富國銀行 (WFC) 2023 Q2 法說會逐字稿

Welcome, and thank you for joining the Wells Fargo Second Quarter 2023 Earnings Conference Call. (Operator Instructions). Please note that today's call is being recorded. I would now like to turn the call over to John Campbell, Director of Investor Relations. Sir, you may begin the conference.

歡迎並感謝您參加富國銀行 2023 年第二季度收益電話會議。 （操作員說明）。請注意，今天的通話正在錄音。我現在想將電話轉給投資者關係總監約翰·坎貝爾 (John Campbell)。主席先生，您可以開始會議了。

Good morning. Thank you, everyone, for joining our call today where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss second quarter results and answer your questions. This call is being recorded. Before we get started, I would like to remind you that our second quarter earnings materials, including the release, financial supplement and presentation deck are available on our website at wellsfargo.com. 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.

早上好。感謝大家今天加入我們的電話會議，我們的首席執行官 Charlie Scharf；我們的首席財務官 Mike Santomassimo 將討論第二季度業績並回答您的問題。此通話正在錄音。在我們開始之前，我想提醒您，我們的第二季度收益材料，包括新聞稿、財務補充和演示文稿，可在我們的網站 wellsfargo.com 上獲取。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 materials. 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 and the earnings materials available on our website. I will now turn the call over to Charlie.

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，其中包括今天提交的包含我們盈利材料的 8-K 表格。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，也可以在我們向 SEC 提交的文件和我們網站上提供的收益材料中找到。我現在將把電話轉給查理。

Thank you, John, and good morning, everyone. As usual, I'll make some brief comments about our second quarter results and then update you on our priorities. I'll then turn the call over to Mike to review second quarter results in more detail before we take your questions. Let me start with some second quarter highlights.

謝謝約翰，大家早上好。像往常一樣，我將對我們第二季度的業績發表一些簡短的評論，然後向您介紹我們的優先事項的最新情況。然後，在回答您的問題之前，我會將電話轉給邁克，以更詳細地審查第二季度的業績。讓我從第二季度的一些亮點開始。

We had solid results in the quarter with revenue, pretax pre-provision profit, diluted earnings per share and ROTCE all higher than a year ago. The revenue growth reflected strong net interest income growth as well as higher non-interest income. While our efficiency ratio improved, and we continue to make progress on our efficiency initiatives, we had modest expense growth from a year ago. Net charge-offs have continued to increase from historical low levels, but overall credit quality was strong and consumer and business balance sheets remain healthy.

我們本季度取得了穩健的業績，收入、稅前撥備利潤、稀釋每股收益和 ROTCE 均高於一年前。收入增長反映了淨利息收入的強勁增長以及非利息收入的增加。雖然我們的效率比率有所提高，並且我們的效率計劃繼續取得進展，但與一年前相比，我們的費用略有增長。淨沖銷繼續從歷史低位上升，但整體信貸質量強勁，消費者和企業資產負債表保持健康。

We increased our allowance for credit losses by $949 million, primarily driven by our office portfolio as well as growth in our credit card portfolio. While we haven't seen significant losses in our office portfolio today, our detailed loan-by-loan review of the portfolio has given us a sense how the next several quarters could play out. We also considered a number of stressed scenarios, all of which informed our actions this quarter.

我們將信貸損失準備金增加了 9.49 億美元，這主要是由我們的辦公樓投資組合以及信用卡投資組合的增長推動的。雖然我們今天還沒有看到辦公樓投資組合出現重大損失，但我們對投資組合的逐筆貸款詳細審查讓我們了解了未來幾個季度的情況。我們還考慮了一些壓力情景，所有這些都為我們本季度的行動提供了依據。

Mike will discuss this in more detail, but I want to make the point that it is very hard to look at any one statistic and determine the risk in the portfolio. Loss content will be driven by a combination of factors including, but not limited to: Property type, location, lease rates, lease renewal notice states, loan structure and borrower behavior. Most importantly, our CRE teams remain focused on working with our clients for its portfolio surveillance and derisking to minimize loss content.

邁克將更詳細地討論這一點，但我想指出的是，很難查看任何一項統計數據並確定投資組合中的風險。損失內容將由多種因素驅動，包括但不限於：房產類型、位置、租賃率、租約續約通知狀態、貸款結構和借款人行為。最重要的是，我們的 CRE 團隊仍然專注於與客戶合作進行投資組合監控和去風險，以最大限度地減少損失。

Both commercial and consumer average loans were up from a year ago, but were down from the first quarter as the economy has slowed and we've taken some credit taking actions. Credit card spending remains strong, but the rate of growth has slowed from the outsized growth rates we saw for 2022. Debit card spending was flat from a year ago, with growth in discretionary spend, offset by declines in nondiscretionary spends.

商業和消費者平均貸款均較去年同期有所上升，但由於經濟放緩以及我們採取了一些信貸行動，較第一季度有所下降。信用卡支出依然強勁，但增速較 2022 年的大幅增長率有所放緩。借記卡支出與一年前持平，可自由支配支出有所增長，但被非可自由支配支出的下降所抵消。

Average deposits were down from the first quarter, driven by lower consumer deposits, while the decline in commercial deposits slowed. Now let me update you on progress we've made on our strategic priorities, starting with our risk and control work. Regulatory pressure on banks with long-standing issues such as ours continues to grow, and as such, our continued intensive effort to complete the build-out of an appropriate risk and control framework for a company of our size and complexity is critical.

受消費者存款下降的推動，平均存款較一季度下降，而商業存款降幅放緩。現在讓我向您介紹我們在戰略重點方面取得的最新進展，首先是我們的風險和控制工作。由於像我們這樣的長期存在的問題，銀行面臨的監管壓力持續增加，因此，我們繼續大力努力為我們這樣規模和復雜性的公司建立適當的風險和控制框架至關重要。

I continue to emphasize that this is our top priority and will remain so. And that while we have implemented substantial portions of the work required, we have more implementation to do as well as work to make sure the changes operate effectively over time. As I said before, we remain at risk of further regulatory actions until the work is complete. While we're devoting all necessary resources to our risk and control work, we're also continuing to invest in our business to better serve our customers and help drive growth.

我繼續強調，這是我們的首要任務，並將始終如此。雖然我們已經實施了大部分所需工作，但我們還有更多的實施工作要做，並努力確保變革隨著時間的推移有效運作。正如我之前所說，在工作完成之前，我們仍然面臨著進一步監管行動的風險。在我們將所有必要的資源投入到風險和控制工作的同時，我們還繼續投資於我們的業務，以更好地服務客戶並幫助推動增長。

Our consumer customers have continued to increase their use of our mobile app. We added over 1 million mobile active customers over the past year and mobile logins increased 9% from a year ago. Fargo, our new AI-powered virtual assistant is now live on our mobile app for all consumer customers. Since launching at the end of April, our customers have interacted with Fargo over 4 million times. We've continued to make important hires, bringing new expertise to Wells Fargo in businesses we are looking to grow.

