UBS Group AG (UBS) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good morning. Welcome to the UBS third-quarter 2024 results presentation. (Operator Instructions)

女士們、先生們，早安。歡迎觀賞瑞銀 2024 年第三季業績發表會。 （操作員說明）

At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead.

這次，我很高興將瑞銀投資者關係部門的工作移交給莎拉‧麥基 (Sarah Mackey)。請繼續。

Good morning and welcome, everyone. Before we start, I would 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 included in our annual report, together with additional disclosures in our SEC filings.

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。另請參閱我們的年度報告中包含的風險因素，以及我們向 SEC 提交的文件中的其他揭露內容。

On slide 2, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, Group CEO.

在投影片 2 上，您可以看到我們今天的議程。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. Our strong financial performance in the quarter with a net profit of $1.4 billion and an underlying PBT of $2.4 billion, together with our year-to-date results demonstrates the power of our unique client franchises, diversified business model and global scale.

謝謝莎拉，大家早安。我們本季強勁的財務業績，淨利潤為14 億美元，基本稅前利潤為24 億美元，加上我們今年迄今的業績，證明了我們獨特的客戶特許經營權、多元化業務模式和全球規模的力量。

It also represents continued progress on the integration. This brings us two important benefits. First, it increases our confidence level in achieving our short- and medium-term financial targets.

這也代表著整合的持續進展。這為我們帶來了兩個重要的好處。首先，它增強了我們實現中短期財務目標的信心。

Second, it allows us to offer the full range of services of the combined bank and to stay even closer to clients. We are better positioned than ever to help them navigate a market background that while constructive, still exhibits periods of high volatility and dislocation.

其次，它使我們能夠提供合併銀行的全方位服務，並更貼近客戶。我們比以往任何時候都更有能力幫助他們應對市場背景，儘管市場背景雖然具有建設性，但仍表現出高度波動和混亂的時期。

Our commitment to serving clients is reflected in a 9% year-on-year increase in underlying revenues, with notable strength in the Americas and APAC. Invested assets across the group increased by 15% year on year to $6.2 trillion. This shows that our wealth and asset management clients continue to value the capabilities we provide across our advice platform and the way in which we consistently innovate to meet their needs.

我們對服務客戶的承諾體現在基本收入年增 9%，其中在美洲和亞太地區的實力尤為突出。集團投資資產年增15%，達到6.2兆美元。這表明我們的財富和資產管理客戶繼續重視我們在建議平台上提供的能力以及我們不斷創新以滿足他們的需求的方式。

One excellent example is the positive client and general partner reaction to the launch of our unified global alternatives units, which has created a top 5 player in alternatives. In Switzerland, while we faced the expected headwinds on net interest income, we continue to deliver on our commitment to acting as a safe and reliable provider of credit to the economy, with around CHF35 billion of loans granted or renewed in the quarter.

一個很好的例子是客戶和普通合夥人對我們統一的全球另類投資部門的推出做出了積極的反應，該部門已在另類投資領域躋身前五名。在瑞士，儘管我們面臨淨利息收入的預期阻力，但我們繼續履行作為經濟安全可靠信貸提供者的承諾，本季度發放或續簽貸款約 350 億瑞士法郎。

Within the Investment Bank, our investments in global markets supported robust performance in equities, notably in the Americas. And in global banking, we maintained our momentum in advisory as we outperformed the global M&A fee pools for the third consecutive quarter. As importantly, our M&A pipeline continues to build.

在投資銀行內部，我們在全球市場的投資支持了股票的強勁表現，特別是在美洲。在全球銀行業，我們保持了諮詢業務的勢頭，連續第三個季度跑贏全球併購費用池。同樣重要的是，我們的併購管道仍在不斷建造。

Turning back to the integration. The finalization of our preparation work during the quarter allowed us in the last two weeks of October to successfully achieve another milestone. We moved all of the clients' account and data in Luxembourg and Hong Kong onto UBS platforms.

回到整合。本季度準備工作的完成使我們能夠在 10 月的最後兩週成功實現另一個里程碑。我們將盧森堡和香港的所有客戶帳戶和資料轉移到瑞銀平台。

The next significant milestones for 2024 are the client account migrations in Singapore and Japan expected by year-end. We will then kick off the next phase of Swiss migrations in the second quarter of 2025, positioning us well to enhance the client experience and unlock further cost reductions towards the end of 2025 and into 2026.

2024 年的下一個重要里程碑是預計到年底新加坡和日本的客戶帳戶遷移。然後，我們將於 2025 年第二季啟動下一階段的瑞士遷移，以便我們能夠在 2025 年底和 2026 年之前增強客戶體驗並進一步降低成本。

In noncore and legacy, we continue to simplify our operations through book closures and the decommissioning of applications. This has supported the significant year-to-date reductions in costs. And thanks to our active wind-down efforts, the natural runoff profile of the remaining positions is already in line with our 2026 risk-weighted assets ambition. At the same time, we remain focused on identifying opportunities to further improve the round-down profile, but we'll continue to do so without compromising economic value creation.

在非核心和遺留方面，我們繼續透過停業和退役應用程式來簡化我們的營運。這支持了年初至今成本的大幅削減。由於我們積極的縮減工作，剩餘部位的自然流失情況已經符合我們 2026 年風險加權資產的目標。同時，我們仍然專注於尋找進一步改善舍入情況的機會，但我們將在不影響經濟價值創造的情況下繼續這樣做。

The overall disciplined progress on the integration, including the completion of the legal entity mergers has significantly mitigated the execution risk of the Credit Suisse acquisition. This, combined with the strong performance of our businesses has allowed us to generate capital well ahead of our plan and guidance. As we prudently assess future capital requirements, business plans and profitability for the coming years, we feel it is important, our current group capital position better reflects excess capital available for growth and returns to shareholders.

整合的整體有序進展，包括法人實體合併的完成，大大降低了瑞信收購的執行風險。再加上我們業務的強勁表現，使我們能夠遠遠領先於我們的計劃和指導方針來籌集資金。當我們審慎評估未來幾年的資本需求、業務計劃和盈利能力時，我們認為重要的是，我們當前的集團資本狀況更好地反映了可用於增長的過剩資本和股東回報。

Consequently, we have voluntarily accelerated the phase out of the remaining transitional capital adjustments agreed with our regulator, which we had disclosed upon the closing of the acquisition. This brings our CET1 capital ratio to 14.3%, more in line with our guidance, while remaining -- while maintaining a strong capital position and a balance sheet for all seasons.

因此，我們自願加速逐步取消與監管機構達成一致的剩餘過渡性資本調整，我們在收購完成時已揭露了這一點。這使我們的 CET1 資本比率達到 14.3%，更符合我們的指引，同時保持強勁的資本狀況和所有季節的資產負債表。

This buffer was never considered for distribution and its removal has no impact on our ability to execute on the ongoing 2024 share buyback nor on our medium-term ambitions for dividends and buybacks. As already communicated, we will provide more details on our 2025 capital return plans, including the continued execution of buybacks with our fourth quarter results.

該緩衝從未考慮用於分配，其刪除不會影響我們執行 2024 年正在進行的股票回購的能力，也不會影響我們的中期股息和回購目標。正如已經傳達的那樣，我們將提供有關 2025 年資本回報計劃的更多詳細信息，包括根據第四季度業績繼續執行回購。

Our ambition for 2026 capital returns to exceed preacquisition level is unchanged, subject to our assessment of any proposed requirements from Switzerland's ongoing review of its capital regime.

我們對 2026 年資本回報超過收購前水準的目標保持不變，具體取決於我們對瑞士持續審查其資本製度提出的任何擬議要求的評估。

I want to emphasize that our focus extends beyond meeting the current needs of our clients, executing on the integration and delivering on our short-term plans. We are also preparing for the future by continuing to invest in our people, products and capabilities to strengthen our client offerings and position our business for long-term growth.

我想強調的是，我們的重點不僅僅是滿足客戶當前的需求、執行整合和交付我們的短期計劃。我們也透過持續投資於我們的人員、產品和能力來為未來做好準備，以加強我們的客戶服務並使我們的業務實現長期成長。

This includes investing in our industry-leading cloud infrastructure as well as our expertise in artificial intelligence and automation. This will accelerate generative AI adoption, increasing efficiency and effectiveness. One example of the many ways we are leveraging AI is through Microsoft Copilot with 50,000 licenses being rolled out between now and the end of the first quarter.

這包括投資我們領先業界的雲端基礎設施以及我們在人工智慧和自動化方面的專業知識。這將加速生成式人工智慧的採用，提高效率和效能。我們利用人工智慧的多種方式的一個例子是透過 Microsoft Copilot，從現在到第一季末已推出 50,000 個授權。

We are implementing the largest deployment of Copilot within the global financial services industry to date.

我們正在實施迄今為止全球金融服務業最大規模的 Copilot 部署。

Another example is Red, a proprietary new AI assistant that provides 20,000 employees in Switzerland, Hong Kong, and Singapore, with easy access to UBS product information and investment research. Investment Bank, we are piloting a proprietary AI algorithm that researches compiles potential merger and acquisition by site targets. In this and the many other AI deployments that are underway across the entire firm, we are focused on responsible AI as we provide our people with tools that will help them better manage their businesses.

另一個例子是 Red，這是一款專有的新型人工智慧助手，為瑞士、香港和新加坡的 20,000 名員工提供輕鬆存取瑞銀產品資訊和投資研究的服務。投資銀行，我們正在試驗一種專有的人工智慧演算法，該演算法研究按網站目標編制潛在的併購。在整個公司正在進行的這項部署以及許多其他人工智慧部署中，我們專注於負責任的人工智慧，因為我們為員工提供了幫助他們更好地管理業務的工具。

Even as new technology is changing the way we work, our people will remain the most important driver of our success. That is why I'm particularly pleased with the positive results from a recent employee survey, which, by the way, it's an important testament to the progress we have made on the integration. 84% say that they are proud to work for UBS, and 83% would recommend UBS as an employer, both well above industry benchmarks.

即使新科技正在改變我們的工作方式，我們的員工仍然是我們成功的最重要驅動力。這就是為什麼我對最近的員工調查取得的正面結果特別滿意，順便說一句，這是我們在整合方面取得的進展的重要證明。 84% 的受訪者表示，他們為能夠在瑞銀工作而感到自豪，83% 的受訪者會推薦瑞銀作為雇主，兩者均遠高於行業基準。

We have achieved a lot over the last 18 months as we are building a stronger and even safer version of UBS that all of our key stakeholders can be proud of. But there is no room for complacency. We are just about halfway to restoring preacquisition levels of profits and returns on capital, and the journey won't be a straight line. In the short term, in addition to seasonality, ongoing global macroeconomic developments, geopolitical conflicts and the upcoming US elections create uncertainties that are likely to affect investor behavior.

在過去 18 個月裡，我們取得了許多成就，我們正在打造一個更強大、更安全的瑞銀集團，讓我們所有的主要利害關係人感到自豪。但我們沒有自滿的餘地。我們的利潤和資本回報率恢復到收購前的水平才剛完成一半，而且這個過程不會是一條直線。短期來看，除了季節性因素外，持續的全球宏觀經濟發展、地緣政治衝突和即將到來的美國大選也帶來了可能影響投資者行為的不確定性。

We continue to help clients navigate this environment, and I remain confident in our ability to deliver on our financial targets as we position UBS for long-term sustainable growth and remain a pillar of economic support in the communities where we live and work.

我們將繼續幫助客戶應對這種環境，我對我們實現財務目標的能力仍然充滿信心，因為我們將瑞銀定位為長期可持續增長，並且仍然是我們生活和工作社區的經濟支持支柱。

With that, I hand over to Todd.

說完，我把任務交給托德。

Thank you, Sergio, and good morning, everyone. Throughout my remarks, I will refer to underlying results in US dollars unless stated otherwise. Also, starting today, I compare our performance to the prior year quarter since we now have fully comparable year-over-year information for the first time since the Credit Suisse acquisition last year. I continue to offer sequential insights on balance sheet, net interest income developments and our progress towards achieving our gross cost save targets by the end of 2026.

