富國銀行 (WFC) 2017 Q1 法說會逐字稿

(technical difficulty)

（技術難度）

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Jim Rowe, Director of Investor Relations.

我現在想將電話轉給投資者關係總監 Jim Rowe。

Mr. Rowe, you may begin the conference.

羅先生，您可以開始會議了。

Thank you, Regina, and good morning, everyone.

謝謝你，雷吉娜，大家早上好。

Thank you for joining our call today where our CEO and President, Tim Sloan; and our CFO, John Shrewsberry, will discuss first quarter results and answer your questions.

感謝您今天參加我們的電話會議，我們的首席執行官兼總裁 Tim Sloan；我們的首席財務官 John Shrewsberry 將討論第一季度業績並回答您的問題。

This call is being recorded.

此通話正在錄音。

Before we get started, I'd like to remind you that our first quarter earnings release and quarterly supplement are available on our website at wellsfargo.com.

在開始之前，我想提醒您，我們的第一季度收益發布和季度補充報告可在我們的網站 wellsfargo.com 上獲取。

I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties.

我還想提醒您，我們可能在今天的電話會議中做出前瞻性聲明，這些聲明存在風險和不確定性。

Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K filed today containing our earnings release and quarterly supplement.

我們向 SEC 提交的文件中詳細介紹了可能導致實際結果與預期存在重大差異的因素，包括今天提交的包含我們的收益發布和季度補充的 8-K 表格。

Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can also be found in our SEC filings, in the earnings release and in the quarterly supplement available on our website.

有關所引用的任何非 GAAP 財務指標的信息，包括這些指標與 GAAP 指標的調節表，也可以在我們向 SEC 提交的文件、收益報告以及我們網站上提供的季度補充資料中找到。

I will now turn the call over to our President and CEO, Tim Sloan.

我現在將把電話轉給我們的總裁兼首席執行官蒂姆·斯隆 (Tim Sloan)。

Thank you, Jim.

謝謝你，吉姆。

Good morning, everyone, and I want to thank you for joining us today on our call.

大家早上好，我要感謝您今天加入我們的電話會議。

We produced solid financial results in the first quarter.

我們在第一季度取得了穩健的財務業績。

It has been 7 months since the retail sales practices settlement, and we continue to take important steps in making things right with our customers and rebuilding trust.

零售業務結算已經過去 7 個月了，我們將繼續採取重要步驟與客戶和解並重建信任。

I want to start by acknowledging the hard work and dedication of our team members throughout Wells Fargo, who are focused on putting our customers first and helping them succeed financially.

首先，我要感謝富國銀行整個團隊成員的辛勤工作和奉獻精神，他們致力於將客戶放在第一位並幫助他們實現財務成功。

This commitment has been demonstrated through our improving Retail Banking customer service scores, record client assets in wealth and investment management, including banker-closed referrals once again reaching $1 billion a month, more primary consumer checking customers and industry-leading mortgage originations during the quarter.

我們不斷提高零售銀行客戶服務分數、創紀錄的財富和投資管理方面的客戶資產，包括銀行家關閉的推薦再次達到每月 10 億美元、更多的主要消費者檢查客戶以及本季度行業領先的抵押貸款發放，這些都體現了這一承諾。 。

Before I provide more details on the actions we've taken and an update on the monthly customer activity trends we've been sharing regularly, let me briefly summarize our financial results on the first -- of the first quarter:

在我提供有關我們已採取的行動的更多詳細信息以及我們定期分享的每月客戶活動趨勢的更新之前，讓我簡要總結一下我們第一季度第一季度的財務業績：

We generated earnings of $5.5 billion and EPS of $1.

我們的盈利為 55 億美元，每股收益為 1 美元。

We generated $22 billion in revenue, reflecting lower fee income from a year ago, which was partially offset by a 5% increase in net interest income.

我們創造了 220 億美元的收入，反映出一年前費用收入的下降，但淨利息收入增長 5% 部分抵消了這一影響。

Average loans grew $36.4 billion, up 4% from a year ago.

平均貸款增長 364 億美元，同比增長 4%。

And average deposits increased $79.8 billion, up 7%, to a record $1.3 trillion.

平均存款增加 798 億美元，增長 7%，達到創紀錄的 1.3 萬億美元。

Our credit results improved with a net charge-off rate of 34 basis points, and we had a $200 million reserve release.

我們的信貸業績有所改善，淨沖銷率提高了 34 個基點，並且釋放了 2 億美元的準備金。

We returned $3.1 billion to shareholders through common stock dividends and net share repurchases.

我們通過普通股股息和淨股票回購向股東返還 31 億美元。

This reduced our common shares outstanding by over 19 million shares from the fourth quarter, bringing our shares outstanding below $5 billion -- 5 billion shares, excuse me, for the first time since 2009.

這使得我們的流通普通股比第四季度減少了超過 1,900 萬股，使我們的流通股數量低於 50 億美元——對不起，這是 2009 年以來首次低於 50 億股。

During the first quarter, our efficiency ratio increased to 62.7%.

第一季度，我們的效率提高至 62.7%。

And even taking into consideration normal first quarter seasonality, it is outside our range.

即使考慮到第一季度的正常季節性，這也超出了我們的範圍。

John will discuss the drivers of this increase later on the call, but I want to make it very clear that operating at this level is not acceptable.

約翰將在稍後的電話會議上討論這種增長的驅動因素，但我想非常明確地指出，在這種水平上進行操作是不可接受的。

We're committed to improving our efficiency in addition to our current efficiency initiatives which are expected to reduce expenses by $2 billion annually, with those savings being reinvested in the business.

除了當前的效率舉措外，我們還致力於提高效率，這些舉措預計每年可減少 20 億美元的開支，並將這些節省下來的資金再投資於業務。

We'll talk more about specific areas of cost saves and reinvestments at our Investor Day in May.

我們將在五月份的投資者日上更多地討論成本節約和再投資的具體領域。

March Retail Banking customer activity is shown on Slide 3, which we've been updating monthly since October.

幻燈片 3 顯示了 3 月份零售銀行客戶活動，自 10 月份以來我們每月都會更新該活動。

It is encouraging that most of these trends have improved from their post sales practices settlements lows, and many have continued to improve throughout the first quarter.

令人鼓舞的是，這些趨勢中的大多數已從售後實踐結算低點有所改善，並且許多趨勢在整個第一季度繼續改善。

Starting with customer interactions.

從客戶互動開始。

On an average per day basis, total branch interactions declined 6% from February and declined 4% from a year ago.

按日平均計算，分支機構總互動量較 2 月份下降 6%，較去年同期下降 4%。

The year-over-year decline was less than we've seen in recent months, and March has historically had fewer interactions per day than February.

同比下降幅度比近幾個月來的要小，而且從歷史上看，三月份的每日互動次數比二月份要少。

We had strong growth in digital secure sessions, up 8% from a year ago, as our customers are increasingly using our online and award-winning mobile capabilities.

隨著我們的客戶越來越多地使用我們的在線和屢獲殊榮的移動功能，我們的數字安全會話增長強勁，比一年前增長了 8%。

Deposit balances remain strong, and customers opened more checking accounts than they closed.

存款餘額依然強勁，客戶開設的支票賬戶多於關閉的支票賬戶。

Our attrition rates are now back to presettlement levels.

我們的流失率現已回到預安置水平。

We had 23.6 million primary consumer checking customers in March with the second consecutive month-over-month increase.

3 月份，我們的初級消費支票客戶數量為 2,360 萬，連續第二個月環比增長。

Primary consumer checking customers increased 1.6% from a year ago.

主要消費者支票客戶較去年同期增長 1.6%。

We do expect this growth rate to continue to decline in the near term, driven by year-over-year decline in checking account openings.

我們確實預計，由於支票賬戶開戶數量同比下降，這一增長率在短期內將繼續下降。

However, the growth in average consumer and small business banking deposits has remained strong, up 6% from a year ago.

然而，普通消費者和小企業銀行存款的增長依然強勁，比一年前增長了 6%。

And activity among our debit and credit card customers also remained strong, with debit card transactions and consumer credit purchase -- consumer credit card purchase volume both up 5% from a year ago on an average per day basis.

我們的借記卡和信用卡客戶的活動也依然強勁，借記卡交易和消費者信貸購買——消費者信用卡購買量日均比去年同期增長了 5%。

In addition, consumer credit card balances grew 7% from a year ago.

此外，消費者信用卡餘額同比增長7%。

New consumer credit card applications increased 10% from February on an average per day basis, the largest month-over-month increase since September, but were still down from a year ago.

新增消費信用卡申請量較 2 月份日均增長 10%，創 9 月份以來最大環比增幅，但仍較去年同期有所下降。

Point of sale active consumer credit card accounts were up 4% from a year ago.

銷售點活躍消費者信用卡賬戶較去年同期增長 4%。

Our team members remain focused on providing outstanding customer service, and our retail customer experience scores have improved for 5 consecutive months.

我們的團隊成員仍然專注於提供卓越的客戶服務，我們的零售客戶體驗得分連續 5 個月有所提高。

Overall satisfaction with most recent visit scores were -- are near presettlement levels, and customer loyalty scores have steadily improved from the lows in October of 2016.

最近訪問分數的總體滿意度接近預安置水平，客戶忠誠度分數從 2016 年 10 月的低點開始穩步提高。

While not part of our regular monthly reporting, I want to highlight trends in referred investment assets.

雖然這不是我們定期月度報告的一部分，但我想強調推薦投資資產的趨勢。

We've talked in the past about the successful partnership between wealth and investment management and community banking, which was averaging more than $1 billion in monthly closed referred investment assets prior to the sales practices settlement.

我們過去曾談論過財富和投資管理與社區銀行業務之間的成功合作夥伴關係，在銷售實踐結算之前，每月關閉的推薦投資資產平均超過 10 億美元。

In March, close referred investment assets from this partnership increased to $1 billion, up from $700 million per month, which is what we've been averaging during the months after the settlement announcement.

3 月份，該合作夥伴關係的緊密推薦投資資產從每月 7 億美元增至 10 億美元，這是我們在和解協議宣布後幾個月的平均資產。

We're pleased that the results from this important partnership have rebounded, which is an indication that our bankers and financial advisers are focused on meeting our customers' financial needs and that we are competing successfully.

我們很高興這一重要合作夥伴關係的成果有所回升，這表明我們的銀行家和財務顧問專注於滿足客戶的財務需求，並且我們正在成功競爭。

We implemented our new Retail Banking compensation program early in the first quarter, and initial survey results from our team members have been positive.

我們在第一季度初實施了新的零售銀行薪酬計劃，我們團隊成員的初步調查結果是積極的。

We are also seeing an improvement in team member retention.

我們還看到團隊成員保留率有所提高。

We will continue to survey our team members, monitor the outcomes and behaviors, and we will make changes as needed.

我們將繼續調查我們的團隊成員，監控結果和行為，並根據需要進行更改。

Another important step forward we are making is the launch of a new marketing campaign next week called Building Better Every Day.

我們正在邁出的另一重要一步是下周啟動一項名為“每天建設更好”的新營銷活動。

It focuses on how we are building a better company for our customers, our team members and our communities.

它重點關注我們如何為客戶、團隊成員和社區打造更好的公司。

Before I turn the call over to John, I want to acknowledge the release of the report from our board containing the findings of an independent investigation into retail sales practices in our Community Bank.

在我把電話轉給約翰之前，我想感謝我們董事會發布的報告，其中包含對我們社區銀行零售銷售行為的獨立調查結果。

This is available on our website.

這可以在我們的網站上找到。

Also during the first quarter, our board accelerated its ongoing process of board refreshment by electing 2 talented new independent directors, Karen Peetz and Ron Sargent, to succeed long-serving board members.

同樣在第一季度，我們的董事會加快了正在進行的董事會更新進程，選舉了兩位才華橫溢的新獨立董事凱倫·皮茨 (Karen Peetz) 和羅恩·薩金特 (Ron Sargent) 來接替長期任職的董事會成員。

The issuance of the board's report, which was appropriately thorough, was an important step in rebuilding trust.

董事會報告的發布相當全面，是重建信任的重要一步。

And we have made significant progress in making things right with our customers and addressing issues, including addressing several identified in the investigation.

我們在與客戶合作和解決問題方面取得了重大進展，包括解決調查中發現的幾個問題。

We changed leadership, held executives accountable, changed how we compensate and lead our retail bankers, and centralized key control functions.

我們更換了領導層，讓高管承擔責任，改變了我們補償和領導零售銀行家的方式，並集中了關鍵控制職能。

We've also launched our management commission third-party reviews of our culture and practices.

我們還啟動了管理委員會對我們的文化和實踐的第三方審查。

In addition, we announced in March that we reached an agreement in principle to settle a class action lawsuit concerning Retail Banking sales practices for $110 million.

此外，我們在 3 月份宣布原則上達成協議，以 1.1 億美元和解有關零售銀行銷售行為的集體訴訟。

We expect this settlement to resolve claims and 11 other pending class actions, another step in making things right with our customers and rebuilding trust.

我們預計此次和解將解決索賠和其他 11 起懸而未決的集體訴訟，這是與客戶和解並重建信任的又一步。

We also achieved some key milestones that are not related to sales practices, including filing our response to the 2 remaining deficiencies found in our 2015 resolution plan, and we completed our latest capital plan submission earlier this month.

我們還實現了一些與銷售實踐無關的關鍵里程碑，包括對 2015 年解決計劃中發現的 2 個剩餘缺陷提交了回應，並且我們在本月早些時候完成了最新的資本計劃提交。

We also recently introduced 6 new goals to our team members to better reflect our current challenges and opportunities.

我們最近還向團隊成員介紹了 6 個新目標，以更好地反映我們當前的挑戰和機遇。

We want Wells Fargo to be the financial services leaders -- leader in these 6 areas: customer service and advice, team member engagement, innovation, risk management, corporate citizenship and long-term shareholder value.

我們希望富國銀行成為金融服務領域的領導者——在以下 6 個領域處於領先地位：客戶服務和建議、團隊成員參與、創新、風險管理、企業公民和長期股東價值。

We will share our specific strategies we are taking to help achieve these goals at our Investor Day.

我們將在投資者日分享我們為幫助實現這些目標而採取的具體策略。

We've accomplished a lot in the past few months, but we still have work to do.

過去幾個月我們取得了很多成就，但仍有工作要做。

We understand that nothing is more important to Wells Fargo's future than ensuring we have a culture and an operating model that works for all of our stakeholders, our customers, team members, investors and communities.

我們明白，對於富國銀行的未來來說，沒有什麼比確保我們擁有適合所有利益相關者、客戶、團隊成員、投資者和社區的文化和運營模式更重要的了。

John will now discuss our financial results in more detail.

約翰現在將更詳細地討論我們的財務業績。

Thank you, Tim, and good morning, everyone.

謝謝蒂姆，大家早上好。

I'm happy to report that we earned $5.5 billion in the first quarter, the 18th consecutive quarter of generating earnings greater than $5 billion.

我很高興地向大家報告，我們第一季度的收入為 55 億美元，這是連續第 18 個季度收入超過 50 億美元。

There was a lot of economic volatility and uncertainty over this period, and these steady results reflected the benefit of our diversified business model and its ability to perform consistently over time.

在此期間存在很多經濟波動和不確定性，這些穩定的業績反映了我們多元化業務模式的優勢及其長期持續表現的能力。

Turning to Page 6. Let me highlight a few balance sheet trends.