我們的消費者客戶不斷增加對我們移動應用程序的使用。去年，我們增加了超過 100 萬移動活躍客戶，移動登錄量比一年前增加了 9%。 Fargo 是我們全新的人工智能虛擬助手，現已在我們的移動應用程序上為所有消費者客戶提供服務。自 4 月底推出以來，我們的客戶已與 Fargo 互動超過 400 萬次。我們繼續招聘重要員工，為富國銀行尋求發展的業務帶來新的專業知識。

We named Barry Simmons as the new Head of National Sales and Wealth and Investment Management. It will be critical in our efforts to better serve clients and help advisers grow their business. We also continued to attract veteran bankers in corporate and investment banking, hiring new managing directors in our banking division in priority growth areas, including a co-head of global mergers and acquisitions, co-head of financial institutions, and new heads of financial sponsors, equity capital markets, health care and technology, media and telecom.

我們任命巴里·西蒙斯 (Barry Simmons) 為新任全國銷售、財富和投資管理主管。這對於我們更好地服務客戶並幫助顧問發展業務至關重要。我們還繼續吸引企業和投資銀行領域的資深銀行家，在優先增長領域的銀行部門聘請新的董事總經理，包括全球併購聯席主管、金融機構聯席主管以及新的金融贊助商主管、股權資本市場、醫療保健和技術、媒體和電信。

We also continue to focus on better serving our communities. We announced a 10-year strategic partnership with TD JX Group that could result in up to $1 billion in capital and financing from Wells Fargo to drive economic vitality and inclusivity in communities across America. The Wells Fargo Foundation were at $7.5 million to Habitat for Humanity to build and repair more than 360 homes nationwide. We've worked with Habitat for Humanity for nearly 3 decades and donated more than $129 million since 2010. Wells Fargo signed on as the first anchor funder of redose U.S. home initiative to create 4 million new Latino homeowners by 2030.

我們還繼續致力於更好地服務我們的社區。我們宣布與 TD JX Group 建立為期 10 年的戰略合作夥伴關係，富國銀行可能會提供高達 10 億美元的資本和融資，以推動美國各地社區的經濟活力和包容性。富國銀行基金會向仁人家園捐贈了 750 萬美元，用於在全國范圍內建造和修復 360 多所房屋。我們與仁人家園合作了近 30 年，自 2010 年以來捐贈了超過 1.29 億美元。富國銀行簽約成為重做美國住房計劃的第一家主要資助者，該計劃旨在到 2030 年創造 400 萬新的拉丁裔房主。

We provided the initial grants to start a fund launched by fintech below [Ellis] to improve access to credit and capital for small business owners who are members of underserved groups, including women. We continue to open hope inside centers on Wells Fargo branches, including 6 during the first half of 2023, with plans to reach 20 markets by the end of this year. The centers help empower community members to achieve their financial goals through financial education workshops and free one-on-one coaching. We published our 2023 diversity, equity and inclusion report, which highlights the progress we've made in our DE&I strategy and initiatives both inside our company and the communities where we live and work.

我們提供了初步贈款，以啟動金融科技在[埃利斯]下發起的基金，以改善服務不足群體（包括婦女）中的小企業主獲得信貸和資本的機會。我們繼續在富國銀行分行的中心內開設希望中心，其中包括 2023 年上半年開設的 6 個中心，併計劃到今年年底覆蓋 20 個市場。這些中心通過金融教育研討會和免費的一對一輔導，幫助社區成員實現其財務目標。我們發布了 2023 年多元化、公平和包容性報告，該報告強調了我們在公司內部以及我們生活和工作的社區中的 DE&I 戰略和舉措所取得的進展。

However, we have more work to do to achieve enduring results that will require for long-term commitments. Looking ahead, the U.S. economy continues to perform better than many expected. And although there will likely be continued economic slowing and uncertainty remains, it is quite possible the range of scenarios will narrow over the next few quarters. This year's Federal Reserve stress test affirmed that we remain in a strong capital position, reflecting the value of our franchise and benefits of our operating model. This capital strength allows us to serve our customers' financial needs, while continuing to prudently return excess capital to our shareholders.

然而，為了取得持久成果，我們還有更多工作要做，這需要長期承諾。展望未來，美國經濟的表現繼續好於許多人的預期。儘管經濟可能會持續放緩且不確定性依然存在，但未來幾個季度的情景範圍很可能會縮小。今年的美聯儲壓力測試證實，我們仍然保持強勁的資本狀況，反映了我們特許經營權的價值和我們運營模式的優勢。這種資本實力使我們能夠滿足客戶的財務需求，同時繼續審慎地將多餘資本返還給股東。

As we previously announced, we expect to increase our third quarter common stock dividend by 17% to $0.35 per share, subject to approval by the company's Board of Directors at its regularly scheduled meeting later this month. We've repurchased $8 billion of common stock during the first half of this year and the stress test results demonstrated that we have the capacity to continue to repurchase common stock. Regulators have signaled that the Basel III endgame proposal, which could be out as soon as this summer will include higher capital requirements that would be skewed to the country's largest banks. While there's some speculation that capital requirements could increase by 20%, we don't know what the impact will be to Wells Fargo, however, we do expect our capital requirements will increase.

正如我們之前宣布的，我們預計將第三季度普通股股息提高 17% 至每股 0.35 美元，但須經公司董事會在本月晚些時候的定期會議上批准。今年上半年我們已經回購了80億美元的普通股，壓力測試結果表明我們有能力繼續回購普通股。監管機構已表示，巴塞爾協議 III 的最終提案最早可能於今年夏天出台，其中將包括更高的資本要求，而這些要求將偏向於該國最大的銀行。雖然有人猜測資本要求可能會增加 20%，但我們不知道這會對富國銀行產生什麼影響，但我們確實預計我們的資本要求將會增加。

While any changes to regulatory capital requirements are expected to be phased in gradually over several years, we are considering the potential impact in contemplating the amount of our future repurchases. Our balance sheet is strong. We've increased and remained focused on increasing our earnings capacity and continue to like our competitive position. We remain prepared for a variety of scenarios and our steadfast commitment to our risk and control build-out, coupled with our continued focus on financial and credit risk management allows us to support our customers throughout economic cycles. I will now turn the call over to Mike.