謝謝你，塞爾吉奧，大家早安。在我的整個演講中，除非另有說明，我將提及以美元為單位的基本結果。此外，從今天開始，我將我們的業績與去年同期進行比較，因為自去年瑞士信貸收購以來，我們現在首次擁有完全可比較的同比資訊。我將繼續提供有關資產負債表、淨利息收入發展以及我們在 2026 年底前實現總成本節約目標的進展的連續見解。

Starting on slide 5. Profit before tax in the quarter increased over 2.5 times to $2.4 billion, with strong operating leverage improvement year over year, contributing to a return on CET1 capital of 9.4%. Total revenues rose by 9% to $11.7 billion, driven by momentum in our asset gathering businesses and Investment Bank.

從投影片 5 開始。受資產收集業務和投資銀行業務發展勢頭的推動，總收入成長 9%，達到 117 億美元。

At the same time, operating expenses declined by 4% to $9.2 billion as we continued to execute on our integration and efficiency plans. These results also contribute to a strong year-to-date performance with a 9-month pretax profit of $7.1 billion, and return on CET1 capital of 9.2%.

同時，隨著我們繼續執行整合和效率計劃，營運費用下降了 4% 至 92 億美元。這些業績也促成了年初至今的強勁業績，9 個月稅前利潤達 71 億美元，CET1 資本回報率為 9.2%。

Turning to slide 6, which illustrates our progress in improving profitability over the last year. The net profit for the quarter was $1.4 billion with an EPS of 0.43. As illustrated on the slide, the increase in underlying pretax profit was driven by higher revenues, paired with lower costs and CLE. On a reported basis, PBT was $1.9 billion, including $0.7 billion of purchase price allocation adjustments in our core businesses and integration-related expenses of $1.1 billion. Our tax expense in the third quarter was $502 million, representing an effective rate of 26%.

轉向幻燈片 6，它說明了我們去年在提高盈利能力方面取得的進展。該季度淨利潤為 14 億美元，每股收益為 0.43。如幻燈片所示，基本稅前利潤的成長是由收入增加、成本降低和 CLE 推動的。根據報告，PBT 為 19 億美元，其中包括核心業務的 7 億美元購買價格分配調整以及 11 億美元的整合相關費用。第三季我們的稅務支出為 5.02 億美元，有效稅率為 26%。

For the fourth quarter, we expect additional revenues from purchase price allocation adjustments of $0.5 billion, integration-related expenses of $1.2 billion and an effective tax rate of around 35%.

對於第四季度，我們預計購買價格分配調整的額外收入為 5 億美元，整合相關費用為 12 億美元，有效稅率約為 35%。

Turning to our quarterly cost update on slide 7. Operating expenses increased by 2% quarter-on-quarter and were flat excluding the effects of US dollar softness against the Swiss franc and pound sterling in which we incur substantial personnel costs.

轉向幻燈片7 中我們的季度成本更新。 。

When also excluding increased variable compensation linked to revenues and lower litigation reserve releases, operating expenses reduced by around $200 million sequentially or 2%. This was supported by a lower overall employee count, which fell sequentially by another 1,400 or 1% to below 132,000.

如果不包括與收入相關的可變薪酬的增加和訴訟準備金釋放的減少，營運費用比上一季減少了約 2 億美元，即 2%。整體員工人數減少也支撐了這一趨勢，員工總數又減少了 1,400 人，即 1%，至 132,000 人以下。

The total staff count is down 25,000 or 16% from our 2022 baseline. Our underlying cost income ratio dropped by 2 points sequentially to 78.5% and has improved by over 10 points compared to the same quarter last year. This performance highlights the substantial progress to date and outlines the path forward to reach our target ratio of under 70% by the end of 2026.

員工總數較 2022 年基準減少 25,000 人，即 16%。基本成本收入比月減2個百分點至78.5%，較去年同期改善10多個百分點。這項業績凸顯了迄今為止所取得的實質進展，並概述了到 2026 年底達到 70% 以下目標比率的前進道路。

As in prior years, we expect in 4Q a modest sequential uptick in our operating expenses for select non-personnel items, including the UK bank levy and regional marketing spend.

與往年一樣，我們預計第四季度特定非人事項目的營運支出將出現小幅連續上升，包括英國銀行稅和區域行銷支出。

Moving on to slide 8. In the third quarter, we achieved $750 million in additional annualized gross cost saves, putting us past the halfway mark towards our $13 billion goal. As expected, the pace of saves moderately slowed this quarter as we continued the intensive work necessary to effectively dismantle the infrastructure of a former G-SIB.

繼續看投影片 8。正如預期的那樣，隨著我們繼續進行有效拆除前 G-SIB 基礎設施所需的密集工作，本季儲蓄步伐適度放緩。

In particular, we completed preparation of the client account and platform migrations in our Asian wealth franchise and continued readiness efforts relating to our Swiss booking center, by far our largest that are planned for next year. This phase of the integration requires fully staffed teams across regions to minimize client disruption and maintain operational efficiency.

特別是，我們完成了亞洲財富特許經營中客戶帳戶和平台遷移的準備工作，並繼續為我們的瑞士預訂中心做好準備工作，這是我們計劃在明年推出的迄今為止最大的預訂中心。此階段的整合需要跨地區的人員配備齊全的團隊，以最大程度地減少對客戶的干擾並保持營運效率。

The comparatively smaller saves this quarter are a reflection of these concerted efforts, along with higher variable compensation, FX headwinds and more moderate cost progress in NCL after a year of very strong sequential achievements.

本季度相對較小的節省反映了這些共同努力，以及更高的可變薪酬、外匯逆風以及 NCL 在經歷了一年非常強勁的連續成就之後的更溫和的成本進展。

As we continue our client account and platform migration work across our divisions and regions in the months ahead, we estimate sequential cost saves to be similarly sized. We expect the pace to pick up again once this critical integration phase is complete, and we can then fully benefit from decommissioning software, hardware and data centers and by unlocking further staff capacity. By the end of this year, we plan to have delivered around $7.5 billion in annualized gross cost saves versus our 2022 baseline and cumulative integration-related expenses of around $9 billion.

隨著我們在未來幾個月繼續跨部門和地區進行客戶帳戶和平台遷移工作，我們預計連續節省的成本也將達到類似規模。我們預計，一旦這個關鍵的整合階段完成，這一步伐將再次加快，然後我們就可以從軟體、硬體和資料中心的退役以及進一步釋放員工能力中充分受益。今年底，我們計劃每年節省約 75 億美元的總成本，而 2022 年基準和累計整合相關費用約為 90 億美元。

Now to slide 9, where I unpack our capital position. We ended the third quarter with a CET1 capital ratio of 14.3%, slightly above our guidance of around 14%. As Sergio highlighted, the sequential decrease this quarter results from our decision to accelerate the phaseout of the PPA-related transitional capital adjustment which led to a 65 basis point reduction in our CET1 capital ratio.

現在轉到投影片 9，我在其中闡述了我們的資本部位。第三季末，我們的 CET1 資本比率為 14.3%，略高於我們約 14% 的指引。正如 Sergio 所強調的那樣，本季的環比下降是由於我們決定加速逐步取消與 PPA 相關的過渡性資本調整，這導致我們的 CET1 資本比率降低了 65 個基點。

Without this voluntary acceleration, the ratio at the end of the quarter would have been 14.9%. As many of you will remember from last year, the acquisition accounting standard required us to fair value all of Credit Suisse's assets and liabilities at closing.

如果沒有這種自願加速，本季末的比率將為 14.9%。你們中的許多人都記得去年，收購會計標準要求我們在交易結束時對瑞士信貸的所有資產和負債進行公允價值評估。

This purchase price allocation process also resulted in fair value discounts applied to select Credit Suisse positions, such as fixed rate Swiss mortgages and certain term note liabilities, which were driven solely by interest rate and own credit effects. Accordingly, these fair value adjustments totaling to negative $5 billion net of tax effects, were expected to fully reverse into income or pull to par over time.

這種購買價格分配過程也導致公允價值折扣適用於瑞士信貸的部分頭寸，例如固定利率瑞士抵押貸款和某些定期票據負債，這些頭寸僅由利率和自身信用效應驅動。因此，在扣除稅收影響後，這些公允價值調整總計為負 50 億美元，預計將完全逆轉為收入或隨著時間的推移恢復到標準水平。

Given the temporary nature of these adjustments, we agreed with our regulator at closing to amortize the resulting capital reduction on a linear basis over a four-year period. This shielded our capital from significant accounting-driven volatility at least during the first phase of the integration process.

鑑於這些調整的臨時性，我們在交易結束時與監管機構達成一致，在四年內以線性方式攤銷由此產生的資本減少。至少在整合過程的第一階段，這使我們的資本免受會計驅動的重大波動的影響。

Our decision this quarter to accelerate the phaseout of the residual balance of $3.4 billion reflects the significant progress we've made to date across our integration agenda, including the successful merger of the two parent banks last quarter.

我們本季決定加速淘汰 34 億美元的剩餘餘額，這反映了我們迄今為止在整合議程上取得的重大進展，包括上季度兩家母銀行的成功合併。

This decision also underscores our confidence moving forward. Moreover, by accelerating the phaseout of the transitional capital adjustment on the aforementioned positions, the remaining PPA discount, like all other pull-to-par revenues, will now fully accrete into our capital in future periods, reversing the impact seen in this quarter's results. Specifically, we expect to recognize total pull-to-par revenues of $6.4 billion over the next several years, benefiting our net profit, equity and CET1 capital. Within this, 80% is set to accrete back by the end of 2028, of which $3.5 billion by the end of 2026.

這個決定也凸顯了我們前進的信心。此外，透過加速逐步取消上述部位的過渡性資本調整，剩餘的購電協議折扣，與所有其他拉平收入一樣，現在將在未來時期完全計入我們的資本，扭轉本季業績中看到的影響。具體來說，我們預計未來幾年將實現 64 億美元的總收入，從而使我們的淨利潤、股本和 CET1 資本受益。其中，80% 預計將在 2028 年底前回升，其中 35 億美元將在 2026 年底前回升。

Notably, the requirement to fair value the position subject to the transitional capital adjustment had no bearing on the Credit Suisse parent bank or its stand-alone capital position. Hence, it's important to emphasize that our decision this quarter is equally neutral to the regulatory capital position of UBS AG now that the two parent banks have merged. We expect UBS AG's standalone fully applied CET1 capital ratio to be a strong 13.3% when we publish our report next week.

值得注意的是，對過渡性資本調整部位進行公允價值評估的要求對瑞信母行或其獨立資本部位沒有影響。因此，必須強調的是，既然兩家母行已經合併，我們本季的決定對於瑞銀集團的監管資本狀況同樣是中性的。我們預計，當我們下週發布報告時，UBS AG 的獨立完全應用 CET1 資本比率將達到 13.3%。

A brief update on Basel III finalization as we continue to assess the effects of the Swiss implementation on January 1. While we'll present the final details with our 4Q results in February, our latest estimate is that the RWA impact will be a low single-digit percentage of total group RWA. This is revised down from our prior guidance of around 5%, and is now expected to reduce our CET1 capital ratio by around 30 basis points upon implementation next year.

我們繼續評估1 月1 日瑞士實施巴塞爾協議III 的影響，簡要更新巴塞爾協議III 最終確定的情況。 RWA 的影響將是較低的單一影響- 總組 RWA 的數字百分比。這是我們先前約 5% 的指導下調的結果，目前預計明年實施後我們的 CET1 資本比率將降低約 30 個基點。

Now moving on to slide 10. While our strong capital position is a key pillar of our strategy, starting this quarter, I offer a more comprehensive picture of our balance sheet and the structural drivers that contribute to making it a balance sheet for all seasons. As of the end of the third quarter, our balance sheet consisted of $1.6 trillion in total assets with around 40% in loan balances.

現在轉到投影片10。表的結構性驅動因素。截至第三季末，我們的資產負債表總資產為 1.6 兆美元，其中貸款餘額約佔 40%。

While we continue to optimize the risk profile of exposures inherited with the acquisition of Credit Suisse, our lending book continues to reflect high credit quality and disciplined risk management. More than 80% of our loan portfolio consists of mortgages with an average LTV of around 50% and fully collateralized Lombard loans.