翻到第 6 頁。讓我重點介紹一些資產負債表趨勢。

Our balance sheet remains strong with high levels of liquidity and capital, record deposit balances and improved credit quality.

我們的資產負債表依然強勁，流動性和資本水平較高，存款餘額創紀錄，信用質量有所改善。

Loans were down from the fourth quarter, and I will discuss that in more detail later on the call.

貸款較第四季度有所下降，我將在稍後的電話會議上更詳細地討論這一點。

Cash and short-term investments reached an all-time high of $328.4 billion, up $41.7 billion from the fourth quarter, driven by continued growth in deposits on a linked quarter decline in the loan portfolio.

現金和短期投資創下歷史新高，達到 3284 億美元，較第四季度增加 417 億美元，原因是貸款組合環比下降，存款持續增長。

Investment securities were down $387 million, less than 1% in the first quarter, as approximately $16 billion in gross purchases were more than offset by runoff in sales.

第一季度投資證券減少了 3.87 億美元，跌幅不到 1%，因為約 160 億美元的購買總額被銷售流失所抵消。

We always balance a number of factors when determining our investment activity.

在確定我們的投資活動時，我們總是平衡多種因素。

And during this transitional period for rates, our decision to maintain a relatively stable investment portfolio was driven primarily by interest rate and OCI risk management.

在這個利率過渡時期，我們維持相對穩定的投資組合的決定主要是由利率和 OCI 風險管理驅動的。

We will continue to analyze the outlook for interest rates as well as our liquidity needs, and we look forward to reinvesting more into loans and investment securities over time.

我們將繼續分析利率前景以及流動性需求，並期待隨著時間的推移對貸款和投資證券進行更多再投資。

Turning to the income statement overview on Page 7. I'll be describing the biggest drivers of revenue and expense growth later on the call, so this is a couple of things -- points I want to make here.

轉向第 7 頁的損益表概述。稍後我將在電話會議中描述收入和支出增長的最大驅動因素，因此這是我想在此提出的幾點。

Our effective tax rate in the first quarter was 27.4%, which included $197 million of discrete tax benefits, of which $183 million was associated with newly adopted stock compensation accounting guidance in the first quarter.

我們第一季度的有效稅率為 27.4%，其中包括 1.97 億美元的離散稅收優惠，其中 1.83 億美元與第一季度新採用的股票薪酬會計準則相關。

We currently expect the full year 2017 effective income tax rate to be approximately 30%.

我們目前預計2017年全年有效所得稅稅率約為30%。

We had $403 million of equity gains in the first quarter from a number of venture capital, private equity and other investments, partially offset by $91 million of noncontrolling interests, primarily related to these gains.

第一季度，我們從多項風險投資、私募股權和其他投資中獲得了 4.03 億美元的股權收益，部分被主要與這些收益相關的 9100 萬美元非控股權益所抵消。

As shown on Page 8, average loans increased 4% from a year ago, but declined $502 million from the fourth quarter as $5 billion of broad-based growth and commercial loans was more than offset by declines in consumer loans, primarily in residential real estate.

如第 8 頁所示，平均貸款較去年同期增長 4%，但較第四季度下降 5.02 億美元，因為 50 億美元的廣泛增長和商業貸款被消費貸款（主要是住宅房地產領域）的下降所抵消。 。

The benefit from higher rates increased average loan yields 6 basis points in the quarter.

利率上升的好處使本季度平均貸款收益率增加了 6 個基點。

Period-end loans grew 1% from a year ago and declined $9.2 billion or 1% from the fourth quarter.

期末貸款較去年同期增長 1%，較第四季度減少 92 億美元，即 1%。

H.8 data indicates there was softness across the industry in the first quarter, and our growth rate was in line with that national trend.

H.8數據表明一季度整個行業疲軟，我們的增速與全國趨勢一致。

There were a variety of factors impacting our portfolios, so let me discuss these trends in more detail.

影響我們投資組合的因素有很多，所以讓我更詳細地討論這些趨勢。

Commercial loans were up $16.8 billion from a year ago, but were down $1.5 billion from the fourth quarter.

商業貸款較去年同期增加 168 億美元，但較第四季度減少 15 億美元。

We've not changed our relationship-based approach to meeting the lending needs of our commercial customers.

我們沒有改變基於關係的方法來滿足商業客戶的貸款需求。

Our commercial customers are generally optimistic about the current environment, and this positive sentiment should lead to more loan growth as business activity and investing increase.

我們的商業客戶普遍對當前環境持樂觀態度，隨著商業活動和投資的增加，這種積極情緒應該會導致更多貸款增長。

C&I loans declined $1.6 billion from the fourth quarter as $4.5 billion in growth from Wells Fargo capital finance, asset-backed financing and commercial dealer services was more than offset by businesses with typical first quarter declines, including a $2 billion decline in short-term loans to global financial institutions.

工商業貸款較第四季度下降 16 億美元，原因是富國銀行資本融資、資產支持融資和商業經銷商服務帶來的 45 億美元增長被第一季度典型業務下滑（包括短期貸款下降 20 億美元）所抵消。向全球金融機構。

We had continued declines in our oil and gas portfolio, which was down 29% from a year ago and down $2 billion or 14% from the fourth quarter.

我們的石油和天然氣投資組合持續下降，較去年同期下降 29%，較第四季度減少 20 億美元，即 14%。

The linked quarter decline was spread across all oil and gas sectors, and roughly half the reduction was from proceeds the borrowers raised in the capital markets and used to pay down loans.

相關季度的下降遍及所有石油和天然氣行業，其中大約一半的下降來自借款人在資本市場籌集並用於償還貸款的收益。

The strong capital markets environment also resulted in additional payoffs of C&I loans from other borrowers.

強勁的資本市場環境也導致其他借款人的工商業貸款獲得額外回報。

The Commercial Real Estate portfolio increased $189 million from the fourth quarter with growth in commercial real estate construction, which was diversified across geographies and asset types, partially offset by declines in commercial real estate mortgages, driven by paydowns.

商業房地產投資組合較第四季度增加 1.89 億美元，其中商業房地產建設增長，且在地域和資產類型上實現多元化，但部分被還款推動的商業房地產抵押貸款下降所抵消。

We summarize our consumer loan portfolios on Page 10.

我們在第 10 頁總結了我們的消費貸款組合。

Our first mortgage loans declined $946 million in the fourth quarter due to continued runoff of higher-yielding legacy portfolios, more than offsetting $4.1 billion of growth in nonconforming mortgage loans.

由於高收益遺留投資組合的持續流失，我們的第一筆抵押貸款在第四季度減少了 9.46 億美元，遠遠抵消了不合格抵押貸款增長的 41 億美元。

Our junior lien mortgage portfolio continued to decline as payoffs offset new originations.

由於收益抵消了新發放的貸款，我們的初級留置權抵押貸款組合繼續下降。

Our credit card portfolio declined $2 billion from the fourth quarter, reflecting seasonal activity as customers paid down their holiday purchases.

我們的信用卡投資組合較第四季度減少了 20 億美元，反映出客戶支付假日購物款項時的季節性活動。

Growth was also impacted by a slowdown in account openings, which started in the first quarter of 2016 and increased after the announcement of the sales practices settlement.

增長還受到開戶放緩的影響，開戶放緩始於 2016 年第一季度，並在銷售行為和解協議宣布後有所增加。

The $1.9 billion decline in our auto portfolio reflected lower origination volumes, which were down 29% compared with the year ago.

我們的汽車投資組合下降了 19 億美元，反映出新車銷量下降，與去年同期相比下降了 29%。

We've tightened credit underwriting standards in response to early signs of rising delinquencies in the industry and declining used car values.

我們收緊了信貸承保標準，以應對行業拖欠率上升和二手車價值下降的早期跡象。

As a result, the quality of originations has improved, and we expect to see the size of our auto portfolio continue to decline in 2017.

因此，原產地質量有所提高，我們預計 2017 年我們的汽車產品組合規模將繼續下降。

We recently named a new leader to this business, and we're focused on improving execution and efficiency through increased standardization and centralization.

我們最近任命了該業務的新領導者，我們致力於通過加強標準化和集中化來提高執行力和效率。

We'll show more -- we'll share more about our auto strategy at Investor Day.

我們將展示更多——我們將在投資者日分享更多有關我們的汽車策略的信息。

Other revolving credit and installment loans declined by $981 million, with $539 million of the decline from personal loans and lines reflecting lower branch originations.

其他循環信貸和分期貸款下降了 9.81 億美元，其中 5.39 億美元的下降來自個人貸款和額度，反映出分行發放量的減少。

As highlighted on Page 11, our first quarter average deposits were a record $1.3 trillion, up $79.8 billion or 7% from a year ago with growth in both consumer and commercial deposits.

正如第 11 頁所強調的，隨著消費者和商業存款的增長，我們第一季度的平均存款達到創紀錄的 1.3 萬億美元，比去年同期增加 798 億美元，即 7%。

Our average deposit cost increased 7 basis points from a year ago and 5 basis points from the fourth quarter.

我們的平均存款成本較去年同期上升7個基點，較第四季度上升5個基點。

We've not made any material changes in rates paid on consumer and small business banking deposits, and we've seen very little market response with the majority of our peers holding rates steady.

我們沒有對消費者和小企業銀行存款的利率做出任何重大改變，而且我們看到市場反應很少，大多數同行保持利率穩定。

We have implemented some incremental commercial deposit repricing in line with the market from the rate increases in December '16 and March of '17, and we will continue to monitor the overall market and be responsive in order to remain competitive.

自2016年12月和2017年3月加息以來，我們已經根據市場情況實施了一些增量商業存款重新定價，我們將繼續監控整體市場並做出反應，以保持競爭力。

Net interest income increased 5% from a year ago, primarily driven by growth in loans and investment securities and the benefit of higher interest rates.

淨利息收入較上年同期增長 5%，主要受到貸款和投資證券增長以及利率上升的推動。

Net interest income declined $102 million from the fourth quarter, primarily due to 2 fewer days in the quarter.

淨利息收入較第四季度下降 1.02 億美元，主要是由於該季度天數減少了 2 天。

The benefit from the interest rate increases as well as growth in average investment securities was offset by lower average trading assets and mortgages held for sale and typically lower first quarter income from variable sources.

加息和平均投資證券增長帶來的好處被平均交易資產和待售抵押貸款的下降以及第一季度可變來源收入的下降所抵消。

The net interest margin was flat from the fourth quarter as the benefit of higher interest rates, a reduction in short-term market funding and growth in average investment securities was offset by lower income from trading assets and mortgages held for sale, higher deposit and long-term debt balances and lower income from variable sources.

淨息差與第四季度持平，原因是利率上升、短期市場融資減少和平均投資證券增長帶來的好處被交易資產和待售抵押貸款收入下降、存款和長期存款增加所抵消。 - 定期債務餘額和來自可變來源的收入減少。

Noninterest income increased $522 million from the fourth quarter, driven by a lower net hedge ineffectiveness accounting impact in the first quarter as well as higher trading gains.

由於第一季度淨對沖無效會計影響降低以及交易收益增加，非利息收入較第四季度增加了 5.22 億美元。

Net hedge ineffectiveness accounting impacts are reflected in other income.

淨套期無效會計影響反映在其他收入中。

And in the first quarter, we had a loss of $193 million, largely from foreign currency fluctuations, compared with a loss of $592 million in the fourth quarter due to key interest rate and foreign currency fluctuations.

第一季度，我們虧損 1.93 億美元，主要來自外匯波動，而第四季度由於關鍵利率和外匯波動，虧損 5.92 億美元。

A year ago, we had net hedge ineffectiveness accounting gains of $379 million.

一年前，我們的對沖無效會計淨收益為 3.79 億美元。

The current accounting rules cause volatility, which we believe do not reflect the actual underlying economics.

現行會計規則會導致波動，我們認為這並不能反映實際的基本經濟情況。

So we're pleased that the FASB has issued an exposure draft on hedge accounting guidelines, which if adopted in its current form, would significantly reduce the interest rate-related ineffectiveness associated with our long-term debt hedges.

因此，我們很高興美國財務會計準則委員會發布了一份關於對沖會計準則的徵求意見稿，如果以目前的形式採用，將大大減少與我們的長期債務對沖相關的利率相關無效性。

Mortgage banking noninterest income declined $189 million from the fourth quarter.

抵押貸款銀行非利息收入較第四季度下降 1.89 億美元。

As expected, residential mortgage origination volume declined due to lower refi volume and seasonally lower purchase volume.

正如預期的那樣，由於再融資量下降和季節性購買量下降，住宅抵押貸款發放量有所下降。

Applications were down 21% from the fourth quarter, and we ended the quarter with a $28 billion unclosed pipeline, down 7%.

與第四季度相比，申請量下降了 21%，本季度結束時，我們的未關閉管道金額為 280 億美元，下降了 7%。

The production margin on residential held for sale mortgage originations was 168 basis points in the first quarter, unchanged from the fourth quarter.

第一季度持有待售住宅抵押貸款的生產利潤率為 168 個基點，與第四季度持平。

Given current industry pricing trends, we expect the production margin to decline in the second quarter.

鑑於當前行業定價趨勢，我們預計第二季度生產利潤率將下降。

Mortgage servicing income increased $260 million from the fourth quarter, primarily due to lower unreimbursed servicing costs and lower prepayments.

抵押貸款服務收入較第四季度增加 2.6 億美元，主要是由於未償還服務成本和預付款減少。

We took actions last year that increased these unreimbursed servicing costs, primarily in the fourth quarter.

我們去年採取了一些行動，增加了這些未償還的服務成本，主要是在第四季度。

These costs are now at more normalized levels, and we currently expect them to improve slightly from first quarter levels.

這些成本現在處於更加正常化的水平，我們目前預計它們將比第一季度的水平略有改善。

On Page 14, we provide details on trading-related revenue and the impact to net interest income and noninterest income.

在第 14 頁，我們提供了有關交易相關收入以及對淨利息收入和非利息收入的影響的詳細信息。

Trading-related revenue was up $448 million from the fourth quarter.

交易相關收入較第四季度增長 4.48 億美元。

Trading related net interest income declined $100 million in the first quarter, reflecting a 9% decline in average trading assets, tighter spreads and lower periodic dividends and carry.

第一季度與交易相關的淨利息收入下降了 1 億美元，反映出平均交易資產下降 9%、利差收窄以及定期股息和利差下降。

Net gains on trading activities increased $548 million from the fourth quarter.

交易活動淨收益較第四季度增加 5.48 億美元。

This growth was primarily driven by higher client volumes and credit trading, equity trading and derivatives.

這一增長主要是由客戶量增加以及信貸交易、股票交易和衍生品推動的。

$144 million of the increase in net gains in trading activities was from higher deferred comp trading results, which was largely offset in employee benefits expense.

交易活動淨收益增加中的 1.44 億美元來自遞延補償交易結果的增加，這在很大程度上被員工福利費用所抵消。

And there was a $65 million increase from valuation adjustments as credit valuation adjustments on tightening spreads and investment-grade and high-yield debt were partially offset by debt valuation adjustments from tightening in Wells Fargo market spreads.

估值調整增加了 6500 萬美元，因為利差收緊以及投資級和高收益債務的信貸估值調整被富國銀行市場利差收緊帶來的債務估值調整部分抵消。

As shown on Page 15, expenses increased $577 million from the fourth quarter and $764 million from a year ago, and our efficiency ratio increased to 62.7%.