雖然監管資本要求的任何變化預計將在幾年內逐步實施，但我們正在考慮未來回購金額的潛在影響。我們的資產負債表強勁。我們已經並繼續致力於提高我們的盈利能力，並繼續看好我們的競爭地位。我們始終為各種情況做好準備，我們對風險和控制建設的堅定承諾，加上我們對金融和信用風險管理的持續關注，使我們能夠在整個經濟周期中為客戶提供支持。我現在將把電話轉給邁克。

Thank you, Charlie, and good morning, everyone. Net income for the second quarter was $4.9 billion or $1.25 per diluted common share, both up from a year ago, reflecting the progress we are making on improving our performance, which I'll highlight throughout the call. Starting with capital liquidity on Slide 3. Our CET1 ratio was 10.7%, down approximately 10 basis points from the first quarter. During the second quarter, we repurchased $4 billion in common stock, and as Charlie highlighted, subject to Board approval, we expect to increase our common stock dividend in the third quarter.

謝謝你，查理，大家早上好。第二季度淨利潤為 49 億美元，每股攤薄普通股 1.25 美元，均高於一年前，反映了我們在改善業績方面取得的進展，我將在整個電話會議中強調這一點。從幻燈片 3 上的資本流動性開始。我們的 CET1 比率為 10.7%，比第一季度下降約 10 個基點。在第二季度，我們回購了 40 億美元的普通股，正如查理強調的那樣，在董事會批准的情況下，我們預計將在第三季度增加普通股股息。

Our CET1 ratio was 1.5 percentage points above our current regulatory minimum plus buffers and was 1.8 percentage points above our expected new regulatory minimum plus buffer starting in the fourth quarter of this year. While we expect to repurchase more common stock this year, we believe continuing to maintain significant excess capital is appropriate until there is more clarity on the new capital requirements that Charlie highlighted.

我們的 CET1 比率比當前監管最低加緩衝高出 1.5 個百分點，比我們預期從今年第四季度開始的新監管最低加緩衝高出 1.8 個百分點。雖然我們預計今年將回購更多普通股，但我們認為，在查理強調的新資本要求更加明確之前，繼續保持大量過剩資本是適當的。

Our liquidity position remains strong in the second quarter with our liquidity coverage ratio approximately 23 percentage points above the regulatory minimum. Turning to credit quality on Slide 5. Overall, credit quality remained strong, but as expected, net loan charge-offs continue to increase from historically low levels and were 32 basis points of average loans in the second quarter.

第二季度我們的流動性狀況依然強勁，流動性覆蓋率比監管最低水平高出約 23 個百分點。轉向幻燈片 5 上的信貸質量。總體而言，信貸質量仍然強勁，但正如預期的那樣，淨貸款核銷繼續從歷史低位增加，第二季度平均貸款高出 32 個基點。

Commercial net loan charge-offs increased $137 million from the first quarter to 15 basis points of average loans. Approximately half of the increase was in Commercial Banking where the losses were borrower-specific with little signs of systematic weakness across the portfolio. The rest of the increase was driven by higher losses in commercial real estate, primarily in the office portfolio. I'll share some more details on the CRE office exposure on the next slide.

商業淨貸款沖銷較第一季度增加 1.37 億美元，平均貸款增加 15 個基點。大約一半的增長來自商業銀行業務，其損失是針對特定借款人的，整個投資組合幾乎沒有出現系統性疲軟的跡象。其餘增長是由商業房地產（主要是辦公樓投資組合）的損失增加推動的。我將在下一張幻燈片上分享有關 CRE 辦公室曝光的更多詳細信息。

Consumer net loan charge-offs increased modestly, up $23 million from the first quarter to 58 basis points of average loans. The increase primarily came from the credit card portfolio as residential mortgage loans continue to have net recoveries and auto losses declined. While consumer credit performance remained solid overall, and we've continued to take incremental credit exciting actions across the portfolios, we expect consumer net loan charge-offs will continue to gradually increase.

消費者淨貸款沖銷小幅增長，較第一季度增加 2300 萬美元，達到平均貸款的 58 個基點。這一增長主要來自信用卡組合，因為住宅抵押貸款繼續實現淨回收，汽車損失下降。雖然消費者信貸表現總體保持穩健，並且我們繼續在投資組合中採取增量信貸令人興奮的行動，但我們預計消費者淨貸款沖銷將繼續逐步增加。

Nonperforming assets increased 14% from the first quarter as lower nonaccrual loans across the consumer portfolios were more than offset by higher commercial nonaccrual loans, primarily in the commercial real estate portfolio. Our allowance for credit losses increased $949 million in the second quarter, primarily from commercial real estate office loans as well as for higher credit card balances.

不良資產較第一季度增加 14%，原因是消費者投資組合中非應計貸款的減少被商業非應計貸款（主要是商業房地產投資組合中的）增加所抵消。第二季度我們的信貸損失準備金增加了 9.49 億美元，主要來自商業房地產辦公貸款以及信用卡餘額的增加。

We've updated Slide 6, which highlights our commercial real estate portfolio. We had $154.3 billion of commercial real estate loans outstanding at the end of the second quarter with $33.1 billion of office loans, which were down modestly from the first quarter and represented 3% of our total loans outstanding. The office market continues to be weak and the composition of our office portfolio is relatively consistent with what we shared with you in the first quarter.

我們更新了幻燈片 6，其中重點介紹了我們的商業房地產投資組合。截至第二季度末，我們的未償商業房地產貸款為 1,543 億美元，其中寫字樓貸款為 331 億美元，較第一季度小幅下降，佔未償貸款總額的 3%。寫字樓市場持續疲軟，我們寫字樓投資組合的構成與我們第一季度與大家分享的情況相對一致。

As Charlie mentioned, our CRE teams are focused on surveillance and derisking, which includes reducing exposures and closely monitoring at-risk loans. This quarter, we added a table to this slide that breaks down our CRE office exposure in the context of our broader CRE portfolio. As the slide shows, our office loans at the end of the second quarter were primarily in corporate investment banking and that is also where we had the most nonaccrual loans in the highest level of allowance for credit losses.

正如查理提到的，我們的企業風險投資團隊專注於監控和去風險，其中包括減少風險敞口和密切監控風險貸款。本季度，我們在這張幻燈片中添加了一個表格，在更廣泛的 CRE 投資組合的背景下詳細分析了我們的 CRE 辦公室風險敞口。正如幻燈片所示，我們第二季度末的辦公貸款主要用於企業投資銀行業務，這也是我們在最高信貸損失準備金水平下擁有最多非應計貸款的領域。

Last quarter, we disclosed for the first time the allowance for credit losses coverage ratio for the office portfolio in the corporate investment bank, which increased from 5.7% at the end of the first quarter to 8.8% at the end of the second quarter. This quarter, we are also providing our allowance for credit losses for our total CRE office portfolio, which was 6.6% at the end of the second quarter, up from 4.4% at the end of the first quarter.