在我們繼續優化收購瑞士信貸後繼承的風險狀況的同時，我們的貸款帳目繼續反映出高信用品質和嚴格的風險管理。我們超過 80% 的貸款組合由平均 LTV 約為 50% 的抵押貸款和完全抵押的倫巴底貸款組成。

This quarter, our credit impaired exposure as a percentage of our loan book was just 73 basis points, and our cost of risk was only 8 basis points. Assets held at fair value were $494 billion or around 30% of the total balance sheet. Notably, Level 3 assets were $16 billion and accounted for less than 1% of our total assets.

本季度，我們的信用減損風險佔貸款帳面的百分比僅 73 個基點，風險成本僅 8 個基點。以公允價值持有的資產為 4,940 億美元，約佔資產負債表總額的 30%。值得注意的是，第三級資產為160億美元，占我們總資產的比例不到1%。

Turning to the liability side. Our operations this quarter were funded with $776 billion of deposits and almost $370 billion of well-diversified wholesale funding spread across currencies and tenors. Our loan-to-deposit ratio at quarter end was 79%. Throughout the year, we have diligently executed on our funding plan, already having completed our issuances for 2024 and prefunded some of our 2025 AT1 build.

轉向責任方。我們本季的業務由 7,760 億美元的存款和近 3,700 億美元的跨貨幣和期限的多元化批發融資提供資金。季末我們的貸存比率為 79%。在這一年裡，我們一直在努力執行我們的融資計劃，已經完成了 2024 年的發行，並為 2025 年 AT1 的部分建設提供了預資助。

Finally, tangible equity in the quarter increased by $3.6 billion to $80 billion, mainly driven by quarterly net profits and other comprehensive income of $2.5 billion. This was partly offset by a net reduction of $0.5 billion of treasury shares repurchased as part of our share buyback program.

最後，該季度的有形資產增加了 36 億美元，達到 800 億美元，主要是由季度淨利潤和其他綜合收入 25 億美元推動的。作為我們股票回購計畫的一部分，回購的庫存股淨減少 5 億美元，部分抵銷了這一損失。

Our tangible book value was $25.10 per share, reflecting a sequential increase of 5%. Overall, we continue to operate with a highly fortified and resilient balance sheet with total loss absorbing capacity of $195 billion, a net stable funding ratio of 127% and an LCR of 199%.

我們的有形帳面價值為每股 25.10 美元，季增 5%。總體而言，我們繼續以高度強化和有彈性的資產負債表運營，總損失吸收能力為 1,950 億美元，淨穩定融資比率為 127%，LCR 為 199%。

Moving to our business divisions, starting with global wealth management on slide 11. GWM's pretax profit was $1.3 billion, an increase of 30%, with strong positive jaws as revenue growth outpaced expenses by 4 percentage points. Our performance is showcasing the enduring competitive strengths of our wealth franchise.

轉向我們的業務部門，從幻燈片 11 上的全球財富管理開始。我們的業績展現了我們財富專營權持久的競爭優勢。

Enhanced by the Credit Suisse acquisition, our global scale, diversified model and cross-divisional capabilities, uniquely position us to capture wallet and seize growth opportunities. The industry trends we see accelerating include legacy and longevity-based planning needs, geographic wealth migration, and active management among the world's wealthiest investors to diversify portfolios and manage risks.

透過收購瑞士信貸，我們的全球規模、多元化模式和跨部門能力使我們處於獨特的地位，能夠贏得資金並抓住成長機會。我們看到加速發展的行業趨勢包括遺留和基於長壽的規劃需求、地理財富遷移以及世界上最富有的投資者之間的主動管理以實現投資組合多元化和管理風險。

These secular growth dynamics play right to our strengths. This quarter, within an active market environment characterized by higher volatility and continuing concerns around geopolitical developments, our clients benefited from our CIO's call to remain invested and to position their portfolios to take advantage of the current market backdrop.

這些長期成長動力正好發揮了我們的優勢。本季度，在以波動性加大和對地緣政治發展持續擔憂為特徵的活躍市場環境中，我們的資訊長呼籲保持投資並調整其投資組合以利用當前的市場背景，從而使我們的客戶受益匪淺。

This further strengthened our clients' trust in our advice and capabilities and contributed to strong revenue growth in every region. All regions delivered double-digit PBT growth. Notably, APAC delivered impressive results, more than doubling last year's pretax profits on a revenue improvement of 13%.

這進一步增強了客戶對我們的建議和能力的信任，並為每個地區的收入強勁成長做出了貢獻。所有地區的稅前利潤均達到兩位數成長。值得注意的是，亞太地區取得了令人矚目的業績，去年稅前利潤翻了一番多，收入成長了 13%。

Also in the Americas, where invested assets surpassed the $2 trillion mark, our performance showed notable progress. PBT grew by 11% year on year and by over 30% sequentially, translating into a pretax margin of 12%.

同樣在美洲，投資資產超過 2 兆美元大關，我們的表現也取得了顯著進步。 PBT 年增 11%，季增超過 30%，稅前利潤率為 12%。

In the quarter, we delivered $25 billion in net new assets with positive flows across all regions. With net new assets of nearly $80 billion year-to-date, we remain on track to deliver on our $100 billion NNA ambition for 2024. Once again, we attracted strong net new assets while continuing to absorb integration-related headwinds, including the anticipated roll off of a portion of the fixed-term deposits associated with last year's win-back campaign, our ongoing work to optimize balance sheet usage and enhance revenue margins, and the residual tail of client advisers leaving the Credit Suisse platform.

本季度，我們交付了 250 億美元的淨新資產，所有地區均實現正向流動。年初至今，我們的淨新資產已接近 800 億美元，我們仍有望實現 2024 年 1000 億美元的 NNA 雄心。滾存與去年的贏回活動相關的部分定期存款、我們正在進行的優化資產負債表使用和提高收入利潤率的工作，以及離開瑞信平台的客戶顧問的剩餘尾部。

Of the $60 billion in deposit volumes maturing in the quarter, we retained 85% on our platform, including converting 20% into more profitable mandates, structured products and other liquidity solutions. Managing this roll-off will remain a short-term priority for us as we expect elevated maturing deposit volumes over the next two quarters.

在本季到期的 600 億美元存款量中，我們將 85% 保留在我們的平台上，其中包括將 20% 轉換為利潤更高的委託、結構性產品和其他流動性解決方案。管理這種滾存仍將是我們的短期優先事項，因為我們預計未來兩季到期存款量將會增加。

Additionally, by remaining focused on improving the efficiency of our financial resources and increasing profitability on sub hurdle relationships, our balance sheet optimization efforts have supported incremental progress in our revenue over RWA margin, bringing it to over 23%, a 3 percentage point increase from a year ago when we started this work. Net new fee generating assets were $15 billion, reflecting strong discretionary mandate sales in all regions with disciplined pricing supporting stable margins sequentially.

此外，透過持續專注於提高財務資源的效率和提高次級障礙關係的獲利能力，我們的資產負債表優化工作支持了我們的收入超過RWA 利潤率的逐步進展，使其達到23% 以上，比上年提高了3 個百分點。新產生費用的淨資產為 150 億美元，反映出所有地區的可自由支配的授權銷售強勁，嚴格的定價支持了連續穩定的利潤率。

Now on to GWM's financials. Total revenues increased by 7% with higher recurring net fee income and double-digit growth in transactional revenues more than offsetting NII headwinds. As I've highlighted in the past, a lower interest rate environment is expected to spur client demand for more advisory solutions, including structured products and alternative investments as clients seek to rebalance their cash exposures in search for yield.

現在來看看長城汽車的財務狀況。總收入成長了 7%，經常性淨費用收入的增加和交易收入的兩位數成長足以抵消 NII 的不利因素。正如我過去所強調的那樣，較低的利率環境預計將刺激客戶對更多諮詢解決方案的需求，包括結構性產品和另類投資，因為客戶尋求重新平衡現金敞口以尋求收益。

We also expect clients to reengage in lending activities helping to offset some of the NII headwinds. Recurring net fee income increased by 9% to $3.2 billion as our invested assets grew to $4.3 trillion, up 16% year on year and 5% sequentially, driven by market growth, FX and net new asset inflows.

我們也預期客戶將重新參與貸款活動，以幫助抵消一些國家資訊基礎設施的不利影響。在市場成長、外匯和新資產淨流入的推動下，我們的投資資產成長至 4.3 兆美元，年增 16%，季增 5%，經常性淨費用收入成長 9%，達到 32 億美元。

Mandate penetration increased to 38%, up 2 points from the same quarter a year ago, reflecting the value our clients see in our advice and solutions supporting their investment objectives. Transaction-based revenues were $1.1 billion, up 19% with strong momentum across all regions supported by the initial reduction in US policy rates.

委託滲透率增至 38%，比去年同期上升 2 個百分點，反映出我們的客戶在我們支持其投資目標的建議和解決方案中看到的價值。基於交易的收入為 11 億美元，成長 19%，在美國政策利率最初下調的支持下，所有地區的成長勢頭強勁。

Combined with the announcement of economic stimulus in China, this made for a constructive trading environment for our clients. In addition, the successful collaboration between GWM and the IB and our investments in AI-led sales support capabilities allowed us to capture transactional volumes across our expanding product shelf.

結合中國宣布的經濟刺激措施，這為我們的客戶創造了建設性的交易環境。此外，長城汽車與 IB 之間的成功合作以及我們對人工智慧主導的銷售支援能力的投資使我們能夠在不斷擴大的產品範圍內捕獲交易量。

We saw impressive growth in structured and cash products and in alternatives. This continues to be especially notable in APAC and the Americas, where transactional revenues were up 25% and 23% year on year, respectively, and both up sequentially versus a strong 2Q. We see this momentum continuing into the fourth quarter, while noting transactional activity typically decreases as we approach year-end.

我們看到結構性產品、現金產品以及另類產品的顯著成長。這在亞太地區和美洲尤其引人注目，交易收入較去年同期分別成長 25% 和 23%，且與第二季的強勁表現相比，均連續成長。我們預計這種勢頭將持續到第四季度，同時注意到交易活動通常會隨著年底的臨近而減少。

Net interest income of $1.6 billion was broadly flat sequentially as reinvestment income from longer duration in our replication portfolios, offset expected headwinds from mix shifts. In the fourth quarter, with 50 basis points of further US dollar rate cuts priced in, we expect a sequential mid-single-digit percentage drop in NII. This is expected to be driven mainly by headwinds on deposit revenues from lower rates, while our deposit balances, as mentioned, reflect conversion of fixed-term deposits in part into nondeposit solutions.

16 億美元的淨利息收入與上一季基本持平，因為我們複製投資組合中較長期限的再投資收入抵消了組合轉變帶來的預期阻力。第四季度，隨著美元進一步降息 50 個基點，我們預計 NII 將連續下降個位數百分比。預計這主要是由於利率下降對存款收入造成的不利影響，而如上所述，我們的存款餘額反映了定期存款部分轉化為非存款解決方案。

Also, as mentioned last quarter, towards the end of the year, we plan to adjust the sweep deposit rates in our US advisory accounts. The effect of this change on our NII is expected to be minimal in the fourth quarter. Moreover, lower US dollar rate assumptions also reduced the modeled impact of sweep deposit rate changes on net interest income in 2025. And likewise, would be expected to improve last quarter's guidance of negative $50 million PBT annually.

此外，正如上個季度所提到的，到年底，我們計劃調整美國諮詢帳戶的掃描存款利率。預計第四季度這一變化對我們的NII 的影響很小。此外，較低的美元利率假設也減少了存款利率變動對 2025 年淨利息收入的模擬影響。

Across GWM, as mentioned last quarter, we continue to initially expect net interest income to trough around the middle of next year based on current implied forwards. With our 4Q results and after completing our planning process, we intend to offer more developed insight into our 2025 expectations for GWM NII. Operating expenses increased by 3% compared to last year and 1%, sequentially.