如第 15 頁所示，費用較第四季度增加 5.77 億美元，較去年同期增加 7.64 億美元，我們的效率比率提高至 62.7%。

As Tim mentioned earlier on the call, this ratio is unacceptable.

正如蒂姆早些時候在電話會議中提到的，這個比例是不可接受的。

And while we expect our efficiency ratio to remain elevated, we are committed to improving our efficiency.

雖然我們期望我們的效率保持在較高水平，但我們致力於提高我們的效率。

On Page 16, we highlight the drivers of the expense increase from the fourth quarter.

在第 16 頁，我們重點介紹了第四季度費用增長的驅動因素。

We had $900 million of higher personnel expenses.

我們的人事費用增加了 9 億美元。

$790 million of this increase was from seasonally higher employee benefits expenses from higher payroll taxes and 401(k) matching, as well as annual equity awards to retirement-eligible team members.

其中 7.9 億美元的增長來自季節性較高的員工福利費用（工資稅上漲和 401(k) 配套）以及向符合退休資格的團隊成員提供的年度股權獎勵。

These seasonally higher personnel expenses will decline in the second quarter, but salary expense is expected to increase, reflecting annual salary increases which became effective late in the first quarter.

這些季節性上漲的人員費用將在第二季度下降，但工資費用預計會增加，反映了第一季度末生效的年薪上漲。

Partially offsetting higher personnel expenses in the first quarter was the decline in expenses that are typically high in the fourth quarter, including outside professional services, equipment, advertising and T&E.

第四季度通常較高的費用下降，包括外部專業服務、設備、廣告和差旅費，部分抵消了第一季度較高的人事費用。

We also had higher operating losses in the first quarter compared with the fourth quarter on higher litigation accruals.

由於應計訴訟費用增加，我們第一季度的營業虧損也高於第四季度。

On Page 17, we show the drivers of the $764 million increase in expenses from a year ago.

在第 17 頁，我們展示了與一年前相比支出增加 7.64 億美元的驅動因素。

Over 60% of the increase was personnel expense.

超過60%的增長是人員費用。

Salary expense increased to $225 million, reflecting annual salary increases and FTE growth.

薪資支出增加至 2.25 億美元，反映了年薪增長和 FTE 增長。

FTEs are up approximately 4,200 or 2% from a year ago, driven by increases in technology, risk, virtual channels and operations.

在技​​術、風險、虛擬渠道和運營增長的推動下，FTE 比一年前增加了約 4,200 人，即 2%。

These are non-revenue-generating areas and are higher than average salaried team members.

這些是非創收領域，並且高於團隊成員的平均薪資。

Employee benefits expense increased $160 million, including $141 million in higher deferred comp costs, which was offset in trading revenue.

員工福利支出增加了 1.6 億美元，其中遞延補償成本增加了 1.41 億美元，但被交易收入抵消了。

Incentive compensation was up $80 million from a year ago, with approximately 40% of the increase from higher revenue related incentive compensation costs.

激勵薪酬比一年前增加了 8000 萬美元，其中約 40% 的增長來自與收入相關的激勵薪酬成本的增加。

Our efficiency initiative, which includes centralization and streamlining of processes, should reduce FTE levels over time.

我們的效率計劃（包括流程的集中化和簡化）應該會隨著時間的推移降低 FTE 水平。

In some businesses like mortgage, FTE levels will be adjusted to reflect market conditions.

在抵押貸款等某些業務中，全職員工水平將根據市場情況進行調整。

$264 million of the increase in expenses was from outside professional and contract services related to higher project and technology spending and legal expense.

支出增加的 2.64 億美元來自與項目和技術支出以及法律支出增加相關的外部專業和合同服務。

The first quarter included approximately $80 million of expense related to sales practices matters and meaningful spending on regulatory and compliance initiatives, including regulatory and risk data, resolution planning and Bank Secrecy Act and anti-money laundering programs.

第一季度包括與銷售實踐事務相關的約 8000 萬美元費用以及在監管和合規舉措方面的有意義的支出，包括監管和風險數據、決議規劃和銀行保密法以及反洗錢計劃。

While we do not expect these expenses to decline in the near term, over time, we should be able to spend less in these areas.

雖然我們預計這些支出短期內不會下降，但隨著時間的推移，我們應該能夠減少在這些領域的支出。

We also had $83 million in higher FDIC expense due to the special assessment, which began in the third quarter of 2016 and is expected to continue through mid-2018.

由於特別評估，我們的 FDIC 費用也增加了 8300 萬美元，該評估於 2016 年第三季度開始，預計將持續到 2018 年中期。

The purchase of the GE Capital CDF business and the sale of our crop insurance business increased expenses by a net $23 million.

購買 GE Capital CDF 業務和出售農作物保險業務使開支淨增加 2300 萬美元。

These 2 business mix changes were reflected in our results beginning in the second quarter of 2016.

這兩項業務組合的變化已反映在我們 2016 年第二季度開始的業績中。

They will no longer impact year-over-year variances.

它們將不再影響同比差異。

Finally, there were $101 million of other expense increases, driven by higher equipment spending and charitable donations.

最後，由於設備支出和慈善捐贈增加，其他費用增加了 1.01 億美元。

These higher expenses were partially offset by $172 million of lower operating losses on lower litigation accruals in the first quarter compared with a year ago.

與去年同期相比，第一季度應計訴訟費用減少，營業虧損減少 1.72 億美元，部分抵消了這些較高的費用。

As highlighted on Page 18, we remain focused on expense management and efficiency.

正如第 18 頁所強調的，我們仍然關注費用管理和效率。

While many of the higher expenses I just described will remain elevated, it's important that we operate in the most efficient way possible.

雖然我剛才描述的許多較高費用仍將保持較高水平，但重要的是我們以盡可能最有效的方式運營。

As we discussed last quarter, we've been working on a number of initiatives that we expect will reduce expenses by approximately $2 billion annually by year-end 2018, with the full year benefit starting in 2019.

正如我們上季度討論的那樣，我們一直在實施多項舉措，預計到 2018 年底，每年將減少約 20 億美元的開支，並從 2019 年開始實現全年效益。

However, there will not be a bottom line impact as these savings will be reinvested in the business.

然而，不會對利潤產生影響，因為這些節省的資金將重新投資於業務。

We will provide more detail on these efforts at Investor Day.

我們將在投資者日提供有關這些努力的更多細節。

We are committed to improving our efficiency while continuing to invest in our top priorities including risk management, cyber security and innovation.

我們致力於提高效率，同時繼續投資於我們的首要任務，包括風險管理、網絡安全和創新。

We will be highlighting a lot of new innovations at our Investor Day, including our recently launched card-free ATMs, making us the first large bank in the U.S. to offer the feature for our entire ATM network.

我們將在投資者日重點介紹許多新的創新，包括我們最近推出的無卡 ATM，這使我們成為美國第一家為整個 ATM 網絡提供該功能的大型銀行。

We are also the first bank to integrate [ Excel ] ready user interface into our mobile app, enabling our customers to use this enhanced functionality in making person-to-person payments.

我們也是第一家將 [ Excel ] 用戶界面集成到我們的移動應用程序中的銀行，使我們的客戶能夠使用這一增強的功能進行個人對個人的支付。

And we were recently awarded first place in the Keynote Mobile Banking Scorecard for our overall Mobile Banking offering.

最近，我們的整體移動銀行產品在主題移動銀行記分卡中榮獲第一名。

We also entered into an agreement with Intuit, which allows Wells Fargo customers who use financial management tools such as QuickBooks Online, to use an API when importing their bank information, giving our customers greater control over their financial data.

我們還與 Intuit 簽訂了一項協議，允許使用 QuickBooks Online 等財務管理工具的富國銀行客戶在導入銀行信息時使用 API，從而使我們的客戶能夠更好地控制其財務數據。

You will see more announcements like these as we continue to invest to bring more ease and convenience to our customers.

隨著我們繼續投資為客戶帶來更多輕鬆和便利，您將會看到更多類似的公告。

Turning to our business segments starting on Page 19.

從第 19 頁開始討論我們的業務部門。

Community Banking earned $3 billion in the first quarter, down 9% from a year ago and up 10% from the fourth quarter.

第一季度社區銀行業務收入為 30 億美元，同比下降 9%，環比增長 10%。

Community Banking results benefited from the discrete tax benefit I highlighted earlier on the call.

社區銀行業務的業績受益於我之前在電話會議上強調的離散稅收優惠。

I've already discussed many of the business trends within Community Banking, so I won't go into more details here, except to note that we closed 39 branches in the quarter and we're on schedule to close approximately 200 this year.

我已經討論了社區銀行業務的許多業務趨勢，因此我不會在這裡詳細介紹，只是要指出，我們在本季度關閉了 39 家分行，今年我們計劃關閉大約 200 家分行。

Wholesale Banking earned $2.1 billion in the first quarter, up 10% from a year ago and down 4% from the fourth quarter.

批發銀行業務第一季度盈利21億美元，同比增長10%，環比下降4%。

Revenue was up modestly compared with the year ago, as 11% growth in net interest income was mostly offset by a 10% decline in noninterest income.

與去年同期相比，收入小幅增長，淨利息收入 11% 的增長大部分被非利息收入 10% 的下降所抵消。

The decline in noninterest income was driven by the impact from the sale from our crop insurance business last year, which generated a $381 million gain in the first quarter of '16.

非利息收入下降的原因是去年出售農作物保險業務的影響，該業務在 16 年第一季度產生了 3.81 億美元的收益。

Wealth and Investment Management earned $623 million in the first quarter, up 22% from a year ago and down 5% for the fourth quarter.

財富與投資管理第一季度盈利6.23億美元，同比增長22%，第四季度下降5%。

First quarter results reflected strong growth in net interest income, up 14% from a year ago.

第一季度業績反映出淨利息收入強勁增長，較去年同期增長 14%。

Average deposits were up 6%, and average loans increased 10% from a year ago, the 15th consecutive quarter of double-digit year-over-year loan growth.

平均存款同比增長 6%，平均貸款同比增長 10%，連續第 15 個季度實現兩位數貸款同比增長。

The benefit of higher market valuations and continued positive net flows led to another quarter of record WIM total client assets, up 9% from a year ago, to $1.8 trillion.

較高的市場估值和持續的正淨流量帶來的好處是，WIM 客戶總資產再創新季度創歷史新高，較去年同期增長 9%，達到 1.8 萬億美元。

Turning to Page 22.

翻到第 22 頁。

Net charge-offs decreased $100 million from the fourth quarter with 34 basis points of annualized net charge-offs.

淨沖銷較第四季度減少 1 億美元，年化淨沖銷減少 34 個基點。

Commercial losses declined $108 million, driven by $76 million of lower losses in our oil and gas portfolio and from higher recoveries.

商業損失減少了 1.08 億美元，原因是我們的石油和天然氣投資組合損失減少了 7600 萬美元，而且回收率提高了。

Consumer losses increased $8 million as lower losses in residential real estate and other revolving credit were offset by seasonally higher credit card losses.

消費者損失增加了 800 萬美元，因為住宅房地產和其他循環信貸損失減少被信用卡損失季節性增加所抵消。

We had a reserve release of $200 million, driven by improvements in the oil and gas portfolio performance and continued improvement in residential real estate.

在石油和天然氣投資組合業績改善以及住宅房地產持續改善的推動下，我們釋放了 2 億美元的儲備金。

Our first mortgage loan portfolio had only 1 basis point of loss in the first quarter; and our junior lien mortgage portfolio continued to improve with 21 basis points of loss, which is less than half of the loss rate from a year ago.

我們的首個抵押貸款組合第一季度僅損失 1 個基點；我們的初級留置權抵押貸款組合繼續改善，損失達 21 個基點，不到一年前損失率的一半。

Nonperforming assets continued to decline, down $698 million from the fourth quarter, with improvements across our portfolios and lower foreclosed assets.

隨著我們投資組合的改善和止贖資產的減少，不良資產繼續下降，較第四季度減少了 6.98 億美元。

Turning to Page 23.

翻到第 23 頁。

Our estimated common equity Tier 1 ratio fully phased-in increased to 11.2% in the first quarter.

我們預計第一季度全面實施的普通股一級資本比率將增至 11.2%。

Our internal target of 10%, which includes the regulatory minimum and buffers and our internal buffer, has not changed.

我們 10% 的內部目標沒有改變，其中包括監管最低限度和緩衝以及我們的內部緩衝。

The primary driver of our ratio remaining above our internal target this quarter was lower RWA than last quarter and lower than forecasted in our 2016 Capital Plan, resulting from loan growth trends, continued credit discipline and improved RWA efficiency.

本季度我們的比率保持在內部目標之上的主要驅動因素是 RWA 低於上季度，並且低於我們 2016 年資本計劃的預測，這是由於貸款增長趨勢、持續的信貸紀律和 RWA 效率的提高。

We returned $3.1 billion to shareholders in the first quarter through common stock dividends and net share repurchases, and our net payout ratio was 61%.

第一季度我們通過普通股股息和淨股票回購向股東返還31億美元，淨派息率為61%。

Based on our updated TLAC estimate as of the end of the quarter, we believe our shortfall is approximately $1.4 billion.

根據我們截至本季度末更新的 TLAC 估計，我們認為缺口約為 14 億美元。

This represents strong continued progress towards fulfilling the requirements, and results largely from lower RWA as well as issuance during the quarter.

這表明在滿足要求方面取得了強勁的持續進展，這主要是由於 RWA 以及本季度發行量的降低。

We currently expect our total TLAC issuance in 2017 to be similar to the $32 billion we issued in 2016 to fund both maturities and our remaining build of qualifying debt.

目前，我們預計 2017 年 TLAC 發行總額將與 2016 年發行的 320 億美元類似，用於為到期日和剩餘的合格債務提供資金。

In summary, our results in the first quarter, which included a 1.15% ROA, an 11.54% ROE and a 13.85% return on tangible common equity demonstrated the benefit of our diversified business model, which has generated over $5 billion in quarterly earnings every quarter since the fourth quarter of 2012.

總而言之，我們第一季度的業績，包括 1.15% 的 ROA、11.54% 的 ROE 和 13.85% 的有形普通股回報率，證明了我們多元化業務模式的優勢，該模式每季度產生超過 50 億美元的季度收益自2012年第四季度以來。

We look forward to our Investor Day next month where we will share our strategies for acquiring new customers, building lifelong relationships with our existing customers and our focus on generating operational efficiencies while managing risk.

我們期待下個月的投資者日，屆時我們將分享我們獲取新客戶、與現有客戶建立終身關係的策略，以及我們在管理風險的同時提高運營效率的重點。

And we'll now take your questions.

現在我們將回答您的問題。

(Operator Instructions) Our first question will come from the line of Erika Najarian with Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的 Erika Najarian 線路。

Just had a clarification question.

只是有一個澄清問題。

You both mentioned on the call in the prepared remarks that the 62.7% efficiency ratio is not acceptable.

你們在電話會議上在準備好的發言中都提到，62.7%的效率比率是不可接受的。

But you also emphasized that the $2 billion currently identified cost savings won't fall to the bottom line.

但您也強調，目前確定的 20 億美元成本節約不會落入底線。

And your NII was down in a period where the Fed raised rates in December by 25 bps.

在美聯儲 12 月加息 25 個基點期間，您的 NII 有所下降。

So how do we square future efficiency ratio improvement from here when those 2 big pieces seem to be going the other way?