上季度，我們首次披露了企業投行辦公組合信用損失撥備覆蓋率，由一季度末的5.7%上升至二季度末的8.8%。本季度，我們還為整個商業地產寫字樓投資組合提供信貸損失準備金，第二季度末為 6.6%，高於第一季度末的 4.4%。

As we've highlighted last quarter, we're providing this data to give you more insight into the portfolio, but each property situation is different, and there are many variables that can determine performance, which is why we regularly review this portfolio on a loan-by-loan basis. For example, we have properties that are experiencing increased vacancies where borrowers have decided to inject equity and make investments to improve the property even in cities with more difficult fundamentals. We also have properties that are well leased to performing, but borrowers need health refinancing.

正如我們上季度強調的那樣，我們提供這些數據是為了讓您更深入地了解投資組合，但每個房地產情況都不同，並且有許多變量可以決定業績，這就是為什麼我們定期審查此投資組合以逐筆貸款為基礎。例如，我們的一些房產空置率正在增加，借款人決定注入股本並進行投資以改善房產，即使是在基本面更為困難的城市。我們也有出租良好的房產，但藉款人需要健康再融資。

In those situations, we are working with farmers to restructure, which in many cases, include some paydown of the balance. There are also situations that result in a sale or work out of the asset. We will continue to closely monitor this portfolio, but as has been the case in prior cycles, this will likely play out over an extended period of time as we actively work with borrowers to help resolve issues that they may be facing. On Slide 7, we highlight loans and deposits. Average loans were relatively stable in the first quarter and were up 2% from a year ago, driven by higher commercial and industrial loans and commercial banking and credit card loans. I'll highlight specific drivers when discussing our operating segment results. Average loan yields increased 247 basis points from a year ago and 30 basis points from the first quarter due to the higher interest rate environment.

在這種情況下，我們正在與農民合作進行重組，在許多情況下，包括償還一些餘額。也有一些情況會導致資產被出售或使用。我們將繼續密切關注這一投資組合，但與之前週期的情況一樣，隨著我們積極與借款人合作，幫助解決他們可能面臨的問題，這種情況可能會持續很長一段時間。在幻燈片 7 上，我們重點介紹了貸款和存款。在工商業貸款以及商業銀行和信用卡貸款增加的推動下，第一季度平均貸款相對穩定，同比增長 2%。在討論我們的運營部門業績時，我將重點介紹具體的驅動因素。由於利率環境較高，平均貸款收益率較去年同期上升 247 個基點，較一季度上升 30 個基點。

Average deposits declined 7% from a year ago, predominantly driven by deposit outflows in our consumer wealth businesses, reflecting continued consumer spending and customers reallocating cash into higher-yielding alternatives. While down from a year ago, average commercial deposits were relatively stable from the first quarter and average deposits grew in corporate loan investment banking. As expected, our average deposit costs continued to increase, up 30 basis points from the first quarter to 113 basis points with higher deposit costs across all operating segments in response to the rising interest rates.

平均存款較上年同期下降 7%，這主要是由我們的消費者財富業務的存款外流推動的，反映了消費者支出的持續增長以及客戶將現金重新配置到收益更高的替代品上。雖然較上年同期有所下降，但一季度商業存款平均水平相對穩定，企業貸款投行平均存款有所增長。正如預期，我們的平均存款成本繼續上升，較一季度上升 30 個基點至 113 個基點，所有業務部門的存款成本均因利率上升而上升。

Our mix of noninterest-bearing deposits declined from 32% in the first quarter to 30% in the second quarter, but remained above pre-pandemic levels. Turning to net interest income on Slide 8. Second quarter net interest income was $13.2 billion, up 29% from a year ago as we continued to benefit from the impact of higher rates. The $173 million decline from the first quarter was primarily due to lower deposit balances, partially offset by one additional day in the quarter. At the beginning of the year, we expected full year net interest income to grow by approximately 10% compared with 2022. We currently expect full year 2023 net interest income to increase approximately 14% compared with 2022.

我們的無息存款組合從第一季度的 32% 下降到第二季度的 30%，但仍高於大流行前的水平。轉向幻燈片 8 上的淨利息收入。第二季度淨利息收入為 132 億美元，比去年同期增長 29%，因為我們繼續受益於利率上升的影響。較第一季度減少 1.73 億美元主要是由於存款餘額減少，但部分被本季度增加的一天所抵消。年初，我們預計全年淨利息收入較2022年增長約10%。目前我們預計2023年全年淨利息收入較2022年增長約14%。

There are a variety of factors that we've considered in our expectations for the rest of the year. We are assuming modest growth in loans with some additional deposit outflows and migration from noninterest-bearing to interest-bearing deposits as well as continued deposit repricing, including competitive pricing on commercial deposits. Additionally, we are using recent -- the recent rate curve, which is shown on the slide. As a reminder, many of the factors driving net interest income are uncertain, and we will need to see how each of these assumptions plays out during the remainder of the year.

我們對今年剩餘時間的預期考慮了多種因素。我們假設貸款溫和增長，同時出現一些額外的存款流出、從無息存款轉向有息存款以及持續的存款重新定價，包括商業存款的競爭性定價。此外，我們使用的是最近的利率曲線，如幻燈片所示。提醒一下，驅動淨利息收入的許多因素都是不確定的，我們需要看看這些假設在今年剩餘時間內如何發揮作用。

Turning to expenses on Slide 9. Noninterest expense grew $125 million or 1% from a year ago. At the beginning of the year, we expected our full year 2023 noninterest expense, excluding operating losses to be approximately $50.2 billion. We currently expect our full year 2020 noninterest expense, excluding operating losses to be approximately $51 billion. The increase includes higher severance expense due to actions we have taken in the plan -- and plan to take in 2023 as attrition has been slower than expected. Of note, we've reduced headcount each quarter since the third quarter of 2020 and headcount declined 1% from the first quarter and 4% from a year ago. As a reminder, we have outstanding litigation, regulatory and customer remediation matters that could impact operating losses.

轉向幻燈片 9 上的支出。非利息支出比一年前增長了 1.25 億美元，即 1%。今年年初，我們預計 2023 年全年非利息支出（不包括運營虧損）約為 502 億美元。目前，我們預計 2020 年全年非利息支出（不包括運營損失）約為 510 億美元。這一增長包括由於我們在計劃中採取的行動以及計劃在 2023 年採取的行動而增加的遣散費，因為人員流失速度比預期慢。值得注意的是，自 2020 年第三季度以來，我們每個季度都在減少員工數量，員工數量較第一季度減少 1%，較去年同期減少 4%。提醒一下，我們有未決的訴訟、監管和客戶補救事宜，可能會影響運營損失。

Turning to our operating segments, starting with Consumer Banking and Lending on Slide 10. Consumer and Small Business Banking revenue increased 19% from a year ago as higher net interest income, driven by the impact of higher interest rates was partially offset by lower deposit-related fees driven by the overdraft policy changes we rolled out last year. We continue to reduce the underlying cost to run the business as customers migrate to digital, including mobile.