如上季所提到的，在長城汽車，我們最初預期淨利息收入將根據目前隱含遠期在明年年中左右觸底。在根據我們的第四季業績並完成規劃流程後，我們打算對 GWM NII 的 2025 年預期提供更深入的見解。營運費用較去年增加 3%，較去年同期增加 1%。

Excluding compensation related and currency translation effects, underlying operating expenses dropped by 4% compared to the second quarter. As highlighted previously, the ongoing client account and platform migration work is expected to be a significant driver of cost reductions in GWM by the middle of 2025 and into 2026.

在剔除薪資相關和貨幣換算影響後，基本營運費用較第二季下降了 4%。正如先前所強調的，正在進行的客戶帳戶和平台遷移工作預計將成為 2025 年中期至 2026 年長城汽車成本削減的重要推動力。

Turning to personal and corporate banking on slide 12. We P&C delivered third quarter pretax profit of CHF659 million, down 7%. Revenues decreased by a similar level, mainly as NII dropped by 11% as the prior year quarter featured substantially higher Swiss franc interest rates.

轉向幻燈片 12 上的個人和企業銀行業務。收入也出現了類似水準的下降，主要是由於去年同期瑞士法郎利率大幅上升，NII 下降了 11%。

Recurring net fee income increased by 5% on higher custody assets, while transaction-based revenues were down 5%, mainly from lower corporate activity, including in trade finance, partly offset by higher card fees. NII decreased by 2% sequentially, mainly driven by the effect of the SNB's second 25 basis point interest rate cut in June and partly offset by the benefits of our balance sheet optimization efforts which remain key to building back returns to preacquisition levels.

由於託管資產增加，經常性淨費用收入增加了 5%，而基於交易的收入下降了 5%，主要是由於包括貿易融資在內的企業活動減少，但部分被卡費上漲所抵消。 NII 環比下降2%，主要受到瑞士央行6 月第二次降息25 個基點的影響，部分被我們資產負債表優化工作的成效所抵消，而資產負債表優化工作仍然是回報率恢復至收購前水平的關鍵。

This work which continues to contribute to improved revenues on capital deployed and fixing the funding gap inherited from Credit Suisse, came at the expense of net new lending outflows of CHF5.6 billion this quarter. I would highlight that P&C's contribution to our commitment in Switzerland to maintain a loan book of CHF350 billion was evidenced by around $25 billion in loans granted or renewed during the quarter.

這項工作繼續有助於提高資本部署收入並解決從瑞士信貸繼承的資金缺口，但代價是本季新增貸款淨流出 56 億瑞士法郎。我想強調的是，本季發放或續約的貸款約為 250 億美元，這證明了 P&C 對我們在瑞士維持 3,500 億瑞士法郎貸款帳簿的承諾所做的貢獻。

In the fourth quarter, we expect NII to tick down sequentially by a low single-digit percentage, both in Swiss francs and US dollars as the effects of the SNB's third 25 basis point rate cut in September are expected to more than offset improved lending revenues from our repricing efforts and lower funding costs.

在第四季度，我們預計 NII 將以較低的個位數百分比（以瑞士法郎和美元計）連續下降，因為瑞士央行 9 月第三次降息 25 個基點的影響預計將超過抵消貸款收入的改善來自我們的重新定價努力和較低的融資成本。

Considering competitive dynamics in Switzerland as well as the measured pace of accommodation in the Swiss Central Bank's monetary policy, our objective is to protect client deposit balances. Hence, our guidance for the fourth quarter reflects only a slight increase in deposit beta.

考慮到瑞士的競爭動態以及瑞士央行貨幣政策的寬鬆步伐，我們的目標是保護客戶存款餘額。因此，我們對第四季度的指導僅反映存款貝塔值略有增加。

As mentioned last quarter, with Swiss franc interest rate stabilizing by mid next year based on current implied forwards, we continue to expect net interest income in P&C to trough shortly thereafter. We will offer additional insights into our 2025 expectations for P&C NII next quarter. Credit loss expense was $71 million, driven by several positions in our corporate loan book, mainly on the Credit Suisse platform.

如同上季所提到的，根據目前的隱含遠期，瑞士法郎利率到明年年中將趨於穩定，我們繼續預期財險淨利息收入不久後將觸底。我們將在下個季度提供有關 P&C NII 的 2025 年預期的更多見解。信用損失費用為 7,100 萬美元，主要是由我們的企業貸款帳簿中的多個頭寸（主要是瑞士信貸平台）造成的。

For the foreseeable future, we expect CLE to remain at broadly similar levels given the persistent relative strength of the Swiss franc and some economic softness in the main Swiss export markets, contributing to an already muted domestic economic outlook. Operating expenses in P&C were broadly flat year on year and down 1% quarter on quarter.

在可預見的未來，鑑於瑞士法郎持續相對強勢以及瑞士主要出口市場經濟疲軟，導致國內經濟前景本已黯淡，我們預計 CLE 將保持在大致相似的水平。財產與意外傷害業務的營運支出較去年同期基本持平，較上季下降 1%。

On slide 13, pretax profit in asset management increased by 46% to $237 million, with revenues up 13%. Our asset management franchise is making visible progress in advancing its strategy of offering differentiated and tailored client solutions at scale.

在投影片 13 中，資產管理業務的稅前利潤成長了 46%，達到 2.37 億美元，營收成長了 13%。我們的資產管理業務在推動大規模提供差異化和客製化客戶解決方案的策略方面正在取得明顯進展。

Complementing this is a high level of focus on streamlining the operational backbone of the division as well as exiting nonstrategic businesses. Results in the quarter include gains of $72 million from disposals, largely related to the residual portion of the sale of our Brazilian real estate fund management business. Excluding these gains, asset management's revenues were up by 3% year on year.

與此相輔相成的是高度重視精簡該部門的營運骨幹以及退出非策略性業務。本季業績包括處分 7,200 萬美元，主要與出售巴西房地產基金管理業務的剩餘部分有關。剔除這些收益，資產管理收入較去年同期成長3%。

Net management fees were broadly flat as higher average invested assets and the effect of a revaluation of a real estate fund offset ongoing margin compression from clients rotating into lower-margin products. Performance fees were $46 million compared to $18 million in the prior year quarter, driven by higher revenues in our hedge fund businesses and fixed income.

淨管理費基本上持平，因為平均投資資產的增加和房地產基金重估的影響抵消了客戶轉向低利潤產品帶來的持續利潤壓縮。業績費為 4,600 萬美元，而去年同期為 1,800 萬美元，這是由於我們對沖基金業務和固定收益收入增加所致。

Net new money in the quarter was positive $2 billion, with strong inflows in money markets and positive contribution from our China JVs more than offsetting outflows in equities. Operating expenses were 4% higher as cost reductions from lower headcount were more than offset by higher personnel and litigation expenses.

本季淨新資金為正 20 億美元，貨幣市場的強勁流入以及我們中國合資企業的積極貢獻超過了股票的流出。營運費用增加了 4%，因為員工人數減少帶來的成本削減被人事和訴訟費用的增加所抵消。

On to our Investment Bank's performance on slide 14. The IB continued to build revenue momentum leveraging the investments in teams and capabilities acquired with Credit Suisse and delivered another strong set of results with pretax profit of $377 million in the quarter. Revenues increased by 29% to $2.5 billion, with global markets posting its best third quarter on record and supported by solid performance in global banking.

關於投影片14 中我們投資銀行的業績。 。營收成長 29%，達到 25 億美元，全球市場創下有史以來最好的第三季業績，並得到全球銀行業績穩健業績的支持。

Banking revenues increased by 21% to $555 million as we leverage the increased breadth of our franchise and solidified growth achieved over the last several quarters. Our investments in talent and integrated coverage teams are paying off as we have gained meaningful market share in a number of key sectors.

由於我們的特許經營範圍不斷擴大以及過去幾季實現的穩定成長，銀行收入成長了 21%，達到 5.55 億美元。我們對人才和綜合覆蓋團隊的投資正在得到回報，我們在許多關鍵領域獲得了可觀的市場份額。

Regionally, APAC delivered its best third quarter on record in M&A, more than doubling total revenues from the prior year quarter, while banking revenues in the US were up by around 20%.

從地區來看，亞太地區第三季的併購業績創下歷史新高，總收入比去年同期增長了一倍多，而美國的銀行業收入增長了約 20%。

In advisory, we delivered top line growth of 13% and further market share gains in M&A. Capital Markets revenues rose by 28% with increases across all product groups. Looking ahead, we remain encouraged by the strength of our pipeline, which should support our performance into 2025. We also maintain a top 10 ranking across the street and announced M&A volume.

在諮詢方面，我們實現了 13% 的營收成長，並在併購領域進一步擴大了市場份額。隨著所有產品組的成長，資本市場收入成長了 28%。展望未來，我們仍然對我們的管道實力感到鼓舞，這應該會支持我們到 2025 年的業績。

Revenues in markets increased by 31% to $1.9 billion, driven by client activity and the strength of our expanded franchise. We saw increases across all regions and notably in the Americas, where revenues were up by around 60%. Equities revenues were up by 33% supported by higher constructive volatility.

在客戶活動和我們擴大的特許經營實力的推動下，市場收入成長了 31%，達到 19 億美元。我們看到所有地區的收入都有所成長，特別是美洲，收入成長了約 60%。在建設性波動性上升的推動下，股票收入成長了 33%。

Our equity derivatives and cash equities businesses each delivered their best third quarter on record. FRC was up by 26%, with double-digit growth in FX and rates as we benefited from increased client activity, albeit against a softer comparative quarter a year ago. Operating expenses rose by 2% and were broadly flat, excluding currency effects.

我們的股票衍生性商品和現金股票業務第三季均取得了有史以來最好的業績。 FRC 上漲了 26%，外匯和利率實現兩位數成長，因為我們受益於客戶活動的增加，儘管與去年同期相比較疲軟。營運支出成長 2%，排除匯率影響後基本持平。

Moving to slide 15. Noncore and legacy pretax loss in the quarter was $333 million, with $262 million in revenues, primarily from exit gains and securitized products, partly offset by net losses in macro. Excluding litigation, operating expenses were down by over 40% year on year and up 1% sequentially. In the fourth quarter, we expect NCL to generate a pretax loss, broadly in line with the guidance we provided with our 2Q '24 earnings.

轉向投影片 15。不包括訴訟，營運費用較去年同期下降超過 40%，較上季成長 1%。我們預計 NCL 第四季將產生稅前虧損，與我們在 2024 年第二季收益中提供的指導大致一致。

Now on to slide 16. In the quarter, NCL reduced RWA and LRD by $5 billion and $11 billion, respectively. Since the second quarter last year, NCL has freed up almost $6 billion of capital by reducing its RWA by around half and its LRD by two-thirds. It also have its cost base in that time. This progress to date puts us nearly a year ahead of our derisking schedule, including closing over 50% of the 14,000 books we started with.

現在轉到投影片 16。自去年第二季以來，NCL 將 RWA 減少了約一半，LRD 減少了三分之二，釋放了近 60 億美元的資本。當時它也有其成本基礎。迄今為止的這項進展使我們比去風險計畫提前了近一年，包括關閉了我們開始的 14,000 本書中的 50% 以上。

By the end of 2026, we aim to have less than 5% remaining. As the chart illustrates, solely by letting the portfolio naturally run off, we would already broadly meet our current ambition to reduce NCL to 5% of group RWA by 2026. This impressive result is testament to the skillful work delivered by the NCL team over the past five quarters. After completing our planning process, we'll provide an update to our NCL ambitions through 2026 with our fourth quarter results in February.

到 2026 年底，我們的目標是剩餘比例低於 5%。如圖所示，僅透過讓投資組合自然流失，我們就已經大致實現了目前的目標，即到 2026 年將 NCL 減少到集團 RWA 的 5%。過去五個季度。完成規劃流程後，我們將在 2 月發布第四季業績，更新 2026 年 NCL 的目標。

Recapping the quarter. We showcased the strength and long-term strategic advantages of our franchise by building on positive client momentum and delivering strong underlying profitability. We continued to make impressive progress in integrating Credit Suisse as we've successfully embarked on the next critical phase of our integration journey.