那麼，當這兩大塊似乎走向相反的方向時，我們如何從這裡調整未來效率比的提高呢？

Sure.

當然。

So let me start, and John, jump in.

那麼讓我開始吧，約翰也加入進來。

And let's talk about that revenue line first, Erika.

讓我們先談談收入線，埃里卡。

You're absolutely right, the net interest income was down from the fourth quarter, but that was because there were 2 fewer days in the quarter.

你說得對，淨利息收入比第四季度下降了，但那是因為該季度少了兩天。

And as John pointed out, net interest income year-over-year was up about 5%.

正如約翰指出的那樣，淨利息收入同比增長了約 5%。

So we feel comfortable that we're going to see continued net interest income growth over the rest of the year.

因此，我們對今年剩餘時間內淨利息收入持續增長感到放心。

We can talk about that more later if you'd like.

如果您願意，我們可以稍後再討論。

In terms of efficiency, as I highlighted and as you know, the first quarter tends to be a bit higher because of the compensation-related activities that are concentrated in that first quarter.

就效率而言，正如我所強調的，正如您所知，第一季度的效率往往會更高一些，因為與薪酬相關的活動集中在第一季度。

Even when you strip those out, that's one of the reasons why we wanted to provide the detail about our expenses, not only year-over-year, but also sequential quarter.

即使你把這些去掉，這也是我們想要提供有關我們的支出細節的原因之一，不僅是同比，而且是連續季度的支出。

You'll see an increase in our expenses, and so even without that first quarter seasonality, we would've been operating outside the range that we've talked about historically between 55% and 59%.

你會看到我們的開支有所增加，因此即使沒有第一季度的季節性因素，我們的運營也會超出我們歷史上討論過的 55% 到 59% 的範圍。

And as I've said and as John said, operating outside that range from our perspective is just not acceptable.

正如我和約翰所說，從我們的角度來看，超出這個範圍的操作是不可接受的。

Now as it relates to the $2 billion of reductions that we've talked about previously, again, as you highlighted, all those are going to be reinvested in growing the company and making the necessary investments for our success over the long term.

現在，由於涉及到我們之前討論過的 20 億美元的削減，正如您所強調的，所有這些都將被再投資於公司的發展，並為我們的長期成功進行必要的投資。

In addition to that, we appreciate that we need to improve the efficiencies of this company.

除此之外，我們認識到我們需要提高該公司的效率。

And we're going to provide more detail about how we're going to make those improvements at Investor Day.

我們將在投資者日提供有關如何進行這些改進的更多詳細信息。

So Management, at Investor Day, will be talking about additional efficiencies that would fall to the bottom line beyond that $2 billion.

因此，管理層將在投資者日討論額外的效率問題，這將影響到超過 20 億美元的利潤。

One thing I'd add that I think we'll provide some more clarity at Investor Day, the $2 billion that we're talking about reinvesting, we're essentially reinvesting it today.

我要補充的一件事是，我認為我們將在投資者日提供更多的澄清，我們正在談論的 20 億美元再投資，我們今天基本上是在再投資。

And so there's a little bit of a -- there needs to be more clarity, I think, on the -- on just the time element of what happens to the $2 billion to the extent that we're already in an elevated situation.

因此，我認為，在我們已經處於較高水平的情況下，20 億美元發生的情況的時間因素需要更加明確。

Then from that point, it would be contributing to the bottom line at that point, if not from a more efficient place that we were recently.

然後從那時起，即使不是從我們最近的效率更高的地方，它將對那時的底線做出貢獻。

So it's not as if we operate outside our range today for example and then we came up with $2 billion of efficiency, we would spend another $2 billion.

因此，這並不是說我們今天的運營超出了我們的範圍，然後我們提出了 20 億美元的效率，我們會再花費 20 億美元。

It's contributing to paying for what is elevated today.

它有助於支付今天上漲的費用。

That was clear.

這很清楚。

Just on the net interest income side, Tim, thank you for bringing that up.

就淨利息收入而言，蒂姆，謝謝你提出這個問題。

You have, in a very low -- in a low rate environment, been consistent over the past couple of years at growing this in the mid-single digits.

在一個非常低的低利率環境中，過去幾年一直保持中個位數的增長。

And I'm wondering if we take into account a better rate backdrop and also account for some of the runoff that you told us to expect, I'm wondering if this year, you could do better than that mid-single-digit pace.

我想知道我們是否考慮到更好的利率背景，並考慮到您告訴我們預期的一些徑流，我想知道今年您是否可以做得比中個位數的速度更好。

Well, we hope so, Erika.

好吧，我們希望如此，埃里卡。

I think we're comfortable with the range that we've provided.

我認為我們對所提供的範圍感到滿意。

And on one hand for example, just in the last few weeks, we've seen short-term rates increase, which is helpful.

一方面，例如，就在過去幾週，我們看到短期利率上升，這是有幫助的。

On the other hand, we've seen a pretty significant rally in long-term rates.

另一方面，我們看到長期利率大幅上漲。

And so it's a mixed bag.

所以這是一個混合體。

But I think we're generally comfortable.

但我認為我們總體上很舒服。

John, I don't know if you want to...

約翰，我不知道你是否願意...

No, I think that's right.

不，我認為這是對的。

We -- so where short-term rates are and are going is a big part of it.

因此，短期利率的現狀和走向是其中的一個重要部分。

Where long-term rates are matters a lot because we generate interest income by investing at the longer end of the curve.

長期利率在哪裡非常重要，因為我們通過投資曲線較長的一端來產生利息收入。

And to the extent that, that outlook is lower than it was earlier in the quarter, then it'll be harder to generate incremental growth net interest income from that activity.

如果該前景低於本季度早些時候的水平，那麼從該活動中產生增量增長的淨利息收入將變得更加困難。

We have to have a good handle on where both deposits and loans are going to be [ growing ]. And there's nothing to suggest that we're -- we feel comfortable in the mid- to high single digits, frankly, and the ongoing deposit growth, and loans are probably in the low single digits.

我們必須很好地把握存款和貸款的增長方向。坦率地說，沒有任何跡象表明我們對中高個位數感到滿意，並且持續的存款增長和貸款可能處於低個位數。

So that has to be factored in.

所以必須考慮到這一點。

And then the deposit response, the realized betas that the market is offering and that we're taking will be the big swing factor.

然後，存款反應、市場提供的和我們正在採取的已實現的貝塔值將是重大的波動因素。

And we'll observe that over time.

隨著時間的推移，我們會觀察到這一點。

I think as we've said, and I think have heard already this morning, it feels like there hasn't been much of a move on consumer and small business deposit pricing from the last couple of moves.

我認為，正如我們所說的，而且我想今天早上已經聽到了，感覺消費者和小企業存款定價與過去幾次舉措相比沒有太大變化。

To the extent that we get a couple more moves and those -- and realized betas begin to pick up, then what feels like outperformance today could be tougher later in the cycle.

如果我們採取更多行動，並且意識到貝塔值開始回升，那麼今天感覺表現出色的情況可能會在周期後期變得更加困難。

All that will matter.

這一切都很重要。

Just if I could slip one more question, and I apologize.

如果我能再問一個問題，我深表歉意。

But in putting it all together, in what you know now in terms of the realistic outlook and what you have planned for the rest of the year, can Wells Fargo get back in that 55% to 59% range this year?

但綜合來看，根據您現在所了解的現實前景以及今年剩餘時間的計劃，富國銀行今年能否回到 55% 至 59% 的區間？

Erika, I think it's going to be a challenge to do that.

埃里卡，我認為做到這一點將是一個挑戰。

In terms of averaging that for the year, my guess is we'll be at the high end of that range.

就今年的平均水平而言，我的猜測是我們將處於該範圍的高端。

But as you've pointed out in your questions and as John's pointed out, there's a lot of puts and takes to get to what an efficiency ratio looks like.

但正如您在問題中所指出的以及約翰所指出的那樣，要獲得效率比率，需要進行大量的調整和調整。

It's not only a function of expense level, but it's also revenue level.

它不僅是費用水平的函數，也是收入水平的函數。

But I think that operating at the -- at an elevated level, as we've said, is something that you should expect.

但我認為，正如我們所說，在較高的水平上運作是你應該期待的。

But again, long term, that's not our goal and that's not our expectation.

但從長遠來看，這不是我們的目標，也不是我們的期望。

And we should have some more clarity for you at Investor Day as well.

我們也應該在投資者日為您提供更多信息。

Your next question comes from the line of Ken Usdin with Jefferies.

您的下一個問題來自肯·烏斯丁 (Ken Usdin) 與杰弗里斯 (Jefferies) 的對話。

John, I wonder if you could talk more about that OCI risk management and the trade-off between that longer part of the curve.

約翰，我想知道您是否可以更多地談談 OCI 風險管理以及曲線較長部分之間的權衡。

When we saw on your 10-K that the unrealized loss component did go up, and it seems like you did reinvest a little less this quarter.

當我們在您的 10-K 上看到未實現損失部分確實上升時，看來您本季度的再投資確實減少了一些。

Can you just talk about like the balance between your decision tree on putting more into the book here and -- versus balance sheet risk, and the decision tree between investment securities and maybe keeping more mortgages?

您能否談談您的決策樹與資產負債表風險之間的平衡，以及投資證券與可能保留更多抵押貸款之間的決策樹？

Yes.

是的。

So in terms of keeping mortgages, we've -- keeping conforming mortgages on the books really hasn't been a tool that we've talked about.

因此，就保留抵押貸款而言，將合規抵押貸款記錄在案確實不是我們討論過的工具。

We've got -- we're adding what we think is plenty in the way of that asset category on the nonconforming side.

我們正在添加我們認為足夠多的不合格資產類別。

So for the moment anyway, that hasn't been a strategy that we've considered.

因此，無論如何，目前這還不是我們考慮過的策略。

With respect to the -- to OCI sensitivity, the big topic since the election has been what's going to happen with long rates?

關於 OCI 的敏感性，自選舉以來的大話題一直是長期利率會發生什麼？

Are they going to make a move?

他們要採取行動嗎？

And I think the whole market was discounting for a while what the possibility was of meaningful tax reform, some form of infrastructure stimulus.

我認為整個市場暫時低估了有意義的稅收改革和某種形式的基礎設施刺激的可能性。

And if both of those things get dropped on an economy with relatively full employment, that's inflationary.

如果在一個就業相對充分的經濟體中這兩件事都被放棄，那就會引發通貨膨脹。

And if that happens, there's a very reasonable expectation of higher long-term rates.

如果發生這種情況，長期利率就會上升，這是非常合理的預期。

And with that as a backdrop, of course, until it didn't happen at least in the short term, preparing ourselves for a meaningful move up at the longer end of the curve, both in terms of the capital impact of our existing stock of AFS securities as well as the decision around dry powder and whether you reinvest in the first quarter or the second quarter or the third quarter depending on where your entry points are, that has been a consistent topic.

當然，以此為背景，至少在短期內不會發生這種情況，為曲線較長端的有意義的上漲做好準備，無論是在我們現有股票的資本影響方面AFS 證券以及有關乾粉的決策，以及根據您的切入點是否在第一季度、第二季度或第三季度進行再投資，這一直是一個一致的話題。

So because that stimulus hasn't occurred, it still may, but certainly, it's a lower probability today than it was in November and December, we're back down in lower 10-year rates, lower mortgage rates than we were there for a while.

因此，由於刺激措施尚未發生，它仍然有可能發生，但可以肯定的是，今天的可能性比 11 月和 12 月要低，我們的 10 年期利率、抵押貸款利率都會比上一個時期更低。儘管。

And now, we have to ask ourselves again, are we going to be lower for a while, lower for longer?

現在，我們必須再次問自己，我們會降低一段時間，還是持續更長的時間？

Or are we still waiting for a shoe to drop and for there to be a big back up in rates?

或者我們還在等待價格的大幅回升嗎？

Sensitizing what that means to capital, for every 50, 75 or 100 basis point move into 10-year and mortgage yields, that's the risk that we're trying to manage as we navigate, and the trade-off of course is carry in the short term.

認識到這對資本意味著什麼，10 年期和抵押貸款收益率每上升 50、75 或 100 個基點，這就是我們在導航時試圖管理的風險，當然，權衡是在短期。

We had positioned ourselves very heavily invested, lower for longer in an outspoken way before the election.

在選舉前，我們以直言不諱的方式對自己進行了大量投資，並在更長時間內保持較低水平。

And now, we're contemplating what profile to maintain going forward.

現在，我們正在考慮未來要保持什麼樣的形象。

We want to have -- we want to retain, or frankly, maybe even increase, our asset sensitivity which is -- which we've talked about as sort of 5% to 15% and at the lower end of the range.

我們希望——我們希望保留，或者坦率地說，甚至可能提高我們的資產敏感性——我們已經討論過，資產敏感性為 5% 到 15%，處於該範圍的下限。

And every incremental decision we make to get invested to turn cash into HQLA reduces that asset sensitivity.

我們為將現金轉化為優質流動資產而做出的每一項增量決策都會降低資產敏感性。

So if we are in a rising rate environment, one way for us to preserve that -- one way, there are others -- is to delay investments in fixed-rate securities that we would otherwise make.

因此，如果我們處於利率上升的環境中，我們保持這種狀態的一種方法——一種方法，還有其他方法——就是推遲對固定利率證券的投資，否則我們會進行這種投資。

That's what we're talking about.

這就是我們正在談論的。

Okay.

好的。

And then as a follow-up to that, just on that last point about the asset sensitivity then, I think you guys have talked about previously what you thought the December hike would mean for first quarter.

然後作為後續行動，就關於資產敏感性的最後一點，我想你們之前已經討論過你們認為 12 月加息對第一季度意味著什麼。

Can you talk about -- I know this goes back to your point about betas, but has the sensitivity changed much intra-quarter here with the betas and the fixing out of that cash into securities?

你能談談——我知道這又回到了你關於貝塔值的觀點，但是隨著貝塔值和將現金固定為證券，敏感度在季度內發生了很大變化嗎？

Can you just give us an idea of what the next hike might mean to NII?

您能否告訴我們下一次加息對 NII 可能意味著什麼？

Well, it's hard to parse each piece.

嗯，很難解析每一部分。

We sort of outperformed our expectation in the first quarter because deposit prices didn't react the way that we had originally modeled them.

我們第一季度的表現有點超出了我們的預期，因為存款價格的反應與我們最初建模的方式不同。

But we have to imagine how the market pricing will react for each subsequent move.

但我們必須想像市場定價將如何對後續的每一步走勢做出反應。

When you put all the pieces in, a few moves, loan growth, deposit growth, investment activity.

當你把所有的東西都放進去時，一些舉措，貸款增長，存款增長，投資活動。

I think that sort of mid-single-digit NII growth over the course of the year is a reasonable expectation.

我認為全年 NII 中個位數的增長是合理的預期。

There are other things in there as well, but looking at the first quarter, looking at where we are and maybe with room to miss on the upside, that's how I would think about it right now.

還有其他的事情，但是看看第一季度，看看我們的處境，也許還有錯過上行空間的空間，這就是我現在的想法。

Your next question comes from the line of John McDonald with Bernstein.

你的下一個問題來自約翰·麥克唐納和伯恩斯坦的對話。

I wanted to ask about the efficiency initiative, Slide 18.

我想詢問有關效率倡議的問題，幻燈片 18。

I guess the first thing is can you tell us the relative size of the 3 main buckets of phase?