轉向我們的運營部門，從幻燈片 10 上的消費者銀行和貸款開始。消費者和小企業銀行收入比一年前增長了 19%，原因是利率上升的影響推動了淨利息收入的增加，但存款下降的影響部分抵消了這一影響。相關費用是由我們去年推出的透支政策變化推動的。隨著客戶遷移到數字化（包括移動設備），我們將繼續降低運營業務的基本成本。

We've reduced our number of branches by 4% and branch staffing by 10% from a year ago. Home Lending revenue declined 13% from a year ago, driven by the lower net interest income due to loan spread compression and lower mortgage originations. We continue to reduce headcount in the second quarter, down 37% from a year ago, and we expect that staffing levels will further decline during the second half of the year. Credit card revenue increased 1% from a year ago due to higher loan balances. Payment rates were down for a year ago, but have been stable over the last 3 quarters and remained above pre-pandemic levels. New account growth remained strong, up 17% from a year ago, and importantly, the quality of the new accounts continue to be better than what we were booking historically.

與一年前相比，我們的分支機構數量減少了 4%，分支機構人員配置減少了 10%。由於貸款利差壓縮和抵押貸款發放減少導致淨利息收入下降，住房貸款收入較上年同期下降 13%。第二季度我們繼續裁員，同比減少37%，預計下半年人員配置水平將進一步下降。由於貸款餘額增加，信用卡收入較上年同期增長 1%。付款率比一年前有所下降，但在過去三個季度保持穩定，並保持在大流行前的水平之上。新賬戶增長依然強勁，比一年前增長 17%，重要的是，新賬戶的質量繼續優於我們歷史記錄。

Auto revenue declined 13% from a year ago, driven by the continued loan spread compression and lower loan balances. Personal lending revenue was up 17% from a year ago due to higher loan balances.

由於貸款利差持續壓縮和貸款餘額下降，汽車收入同比下降 13%。由於貸款餘額增加，個人貸款收入同比增長 17%。

Turning to some key business drivers on Slide 11. Mortgage originations declined 77% from a year ago and increased 18% from the first quarter, reflecting seasonality. We funded our last correspondent loan in the second quarter with our current focus being serving our bank customers as well as borrowers in minority communities. The size of our auto portfolio has declined for 5 consecutive quarters and balances were down 7% at the end of the second quarter compared to a year ago.

轉向幻燈片 11 中的一些關鍵業務驅動因素。抵押貸款發放量較去年同期下降 77%，較第一季度增長 18%，反映了季節性。我們在第二季度為最後一筆代理貸款提供了資金，目前的重點是為我們的銀行客戶以及少數族裔社區的借款人提供服務。我們的汽車投資組合規模已連續 5 個季度下降，第二季度末餘額較去年同期下降 7%。

Origination volume declined 11% from a year ago, reflecting credit-tightening actions as well as continued price competition. As Charlie highlighted, debit card spend was flat in the second quarter compared to a year ago, spending on fuel due to lower gas prices, home improvement and travel at the largest declines compared to last year. Credit card spending continued to be strong and was up 13% from a year ago. Growth rates were stable throughout the second quarter with fuel the only category down year-over-year. Turning to Commercial Banking results on Slide 12. The Middle Market banking revenue increased 51% from a year ago due to the impact of higher interest rates and higher loan balances.

發行量較去年同期下降 11%，反映出信貸緊縮行動以及持續的價格競爭。正如查理強調的那樣，第二季度借記卡支出與去年同期相比持平，由於汽油價格下降、家居裝修和旅行而導致的燃料支出與去年相比降幅最大。信用卡支出繼續強勁，較去年同期增長 13%。第二季度增長率保持穩定，燃料是唯一同比下降的類別。轉向幻燈片 12 上的商業銀行業績。由於利率上升和貸款餘額增加的影響，中間市場銀行業務收入較上年同期增長 51%。

Asset-based lending and leasing revenue increased 13% year-over-year, primarily due to higher loan balances. Average loan balances were up 12% in the second quarter compared to a year ago, driven by new customer growth and higher line utilization. Average loan balances have grown for 8 consecutive quarters and the pace of growth has slowed. Average loans were up 1% from the first quarter with loan growth in asset-based lending and leasing driven by seasonally higher inventory levels, while middle market banking loans were flat.

資產貸款和租賃收入同比增長 13%，主要是由於貸款餘額增加。在新客戶增長和線路利用率提高的推動下，第二季度平均貸款餘額較去年同期增長 12%。平均貸款餘額連續8個季度增長，且增長速度有所放緩。平均貸款較第一季度增長 1%，因庫存水平季節性上升推動資產貸款和租賃貸款增長，而中間市場銀行貸款持平。

Turning to Corporate Investment Banking on Slide 13. Banking revenue increased 37% from a year ago driven by stronger treasury management results, reflecting the impact of higher interest rates and higher lending revenue. The growth in investment banking fees from a year ago reflected write-downs taken in the second quarter of 2022 on an unfunded leveraged finance movements. Commercial real estate revenue grew 26% from a year ago, driven by the impact of higher interest rates and higher loan balances. Markets revenue increased 29% from a year ago, driven by the higher trading results across most asset classes. Our strong trading results during the first half of the year were driven by underlying market conditions and also reflected the benefit of our investments in technology and talent, which have allowed us to broaden our client franchise and generate more trading flows.

轉向幻燈片 13 上的企業投資銀行業務。在財務管理業績強勁的推動下，銀行收入較上年同期增長 37%，反映了利率上升和貸款收入增加的影響。投資銀行費用較上年同期增長反映了 2022 年第二季度無資金籌措的槓桿融資活動的減記。受利率上升和貸款餘額增加的影響，商業地產收入同比增長 26%。受大多數資產類別交易結果提高的推動，市場收入較去年同期增長 29%。我們上半年強勁的交易業績是由基本市場條件推動的，也反映了我們在技術和人才方面投資的好處，這使我們能夠擴大我們的客戶範圍並產生更多的交易流量。

Average loans were down 2% from a year ago and 1% from the first quarter. The decline in the first quarter was driven by banking, reflecting a combination of slow demand and modestly lower line utilization. On Slide 14, Wealth and Investment Management revenue was down 2% compared to a year ago, driven by a decline in asset-based fees due to lower market valuations.

平均貸款較去年同期下降 2%，較第一季度下降 1%。第一季度的下降是由銀行業推動的，反映出需求放緩和線路利用率小幅下降的綜合影響。在幻燈片 14 上，財富和投資管理收入較上年同期下降 2%，原因是市場估值較低導致基於資產的費用下降。

Growth in net interest income from a year ago was driven by the impact of higher rates partially offset by lower deposit balances as customers continue to reallocate cash into higher-yielding alternatives. However, outflows into cash alternatives slowed in the second quarter. As a reminder, the majority of win advisory assets are priced at the beginning of the quarter, so second quarter results reflected the market valuations as of April 1, which were down from a year ago. Asset-based fees in the third quarter will reflect higher market valuations as of July 1. Average loans were down 3% from a year ago, primarily due to a decline in securities-based lending.