回顧本季。我們透過建立積極的客戶動力並提供強大的潛在獲利能力，展現了我們特許經營的實力和長期策略優勢。我們在整合瑞士信貸方面繼續取得令人印象深刻的進展，我們已經成功地開始了整合之旅的下一個關鍵階段。

With a strong capital and liquidity position and a balance sheet for all seasons, we remain well positioned to continue delivering for our clients and generating attractive shareholder returns while investing for our future.

憑藉強大的資本和流動性狀況以及全年的資產負債表，我們仍然能夠繼續為客戶提供服務並創造有吸引力的股東回報，同時為我們的未來進行投資。

With that, let's open for questions.

那麼，就讓我們開始提問吧。

(Operator Instructions) Kian Abouhossein, JP Morgan.

（操作員指示）Kian Abouhossein，摩根大通。

Yes, thanks for taking my questions. The first question is on buyback in 2025. The second quarter stage, you were not commenting yet on buyback. Clearly, that changed at a recent conference and you're reconfirming this Sergio today as well. I just wanted to understand what the thinking is in terms of changing the buyback view in 2025? And how that fits into the regulatory regime changes that might come in the future.

是的，感謝您回答我的問題。第一個問題是關於2025年的回購。顯然，這種情況在最近的一次會議上發生了變化，今天您也再次確認了塞爾吉奧。我只是想了解2025年改變回購觀點的想法是什麼？以及這如何適應未來可能出現的監管制度變化。

And in that context, if you could just also indicate if you will make any comments with the full year results as you will give us a buyback for 2025, how that fits this regulatory changes especially referring to the parent bank capital issue? And then the second question is on US wealth management. Are you seeing a peak in yield seeking from depositors at this point and the hearing from US peers that there is some stabilization sweep accounts.

在這種情況下，如果您也能表明您是否會對全年業績發表任何評論，因為您將在 2025 年回購我們的股票，這與監管變化（尤其是母行資本問題）有何關係？第二個問題是關於美國的財富管理。您是否看到此時儲戶尋求收益的峰值以及美國同行的消息稱存在一些穩定的掃蕩帳戶？

So I'm just trying to understand how lower rates will impact sweep, but also potentially impact loan growth as I can see, it's flattish in the quarter.

因此，我只是想了解較低的利率將如何影響掃蕩，但也可能影響貸款成長，正如我所見，本季貸款成長持平。

Thanks, Kian. Well, look, if you go back into our remarks, my remarks in the past, I always clearly stated that starting a buyback program in 2024 would be at the start of a journey that would not be a stop and go kind of strategy. So I always -- and we always flag the fact that in 2025, we will have a share buyback. Now we are reiterating that guidance by saying that we do expect in the early part of 2025 as we present Q4 results to tell like we did this year, the amount of ambitions or the size of the ambitions we have for 2025.

謝謝，基安。好吧，看，如果你回顧一下我們的言論，我過去的言論，我總是明確表示，在2024 年啟動回購計劃將是一個旅程的開始，而這不會是一種走走停停的策略。所以我總是——而且我們總是強調這樣一個事實：我們將在 2025 年進行股票回購。現在，我們重申這項指導意見，表示我們確實預計在 2025 年初公佈第四季度業績時，會像今年一樣告訴我們 2025 年的雄心壯誌或規模。

So in that sense, I think that -- I just -- we are just reiterating our commitments, also in respect of our ambitions for 2026 is that, of course, they are subject to requirements -- potential new requirements in Switzerland, and then we will assess. But our ambition is to have similar returns we had before the acquisitions by 2026. Now for 2025, early 2025, your question, are we going to have more clarity? I don't know. We are not really in control of the timing.

因此，從這個意義上說，我認為——我只是——我們只是重申我們的承諾，以及我們對 2026 年的雄心壯志，當然，它們受到要求的約束——瑞士潛在的新要求，然後我們將評估。但我們的目標是到 2026 年獲得與收購前相似的回報。我不知道。我們並不能真正控制時間。

I think I suspect that we won't be able to give a lot of guidance on that -- in that sense because we are still going through technical discussions. The consultation process probably is going to start late this year or even in the early part of next year, and it's going to take a few months. So it's very unlikely that in February, we will be able to give much more clarity on this topic. And so this is very unlikely then to affect 2025 capital returns ambitions. And that also implies that there is no change in terms of the parent bank, as you saw our parent bank -- our overall capital position, it's very strong.

我想我懷疑我們無法就此提供很多指導——從這個意義上說，因為我們仍在進行技術討論。磋商過程可能會在今年年底甚至明年初開始，需要幾個月的時間。因此，我們不太可能在二月就這個主題提供更多的清晰度。因此，這不太可能影響 2025 年資本回報目標。這也意味著母行方面沒有變化，正如你所看到的，我們的母行——我們的整體資本狀況非常強勁。

And also when you look at our parent bank capital at 13.3% is very solid, is already on a fully applied basis, and with a methodology on how we look at valuation of assets and subsidiaries that is quite conservative, definitely compared to what we saw in the past.

而且，當你看到我們 13.3% 的母銀行資本非常穩固，已經在充分應用的基礎上，而且我們看待資產和子公司估值的方法相當保守，絕對與我們所看到的相比在過去。

Okay. Kian, regarding your second question, in terms of lower rates and impact on our US wealth business. So first on the loan side, absolutely, I would expect across the division that lower rates will, I made this comment earlier in my remarks, should spur additional lending opportunities across the division, including in the U.S. On the deposit side, in particular, on sweeps. So first, I'd say a couple of things that we are seeing sweep deposits continue to taper.

好的。基安，關於你的第二個問題，即較低的利率和對我們美國財富業務的影響。因此，首先在貸款方面，我絕對希望整個部門的利率降低，我在講話中早些時候曾說過，應該會刺激整個部門的額外貸款機會，包括在美國。 。首先，我想說幾件事，我們看到掃存存款持續減少。

But in the quarter, we did have smaller outflows, so still about $1 billion of outflows. I'd say that some of the market dynamics that I see in this regard. One is that we're not yet pricing sweeps higher versus maybe some of the peer set doing. Secondly, we have a higher percentage of assets with ultra-high net worth. And for sure, that asset band tends to have a much lower percentage of AUM in sweeps.

但在本季度，我們的資金流出確實有所減少，因此仍有約 10 億美元的資金流出。我想說的是我在這方面看到的一些市場動態。一是我們的定價尚未高於某些同業的定價。其次，我們的超高淨值資產佔比較高。可以肯定的是，該資產類別的資產管理規模在掃蕩中所佔的比例往往要低得多。

So that's going to be a market dynamic for us that we'll always weigh on that sensitivity just given that with a more high net worth client base where there's more sensitivity in terms of deposit pricing, naturally, then there'll be lower balances and sweeps. That said, I expect as rates come down, that we will continue to see sweeps balance taper, if not starting to grow.

因此，這對我們來說將是一個市場動態，我們將始終權衡這種敏感性，因為隨著淨值更高的客戶群的增加，存款定價方面的敏感性更高，自然而然，餘額就會降低，並且掃蕩。也就是說，我預計隨著利率下降，我們將繼續看到掃描餘額逐漸減少，即使不是開始成長。

Thank you.

謝謝。

Chris Hallam, Goldman Sachs.

克里斯·哈勒姆，高盛。

Yes, sir. Good morning, everybody.

是的，先生。大家早安。

Just two questions from me. So 2025 profitability. You've guided for high single-digit return on core Tier 1, consensus is at 9%. You're already at 9.2% in the nine-month stage this year.

我只想問兩個問題。所以2025年獲利。您指導核心一級的回報率為高個位數，共識為 9%。今年九個月階段已經達到 9.2%。

So how should we be thinking about the outlook for returns and earnings growth in '25 versus '24? And also any specific items to be aware of in the fourth quarter that could bring the '24 return on quarter 1 down meaningfully from what we've seen so far this year? And then second, and again, it's a bit of a follow-up on US wealth. So 12% pretax margin in the quarter.

那麼，我們該如何考慮 25 世紀與 24 世紀的回報和獲利成長前景呢？還有第四季度需要注意的任何具體事項，這些事項可能會導致 24 年第一季的回報率比我們今年迄今所看到的大幅下降？其次，這有點像是美國財富的後續行動。因此本季稅前利潤率為 12%。

Are there any one-offs in that number? And you've highlighted before you desire to bring a broader suite of products and capabilities to clients to drive that margin up towards the mid-teens target. What are the key signposts we should look out for, for you to sort of be delivering on that strategy? And given the comments yesterday from column on M&A, how does M&A fit into that strategy as well? Thank you.

這個數字中是否有一次性的情況？您之前已經強調過，您希望為客戶提供更廣泛的產品和功能，以將利潤率提高到十幾歲左右的目標。為了讓您能夠實施該策略，我們應該注意哪些關鍵路標？鑑於昨天併購專欄的評論，併購也如何適應該策略？謝謝。

Yes, Chris. So maybe just address your second question initially. Just in terms of the pretax profit in the Americas region. No, no one-offs. Just I would comment that, first of all, strongest revenue quarter ever. So they're certainly seeing that as a strength.

是的，克里斯。所以也許先解決你的第二個問題。僅就美洲地區的稅前利潤而言。不，沒有一次性的。我想說的是，首先，這是有史以​​來最強勁的營收季度。所以他們肯定認為這是一種優勢。

We continue to see revenues growing nicely, up 3% sequentially in the region and 9% year on year. And so no one-offs. You see as well, I highlighted in my comments, the transaction revenues continue to be a real plus for us as we borrow the page from our strategy outside the US in terms of working hand-in-hand with the IB in working with clients and bringing them our product shelf in transactions. So really generating good transactional growth in that respect.

我們繼續看到收入增長良好，該地區環比增長 3%，同比增長 9%。所以沒有一次性的。你也看到了，我在評論中強調，交易收入對我們來說仍然是一個真正的優勢，因為我們借鑒了我們在美國以外的策略，與IB攜手合作，與客戶合作，在交易中為他們帶來我們的產品貨架。因此，在這方面確實產生了良好的交易成長。

Look, we're going to -- we know what we need to do, and we're going to stay focused on continuing to chip away at our goals. It's not going to happen overnight, and we'll continue to come back and talk about, in fact, in the fourth quarter, will give more of a perspective on how we see things and the signposts you can look to.

聽著，我們知道我們需要做什麼，我們將專注於繼續實現我們的目標。這不會在一夜之間發生，我們將繼續回來討論，事實上，在第四季度，我們將提供更多關於我們如何看待事物的視角以及您可以關注的路標。

In terms of 2025 and -- I'd say, first off, if we look out into 4Q, you asked, I mean other than the seasonality that we highlighted in the fourth quarter a bit on the top line that you would normally see despite the momentum we saw coming into 4Q, also a little bit on the expense side, as I highlighted in my comments a bit of the somewhat seasonal uptick and some one-offs like the U.K. bank levy. But away from that, no, I mean, nothing that we're seeing and nothing on the CET1 capital ratio that I would highlight.

就 2025 年而言，我想說，首先，如果我們展望第四季度，你問，我的意思是，除了我們在第四季度強調的季節性之外，儘管你通常會看到我們在第四季度看到的勢頭，也有一點在費用方面，正如我在評論中強調的一些季節性上升和一些一次性的因素，例如英國銀行徵稅。但除此之外，不，我的意思是，我們沒有看到任何東西，也沒有任何我要強調的 CET1 資本比率。

As we look out, I don't think we want -- we don't think it's appropriate to draw a straight line or extrapolate from the strong return on CET1 we generated this year. I think we just have to keep doing the things that we said we're going to do. We know we have costs that have to continue to come out. At this point, that's going to be the biggest driver of getting us to a cost-to-income ratio below 70% and returns to around 15% by the end of 2026. We know that's the ambition for us, and we're going to work over the next 2 years to get there.

