議和事實都支持我們的立場，即我們的計劃是正確的追求。

The next question is from Tom Hallett from KBW.

下一個問題來自 KBW 的 Tom Hallett。

So just a quick 1 on Wealth Management NII. I think you were baking in 3 U.S. rate cuts for this year in your guidance. If that was 0, what was that? Or how would that alter your guidance? And then secondly, on the treatment of software intangibles, I suppose it's fair to say, gets a bit more of a benefit relative to your European peers. I mean if you were to align the rules with Europe, what sort of impact would that have on your capital?

簡單介紹一下財富管理 NII。我認為您在指導中預計美國今年將降息 3 次。如果是 0，那是什麼？或者這會如何改變你的指導？其次，在軟體無形資產的處理方面，我想可以公平地說，相對於歐洲同行，它獲得了更多的好處。我的意思是，如果你要讓規則與歐洲保持一致，這會對你的首都產生什麼樣的影響？

So on the second question, as I said before, we are not speculating on any change in our regulatory framework. The only thing I can say is that both in absolute global terms but also vis-a-vis the European peers, we have a pretty strong capital position, not only in absolute terms, but also the quality of our capital base.

因此，關於第二個問題，正如我之前所說，我們並不是猜測我們的監管框架會發生任何變化。我唯一能說的是，無論是從絕對全球角度來看，還是相對於歐洲同行而言，我們都擁有相當強大的資本地位，不僅從絕對角度來看，而且從我們資本基礎的品質來看。

Tom, on GWM NII, yes, we modeled in, as mentioned, 3 U.S. dollar rate cuts. If there were fewer than those and Sergio even commented earlier that there is some upside but of course -- in our NII. But of course, that depends on client behavior. It depends on how the balance sheet behaves. So statically, yes, that would be corrected to be upside.

Tom，關於 GWM NII，是的，正如前面提到的，我們以 3 美元降息為模型。如果比這些少，塞爾吉奧甚至早些時候評論說，當然還有一些好處——在我們的 NII 中。但當然，這取決於客戶的行為。這取決於資產負債表的表現。因此，從靜態角度來看，是的，這將被修正為向上。

If there were no rate cuts, you probably have some uptick of a point or 2 on the NII. But of course, we need to consider the dynamic relationship between client behavior and our balance sheet. So it's difficult to predict. But yes, I would just take away that likely to be some degree of upside, all other things equal.

如果沒有降息，NII 可能會上升 1 或 2 點。但當然，我們需要考慮客戶行為與我們的資產負債表之間的動態關係。所以很難預測。但是，是的，在其他條件相同的情況下，我只是認為這可能是某種程度的好處。

Thank you. I think there are no further questions. So with that, we can close the call and thank you, Sergio and Todd, for joining us today. We look forward to speaking with everyone again with out 2Q results.

謝謝。我想沒有其他問題了。至此，我們可以結束通話了，感謝 Sergio 和 Todd 今天加入我們。我們期待在沒有第二季結果的情況下再次與大家交談。

Ladies and gentlemen, the webcast and Q&A session for analysts and investors is over. You may disconnect your lines.

女士們、先生們，面向分析師和投資者的網路直播和問答環節已經結束。您可以斷開線路。