一年前淨利息收入的增長是由於利率上升的影響，但隨著客戶繼續將現金重新分配到收益更高的替代品，存款餘額下降部分抵消了利率上升的影響。然而，第二季度現金替代品的流出放緩。需要提醒的是，Win Advisory 的大部分資產是在季度初定價的，因此第二季度的業績反映了截至 4 月 1 日的市場估值，較去年同期有所下降。第三季度的資產費用將反映截至 7 月 1 日的較高市場估值。平均貸款較去年同期下降 3%，主要是由於證券貸款的下降。

Now Slide 15 highlights our corporate results. Revenue increased $751 million from a year ago, driven by the impact of higher interest rates and lower impairments of equity securities in our affiliated venture capital and private equity businesses.

現在幻燈片 15 重點介紹了我們的公司業績。受我們附屬風險投資和私募股權業務中利率上升和股本證券減值下降的影響，收入較上年同期增加了 7.51 億美元。

In summary, our results in the second quarter reflected continued improvement in our earnings capacity. We grew revenue and had strong growth in pretax provision profit. As expected, our net charge-offs continue to slowly increase from historical lows and our allowance for credit losses increased. We are slowly -- we are closely monitoring our portfolios and taking credit-tightening actions where we believe appropriate. Our capital levels remain strong and we continue to repurchase common stock. We will now take your questions.

綜上所述，我們第二季度的業績反映了我們盈利能力的持續改善。我們的收入增長，稅前撥備利潤強勁增長。正如預期的那樣，我們的淨沖銷繼續從歷史低點緩慢增加，信貸損失準備金也有所增加。我們正在緩慢地密切監控我們的投資組合，並在我們認為適當的情況下採取信貸緊縮行動。我們的資本水平仍然強勁，我們繼續回購普通股。我們現在將回答您的問題。

(Operator Instructions) Our first question will come from Ken Usdin of Jefferies.

（操作員說明）我們的第一個問題將來自 Jefferies 的 Ken Usdin。

Why don't we take another one and then we'll come back to Ken?

我們為什麼不再拿一張然後再回到肯那裡呢？

The next question will come from Scott Siefers of Piper Sandler.

下一個問題將來自 Piper Sandler 的 Scott Siefers。

It was great to see the higher NII guide and the performance this quarter. That said, it seems likely the dollars of NII will come down from here. I guess, just broadly speaking, are you able to chat about what factors might be most important and just sort of your ability to arrest a downward move in NII, in other words, kind of when and why would it end up flattening out if we're ideally getting close to the end of a fed-tightening cycle.

很高興看到更高的 NII 指南和本季度的表現。也就是說，NII 的美元似乎可能會從現在開始下降。我想，從廣義上講，您是否能夠討論哪些因素可能是最重要的，以及您阻止 NII 下降的能力，換句話說，如果我們什麼時候以及為什麼它最終會趨於平緩，理想情況下，美聯儲緊縮週期已接近尾聲。

Thanks, Scott, it's Mike. I'll take that and Charlie can jump in if he wants. When you look at the assumptions and the -- that underpin that, and I highlighted some of this in my script, but I'll kind of go back through them. We've got a little bit of modest loan growth in there. So that's not a big driver of sort of what we're seeing. And I think you're probably seeing that from others where we're just not seeing that same demand that we saw a year or so ago on sort of on loans. We're also assuming that we'll see some additional outflows, particularly in the consumer space as people continue to spend money.

謝謝，斯科特，我是邁克。我會接受的，查理如果願意的話也可以加入。當你查看支撐這一點的假設和基礎時，我在腳本中強調了其中的一些內容，但我會回顧一下它們。我們的貸款略有增長。因此，這並不是我們所看到的主要驅動因素。我想你可能從其他人那裡看到了這一點，我們只是沒有看到大約一年前的貸款需求。我們還假設，隨著人們繼續花錢，我們將看到一些額外的資金外流，特別是在消費領域。

And then we'll see some more migration from noninterest-bearing to interest-bearing deposits. And then deposit pricing will -- betas will evolve over time. I think it's still very competitive on the commercial side, and I think that will continue on the consumer side that will evolve. So I think you got to look at those combination of factors and make some assumptions around when you think they start to stabilize. And -- but I think we're assuming that those trends that we've been seeing now for the last couple of quarters will continue at least through the year-end.

然後我們會看到更多的存款從無息存款轉向有息存款。然後存款定價將——貝塔值將隨著時間的推移而變化。我認為它在商業方面仍然非常有競爭力，而且我認為在消費者方面也會繼續發展。所以我認為你必須考慮這些因素的組合，並在你認為它們開始穩定時做出一些假設。而且 - 但我認為我們假設過去幾個季度我們看到的這些趨勢將至少持續到年底。

Okay. Perfect. And maybe if we could drill down into one of those in particular, just the migration from noninterest-bearing to interest-bearing. They've come down, but still above pre-pandemic levels, I believe. Do you have a sense for where and why those would start to settle out?

好的。完美的。也許我們可以深入研究其中之一，即從無息到有息的轉變。我相信，它們已經下降，但仍高於大流行前的水平。您是否知道這些問題會在何處以及為何開始解決？

Yes. I mean there's a few factors underneath that. As you pointed out, we're about 30% at the end of the quarter, down from about 32, I think the prior quarter. And if you go back pre-COVID, they were in kind of the mid-20s, mid- to upper 20s, depending on when exactly when you look at it. So -- so -- and we've been trending downward.

是的。我的意思是這背後有幾個因素。正如您所指出的，我們在本季度末的比例約為 30%，低於上一季度的 32% 左右。如果你回到新冠疫情之前，他們的年齡大約是 20 多歲、20 多歲，具體取決於你看的具體時間。所以——所以——我們一直在下降。

Part of that is excess deposits on the commercial side. As people use up their earnings credits for the fees they're paying, you're seeing some migration there. That stabilizes. And then you've seen, again, on the consumer side, people spending from their primary checking accounts. So those are the factors that I look at on when that starts to slow down and stabilize, but it's been pretty consistent, at least for the last quarter or 2.

其中一部分是商業方面的超額存款。當人們用完他們所支付的費用的收入抵免時，你會看到一些人在那裡遷移。這樣就穩定下來了。然後你再次看到，在消費者方面，人們通過他們的主要支票賬戶進行支出。因此，這些是我在經濟開始放緩和穩定時關注的因素，但情況非常穩定，至少在過去一兩個季度是這樣。

The next question will come from Ebrahim Poonawala of Bank of America.