我想第一件事是你能告訴我們 3 個主要階段的相對大小嗎？

Are they in size order?

它們按尺寸順序排列嗎？

Like the centralization optimization is the big source there?

像中心化優化的大源頭在那裡？

So I would say that the first bucket is half, and the other 2 buckets comprise the other half.

所以我想說第一個桶是一半，另外兩個桶是另一半。

Okay.

好的。

That's helpful.

這很有幫助。

And how much in branch reductions -- can you just remind us, how much in branch reductions are in there in the second bucket?

分支減少了多少——您能否提醒我們，第二個桶中有多少分支減少？

We (inaudible) that.

我們（聽不清）那個。

Yes.

是的。

John, my suggestion is we'll provide you with more detail on that at Investor Day.

約翰，我的建議是我們將在投資者日向您提供更多詳細信息。

I think there's -- that's not a significant part of this $2 billion.

我認為這並不是這 20 億美元的重要組成部分。

We really came up with this $2 billion initiative prior to the beginning of the reduction in branches that we've talked about for this year.

我們確實在今年開始減少分支機構之前就提出了這項 20 億美元的計劃。

And as you know, you generally don't get the benefit of any sort of reduction or the expense reduction from branches in that first year.

如您所知，您通常不會在第一年從分支機構獲得任何形式的減少或費用減少的好處。

It tends to lag just a little bit.

它往往會稍微滯後一點。

But we'll provide some more detail in that in John's presentation and in Mary's presentation at Investor Day.

但我們將在約翰的演講和瑪麗在投資者日的演講中提供更多細節。

Okay.

好的。

I guess, I was just kind of getting at how the branch rationalization is going, and what would drive you to accelerate the branch reductions?

我想，我只是想了解分支機構合理化的進展情況，以及什麼會促使您加速分支機構削減？

Or is it just too early to make that call right now?

或者現在做出這個決定還為時過早？

It's a little early, but we'll be updating our approach with each passing quarter.

現在有點早，但我們將在每個季度更新我們的方法。

So even though we said 200 a year for 2 years, we will learn from the process that we're going through.

因此，即使我們說兩年內每年 200 個，我們也會從我們正在經歷的過程中學習。

And I think the presentation that Mary will give at Investor Day will very specifically describe the criteria that we're using, why these and why these now, and what we'll be looking for to make decisions around incremental ones going forward.

我認為瑪麗將在投資者日發表的演講將非常具體地描述我們正在使用的標準，為什麼要這樣做以及為什麼現在要這樣做，以及我們將尋求什麼來圍繞未來的增量標準做出決策。

And I think that should be pretty transparent and helpful.

我認為這應該是非常透明和有幫助的。

And just I think I mentioned it earlier, but we've closed about 40 in the first quarter and are on track for the 200 for this year.

我想我之前已經提到過，第一季度我們已經關閉了大約 40 個，今年有望關閉 200 個。

Okay.

好的。

And then just elsewhere on expenses.

然後就是其他地方的開支。

With the board review done, how long could -- would you -- you expect the professional fees to be elevated in the range that you highlighted on Slide 17?

董事會審查完成後，您預計專業費用會在幻燈片 17 中強調的範圍內上漲多久？

I would expect them to be elevated for a while, because the board review was certainly part of it.

我預計他們會在一段時間內得到提升，因為董事會審查肯定是其中的一部分。

It was conducted by an outside firm, and that cost rolls through that line item.

它是由一家外部公司進行的，該成本計入該行項目。

Recall that in connection with the consent orders, we've -- there are a couple of outside firms that are doing major reviews internally.

回想一下，就同意令而言，我們有幾家外部公司正在內部進行重大審查。

And then separately, we did something similar outside or in addition to the consent order to look at every part of the sales practices of our firm with actually another third party.

然後，我們分別在同意令之外或除了同意令之外做了類似的事情，以與實際上的另一個第三方一起審視我們公司銷售實踐的每個部分。

We've got programs around cyber, programs around data, programs in a handful of areas that are all, at least in part, relying on some combination of outside professional services firms and/or contract services firm, contract labor.

我們有圍繞網絡的項目、圍繞數據的項目、少數領域的項目，這些項目都至少部分依賴於外部專業服務公司和/或合同服務公司、合同工的某種組合。

So some of those will be around for several quarters, even though the board report is done.

因此，即使董事會報告已經完成，其中一些仍將持續幾個季度。

Okay.

好的。

And John, they were running a little higher than your previous targeted range.

約翰，他們的運行範圍比你之前的目標範圍要高一些。

Just comment on why that is.

只是評論一下為什麼會這樣。

Yes.

是的。

Well so in the first quarter, with outside professional services firms, some of that is sort of their billing cycle, et cetera.

那麼，在第一季度，對於外部專業服務公司來說，其中一些是他們的計費周期等等。

So we estimated, I think, 50 to 60 a quarter ago.

所以我認為，一個季度前我們估計有 50 到 60 個。

In the quarter, or I'd say now, at least for the next couple of quarters, it looks more like 70 to 80.

在本季度，或者我現在說，至少在接下來的幾個季度，看起來更像是 70 到 80。

We'll give a quarterly update on that to provide transparency and try and be as accurate as we can.

我們將每季度更新一次，以提供透明度並儘力做到準確。

Your next question comes from the line of John Pancari with Evercore.

你的下一個問題來自 John Pancari 和 Evercore 的對話。

Along the lines of what John McDonald was just asking about, I just want to dig a little bit deeper on that side around expenses, whether it be on the branch side at 200 a year, and also just looking at the size of the bank and the different businesses and the different markets you're in.

按照約翰·麥克唐納剛才問的內容，我只是想在費用方面更深入地挖掘一下，無論是每年 200 美元的分行費用，還是只看看銀行的規模和您所在的不同業務和不同市場。

It feels like when you look at it on paper, that you have a lot more room than potentially the $2 billion to pull back on costs in order to address the efficiency ratio this year.

感覺就像當你從紙面上看時，你有比潛在的 20 億美元更多的空間來削減成本，以解決今年的效率比問題。

Is that something where you're actually maybe considering where you could come up with a bigger number for us as you look at this and as you're looking at the Investor Day here?

當您看到這個以及這裡的投資者日時，您實際上可能正在考慮在哪裡可以為我們提供更大的數字？

Is that something that we could -- that is possible as you look at the franchise more in the near-term basis?

這是我們可以做的事情嗎——當你在短期內更多地關注特許經營權時，這是可能的嗎？

Yes, John.

是的，約翰。

I would look forward to that at Investor Day.

我期待在投資者日看到這一點。

I mean, just to reinforce, right, 62.7% efficiency ratio, even taking out the seasonality in the first quarter, is too high.

我的意思是，只是為了強調一下，62.7% 的效率，即使剔除第一季度的季節性因素，也太高了。

We've got a $2 billion expense initiative that we've talked over the last few quarters that is primarily focused on reinvesting for the long term.

我們在過去幾個季度討論了一項 20 億美元的支出計劃，該計劃主要側重於長期再投資。

In addition to that, we appreciate that we've got to improve our operating efficiency -- our expense efficiency ratio.

除此之外，我們意識到我們必須提高我們的運營效率——我們的費用效率。

And you will see more about that in Investor Day, and you should expect a bigger number.

您將在投資者日看到更多相關信息，並且您應該期待更多的數字。

Okay.

好的。

All right, great.

好吧，太好了。

And then separately, if I could just ask, along the CCAR side, could you give us your updated thoughts on your positioning for CCAR, particularly given the living will issues you had, the sales practice issue, the CRA, all that type of stuff?

另外，如果我能問一下，在 CCAR 方面，您能否向我們提供您對 CCAR 定位的最新想法，特別是考慮到您遇到的生前遺囑問題、銷售實踐問題、CRA 以及所有此類問題？

How are you feeling about CCAR for this year, particularly from the standpoint of your qualitative -- the qualitative aspect of it?

您對今年的 CCAR 有何看法，特別是從定性的角度來看？

We're feeling thorough, helpful and cooperative as it relates to CCAR this year.

今年我們對 CCAR 感到徹底、樂於助人和合作。

A big part of CCAR is the expectation that firms do a great job at identifying their own risks and addressing their risks in their forecasting, and then laying their capital plan on top of that with that realistic assessment.

CCAR 的一個重要組成部分是期望企業能夠出色地識別自身風險並在預測中解決風險，然後在此基礎上通過現實評估制定資本計劃。

We think we've done a very good job at that.

我們認為我們在這方面做得非常好。

Of course, it's early in the review cycle, so we'll know as time passes.

當然，現在還處於審查週期的早期，所以隨著時間的推移我們就會知道。

But we're very self-aware of the possibilities [ or ] the areas for criticism or skepticism based on our own peculiar specific circumstances.

但我們非常清楚基於我們自己特殊情況的批評或懷疑的可能性[或]領域。

And we think we've accounted for that.

我們認為我們已經考慮到了這一點。

We've been transparent, cooperative and had a lot of discussion with our regulators.

我們一直保持透明、合作，並與監管機構進行了大量討論。

But now, we're in the process.

但現在，我們正在這個過程中。

We've done a good job at this before.

我們之前在這方面做得很好。

We think we're doing a good job with it now.

我們認為我們現在做得很好。

We think we've positioned ourselves for it.

我們認為我們已經為此做好了定位。

But now, we're in the review.

但現在，我們正在進行審查。

Your next question comes from the line of Betsy Graseck with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Betsy Graseck。

I had a question.

我有一個問題。

Last quarter, you mentioned that you had proactively decided to keep, I think it's the nonbank balance sheet, in line with September 30 levels.

上個季度，您提到您主動決定將非銀行資產負債表與 9 月 30 日的水平保持一致。

I'm just wondering if you persisted in that this quarter.

我只是想知道你這個季度是否堅持這樣做。

We have persisted in that this quarter.

本季度我們一直堅持這一點。

We did that -- just as a cautionary approach.

我們這樣做了——只是作為一種謹慎的做法。

Because if you recall the feedback that we got around resolution planning, it said that if we didn't appropriately remediate the identified deficiencies with the passage of time, that one of the next step remedies that the regulators maintained and could take was to ask us to roll back our balance sheet size to September 30 of last year.

因為如果你還記得我們在決議計劃方面得到的反饋，它說，如果我們沒有隨著時間的推移適當地糾正已發現的缺陷，那麼監管機構堅持並可以採取的下一步補救措施之一就是要求我們將我們的資產負債表規模回滾至去年 9 月 30 日。

So just because we wouldn't want to put ourselves in the position of having to make an abrupt change for something that was out of our control, we decided to leave things at that level, and they're still operating there today.

因此，只是因為我們不想讓自己陷入必須對超出我們控制範圍的事情做出突然改變的境地，所以我們決定將事情保持在這個水平，而他們今天仍然在那裡運作。

So could you just remind us what it takes to get that approval to put more balance sheet to work in nonbank?

那麼您能否提醒我們如何才能獲得批准，讓更多的資產負債表在非銀行機構發揮作用？

I'm guessing that, that constraint weighed somewhat on your revenues relative to if you hadn't have to have that constraint.

我猜想，如果你不必受到這種限制，那麼這種限制會在一定程度上影響你的收入。

And maybe give us a sense as to what kind of potential you could see as you are able to reallocate capital to that business.

也許讓我們了解當您能夠將資本重新分配給該業務時，您會看到什麼樣的潛力。

Sure.

當然。

So I think we mentioned that in part, our net interest income was impacted about $100 million for our average trading assets being lower.

所以我想我們提到，我們的淨利息收入在一定程度上受到了約 1 億美元的影響，因為我們的平均交易資產較低。

In part, that would've related to keeping them in a level that was underneath the cap that we put in place.

在某種程度上，這與將它們保持在低於我們設定的上限的水平有關。

So I think that could be a placeholder for the impact.

所以我認為這可能是影響的佔位符。

I don't think that it's preventing us from conducting the business that we want to conduct.

我不認為這會阻止我們開展我們想要開展的業務。

And what it would take for it to change, of course, is there -- the acceptance of our remediation approach to the deficiencies that we filed on 3/31.

當然，要改變這種情況，就需要接受我們針對 3 月 31 日提交的缺陷的補救方法。

And then also, frankly, the review of our 7/1 plan, right?

坦率地說，還有對我們 7/1 計劃的審查，對吧？

We're all in the new resolution planning cycle, and we all, meaning the banking community.

我們都處於新的決議規劃週期中，我們所有人，指的是銀行界。

And we need to get feedback on that plan to make sure that it's well understood what the profile of our nonbank activity means to our preferred approach to resolution.

我們需要獲得有關該計劃的反饋，以確保人們充分理解我們的非銀行活動概況對我們首選的解決方法意味著什麼。

So my expectation is that we'll probably be around where we are today or maybe somewhat higher until we go through this full resolution planning cycle.

因此，我的期望是，在我們完成完整的決議規劃週期之前，我們可能會處於今天的水平，或者可能會更高一些。

And that's another 3 or 4 quarters?

那還需要 3 或 4 個季度嗎？

I'm just wondering how long you think that is.

我只是想知道你認為那是多長時間。

Well, we file on 7/1.

好吧，我們於 7 月 1 日歸檔。

It's hard to say what the response time is for that.

很難說響應時間是多少。

We could get more information or have a better understanding between now and then or during the process afterward.

我們可以從現在到那時或之後的過程中獲得更多信息或更好的理解。

But on the one hand, there isn't a pent-up demand for excessive amount of incremental assets in that business.

但一方面，該業務並沒有被壓抑的過多增量資產需求。

So it's not -- well, it's -- we want to be able to serve all of our customers and have flexibility there, that's valuable.

所以，我們希望能夠為所有客戶提供服務並具有靈活性，這很有價值。

But it's not something that's waiting to happen.

但這並不是等待發生的事情。

And then on the other hand, the time frames are uncertain because this is -- we're not in control of that process.

另一方面，時間框架是不確定的，因為我們無法控制這個過程。

Your next question comes from the line of Matt O'Connor with Deutsche Bank.

您的下一個問題來自德意志銀行的馬特·奧康納。

So you've given us a lot of detail and a couple of examples of kind of depressed profitability.

所以你給了我們很多細節和一些盈利能力下降的例子。

And what I'm trying to get at is aggregating some of the drags from the regulatory and sales issue, so -- sales practice issues.

我想要了解的是，匯總監管和銷售問題以及銷售實踐問題帶來的一些拖累。

You just mentioned there might be $100 million drag in trading versus what you could otherwise do over time.

您剛才提到，隨著時間的推移，交易可能會拖累 1 億美元。

You pointed to $80 million of sales practices expenses.

您提到了 8000 萬美元的銷售費用。

And you kind of implied there were some other expenses.

你暗示還有一些其他費用。

But I'm just wondering if you can kind of aggregate, all-in as you think about the drag to profitability that you're experiencing now, how much would that total?

但我只是想知道，當你考慮現在所經歷的對盈利能力的拖累時，你是否可以匯總一下，總共有多少？

As I would assume it's something that you're thinking about internally a lot.

我認為這是您內心經常思考的事情。

Yes, Matt, it's a very fair question.

是的，馬特，這是一個非常公平的問題。

I think it's difficult to pinpoint an exact number, though again I understand why you're interested.

我認為很難確定一個確切的數字，但我再次理解你為什麼感興趣。

I think the way that I would maybe try to categorize things is that the sale -- retail sales practices issues primarily impacted our Retail Banking business.