正如我們所看到的，我認為我們不希望——我們認為從我們今年產生的 CET1 的強勁回報中得出一條直線或推斷是不合適的。我認為我們只需要繼續做我們說過要做的事情。我們知道我們必須繼續付出代價。目前，這將成為使我們的成本收入比低於 70% 的最大推動力，並在 2026 年底前恢復到 15% 左右。努力實現這一目標。

But at this point, I wouldn't extrapolate necessarily from our '24 performance to draw a line into '25.

但在這一點上，我不一定會從我們 24 年的表現中推斷出與 25 年的關係。

Okay. Thanks very much.

好的。非常感謝。

Giulia Miotto, Morgan Stanley.

朱莉婭·米奧托，摩根士丹利。

Yes. Hi. Good morning. So two questions from me. Todd, you mentioned some balance sheet optimization efforts that have lifted revenues were out of place by 3 percentage points. I was wondering if you could shed some light on these measures and how much is left to come, I think, in Q4, you highlighted some NII impact, and I was wondering how much of that has already come through? And then aside from the quarter and going back to the US wealth business.

是的。你好。早安.我有兩個問題。托德，您提到一些資產負債表優化措施使收入提高了 3 個百分點。我想知道您是否可以闡明這些措施以及還剩下多少，我想，在第四季度，您強調了一些國家資訊基礎設施的影響，我想知道其中有多少已經實現？然後拋開季度，回到美國財富業務。

In my understanding, -- and once you get to 15% PBT and on once we're with CS integration, you could consider some inorganic growth opportunity to further improve margins. But even this at all with the too big to say proposal the way it is written at the moment, which sort of penalizes growth in foreign subsidiaries and how do you scrap the two? Thank you.

據我了解，一旦 PBT 達到 15%，一旦我們進行 CS 整合，您就可以考慮一些無機成長機會，以進一步提高利潤率。但即便如此，目前提案的規模太大，無法言說，這在某種程度上不利於外國子公司的成長，你如何廢除這兩者？謝謝。

Giulia, yes, so on the balance sheet optimization, yes, thanks for recalling that point in my remarks is that is something we're quite proud of that work which is driving up the efficiency on the capital deployed in the businesses that we inherited. And so this has been a big piece of work that's been driven by the business really across the entire business. And so the impact is appreciable as you saw. So just some insight into it. And I've talked about this a bit before.

朱利亞，是的，所以關於資產負債表優化，是的，感謝您回憶起我講話中的這一點，這是我們為這項工作感到非常自豪的事情，它提高了我們繼承的業務中部署的資本的效率。因此，這是一項由整個業務部門推動的重大工作。因此，正如您所看到的，影響是顯而易見的。所以只是對它有一些了解。我之前已經談過這個問題了。

But effectively, when we look at the capital deployed typically around lending relationships that have been largely inherited, albeit we can look at still the ones that are more heritage UBS as well. To the extent that there's sub-hurdle, we've been taking the steps to drive additional revenues through repricing efforts, but importantly, to expand the product shelf and offering available to those clients who might be monoline clients. And so that's been a big effort. And you could see that in the uptick in the revenue over RWA as we expand effectively the offering to those clients who may have just been clients who were -- had a loan with us with Credit Suisse and now have a much broader array. And so it's a win-win as we bring a lot of value.

但實際上，當我們審視通常圍繞著大部分繼承的貸款關係部署的資本時，儘管我們仍然可以看看那些更傳統的瑞銀集團。就存在的次障礙而言，我們一直在採取措施透過重新定價努力來增加額外收入，但重要的是，擴大產品範圍並為那些可能是單一客戶的客戶提供服務。所以這是一個很大的努力。您可以看到，隨著我們有效地將產品範圍擴大到那些可能剛剛向我們提供了瑞信貸款、現在擁有更廣泛範圍的客戶，RWA 的收入有所上升。所以這是雙贏的，因為我們帶來了很多價值。

I mentioned the impact on net new assets because naturally, as you attempt to optimize the balance sheet, while we've been successful, there will be times when you try to reprice that there'll be clients and in particular, securities leaving the platform. And so that's where the NAA headwind is that I talked about that we're capturing in our otherwise impressive net new asset performance in the quarter.

我提到了對淨新資產的影響，因為自然地，當你試圖優化資產負債表時，雖然我們已經取得了成功，但有時當你嘗試重新定價時，會有客戶，特別是離開平台的證券。這就是我談到的 NAA 逆風所在，我們在本季令人印象深刻的淨新資產表現中捕捉到了這一點。

Yes, Julia. On the second question, I think that -- first of all, I think it would be premature to draw a conclusion around what the new regulation will be. Having said that, you have to balance that one aspect that has been clearly outlined by the Swiss Federal Council proposal, is that their intention, their desire to keep Switzerland and probably speaking also UBS as a competitive global player. So I can't really see how this is possible with a regime that would penalize expansion globally. So in that sense, I think it's -- as we mentioned before, we do believe that whatever the new regime will be, it will be something that fits into this strategic direction outlined by the Federal Council and a desire to correct some aspect of the current regulation, which, broadly speaking, is a very strong regulation, one of the most demanding one when fully applied and consistently applied.

是的，茱莉亞。關於第二個問題，我認為，首先，我認為現在就新規定的內容下結論還為時過早。話雖如此，你必須平衡瑞士聯邦委員會提案中明確概述的一個方面，即他們的意圖，他們希望保持瑞士以及瑞銀作為一個有競爭力的全球參與者。所以我真的不明白，如果一個制度會懲罰全球擴張，這怎麼可能實現。因此，從這個意義上說，我認為，正如我們之前提到的，我們確實相信，無論新政權是什麼，它都將符合聯邦委員會概述的戰略方向，並希望糾正某些方面的問題。 ，從廣義上講，是一項非常嚴格的監管，如果充分實施並持續實施，它是要求最高的監管之一。

That was not the case in the Credit Suisse situation. UBS is a completely different situation. We believe we have a very strong capital position, a balance sheet for all seasons. And we are able to sustain both a global business model, but also staying very close to our own markets and sustain the economy. So when we have all the facts, we will draw strategic conclusions on what to do.

瑞士信貸的情況並非如此。瑞銀的情況則完全不同。我們相信我們擁有非常強大的資本狀況和適合所有季節的資產負債表。我們能夠維持全球商業模式，同時也能夠非常貼近自己的市場並維持經濟。因此，當我們了解所有事實後，我們將對下一步行動得出策略結論。

It's now premature to do that.

現在這樣做還為時過早。

Thank you.

謝謝。

Stefan Stalmann, Autonomous Research.

斯特凡·斯塔爾曼，自主研究。

Hi. Good morning and thank you very much for taking my questions. The first one I wanted to ask is, I noticed that your sensitivity to a downward shift of the yield curve has actually come down a lot. In the second quarter, you guided for minus $1.5 billion, and now it's only $300 million. And that is despite the fact that the rate environment hasn't changed dramatically during the third quarter. Could you maybe explain what has changed then? And another question not directly related to the results, but there were stories that you might be interested in some kind of joint venture in India, potentially with a player called 361.

你好。早上好，非常感謝您回答我的問題。我想問的第一個問題是，我注意到你們對殖利率曲線下移的敏感度其實已經下降了很多。第二季度，您的指導收入為負 15 億美元，而現在僅為 3 億美元。儘管事實上第三季的利率環境並沒有巨大變化。您能解釋一下後來發生了什麼變化嗎？還有一個與結果沒有直接關係的問題，但有報告指出您可能對在印度建立某種合資企業感興趣，可能與一家名為 361 的公司合作。

You may not be able to comment on this specifically, but hypothetically, would this be indicative of any strategic desire to shift more onshore and more into potentially lower wealth brackets if you contemplate such a move? Thank you very much.

您可能無法具體評論這一點，但假設一下，如果您考慮採取這樣的舉措，這是否表明有任何戰略願望將更多的資金轉移到陸上並更多地轉移到潛在的較低財富階層？非常感謝。

Stefan, on the first, yes, good spot. So that asymmetry is a function of now in the lower interest rate environment in Swiss franc terms. It's just the loan flooring dynamics that come into play from negative interest rates. So you see that the down 100 basis points scenario will have a much more limited impact or an asymmetrical impact to the up 100 basis point impact, in particular in Suisse.

斯特凡，首先，是的，好地方。因此，這種不對稱是目前以瑞士法郎計算的較低利率環境下的一個函數。這只是負利率發揮作用的貸款下限動態。因此，您會看到，下跌 100 個基點的情況對上漲 100 個基點的影響將產生更有限的影響，或者說影響不對稱，特別是在瑞士。

Yes. And on the second question, you're right, we are not going to comment or on any speculations or rumors but we do believe that Asia Pac is a growth business. We have now a stronger presence in India, thanks to the combination of the UBS and Credit Suisse capabilities. We always look at ways to enhance our businesses in each key locations where we operate. But I wouldn't draw a conclusion that we are thinking about major strategic moves in terms of segment focus at this stage.

是的。關於第二個問題，你是對的，我們不會對任何猜測或謠言發表評論，但我們確實相信亞太地區是成長型企業。由於瑞銀和瑞士信貸實力的結合，我們現在在印度的業務更加強大。我們始終尋找方法來增強我們營運所在每個關鍵地點的業務。但我不會得出這樣的結論：我們現階段正在考慮針對細分市場的重大策略舉措。

Okay. Thanks very much and thank you.

好的。非常感謝也謝謝你們。

Jeremy Sigee, BNP Paribas.

傑里米·西吉，法國巴黎銀行。

Just a couple of follow-ups on wealth management, actually, and they are both things that you've touched on, but I just want to get in a bit more detail. The first one was on adviser numbers, which are coming down a little bit more sort of as expected in this quarter. But I just wondered where you are in that process and what the outlook is for how much more reduction in adviser numbers do you expect? And is there a point at which that returns to growth mode? Or does it stay in optimization mode for a continued period of time, so adviser numbers.

實際上，這只是關於財富管理的一些後續行動，您也談到了這兩件事，但我只是想了解更多細節。第一個是顧問人數，本季顧問人數略為下降，符合預期。但我只是想知道你在這個過程中處於什麼階段，以及你預計顧問人數會減少多少？是否有一個點會恢復成長模式？或者它是否會持續處於最佳化模式一段時間，所以顧問號碼。

And then the second question was just to talk a bit more about Asia and wealth management. You referred to the stimulus, you referred to the pickup in transaction activity. So I just wondered where you think we are in that process, and for example, whether you're seeing signs of releveraging and just how much improvement you see ahead of us in that Asia process?

第二個問題只是想多談談亞洲和財富管理。您提到了刺激措施，您提到了交易活動的回升。所以我只是想知道您認為我們在這個過程中處於什麼位置，例如，您是否看到了再槓桿化的跡象，以及您認為我們在亞洲進程中的進步有多大？

Jeremy, yes. So first, on Asia, we're really pleased with the performance in GWM APAC, and thanks for recognizing that as well. You see the sequential progress this -- having transaction-based income up in 3Q versus 2Q, really proud of that result, and then you see the year on year quite strong. In terms of where we are, I think this -- we have -- I would argue we have a long road ahead in the sense of good upside just given that the business is first coming together now on the same platform.

傑里米，是的。首先，在亞洲，我們對長城汽車亞太區的表現感到非常滿意，也感謝您的認可。你會看到連續的進展——第三季度基於交易的收入比第二季度有所上升，對此結果感到非常自豪，然後你會看到同比相當強勁。就我們目前的情況而言，我認為我們有——我認為，考慮到業務現在首先在同一個平台上聚集在一起，從良好的上升空間來看，我們還有很長的路要走。

I mean, we shouldn't underestimate the importance of that with the Hong Kong client account migration just having been completed this past weekend, and we're looking forward to Singapore and Japan in the fourth quarter. I mean these are things that are really going to just further bring the business together. And I think from here, lower rates, let's see, but releveraging opportunities, as you mentioned, the business is very focused. I think the business is positioning itself to fire on all cylinders in APAC. And I am very, very bullish about that.