下一個問題將由美國銀行的 Ebrahim Poonawala 提出。

So Mike, thanks for the details on the CRE book. I think Charlie mentioned that you've gone through loan-by-loan in identifying. And I appreciate the desynchratic nature of every sort of CRE loan. But given the reserve you've taken this quarter, Give us a sense of your visibility around how well deserved the bank is today knowing what we know in terms of the macro outlook. And also, if you can comment on just the rest of the CRE book, particularly as it relates to San Francisco or California and your level of comfort around just apartments, et cetera, within that market?

邁克，感謝您提供有關 CRE 書籍的詳細信息。我想查理提到過你在識別過程中已經經歷了一筆又一筆的貸款。我很欣賞各種商業房地產貸款的不同步性。但考慮到您本季度提取的準備金，請讓我們了解一下您對銀行今天的應得程度的了解，了解我們對宏觀前景的了解。另外，您是否可以對 CRE 書的其餘部分發表評論，特別是與舊金山或加利福尼亞州以及您對該市場內公寓等的舒適程度有關的內容？

Yes, thanks. I'll take that. It's Mike. Broadly, I'll start on the broader point on CRE and I'll come back to office. I think we've gone through the multifamily portfolio in quite a lot of detail. And I think -- I'm talking about the broader portfolio first, right? And so you talked about apartments in some cities. And so I think when you look at the broader portfolio, including multifamily, it's all performing quite well. And I think you've seen certainly a slowing of growth rates in rents, but they're not declining in most cases. You're seeing good occupancy rates in many of the new construction that's coming online. And so overall, it feels quite constructive still for multifamily. And that same theme really applies to the rest of the portfolio.

對了謝謝。我會接受的。是邁克。總的來說，我將從 CRE 的更廣泛的角度開始，然後我將回到辦公室。我認為我們已經非常詳細地了解了多戶型投資組合。我認為——我首先討論的是更廣泛的投資組合，對吧？所以你談到了一些城市的公寓。因此，我認為，當你看看更廣泛的投資組合（包括多戶住宅）時，它們的表現都相當不錯。我認為你肯定已經看到租金增長率放緩，但在大多數情況下它們並沒有下降。您會看到許多即將上線的新建築的入住率很高。總的來說，對於多戶家庭來說，這感覺仍然很有建設性。同樣的主題也適用於該投資組合的其餘部分。

On office, that's the place where we're certainly seeing weakness. And as you think about the allowance we put up, we do have some very specific borrower loan level estimates of what we think could play out over the next quarter -- next couple -- next few quarters, and that's embedded in the allowance. And then as you look at the rest of the office portfolio, we've gone through a number of stress scenarios and feel like at this point, we're appropriately reserved to be able to deal with what could be a number of different scenarios depending on how it plays out over time.

在辦公室裡，我們確實看到了弱點。當你考慮我們提供的補貼時，我們確實有一些非常具體的借款人貸款水平估計，我們認為這些貸款水平可能會在下一個季度——接下來的幾個季度——接下來的幾個季度發揮作用，並且這些都包含在補貼中。然後，當您查看辦公室組合的其餘部分時，我們已經經歷了許多壓力場景，並且感覺在這一點上，我們有適當的保留能力，能夠處理可能出現的多種不同情況，具體取決於隨著時間的推移它會如何發揮作用。

Got it. And I guess just a separate question. I mean you obviously have ample capital. Just, Charlie, from your standpoint, how impactful is the asset cap today, given the squeeze on the rest of the industry, I would think Wells would actually be gaining market share. But is the asset cap and all the regulatory issues, I'm not going to ask you to give us a time line, but is that still a meaningful challenge in terms of your ability to take market share?

知道了。我想這只是一個單獨的問題。我的意思是你顯然有充足的資本。只是，查理，從你的角度來看，考慮到行業其他公司的擠壓，今天的資產上限有多大影響，我認為富國銀行實際上會獲得市場份額。但是資產上限和所有監管問題，我不會要求您給我們一個時間表，但這對於您佔據市場份額的能力來說仍然是一個有意義的挑戰嗎？

Well, I mean, you can look at the size of our balance sheet and see where it is relative to the asset cap, which is $1.952 trillion, I think..

嗯，我的意思是，你可以看看我們的資產負債表的規模，看看它與資產上限的相對關係，我認為資產上限為 1.952 萬億美元。

That's the asset cap.

這就是資產上限。

Yes, that's the actual cap, remember, which is a daily average over a couple of quarters. So relative to where we're operating today, we feel like we still have plenty of balance sheet to serve our customers. And it's not standing in the way of that hasn't always been the case, but I think that's where we are today. But putting just the pure economics of the asset cap aside, it is something that when we look at the work we have to get done, the fact that it's there is a statement of the reality that we still have more work to do. And so it's critical that we continue on our road to complete that work. And so that's the way we're thinking about it today.

是的，請記住，這就是實際上限，這是幾個季度的每日平均值。因此，相對於我們今天的運營情況，我們認為我們仍然有足夠的資產負債表來為客戶服務。這並不妨礙情況並非總是如此，但我認為這就是我們今天的處境。但撇開資產上限的純粹經濟學因素不談，當我們審視我們必須完成的工作時，事實表明我們還有更多工作要做。因此，我們繼續完成這項工作至關重要。這就是我們今天思考這個問題的方式。

And maybe I'll just add one thing. When you look at some of the growth opportunities we have, Charlie highlighted some of the investment banking hires we're making. In large part, we already have the exposure out to the client base there. So now it's about making sure we've got the right people to go after the fee opportunity, not necessarily extending a lot more balance sheet, Wealth Management and the growth opportunity there, same theme. And even in the card space, as we look at the refresh product line is doing really well. We've got more to come there. And I think we've got plenty of room to continue to support many of the growth opportunities we have even if we didn't put out more -- have more exposure to support it.

也許我會添加一件事。當您查看我們擁有的一些增長機會時，查理強調了我們正在招聘的一些投資銀行人員。在很大程度上，我們已經接觸到了那裡的客戶群。因此，現在的重點是確保我們有合適的人來追求收費機會，而不一定要擴大更多的資產負債表、財富管理和增長機會，同樣的主題。即使在卡片領域，正如我們所看到的更新產品線也表現得非常好。我們還有更多的事情要做。我認為我們有足夠的空間來繼續支持我們擁有的許多增長機會，即使我們沒有投入更多資金——有更多的曝光度來支持它。

The next question will come from Steven Chubak of Wolfe Research.

下一個問題將來自沃爾夫研究中心的史蒂文·丘巴克。

So I wanted to start off with a question just on the NII outlook. Certainly encouraging to see the guidance increase. But you noted, Mike, that it does contemplate a modest level of loan growth. And just parsing some of your other comments where you alluded to credit tightening, signs of slowdown in the broader economy. What gives you confidence around some inflection in lending activity, especially given the flattish loan growth that we've seen this quarter?