我認為我可能會嘗試對事情進行分類的方式是銷售 - 零售銷售實踐問題主要影響我們的零售銀行業務。

So when you look at the progress that we've made in terms of customer experience scores, customer loyalty, you've seen the increase in the number of primary checking accounts and so on.

因此，當您查看我們在客戶體驗評分、客戶忠誠度方面取得的進展時，您會看到主要支票賬戶數量的增加等。

You'd see progress from the lows of the fourth quarter.

您會看到第四季度的低點有所進步。

And you're -- in many of the metrics, you're seeing progress throughout the first quarter.

在許多指標中，您在整個第一季度都看到了進展。

But they're certainly not back to presettlement levels, right?

但他們肯定不會回到預安置水平，對吧？

And so my expectation is that over time we'll continue to make progress.

因此，我的期望是，隨著時間的推移，我們將繼續取得進展。

I think Mary and her team in Community Banking are doing a great job.

我認為瑪麗和她的社區銀行團隊做得很好。

We talked about the success with Mary and David's team in terms of the wealth and Community Banking partnership.

我們討論了與瑪麗和大衛的團隊在財富和社區銀行合作夥伴關係方面取得的成功。

And so I think that that's where I would focus on.

所以我認為這就是我要關注的地方。

Clearly, we've seen a reduction in new account openings, in credit card.

顯然，我們看到信用卡新開戶數量有所減少。

And my guess is that when you look at the annualized numbers, we'll -- you will continue to see some deterioration in the second quarter.

我的猜測是，當您查看年化數據時，您將繼續看到第二季度的情況有所惡化。

And then we'll begin to rebound from that.

然後我們將開始從中反彈。

But that's where I would focus on the retail side.

但這就是我關注零售方面的地方。

For the rest of the company, you look at Wholesale Banking year-over-year, I mean up 10%.

對於公司的其他部門，你會看到批發銀行業務同比增長了 10%。

If you look at wealth and investment management year-over-year, up 22%.

如果你看看財富和投資管理同比增長 22%。

I mean both of those businesses had some of their best quarters in their history.

我的意思是，這兩家公司都經歷了歷史上最好的季度。

So we've got some challenges on the retail side.

因此，我們在零售方面面臨一些挑戰。

We're very focused on that.

我們非常關注這一點。

But I think the rest of the bank is continuing to perform well and the retail bank business is really performing better than the lowest points in the fourth quarter and the first quarter.

但我認為銀行的其他業務繼續表現良好，零售銀行業務的表現確實好於第四季度和第一季度的最低點。

Yes, what I'm trying to get at is, is there revenue that's being suppressed from all of this?

是的，我想知道的是，這一切是否會抑制收入？

Because there's a lot of metrics out there that it's hard to translate some of these retail banking metrics into revenues.

因為有很多指標，所以很難將其中一些零售銀行指標轉化為收入。

The existing customer base seems to be performing well.

現有的客戶群似乎表現良好。

If we look at your credit card balances overall, the fee revenues.

如果我們查看您的信用卡總體餘額，就會發現費用收入。

So I think part of the thesis on the stock would be that you're underearning now because of some of these issues impacting both revenue and expenses.

因此，我認為有關股票的部分論點是，由於其中一些問題影響了收入和支出，你現在的收入不足。

And I'm just trying to square a lot of the disclosures that are out there with that.

我只是試圖將許多已披露的信息與此進行比較。

And again, you've provided us some metrics on the revenue expense, which is helpful, but that's really the angle that I'm coming from.

再說一遍，您向我們提供了一些有關收入支出的指標，這很有幫助，但這確實是我的出發點。

Yes.

是的。

I understand, Matt.

我明白，馬特。

Look, we always think we're underearning right?

聽著，我們總是認為自己收入不足，對嗎？

So it's not -- we don't want to get away from that, the fact that we think that we can continue to grow this company.

所以，我們不想迴避這一事實，即我們認為我們可以繼續發展這家公司。

Clearly, we've had a difficult period in our history, right?

顯然，我們的歷史上經歷過一段困難時期，對嗎？

But another one to highlight for example would be, you look at credit card balance growth and fee growth, they're in the high single digits over the last few years.

但另一個需要強調的例子是，你看看信用卡餘額增長和費用增長，它們在過去幾年中處於高個位數。

And now, we've drifted down a bit.

而現在，我們的態度有所下降。

Can we get that back up?

我們可以恢復它嗎？

Of course, we can.

我們當然可以。

Is it going to happen in the next month?

下個月會發生嗎？

No, but it's going to happen over time.

不，但隨著時間的推移，這將會發生。

And again, I would look at the detailed metrics that we provided as it relates to the retail business.

再次，我會查看我們提供的與零售業務相關的詳細指標。

Look at where we were historically, where we are now, the pace of recovery and then step back and make some educated guesses.

看看我們過去的處境、現在的處境、復甦的步伐，然後退後一步，做出一些有根據的猜測。

And my guess is that you'll probably be right.

我的猜測是你可能是對的。

And then a bigger picture question related to the theme, just in terms of how much time is senior management still spending on kind of all these issues?

然後是與主題相關的更大問題，即高級管理層仍然在所有這些問題上花費了多少時間？

And you can include anything from a regulatory perspective that's new the last 6 months, the sales practices, if you had a percentage that you had to put on how much time you, John and the business heads put towards this.

如果你有一個百分比來說明你、約翰和業務主管為此投入了多少時間，那麼你可以從監管角度包括過去 6 個月的新內容、銷售做法。

And then the same question for the line staff, because I would think at this point, the line staff is maybe starting to turn the page in terms of looking ahead more.

對於一線員工來說，同樣的問題，因為我認為，在這一點上，一線員工可能開始在更多地展望未來方面開始翻頁。

But just trying to get a sense of maybe how things really feel inside at the different layers.

但只是想了解一下不同層次的內部事物的真實感受。

So let me start.

那麼讓我開始吧。

And then John, jump in.

然後約翰也加入進來。

I was in Arizona this week in a few of our branches.

這週我在亞利桑那州的一些分支機構。

And I'll tell you, for our team and our branches, they haven't turned the page and they're in a different book.

我會告訴你，對於我們的團隊和分支機構來說，他們還沒有翻過這一頁，他們已經在另一本書裡了。

They are out there serving our customers every day, and they're making progress.

他們每天都在為我們的客戶提供服務，並且正在取得進步。

And you see it in the numbers.

你可以從數字中看到這一點。

I think that one of the keys to the progress that we've made over the last 6 months, and we've accomplished a lot in a difficult environment.

我認為這是我們過去 6 個月取得進展的關鍵之一，我們在困難的環境中取得了很多成就。

It's not to say we're not through it is that we task individuals to spend 100% of their time on some of the regulatory issues.

這並不是說我們還沒有完成這個任務，而是我們要求個人將 100% 的時間花在一些監管問題上。

For example, we talked about the fact publicly that we established a rebuilding trust office.

例如，我們公開談論了我們建立了重建信託辦公室的事實。

Meaning that we didn't want lots of people to be spending 10% and 15% of their time on some of these issues.

這意味著我們不希望很多人將 10% 到 15% 的時間花在其中一些問題上。

We wanted them to spend 100% of their time.

我們希望他們花 100% 的時間。

So we've created a new group, and they're spending 100% of their time on some of the issues in and around the consent orders and some of the other remediations that were done.

因此，我們創建了一個新小組，他們將 100% 的時間花在同意令及其周圍的一些問題以及已完成的其他一些補救措施上。

As it relates to senior management, it really depends on the business.

由於它涉及高級管理層，因此實際上取決於業務。

It depends on the activity and it depends on the day.

這取決於活動，也取決於當天。

It's episodic.

這是斷斷續續的。

I'd have to say some days, I'm probably spending 100% of my time on some of these issues.

我不得不說，有些天，我可能將 100% 的時間花在其中一些問題上。

And you know what, that's a great long-term investment.

你知道嗎，這是一項偉大的長期投資。

Because if we believe what we say, which is that rebuilding trust is the most important activity we can, I'd bet I'd spend 150% of my day on that.

因為如果我們相信我們所說的，即重建信任是我們能做的最重要的活動，我敢打賭我會花 150% 的時間在這上面。

So it's episodic, but I think every day, we're continuing to make progress.

所以這是間歇性的，但我認為每一天，我們都在繼續取得進展。

I couldn't be more proud of the progress that our team has made.

我對我們團隊所取得的進步感到非常自豪。

I think they've made 9 months of progress in 6 months, and they should be congratulated.

我認為他們在 6 個月內取得了 9 個月的進步，他們應該受到祝賀。

Your next question comes from the line of Brian Kleinhanzl with KBW.

您的下一個問題來自 KBW 的 Brian Kleinhanzl。

A quick follow-up question maybe on the gain on sale.

一個快速的後續問題可能是關於銷售收益的。

You mentioned you're expecting it to decline in the second quarter from the first quarter.

您提到您預計第二季度的增長率將比第一季度有所下降。

I guess since we're so early into the quarter, what's driving that forecast down quarter-on-quarter?

我想，既然我們進入本季度這麼早，是什麼導致該預測環比下降？

I think it's excess capacity in the industry.

我認為是行業產能過剩。

If mortgage markets are going to shrink to $1.5 trillion, $1.7 trillion worth of volume and there was more last year, then there are people who are going to try and price down to utilize as much capacity as they can.

如果抵押貸款市場的規模將萎縮至 1.5 萬億美元、1.7 萬億美元，而去年的規模更大，那麼有人會嘗試降低價格，以盡可能多地利用容量。

So it may not be down a ton, but that -- I think that the margin will be a difference maker.

因此，它可能不會下降很多，但我認為利潤率將是一個重要因素。

I mean I guess we say down a ton, you're looking at maybe a 20 basis points off of the fourth quarter, 30 basis points?

我的意思是，我想我們會說下降很多，您認為第四季度可能下降 20 個基點，30 個基點？

Yes, I think we're still north of 150.

是的，我認為我們仍然超過 150。

That's the right area.

那是正確的區域。

Okay.

好的。

And I guess just a follow up lastly again on the margin and the ability to remix the balance sheet, I hear what you're saying about the OCI risk management.

我想最後還是關於保證金和重新組合資產負債表的能力的後續行動，我聽到你對 OCI 風險管理的看法。

But isn't that what the held-to-maturity category is for?

但這不就是持有至到期類別的用途嗎？

Yes, we're a significant user of that category.

是的，我們是該類別的重要用戶。

There are liquidity limitations when you move a lot of assets into held-to-maturity.

當您將大量資產轉為持有至到期時，流動性會受到限制。

They're not as readily available in model terms in regulatory terms as regular liquidity is.

它們不像常規流動性那樣容易以模型術語和監管術語形式獲得。

So you have to be cautious about how you do that.

所以你必須謹慎對待如何做到這一點。

But we are a heavier user of that, for that, these days, for that very reason.

但如今，正是出於這個原因，我們更加頻繁地使用它。

But even if you took a 20% haircut on liquidity effect for the LCR, that doesn't seem like a huge number in the overall, given where your LCR is.

但即使你對 LCR 的流動性影響進行了 20% 的削減，考慮到你的 LCR 所處的位置，總體而言這似乎也不是一個巨大的數字。

I mean it's north of 100%.

我的意思是它超出了 100%。

Right, and we've begun to use held-to-maturity in a more significant way for the very reason that you're describing.

是的，出於您所描述的原因，我們已經開始以更重要的方式使用持有至到期日。

But nonetheless, we've got -- we have a lot of interest rate sensitivity in that portfolio.

但儘管如此，我們的投資組合對利率非常敏感。

And that is probably the chief driver of volatility around our capital levels, and we're -- we're just cautious about it and of course, if you believe like it was reasonable to believe during the last quarter that a significantly more attractive entry point might be in the relatively near future, then you would pause, or slow down anyway.

這可能是我們資本水平波動的主要驅動因素，我們只是對此持謹慎態度，當然，如果您認為上個季度有理由相信，一個更具吸引力的入場機會是合理的點可能就在不久的將來，那麼你就會暫停，或者放慢速度。

And that's what we're wrestling with, especially now that rates have rallied back and it looks less likely that sort of the investable part of the curve that we're talking about is going to be substantially higher in the future.

這就是我們正在努力解決的問題，尤其是現在利率已經回升，而且我們正在談論的曲線中的可投資部分未來不太可能大幅走高。

We have to have an opinion about that, and then suffer the consequences once we've made our choices.

我們必須對此有自己的看法，然後在做出選擇後承擔後果。

Your next question comes from the line of Saul Martinez with UBS.

你的下一個問題來自瑞銀集團的索爾·馬丁內斯。

So I guess, I'll ask a bigger picture question that cuts across a lot of the numbers and the more specific questions and answers that have been made.

所以我想，我會問一個更大的問題，涉及很多數字以及已經提出的更具體的問題和答案。

You obviously, as any public company, have multiple stakeholders.

顯然，作為任何上市公司，您都有多個利益相關者。

You want to earn a fair return for your shareholders.

您希望為股東賺取公平的回報。

You obviously want to meet your regulatory obligations.

您顯然希望履行監管義務。

You want to be a good corporate citizen and do good for our society and country and whatnot.

你想成為一名優秀的企業公民，為我們的社會、國家等做出貢獻。

But I guess what I'm getting at is how you think about balancing all those things in light of the sales fraud issues and the fallout from that, and whether you think it is adversely impacting your ability to achieve positive operating leverage in terms of the magnitude and the timing of that, in terms of pulling the cost lever maybe a little bit harder, doing things like rationalizing branches.

但我想我想說的是，鑑於銷售欺詐問題及其後果，您如何考慮平衡所有這些事情，以及您是否認為這會對您在以下方面實現積極運營槓桿的能力產生不利影響：就拉動成本槓桿而言，其規模和時機可能會有點困難，比如合理化分支機構。

So I guess, I'm just asking how your -- how you think about it more from a big picture standpoint, and whether you think it's -- it is having an impact on the magnitude and the timing of when you can start to achieve positive operating leverage.

所以我想，我只是問你——你如何從大局的角度來考慮它，以及你是否認為——它對你開始實現目標的程度和時間產生了影響積極的經營槓桿。

Yes, it's a very good question.

是的，這是一個非常好的問題。

And the short answer is, of course it's having an impact on the performance of the company.

簡而言之，這當然會對公司的業績產生影響。

I mean I think that when you step back and you look at the -- how serious the retail sales practice issues were and the reputational impact on the company, you can only reach that conclusion, right?

我的意思是，我認為當你退後一步，看看零售銷售實踐問題有多嚴重以及對公司聲譽的影響時，你只能得出這樣的結論，對嗎？

Having said that, I also step back and appreciate that we've been in business for 165 years, and we've had periods in our history where we've hit some rough patches.

話雖如此，我也退後一步並感謝我們已經營業了 165 年，而且我們在歷史上也曾遇到過一些困難時期。

And I think what we've been able to demonstrate historically, and that what our team has been able to demonstrate over the last few months, is we can work through those challenges and we will work through those challenges.

我認為我們歷史上以及我們的團隊在過去幾個月中所能夠證明的是，我們可以應對這些挑戰，並且我們將克服這些挑戰。

But in the short term, it's had an impact.

但短期內還是有影響的。

It's had an impact, in reference to Matt's question, about the time that we're spending in various activities.

關於馬特的問題，它對我們花在各種活動上的時間產生了影響。

But I think it's making us a better company.