我的意思是，我們不應該低估這一點的重要性，因為香港客戶帳戶遷移剛剛在上週末完成，我們期待第四季度的新加坡和日本遷移。我的意思是，這些事情確實會進一步將業務整合在一起。我認為從這裡開始，利率較低，讓我們看看，但正如您所提到的，重新利用機會，業務非常集中。我認為該公司的定位是在亞太地區全力以赴。我對此非常非常樂觀。

So in terms of where we are in the process, I think, obviously, it's been a good backdrop in this last quarter, but I think there are really good things ahead. In terms of the adviser numbers, I would sort of look at that in two ways. First, on the non-US or what we call the Swiss and international part of GWM. I would say, from an adviser perspective, it is still optimization is probably the word has come together.

因此，就我們目前所處的過程而言，我認為顯然，上個季度這是一個很好的背景，但我認為未來確實會有好的事情發生。就顧問人數而言，我會從兩個方面來看。首先，關於長城汽車的非美國部分或我們所說的瑞士和國際部分。我想說，從顧問的角度來看，它仍然是優化這個詞可能已經組合在一起了。

I think it's -- lion's share of that's been complete. I've talked about the Credit Suisse client advisers leaving for some period of time and that's been an old story, and it's just really the tail of it that we talk about maybe as a headwind a bit on net new assets. But in terms of the adviser headcount, I just see the teams as they come together and as well once all the platform work is complete, I think then we get to a point of stability and from there, the business can make targeted investments in specific regions to grow for sure, but to already leverage at scale. I think in the US, we need to a bit take a wait and see and see what the leadership comes back with a bid and they -- as they do their strategic reviews, and we'll talk. Sergio and I will come out and talk a bit in the fourth quarter about that.

我認為其中大部分已經完成。我已經談到瑞士信貸客戶顧問離開了一段時間，這是一個老故事了，我們談論的只是它的尾巴，也許是對淨新資產的一點逆風。但就顧問人數而言，我只是看到團隊聚集在一起，一旦所有平台工作完成，我認為我們就會達到穩定點，從那裡開始，企業可以在特定領域進行有針對性的投資地區肯定會增長，但已經大規模利用。我認為在美國，我們需要稍等一下，看看領導層會提出什麼報價，他們在進行策略審查時，我們會進行討論。塞爾吉奧和我將在第四季出來討論這個問題。

I think it has been a story of somewhat trying to get more productive with a smaller adviser workforce over a number of years. And we'll have to see if that's the direction of travel that the current leadership wants us to go.

我認為這是一個多年來試圖透過較少的顧問團隊來提高生產力的故事。我們必須看看這是否是現任領導階層希望我們走的方向。

Great. Thank you.

偉大的。謝謝。

Amit Goel, Mediobanca.

阿米特·戈爾，Mediobanca。

Hi. Thank you. Yes. So two questions for me, also one on the US wealth business. I found it really interesting, the commentary about potentially looking acquisitions. I guess what I'm just wondering is then from a strategy standpoint, if part of the issue in terms of operating margin is the scale and the cost base relative to the revenues, is it now then a case that it's cheaper to acquire than to simply just hire, because the US, as you say, the focus has been on productivity, reducing FA numbers.

你好。謝謝。是的。我有兩個問題，其中一個是關於美國財富業務的。我發現關於潛在收購的評論非常有趣。我想我只是想知道的是，從策略的角度來看，如果營業利潤方面的部分問題是規模和相對於收入的成本基礎，那麼現在的情況是收購比收購更便宜嗎？你所說，美國的重點是生產力，減少FA 數量。

So I'm just trying to think, is that because these 400% recruitment deals are now just too expensive to make it worthwhile, but it's actually just cheaper to buy an organization. And then secondly, just coming back on the deposits and the roll-off of the fixed-term deposits within wealth. I'm just curious, were those kind of written 12 months ago and were those done at kind of quite high rates? So just curious if there's also potentially some of that effect into Q4 and start of next year? Thank you.

所以我只是想，是因為這些 400% 的招聘交易現在太貴了，不值得，但實際上購買一個組織更便宜。其次，只是回到存款和財富中定期存款的滾動。我只是很好奇，這些是 12 個月前寫的嗎？所以只是好奇第四季和明年初是否也可能產生一些影響？謝謝。

Amit, yes, so on the deposit question, yes, these were written basically, they have a year maturity. So you start to see -- we start in 2Q already ones that were written just in the wake of the acquisition all the way through, I would say, the end of the year of 2023, into the very beginning of this year. And they had -- they were competitive in terms of pricing for sure as part of stabilizing the franchise and engaging with clients. So for sure, and so now as they mature, the question, and that's what I've been highlighting in the last couple of quarters, the question becomes what we call landing or referred to them as landing those deposits in the sense of converting them into other parts of the platform as we've been doing successfully.

阿米特，是的，所以關於存款問題，是的，這些基本上都是寫的，它們有一年的期限。所以你開始看到——我們從第二季開始就已經在收購後寫下了這些內容，我想說，從 2023 年底到今年年初。作為穩定特許經營和與客戶互動的一部分，他們在定價方面肯定具有競爭力。所以可以肯定的是，現在隨著它們的成熟，這個問題，這就是我在過去幾個季度中一直強調的，問題變成了我們所說的“登陸”，或者將它們稱為“登陸” ，即轉換存款的意思。

Retaining is the key objective, and retaining them in a more profitable manner and we're doing that quite successfully. But it's a headwind on NNA that we've absorbed in these NNA metrics that I've been highlighting insofar as there is still some that are leaving the platform. In terms of the outlook, we still see elevated. I think 3Q is the peak, but we still see elevated maturing FTDs in the fourth quarter and into the front part of the first quarter before we could get this issue a bit in the rearview.

留住他們是關鍵目標，並以更有利可圖的方式留住他們，我們在這方面做得相當成功。但這對 NNA 來說是一個逆風，我們已經吸收了這些 NNA 指標，我一直在強調這些指標，因為仍有一些指標正在離開這個平台。就前景而言，我們仍然認為上漲。我認為第三季度是峰值，但我們仍然看到第四季度成熟的 FTD 有所上升，並進入第一季的前半部分，然後我們才能稍微回顧一下這個問題。

Well, in respect -- again, I guess, on this potential inorganic things. I have to say that made it very clear that it's not a tomorrow morning kind of issue. So I think it's totally premature to speculate how -- if and how we would do any such a move. Our priority right now is to improve what we do in the US, bringing the margins to -- narrowing the margins to our peers and doing better what we have today. And then potentially by doing that and we're going to create also the optionality and to really choose what is fits best is an organic growth or is it inorganic and what fits the best in our business model, which is asset-gathering centric.

好吧，我想，再次尊重這種潛在的無機物。我不得不說，這非常清楚地表明這不是明天早上的問題。因此，我認為現在猜測我們是否以及如何採取此類舉措還為時過早。我們現在的首要任務是改善我們在美國的工作，縮小與同行的差距，並做得更好。然後，透過這樣做，我們還將創造選擇性，並真正選擇最適合的是有機成長還是無機成長，以及最適合我們以資產聚集為中心的商業模式。

The scale issue in the US is pretty much driven by the fact that we have a banking platform, a GC platform, the through the intermediate holding company that can accommodate different banking businesses, which we don't have. So again, I think that once we finish this chapter of restoring the profitability at the levels we want to be, and we fully extract the value of our investments in the investment bank and the collaboration with -- between the investment bank and wealth management and asset management, we will determine the next phase. Now it's really way too early to speculate.

美國的規模問題很大程度上是由於我們擁有一個銀行平台、一個GC平台，透過可以容納不同銀行業務的中間控股公司，而我們沒有這些平台。因此，我再次認為，一旦我們完成將盈利能力恢復到我們想要的水平的這一章，我們就會充分發揮我們在投資銀行的投資以及投資銀行和財富管理之間的合作的價值。 ，我們將確定下一階段。現在猜測確實還為時過早。

Anke Reingen, RBC.

安克雷因根，加拿大皇家銀行。

Thank you very much for taking my question. Just two small on capital, please. The first one is on the core Tier 1 ratio. Being, I mean, ex the accelerated amortization stable quarter-on-quarter, and that's in spite of a really strong like profit and our own capital generation. I mean I realize there are a number of things going on, including FX. But is there something else we should keep in mind that only means the capital ratio is flat or are you investing more capital into organic growth?

非常感謝您回答我的問題。請只提供兩個小資本。第一個是核心一級比率。我的意思是，儘管我們的利潤和我們自己的資本產生能力非常強勁，但加速攤銷季度環比穩定。我的意思是我意識到有很多事情正在發生，包括外匯。但是，我們是否還應該記住其他一些事情，這僅意味著資本比率持平，或者您是否正在將更多資本投入到有機成長中？

Because otherwise, I guess, given the strong earnings, the expectation will be that capital generation drives the ratio higher. And then secondly, just on the Basel IV impact. Just to confirm, would that be at the UBS AG would the impact be around 30 basis points as well? Thank you.

因為否則的話，我想，考慮到強勁的盈利，預計資本生成將推動該比率更高。其次，關於巴塞爾 IV 的影響。只是想確認一下，瑞銀集團 (UBS AG) 的影響力也會在 30 個基點左右嗎？謝謝。

Anke, so on the first -- on your first question, in terms of the capital accretion ex the acceleration of the transitional adjustment, think there are a few factors to consider. One is the FX sensi. I mean you mentioned that, but we disclosed that there is an FX sensi of 18 basis points on our capital with respect to a 10% depreciation in the dollar versus our major currencies.

安克，第一個問題，就資本增值而言，除了轉型調整的加速之外，我認為有幾個因素需要考慮。一是外匯敏感度。我的意思是您提到過這一點，但我們披露，美元兌我們的主要貨幣貶值 10%，我們的資本就有 18 個基點的外匯敏感性。

If you look at currencies in in 3Q, in particular, the Swiss-dollar was down around 6% from the beginning of the quarter until the end and the pound versus the dollar, similar dynamic, so that accounts for close to 0.1% on the capital ratio that the currency effects this quarter, as you mentioned. So that's one piece.

如果你看一下第三季的貨幣，特別是瑞士美元從季度初到季末下跌了約 6%，英鎊兌美元也出現了類似的動態，因此瑞士美元兌美元的跌幅接近 0.1%。到的，本季貨幣影響的資本比率。所以這是一件。

Another piece is just a temporary difference deferred tax assets, given the reduction in the CET1 level of capital from the acceleration, we are at the 10% threshold. So we lose a bit, goes over the 10% and therefore, lose the benefit of the temp difference DTA, which has a modest impact.

另一塊只是暫時性差異遞延所得稅資產，考慮到資本CET1水準的加速減少，我們處於10%的門檻。因此，我們損失了一點，超過了 10%，因此失去了溫差 DTA 的好處，但影響不大。

And then third, just slightly increasing the accrual for future award hedging, future share award hedges that's in our capital. So that also has an impact. So those all contribute to probably why you would have expected maybe on that net profit all the things equal to be potentially slightly above the 15 handle

第三，稍微增加我們資本中未來獎勵避險、未來股票獎勵避險的應計額。所以這也有影響。因此，這些都可能解釋了為什麼您會期望淨利潤可能略高於 15 的水平

Okay. Thank you.

好的。謝謝。

Sorry. On the Basel III final impact on the parent bank, it won't be the entire 30 basis points affecting the parent bank, but it should be most of it. There might be some that falls outside.

對不起。巴塞爾III最終對母行的影響，不會是全部30個基點影響母行，但應該是大部分。可能會有一些掉到外面。

But again, if you're talking also the parent bank stand-alone, it won't be all of it because still a fair bit of activity that's subject to the Basel III changes are happening in subsidiaries not in the parent bank itself. So I would expect that there'll be some, but not all of the 30 basis point impact in the parent bank itself.

但同樣，如果您也談論的是獨立的母行，那麼它就不是全部，因為仍然有相當一部分受巴塞爾協議 III 變化影響的活動發生在子公司而不是母行本身。因此，我預期 30 個基點的影響會部分但不是全部影響到母行本身。

Thank you very much.

非常感謝。

Andrew Coombs, Citi.