但我認為這使我們成為一家更好的公司。

I've seen the management team of this company step up and accomplish things that I wouldn't have imagined.

我看到這家公司的管理團隊挺身而出，完成了我無法想像的事情。

I think we've asked a lot more of ourselves.

我認為我們對自己提出了更多要求。

It's increased the pace at which change that -- the change that we're making in the company.

它加快了我們在公司進行的變革的步伐。

And all the while, right, we just had our 18th consecutive quarter of generating more than $5 billion of earnings.

一直以來，我們剛剛連續第 18 個季度盈利超過 50 億美元。

And we've achieved industry-leading or near the highs ROA and ROE, right?

我們已經實現了行業領先或接近最高的 ROA 和 ROE，對嗎？

And that's a reflection of the quality of the team that we have, and that's the reflection of this diversified business model, which is incredibly valuable.

這反映了我們團隊的素質，也反映了這種多元化的商業模式，這是非常有價值的。

So it's a big picture question.

所以這是一個大問題。

That was a big picture answer.

這是一個宏觀的答案。

But there's no question in my mind that we're going to continue to improve from here.

但毫無疑問我們會從現在開始繼續進步。

Your next question comes from the line of Vivek Juneja with JPMorgan Chase.

您的下一個問題來自摩根大通的 Vivek Juneja。

A couple of questions.

有幾個問題。

Firstly, the board's report that came out, it said that sales practices, the issues you were having were identified as a serious risk to the board from 2014.

首先，董事會的報告出來了，它說，從 2014 年起，銷售行為、你所遇到的問題被確定為董事會的嚴重風險。

Any color on why that -- if it was notified to the board at that point, 2014, why it wasn't disclosed in your public filings since then?

有什麼顏色可以解釋為什麼嗎？如果是在 2014 年那個時候通知董事會的，為什麼從那時起你們的公開文件中就沒有披露這一點？

Yes, Vivek.

是的，維韋克。

I would prefer on this call not to spend a lot of time dissecting the board's report.

我希望在這次電話會議上不要花大量時間剖析董事會的報告。

I think that the board's report was a very tough and comprehensive review of issues over a long time frame that dealt with some very serious historical challenges.

我認為，委員會的報告是對長期問題的非常嚴厲和全面的審查，涉及一些非常嚴峻的歷史挑戰。

Having said that, hindsight is incredibly valuable when you look back at the reputational risk, reputational impact on the company.

話雖如此，當你回顧聲譽風險以及對公司的聲譽影響時，事後諸葛亮是非常有價值的。

And I think that based on the information that we had at that time, I think we made appropriate decisions in terms of our disclosures.

我認為，根據我們當時掌握的信息，我認為我們在披露方面做出了適當的決定。

And I would -- and I think that the report reinforced that.

我會——而且我認為該報告強化了這一點。

But again, knowing what we know now, would we have made different decisions?

但同樣，知道我們現在所知道的，我們會做出不同的決定嗎？

Not necessarily in terms of disclosure, but in terms of actions that we took and changes we took?

不一定是在披露方面，而是在我們採取的行動和改變方面？

Absolutely.

絕對地。

Okay.

好的。

Let me switch to my fundamental question.

讓我轉向我的基本問題。

Credit cards, your charge-offs are up quite a bit, 45 basis points linked quarter.

信用卡方面，你的沖銷額上升了不少，季度上升了 45 個基點。

Auto is up also year-on-year.

汽車也同比上漲。

Any -- John, Tim, any color on where you see that going, outlook for those?

任何——約翰、蒂姆，你認為這會發生什麼顏色，對這些的前景有什麼看法嗎？

For those 2 specific portfolios?

對於那兩個特定的投資組合？

Yes, because those have gone up quite a bit, so, and especially auto because of everything we're hearing in terms of used car values and all the press you've seen, I don't need to regurgitate that.

是的，因為這些價格已經上漲了很多，所以，特別是汽車，因為我們聽到的二手車價值方面的一切以及你所看到的所有媒體，我不需要反駁這一點。

Yes, so good questions.

是的，這麼好的問題。

I think that you got to look at the performance of those portfolios in context of one, the size of those portfolios in terms of our entire loan portfolio, number one; and number two, in terms of the credit quality of the rest of the portfolio, which is as good, if not as the best that I -- as I can recall seeing in my career.

我認為你必須從以下幾個方面來看待這些投資組合的表現：第一，這些投資組合占我們整個貸款組合的規模；第二，就投資組合其餘部分的信用質量而言，即使不是我在職業生涯中見過的最好的，也是一樣好。

In terms of auto, John did a good job of kind of walking through it.

在汽車方面，約翰做得很好，有點像步行穿過它。

We saw and became concerned about where used car values and where competitive pressures were going back to the middle of last year.

追溯到去年年中，我們看到並開始關註二手車的價值和競爭壓力。

We've been very transparent about that.

我們對此一直非常透明。

And we think that we've gotten ahead of any significant issues.

我們認為我們已經解決了任何重大問題。

And that's why you're seeing originations be down in the double-digits year-over-year.

這就是為什麼你會看到起源同比下降兩位數。

And that's not just something that happened this quarter.

這不僅僅是本季度發生的事情。

It's been the last few quarters.

已經過去幾個季度了。

I don't know exactly where auto losses are going to go.

我不知道汽車損失到底會去向哪裡。

They certainly could go a bit higher.

他們當然可以走得更高一點。

But I think that the changes and the decision that we made over the last 6 months has reinforced kind of the long-term view of how we manage credit at this company.

但我認為，我們在過去 6 個月中做出的改變和決定強化了我們對這家公司如何管理信貸的長期看法。

In terms of credit card, I mean, John, jump in.

就信用卡而言，我的意思是，約翰，請插話。

I think some of that was seasonality, but I wouldn't get overly concerned about how that could impact our earnings.

我認為其中一些是季節性的，但我不會過度擔心這會如何影響我們的收入。

I don't know, John, if you feel...

我不知道，約翰，你是否覺得……

I don't think it will have an impact on our earnings, but I -- it is an observation that consumer unsecured credit is probably the weak spot in our overall credit portfolio.

我認為這不會對我們的收入產生影響，但據我觀察，消費者無擔保信貸可能是我們整體信貸投資組合中的弱點。

They're a little bit worse than they were.

他們比以前差了一點點。

We also have our own -- we've slowed down the growth of the size of the portfolios.

我們也有自己的——我們放慢了投資組合規模的增長。

So there's a little bit less of a new customer phenomenon, little bit more of a seasoned customer phenomena.

因此，新客戶現象會少一些，而老客戶現象會多一些。

So it's going to behave a little bit differently if it's growing at a different pace than it used to.

因此，如果它的增長速度與以前不同，它的表現就會有所不同。

I think we've got some fanning of the performance of different cohorts of origination from year to year.

我認為我們每年都會對不同起源群體的表現產生一些興趣。

I think at the margins, it's a little bit worse.

我認為在邊緣，情況有點糟糕。

Not -- it's not a big enough contributor to our performance overall where it's going to make a big difference.

不是——它對我們整體表現的貢獻還不夠大，不會產生很大的影響。

I think it's priced for the risk that we have, but the losses are a little bit worse.

我認為它的定價考慮了我們所面臨的風險，但損失有點嚴重。

I also think as we -- we had historically been originated primarily through our branches, which is well understood.

我還認為，我們歷史上主要是通過我們的分支機構起源的，這是眾所周知的。

And we have been experimenting with other channels of origination and as we do that I think there's an expectation that on average those other channels will perform a little bit worse than people who are already our deposit customers.

我們一直在嘗試其他渠道，當我們這樣做時，我認為平均而言，這些其他渠道的表現會比已經是我們存款客戶的人差一些。

We think we can price for that risk.

我們認為我們可以為這種風險定價。

We think that's how the industry works.

我們認為這就是這個行業的運作方式。

It's a reasonable approach.

這是一個合理的做法。

But when comparing history with present we should display some difference in performance.

但是，當將歷史與現在進行比較時，我們應該顯示出一些性能差異。

Your next question comes from the line of Gerard Cassidy with RBC.

您的下一個問題來自 RBC 的杰拉德·卡西迪 (Gerard Cassidy)。

Can you guys share with us of your average noninterest-bearing deposits about $364 billion, how much is that in the commercial area versus consumer?

你們能否與我們分享一下，你們的平均無息存款約為 3640 億美元，商業領域與消費者領域的存款比例是多少？

And I think you mentioned on the call that you raised some deposit rates in the commercial area.

我想你在電話會議上提到你提高了商業領域的一些存款利率。

Could you share with us how many basis points you lifted them up in the quarter?

您能否與我們分享一下您在本季度將其提高了多少個基點？

Well, so it's correct that our deposit pricing changed in commercial almost entirely versus consumer or small business.

嗯，所以我們的存款定價在商業領域幾乎完全與消費者或小型企業相比發生了變化，這是正確的。

And so really, the full move in average deposit cost for the company is coming from commercial.

事實上，該公司平均存款成本的全部變動來自商業。

So we'll do some quick weighted average math here and describe it.

因此，我們將在這裡進行一些快速加權平均數學計算並進行描述。

It's roughly half the deposits of the company.

這大約是公司存款的一半。

The impact on commercial was roughly double what the average was for the company as a whole.

對商業的影響大約是整個公司平均影響的兩倍。

Yes, I think that's fair.

是的，我認為這是公平的。

And frankly, that isn't necessarily a widely programmatic pricing change, but it's for different categories of customers based on relationship, based on value of the deposit, et cetera.

坦率地說，這不一定是廣泛的程序化定價變化，而是基於關係、存款價值等針對不同類別的客戶。

So it's been somewhat sort of by appointment as we've navigated through these rate increases.

因此，在我們經歷這些加息過程中，這在某種程度上是預約的。

And following up on the value to the customer, the compensating balances, would you expect as rates go higher, that your customers, your commercial customers, will be able to lower their compensating balances amounts to still be able to receive the products you provide to them?

跟進客戶的價值，即補償餘額，您是否期望隨著費率上升，您的客戶，您的商業客戶將能夠降低他們的補償餘額金額，以便仍然能夠收到您提供給的產品他們？

Well, yes, because we need to adjust our earnings credit rate, the ECR rate that we pay to those customers.

嗯，是的，因為我們需要調整我們的收入信用率，即我們向這些客戶支付的 ECR 率。

So I think that's fair.

所以我認為這是公平的。

Okay.

好的。

John, you spent a lot of time about the OCI and the work you guys have done there.

約翰，您花了很多時間了解 OCI 以及你們在那裡所做的工作。

Have you had any success in trying to figure out how much, based on what the Fed's balance sheet is today, $4.5 trillion, and the talk of the [ unwinding ] that's coming down the road over maybe the next 12 months, do you guys have any estimate of what you think the impact on the 10-year government bond yield is due to the daily buying that the Fed does to maintain that $4.5 trillion balance sheet?

根據美聯儲目前的資產負債表（4.5 萬億美元）以及未來 12 個月可能會出現的[放鬆]的討論，你們是否成功地試圖算出有多少資金？您認為美聯儲為維持 4.5 萬億美元資產負債表而每日購買債券對 10 年期政府債券收益率的影響有何估計？

We were hoping you'd tell us.

我們希望你能告訴我們。

There are a variety of academic studies that we've processed.

我們已經處理了各種各樣的學術研究。

Because as you're accurately pointing out, that is sort of a key risk in our OCI analysis, especially as the talk's been heating up about them being more explicit about a QE reversal.

因為正如您準確指出的那樣，這是我們 OCI 分析中的一個關鍵風險，尤其是在有關他們更加明確地逆轉量化寬鬆的討論不斷升溫的情況下。

And I think as you weighted average or look through those studies and see what they mean, and of course, this is going to feel different on different days as the market reacts to the notion of selling.

我認為，當你加權平均或瀏覽這些研究並了解它們的含義時，當然，隨著市場對賣出概念的反應，這在不同的日子會有不同的感覺。

But in terms of that supply ending up having distributed back throughout the investing community, the market would suggest you're in sort of the 60 basis point range in terms of yield differential, and there a lot of assumptions that are baked into that.

但就供應最終分配回整個投資界而言，市場會建議收益率差異在 60 個基點範圍內，並且其中包含了很多假設。

But that would be a sort of a consensus of the academic works that's been done on the topic.

但這將是有關該主題的學術著作的一種共識。

And there's -- all kidding aside, there's a difference, I think, between the impact on treasuries and also the impact on MBS.

開個玩笑，我認為，對國債的影響和對MBS 的影響是有區別的。

At the same time, it's hard to say if all other things were equal because when you think about the impact on MBS, at the same time that, that could be happening, we could be having a restructuring in terms of Fannie and Freddie in the mortgage market.

與此同時，很難說其他條件是否相同，因為當你考慮對 MBS 的影響時，同時，這種情況可能發生，我們可能會在房利美和房地美方面進行重組。抵押貸款市場。

And so I think we've got to make sure that we're taking that into consideration.

所以我認為我們必須確保考慮到這一點。

There could be wild volatility on any given day or week.

任何一天或一周都可能出現劇烈波動。

Yes, absolutely.

是的，一點沒錯。

But once all is settled, that's the estimate of the full absorption of that overhang of supply.

但一旦一切塵埃落定，這就是對過剩供應的完全吸收的估計。

But I think if you, to John's point, I think if you assume kind of a high double-digit range, 60 to 70 to 80 basis points, I -- that's as good as we can imagine right now.

但我認為，按照約翰的觀點，如果你假設一個高兩位數的範圍，60 到 70 到 80 個基點，我——這就像我們現在可以想像的那樣好。

Very good.

非常好。

And then just finally, you talked about your efficiency ratio, and obviously, you're not pleased with where it is today.

最後，您談到了您的效率比率，顯然，您對今天的效率並不滿意。

When we look at your noninterest expense and divide that by average assets, it's about the stated number, it's about 2.86%, which is unchanged from a year ago.

當我們查看您的非利息支出並將其除以平均資產時，結果約為所述數字，約為 2.86%，與一年前相比沒有變化。

How much of the improvement in the efficiency ratio that you foresee will come from revenue being better than -- and I know you're going to focus on expenses.

您預計效率比率的改善有多少將來自於收入的改善——我知道您將重點關注支出。

But how much could come from better revenue?

但更好的收入能帶來多少收益呢？

It -- well, that certainly could happen, but that's not what we're focused on in terms of improving the efficiency of the company.

嗯，這當然有可能發生，但這不是我們提高公司效率的重點。

And I'm glad you pointed that out.

我很高興你指出了這一點。

I mean, that would be -- if revenues grew at 2x what we talked about, then the efficiency ratio very quickly would fall within the ranges.

我的意思是，如果收入增長是我們所說的兩倍，那麼效率比率很快就會落入這個範圍內。

We're not going to declare victory because of that.

我們不會因此而宣布勝利。

We're going to focus on improving the efficiency of the company.

我們將專注於提高公司的效率。

We'll measure it by the efficiency ratio.

我們將通過效率比來衡量它。

But we'll certainly not take credit for the benefits that occur because revenues are up.

但我們肯定不會因為收入增加而將所帶來的好處歸功於自己。

We want to stay with the risk discipline that we have as in overlay to all this.

我們希望堅持我們所擁有的風險紀律，就像所有這一切一樣。

There's no question about that.

毫無疑問。

But we want to improve the operating efficiency of the company.

但我們希望提高公司的運營效率。

Your next question comes from the line of Eric Wasserstrom with Guggenheim Securities.

您的下一個問題來自古根海姆證券公司的 Eric Wasserstrom。

I just wanted to follow up on one of the broader themes of the board report, which related to the compliance function and how it functioned.

我只是想跟進董事會報告中更廣泛的主題之一，該主題與合規職能及其運作方式相關。

And could you just give us a sense of what -- you talked a lot about changes to the comp structure and such.

您能否讓我們了解一下您談到了很多關於薪酬結構等方面的變化。

But in terms of the centralized oversight of the retail function, can you give us a sense of where you are in that remediation?

但就零售職能的集中監督而言，您能否讓我們了解一下您在整治中的進展情況？

Sure, and I'm glad you asked that question.

當然，我很高興你問這個問題。

So one of the areas that the board focused on was the historical structure of the company, which I would describe as very siloed in terms of each business having its own compliance functions, credit functions, finance functions, HR functions.

因此，董事會關注的領域之一是公司的歷史結構，我將其描述為非常孤立的，因為每個業務都有自己的合規職能、信貸職能、財務職能和人力資源職能。

And just think about all of the enterprise activities, technology, all the enterprise activities that you would need to operate a business like that.

想想所有的企業活動、技術，以及運營這樣的企業所需的所有企業活動。

And I think the report appropriately highlighted that, that structure didn't allow for the appropriate escalation, the timely escalation of the underlying issues, number one.

我認為該報告適當地強調了這一點，即該結構不允許適當升級，即根本問題的及時升級，這是第一。

And number two, it didn't allow for as strong of a check and balance that we would have had hoped for.

第二，它沒有實現我們所希望的強有力的製衡。

We fundamentally changed that.

我們從根本上改變了這一點。

And what does that mean?

這意味著什麼？

That means that we've moved the folks that were in risk within the Community Banking business to our enterprise risk function.

這意味著我們已將社區銀行業務中面臨風險的人員轉移到我們的企業風險職能部門。

So they now report to our Chief Risk Officer, Mike Loughlin.

因此，他們現在向我們的首席風險官 Mike Loughlin 匯報。

We've moved the human resources team that was in the Community Banking business.

我們已經調動了社區銀行業務的人力資源團隊。

And they now report up to our, Chief Administrative Officer, Hope Hardison.

他們現在向我們的首席行政官霍普·哈迪森匯報。

I could go on and on with each one of the activity.

我可以繼續進行每一項活動。

So we centralized our enterprise activities.

所以我們集中了我們的企業活動。

That's going to create some efficiencies over time.

隨著時間的推移，這將創造一些效率。

But the primary reason we did that was so that we had the -- a more appropriate escalation of risk and a more timely escalation of risk.

但我們這樣做的主要原因是為了更適當、更及時地升級風險。

And I can see that working now in the company today.

我現在可以看到這一點在公司工作。

And that some of the hard work and effort that the team's been focused on over the last few months.

以及團隊在過去幾個月裡一直關注的一些艱苦工作和努力。

And that's completed.

這樣就完成了。

Great, and you anticipated my follow-up a little bit, which is, it would seem that centralization should be ultimately a source of some efficiency.

太好了，你有點期待我的後續行動，也就是說，集中化最終應該成為某種效率的來源。

But I imagine there's also some investment going on in these functions.

但我想在這些功能上也會有一些投資。

So kind of net-net, how should we think about just the kind of the cost of compliance within retailer, perhaps at Wells more broadly?

在這種網絡網絡中，我們應該如何考慮零售商內部（也許更廣泛的富國銀行）的合規成本？

I think you should imagine the cost of compliance being elevated right now.

我認為你應該想像現在合規成本正在上升。

And the reason it's elevated right now is that as you pointed out are the reasons, you pointed out, there's a lot of change going on, and we want to make sure we do it right.

現在它升高的原因是，正如您所指出的那樣，正在發生很多變化，我們希望確保我們做得正確。

We have two consent orders that we need to comply with.

我們有兩項需要遵守的同意令。

And we've invited third parties to look at our practices and our culture across the company.

我們還邀請第三方來研究我們整個公司的實踐和文化。

So I would say that they're elevated right now.

所以我想說他們現在已經升高了。

And once we are -- we comply with the consent orders and we make sure that there are no other issues that we need to deal with, then you can imagine those going down over time.

一旦我們遵守了同意令，並確保沒有其他問題需要我們處理，那麼你可以想像這些問題會隨著時間的推移而下降。

But right now, the most important job at this company is rebuilding trust.

但現在，這家公司最重要的工作是重建信任。

We can't sacrifice short-term efficiency for doing that.

我們不能為此犧牲短期效率。

Over the long term, we're going to do that.

從長遠來看，我們將這樣做。

And that's we'll -- we'll talk about that efficiency more at Investor Day.

我們將在投資者日更多地討論這種效率。

Your next question comes from the line of Nancy Bush with NAB Research, LLC.

您的下一個問題來自 NAB Research, LLC 的 Nancy Bush。

I want to get at Matt's question from sort of a different angle, and this is what kind of pops into my head every time I start thinking about this.

我想從不同的角度來回答馬特的問題，每次我開始思考這個問題時，我的腦海中都會浮現出這樣的想法。

You said you are seeing progress in the Retail Bank, but you're not back to presettlement levels.

您說您看到零售銀行取得了進展，但還沒有回到預結算水平。

And I guess I -- would have to ask, what makes you confident that, that you can get back to presettlement levels since a lot of the metrics we were seeing preresettlement were bogus?

我想我不得不問，是什麼讓您有信心能夠回到預安置水平，因為我們看到的預安置的許多指標都是假的？

So I guess, what is going to happen that sort of takes us back to this new path that's going to enable you to sort of get to a new plateau or the next level?

所以我想，會發生什麼讓我們回到這條新的道路，讓你能夠到達一個新的平台或下一個水平？

Sure.

當然。

So Nancy, I might push back just a little bit on the bogus comment.

所以南希，我可能會稍微反駁一下虛假評論。

Because that would indicate that our statements were materially inaccurate, and they weren't, okay?

因為這表明我們的陳述在實質上是不准確的，而事實並非如此，好嗎？

Having said that, you make a really fair point, and candidly is one we're wrestling with.

話雖如此，你的觀點非常公平，坦率地說，這是我們正在努力解決的問題。

Because some of the metrics that we're seeing, and that we'll talk about on Investor Day for example, would tell us that the average value of the new primary checking customer that we're bringing on is more valuable than maybe 1, 2 years ago or 3 years ago.

因為我們看到的一些指標（例如我們將在投資者日討論的一些指標）會告訴我們，我們引入的新主要檢查客戶的平均價值可能比 1 更有價值， 2年前或3年前。

And so we certainly could imagine an environment where, let's say, the rate of new primarily checking growth in Community Banking may be lower than presettlement levels.

因此，我們當然可以想像這樣一種環境：社區銀行業務的新的主要支票增長速度可能低於預先安置水平。

But the value, and therefore the revenue impact, over time might be higher.

但隨著時間的推移，其價值以及收入影響可能會更高。

And so we're working through all that right now.

所以我們現在正在解決這一切。

But I take your point.

但我同意你的觀點。

I didn't mean to suggest, and I appreciate the correction, that -- I didn't mean to suggest that we think we're going to get to exactly to those numbers.

我並不是有意建議，並且我很欣賞您的更正，我並不是有意建議我們認為我們將準確地達到這些數字。

But clearly, primary checking account growth at less than 2% is below what our aspirations are.

但顯然，主要支票賬戶的增長率低於 2%，低於我們的期望。

And we can do better than that over time delivering product, service and advice and products in the right way.

隨著時間的推移，我們可以做得更好，以正確的方式提供產品、服務、建議和產品。

Okay, and I have a question for John, a follow-up for John.

好的，我有一個問題要問約翰，這是約翰的後續問題。

Deposit rates in the retail bank are not up overall.

零售銀行的存款利率總體上沒有上漲。

But have you had to, in certain markets or certain customer subgroups, et cetera, had to compete with deposit rates just to sort of overcome the sales fraud issues?

但是，在某些市場或某些客戶群體等中，您是否必須與存款利率競爭才能克服銷售欺詐問題？

No, but in fact, we haven't.

不，但事實上，我們沒有。

We've sort of stuck with our approach and the value proposition of being a retail customer of Wells Fargo with a whole bundle of capability, functionality, et cetera and the relationships that we've had.

我們有點堅持我們的方法和價值主張，即成為富國銀行的零售客戶，擁有一整套能力、功能等以及我們所擁有的關係。

So we haven't been competing with Retail Banking on price.

因此，我們並未在價格上與零售銀行業務競爭。

Okay.

好的。

And just Tim, one final question for you.

蒂姆，最後一個問題要問你。

The board report and the news of the clawbacks, et cetera, et cetera, was all very dramatic.

董事會報告和回撥的消息等等，都非常引人注目。

In your view, does that sort of represent -- does this report and the events around it sort of represent the high watermark I guess of headline risk to the company as you get better from here, I guess, is what I'm asking?

在你看來，這是否代表——這份報告及其周圍的事件是否代表了我想當你從這裡變得更好時公司面臨的總體風險的高水位，我想，這就是我所問的？

Nancy, the short answer is, I hope so.

南希，簡短的回答是，我希望如此。

But one of the things that I've learned painfully, and I think we've all learned painfully, over the last 6 months is that regardless of how well we perform or how dramatic the changes are, we don't control the headlines.

但在過去 6 個月裡，我痛苦地學到了一件事，我想我們都痛苦地學到了這一點，那就是，無論我們表現得有多好，或者變化有多麼巨大，我們都無法控制頭條新聞。

I wish we did.

我希望我們做到了。

I wish that the media would cover the fact that we're one of the most generous, if not the most generous firm in financial services.

我希望媒體能夠報導這樣一個事實：我們即使不是金融服務領域最慷慨的公司，也是最慷慨的公司之一。

I wish the media would cover the fact that we've now had our 18th consecutive quarter of earnings over $5 billion.

我希望媒體能夠報導這樣一個事實：我們現在已經連續第 18 個季度的盈利超過 50 億美元。

I wish the media would highlight all the changes that we've made in headlines in this company over the last 6 months.

我希望媒體能夠重點關注我們在過去 6 個月裡在這家公司的頭條新聞中所做的所有變化。

But the news business is different.

但新聞業則不同。

It changes.

它改變。

They're under more pressure.

他們承受的壓力更大。

I respect that, we respect it.

我尊重這一點，我們也尊重這一點。

So we're going to work very hard as we continue to rebuild trust and do everything we can to put the headline risk behind it.

因此，我們將非常努力地繼續重建信任，並儘一切努力將總體風險拋在腦後。

But I don't control it, and we don't.

但我無法控制它，我們也無法控制。

Our final question will come from the line of Kevin Barker with Piper Jaffray.

我們的最後一個問題將來自凱文·巴克（Kevin Barker）和派珀·賈弗雷（Piper Jaffray）的對話。

You touched on this earlier about your cash balances and how that plays into HQLA.

您之前談到過您的現金餘額以及它對 HQLA 的影響。

Obviously, cash has gone up dramatically in this quarter.

顯然，本季度現金大幅增加。

Can you talk about your targets or your long-term targets on where this cash balances could settle down over the long term?

您能否談談您的目標或長期目標，即現金餘額長期穩定在哪裡？

I believe you said something around $200 billion back in the Investor Day last year.

我相信你在去年的投資者日說過大約 2000 億美元。

Yes.

是的。

Well, it depends on what the calculations are for outflows under LCR.

嗯，這取決於 LCR 下流出的計算結果。

Because our combination of cash in HQLA, which for LCR purposes, are indistinguishable, is a function of those possible outflows under stress.

因為我們在 HQLA 中的現金組合（就 LCR 而言）是無法區分的，是壓力下可能流出的函數。

So it's going to move around.

所以它會四處移動。

It's probably in the $200 billion range.

大概在2000億美元左右。

But the decision to whether to have a little more than that or a lot more than that plays back into this question of what you're going to do with the rest of it.

但是，決定是比這個多一點還是比這個多得多，又回到了你將如何處理剩下的這個問題。

Is there a meaningful loan demand in that period?

在此期間是否存在有意義的貸款需求？

Is there an attractive entry point for adding to our investment portfolio in that period?

在此期間是否有一個有吸引力的切入點來增加我們的投資組合？

And how is that influenced by our OCI sensitivity at that point in time given where rates are and where they are likely to go on a probabilistic basis.

考慮到利率水平及其在概率基礎上可能走向的情況，我們當時的 OCI 敏感性如何影響這一點。

All of those things fit together.

所有這些事情都組合在一起。

But at least with the balance sheet structured the way that it currently is, our commitments, our other sort of calls on liquidity, the way they currently are, $200 billion is probably not too far off of a reasonable level.

但至少按照目前的資產負債表結構、我們的承諾、我們對流動性的其他要求，2000 億美元可能與合理水平相差不遠。

And when you net all those things out, do you expect that to decline -- to continue to decline through 2017?

當你把所有這些因素都考慮在內時，你預計這一數字會下降——到 2017 年繼續下降嗎？

Or is this something longer term that you're considering?

或者這是您正在考慮的更長遠的事情？

Do I consider our total available cash to decline toward more of a minimum?

我是否認為我們的可用現金總額會下降到最低限度？

Is that the question?

這是問題嗎？

Yes, that's right.

恩，那就對了。

If we begin to get either a rate move up or more certainty that the bigger stimulus, which might cause a big rate move up, isn't going to happen one way or the other, my sense is that we'll probably get a little bit more invested throughout the course of the year.

如果我們開始意識到利率上升，或者更加確定更大的刺激措施（可能會導致利率大幅上升）不會以某種方式發生，我的感覺是，我們可能會得到一點全年的投資有所增加。

Or of course, if there are big moves in loan growth beyond what we would reasonably imagine, which is the first call on all of our liquidity.

或者當然，如果貸款增長出現超出我們合理想像的重大變化，這是對我們所有流動性的第一個呼籲。

Thank you.

謝謝。

Well, I want to thank all of you for your time this morning.

好吧，我要感謝大家今天早上抽出寶貴的時間。

I know it's been a very busy morning for all of you.

我知道這對你們所有人來說都是一個非常忙碌的早晨。

I want to thank you for the depth and breadth of your questions.

我要感謝您提出的問題的深度和廣度。

As we've mentioned, our #1 priority here is rebuilding trust in all of our stakeholders.

正如我們所提到的，我們的首要任務是重建所有利益相關者的信任。

And clearly, you are all very important stakeholders for our company.

顯然，你們都是我們公司非常重要的利益相關者。

And we're doing that with the overlay of making good, long-term decisions to provide the best long-term returns to our shareholders.

我們在做到這一點的同時，還做出了良好的長期決策，為股東提供最佳的長期回報。

I couldn't be more proud of our team in terms of the progress that they've made over the last 6 months in terms of how we're delivering on the vision to satisfy our customers' financial needs and to help them to succeed financially.

我為我們的團隊在過去 6 個月裡在我們如何實現滿足客戶財務需求並幫助他們取得財務成功的願景方面所取得的進展感到無比自豪。

We look forward to seeing all of you at our Investor Day in about a month.

我們期待在大約一個月後的投資者日見到大家。

So thank you, and have a great day.

謝謝你，祝你有美好的一天。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

And you may now disconnect.

您現在可以斷開連接。