安德魯·庫姆斯，花旗銀行。

Good morning. Thanks for taking my questions. A couple both related to revenues. Firstly, coming back to US sweep deposits and repricing. Would be -- thank you first for the additional color around the slightly less than $50 million PBT impact. But could I ask if you could possibly break out the revenue growth impact versus the cost save offset on that?

早安.感謝您回答我的問題。有兩個都與收入有關。首先，回到美國的存款和重新定價。首先感謝您為略低於 5000 萬美元的 PBT 影響提供額外的說明。但我能否問一下，您是否可以將收入成長的影響與成本節省的抵銷進行比較？

And also do the class action suit in the probe, having implications on pricing dynamics in your mind for the industry as well as for you going forward?

調查中的集體訴訟是否會對您對產業以及您未來的定價動態產生影響？

And then the second question actually on loans. If you adjust out for FX, you've seen a $10 billion decline Q on Q, you reiterated this point about committing to CHF350 billion loan book across P&C and GWM Switzerland. You're now running a bit below that.

第二個問題其實是關於貸款的。如果你對外匯進行調整，你會發現 Q 比 Q 下降了 100 億美元，你重申了這一點，即承諾在 P&C 和 GWM Switzerland 之間提供 3500 億瑞士法郎的貸款。您現在的運行速度略低於該值。

I think you're close to CHF340 billion. So just to be clear, is the CHF350 billion a commitment throughout this period? Or is it a case that you expect to trend down and then recover back to that CHF350 billion? Thank you.

我認為您的資產接近 3400 億瑞士法郎。那麼要明確的是，3500 億瑞士法郎是否是整個期間的承諾？或者您預計這種情況會呈下降趨勢，然後恢復到 3500 億瑞士法郎？謝謝。

Hey, Andrew, so on the second one, look, it's a commitment to maintain around that level. So we've been doing the balance sheet work that I've been highlighting in my remarks both in P&C and GWM. And in P&C, we actually saw net new loan outflows, as I highlighted, of about CHF6 billion this quarter.

嘿，安德魯，所以在第二個方面，你看，這是維持在該水平附近的承諾。因此，我們一直在做資產負債表工作，我在財產保險和長城汽車的演講中都強調了這一點。正如我所強調的，在財產和意外險方面，我們實際上看到本季新增貸款淨流出約 60 億瑞士法郎。

This is a commitment that we've made to the market, and you can look at that as an ambition that we'll continue to focus on and commit to, but of course, we're also running the business, so there might be volatility quarter on quarter on that.

這是我們對市場的承諾，你可以將其視為我們將繼續關注和承諾的雄心壯志，但當然，我們也在經營業務，所以可能會有季度環比波動。

In terms of -- in terms of the sweep, you were looking for some more information. I had mentioned in the past that, look, the gross would be a low single-digit percentage of the divisional net interest income. So with -- that was even based on where rates were when we gave the guidance last quarter. So as rates now are coming in, as mentioned, that will have a lower impact on the gross as well as a lower impact on the net, that should give you, though, a general sense of the impact.

就掃描而言，您正在尋找更多資訊。我過去曾提到過，看，總利息收入佔部門淨利息收入的比例很低，個位數。因此，這甚至是基於我們上季度給出指引時的利率水準。因此，如同前面所提到的，隨著利率的提高，對總收入的影響將會降低，對淨值的影響也會降低，但這應該會讓你對影響有一個整體的認識。

Benjamin Goy, Deutsche Bank.

班傑明‧戈伊，德意志銀行。

Yes. Good morning. Two questions, please, also on my side. First, on Investment Bank, outperformance across equities and fixed income would just be interested in a little more color what you're attributing that to? Is it lower base? Is Credit Suisse now fully add revenue run rate? Or is business mix or anything else you would flag?

是的。早安.我這邊也有兩個問題。首先，在投資銀行方面，股票和固定收益的優異表現只會讓您對更多的色彩感興趣，您將其歸因於什麼？是不是基數比較低？瑞信現在是否已完全增加營收運轉率？或是業務組合或其他您想要標記的東西？

And then secondly, GWM and also P&C net interest income outperformed your own guidance. Just wondering why that was in your view and why the Q4 guidance could be cause or not. So what is -- so what could be worse this time?

其次，長城汽車和財產保險淨利息收入的表現優於您自己的指導。只是想知道您認為為什麼會出現這種情況以及為什麼第四季度的指導可能是原因或不是原因。那麼這次會發生什麼更糟糕的事呢？

Benjamin, so on the second, in terms of our guidance last quarter, we extended duration of our equity, and we saw a higher reinvestment income, as I highlighted in my comments, and that had a positive effect on GWM's NII. And therefore, we came in flattish versus sort of a low to mid guidance. So that would explain that.

本傑明，第二，根據我們上季度的指導，我們延長了股權期限，並且我們看到了更高的再投資收入，正如我在評論中強調的那樣，這對長城汽車的NII產生了積極影響。因此，我們的指導水準持平，而不是中低水準。這樣就可以解釋這一點了。

On the P&C side, I think we saw some positive effects of the balance sheet optimization work that had a strong impact in the third quarter as an offset to the rate impact, as I highlighted. So those were -- there were some offsets that -- which we're always working, obviously, to drive in this lower rate environment. There were some offsets that had us outperform in the quarter.

在財產和意外傷害方面，我認為我們看到了資產負債表優化工作的一些積極影響，這些影響在第三季度產生了巨大影響，抵消了利率影響，正如我所強調的那樣。因此，顯然，我們一直在努力在這種較低利率的環境中推動這些抵銷。有一些抵消因素使我們在本季表現優於大盤。

So I mean, the guidance I gave for 4Q is how we see it at the moment, largely driven by the impact of rates, but of course, we're going to always look to drive offsets where we can. In terms of the IB, I'd say the -- on the market side, I mean, it's effectively the Credit Suisse team has been embedded for some time. The positions have been all largely transitioned over.

所以我的意思是，我對第四季度給出的指導是我們目前的看法，主要是受利率影響的影響，但當然，我們將始終尋求盡可能地推動抵消。就IB而言，我想說的是——在市場方面，我的意思是，瑞士信貸團隊實際上已經嵌入了一段時間。職位已基本全部轉移。

So it's all full steam ahead in terms of that. Credit Suisse supporting markets on the research side. But yes, it's -- the performance, I would say, is not about it being a lower base. I think in markets, it's been about a team that's -- a strong team that's gotten stronger, and you're seeing a supportive markets how the team is performing.

因此，在這方面一切都在全力進行中。瑞士信貸在研究方面支持市場。但是，是的，我想說，表現並不是因為基數較低。我認為在市場中，這是一個團隊——一個變得越來越強大的團隊，你會看到一個支持市場的團隊的表現。

Thank you.

謝謝。

Pierce Brown, HSBC.

皮爾斯布朗，匯豐銀行。

Good morning, Todd. Got two questions. I wanted to follow up on the previous Investment Bank question. But in terms of the global banking business, I mean you still obviously showing good year-over-year momentum but much weaker quarter on quarter as you guided into 3Q. But could you just talk about how you're thinking about execution of the pipeline given market conditions in the fourth quarter and the prospect of further volatility?

早安，陶德。有兩個問題。我想跟進之前投資銀行的問題。但就全球銀行業務而言，我的意思是，隨著進入第三季度，您仍然明顯表現出良好的同比勢頭，但環比疲軟得多。但您能否談談考慮到第四季度的市場狀況以及進一步波動的前景，您如何考慮執行管道？

And then the second question is on NCL. So again, as you've guided, the slowing of the pace of RWA or about just under $5 billion this quarter from $8 billion last quarter and $16 million in the third -- in the first quarter. So would it be fair to draw from that, that the opportunities to actively run off the portfolio are fairly limited at this stage, and we're really on to a natural roll-off half of the year. Thanks.

第二個問題是關於 NCL 的。因此，正如您所指導的那樣，RWA 的步伐再次放緩，本季略低於 50 億美元，而上季為 80 億美元，第三季為 1,600 萬美元（第一季）。因此，公平地說，現階段積極退出投資組合的機會相當有限，而且我們確實將在今年下半年自然退出。謝謝。

Yeah. Hi, Pierce. So on the second, look, Sergio and I have said consistently that in NCL, we're going to prioritize cost takeout and the way we think about derisking the book. That still is the team's focus. It's had a great run and continue to do so in 3Q with derisking another $5 billion of RWA.

是的。嗨，皮爾斯。因此，在第二個問題上，塞爾吉奧和我一致表示，在 NCL 中，我們將優先考慮成本支出以及我們考慮降低本書風險的方式。這仍然是團隊的重點。它的表現非常出色，並且在第三季度繼續如此，並消除了另外 50 億美元的 RWA 風險。

So -- I mean I wouldn't necessarily draw conclusions other than to say that the pace that we're running at is a pace that would be very hard to sustain given that we had -- we articulated ambitions for the end of 2026 that they've been making quick work at, but -- and we'll come back and reguide, as I mentioned in my comments in 4Q about how we see the next two years. But certainly, you can't draw a straight line from the performance that they've had life to date.

因此，我的意思是，我不一定會得出結論，只是說我們目前的步伐很難維持，因為我們明確了 2026 年底的目標他們一直在快速開展工作，但是——我們會回來重新指導，正如我在第四季的評論中提到的，關於我們如何看待未來兩年。但當然，你不能從他們迄今為止的表現中得出一條直線。

In terms of the banking performance in the quarter, look, I still think it was a good performance. It outperformed the fee pool. We had a very strong first half of the year. 2Q was exceptionally strong. We had a bit of bring forward as well of some deals that we were able to get done in 2Q, and probably had the inverse dynamic happening in 3Q, where we had some deals pushed into the fourth quarter and those deals on the margin can make a difference on the performance in the comparative.

從本季銀行業績來看，我還是認為表現不錯。它的表現優於費用池。今年上半年我們表現非常強勁。第二季度異常強勁。我們也提前了一些我們能夠在第二季度完成的交易，並且可能在第三季度發生相反的動態，我們有一些交易被推遲到第四季度，而那些邊際交易可以使比較中的表現差異。

But we remain very bullish on the pipeline. Naturally, of course, the uncertainties that we highlighted in our comments about 4Q are clearly potential issues to navigate, i.e., the US elections, other geopolitical concerns, intentions that may impact on banking overall. But I think we're going to continue to gain market share, and we're bullish on banking's ability to execute on its pipeline.

但我們仍然非常看好管道。當然，我們在第四季度評論中強調的不確定性顯然是需要解決的潛在問題，即美國大選、其他地緣政治擔憂以及可能影響銀行業整體的意圖。但我認為我們將繼續獲得市場份額，並且我們看好銀行業執行其管道的能力。

Todd, I would only maybe add to that from a comparison standpoint of view, it's worthwhile to know that strategically, we are underweight in that capital markets. So in a sense, when you look at peer performance, you have to look at the third quarter was a pretty strong quarter for the capital markets.

托德，我可能只是從比較的角度補充一點，值得知道的是，從戰略上講，我們在資本市場上的比重偏低。因此，從某種意義上說，當你觀察同業表現時，你必須看到第三季對於資本市場來說是一個相當強勁的季度。

So I think that's -- we are very happy with the developments that we've seen in the banking and the ability to win mandates. Now, of course, we need to see if we can execute it and the market will -- if the market will be there, but very confident that it's a good momentum.

所以我認為，我們對銀行業的發展以及贏得授權的能力感到非常滿意。當然，現在我們需要看看我們是否可以執行它，市場是否會執行——如果市場會在那裡，但我們非常有信心這是一個好的動力。

So that was the last question. So thanks for dialing in and for your questions. And we'll catch up in February for the Q4 results and we're going to give you also an update on our 2025 and 2026 journey. Thank you.

這是最後一個問題。感謝您撥通電話並提出問題。我們將在 2 月公佈第四季度的結果，並且還將向您提供 2025 年和 2026 年旅程的最新資訊。謝謝。

Ladies and gentlemen, the webcast and Q&A session for analysts and investors is over. You may disconnect your lines. We will now take a short break and continue with media Q&A session at 10:45 AM CET.

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。我們現在將短暫休息，並於歐洲中部時間上午 10:45 繼續媒體問答環節。