所以我想首先問一個關於 NII 前景的問題。看到指導意見的增加當然令人鼓舞。但邁克，你指出，它確實考慮了適度的貸款增長。只是解析一下您提到信貸緊縮和整體經濟放緩跡象的其他一些評論。是什麼讓您對貸款活動的一些變化充滿信心，特別是考慮到本季度貸款增長持平？

Yes. Well, I think we're seeing -- we're certainly seeing growth in card. So I think we would expect that to continue. And then in the rest of the portfolios, we see a little bit of growth in the asset-based lending and leasing business in the commercial bank. Middle market is kind of flat, at least this quarter, and then you can see the consumer items. So I think we're hopeful that we'll see some growth as we go into the second quarter. But as always, Steve, what we try to do with guidance is give you guidance that it doesn't necessarily require every assumption to go in our favor. So the bigger drivers of uncertainty around NII for the rest of the year continue to be the same ones we've been talking about now for the last couple of quarters. It's really going to be deposits and deposit pricing. The loan story will matter, but not anywhere near to the same degree.

是的。嗯，我認為我們確實看到了信用卡業務的增長。所以我認為我們預計這種情況會繼續下去。然後在其餘的投資組合中，我們看到商業銀行的資產借貸和租賃業務有一點增長。中間市場有點平淡，至少這個季度是這樣，然後你就可以看到消費品。因此，我認為我們希望進入第二季度時能夠看到一些增長。但一如既往，史蒂夫，我們試圖通過指導做的是給你指導，它不一定需要每個假設都對我們有利。因此，今年剩餘時間裡，NII 不確定性的更大驅動因素仍然與我們過去幾個季度一直在談論的因素相同。這實際上是存款和存款定價。貸款故事固然重要，但程度遠未達到同等程度。

No, it's helpful color. And just a follow-up on expense. You cited the headcount reductions and higher severance costs, driving some upward pressure this year. But just wanted to better understand how we should be thinking about the exit rate on expense. Once the headcount actions that you cited are fully captured in the run rate and whether there's any plans to maybe redeploy some of the NII windfall to reinvest back in the business as we think about some of the potential benefits and the higher NII guidance you cited?

不，這是有用的顏色。只是費用的後續行動。您提到了裁員和較高的遣散費，導致今年出現了一定的上漲壓力。但只是想更好地了解我們應該如何考慮費用退出率。一旦您提到的員工數量行動完全體現在運行率中，當我們考慮到一些潛在的好處和您提到的更高的 NII 指導時，是否有計劃重新部署一些 NII 意外之財以重新投資回業務？

Yes. I think our focus on expenses really hasn't changed over the last quarter or two. As we've talked about now for a while, we're going to continue to be very disciplined around the expense base. I think we're very much focused on making sure we execute and achieve the efficiencies that we've talked about. And as we get to year-end, we'll sort of look at and after we do our work around the budget for next year, we'll go back through all the ups and downs like we normally do and give you some perspective there. But really the thinking around it hasn't changed.

是的。我認為過去一兩個季度我們對支出的關注確實沒有改變。正如我們現在已經討論了一段時間的那樣，我們將繼續嚴格控制費用基礎。我認為我們非常注重確保執行並實現我們所討論的效率。當我們到年底時，我們會進行一些研究，在完成明年的預算工作後，我們將像往常一樣回顧所有的起起落落，並為您提供一些觀點。但實際上圍繞它的想法並沒有改變。

And let me just add, if it's okay. I think when we laid out our expense guidance, we got a series of questions about how we think of the variability of that number and the environment and will the rest of our results impact that number. And I think as we look at how we're performing, I think we -- it wouldn't be hard for us to make a bunch of decisions to hit an expense number. But to the point is, we -- our results have been relatively strong and so we are doing a series of things, I don't think about it as onetime expenses, but we have -- there is a fair amount of subjective expenses that relate to business development, product enhancements and things like that, that we do have the ability to each year, each quarter, look at how we're performing and decide how much we want to spend.

如果可以的話，讓我補充一下。我認為，當我們制定費用指導時，我們收到了一系列問題，涉及我們如何看待該數字和環境的可變性，以及我們的其餘結果是否會影響該數字。我認為，當我們審視我們的表現時，我認為我們——做出一系列決定來達到支出數字並不難。但重點是，我們——我們的業績相對強勁，所以我們正在做一系列事情，我不認為這是一次性支出，但我們——有相當數量的主觀支出與業務開發、產品增強和類似的事情相關，我們確實有能力每年、每個季度看看我們的表現並決定我們想要花多少錢。

And so as we look forward, I think we're going to wait and see as we go through our budgeting process, and we do a series of scenarios in terms of how things could play out next year and then make that determination. But as Mike said, I think we do separate out the fact that we continue to believe that there are continued opportunities to drive efficiency throughout the company. We're not going to lose sight of that. And that is separate from how much do we want to spend away from that. And we'll talk more about that towards the end of the year.

因此，當我們展望未來時，我認為我們將在完成預算流程時觀望，我們會根據明年的情況進行一系列設想，然後做出決定。但正如邁克所說，我認為我們確實區分了這樣一個事實：我們仍然相信整個公司仍有持續提高效率的機會。我們不會忽視這一點。這與我們想為此花多少錢是分開的。我們將在今年年底更多地討論這個問題。

The next question will come from John Pancari of Evercore ISI.

下一個問題將來自 Evercore ISI 的 John Pancari。

Wanted to see if we can get some of your updated thoughts on buybacks here? CET1, 10.7% and you indicated the $4 billion buyback in 2Q, when you expect to continue to buyback from here. But obviously, Basel III end game is a factor. And I heard you on that you're contemplating buybacks as you look out from here. So could you maybe help frame that for us what that could mean in terms of the pace of repurchases?

想看看我們是否可以在這裡得到您關於回購的一些最新想法？ CET1，10.7%，您表示第二季度回購 40 億美元，預計從這裡繼續回購。但顯然，巴塞爾協議III的最終結果是一個因素。我聽說你正在考慮回購，從這裡看。那麼您能否幫助我們解釋一下這對回購速度意味著什麼？

Not really any more than -- I think that's -- I think what we said is as much clarity as we want to give at this time. I think we are -- we have substantial excess capital above the regulatory requirements and regulatory buffers and on top of the level of buffers that we have talked about running at. And so we think that's prudent given the fact that it's likely that capital requirements are going up. But the reality to answer the -- just in terms of the timing and in terms of the ability to answer the question, from everything that we read is the same thing that you read, it's likely that we will learn later this month or early next month exactly what the proposal is.

我認為，我們所說的只是我們目前想要提供的盡可能清晰的信息。我認為我們擁有大量過剩資本，超出了監管要求和監管緩衝，並且超出了我們所討論的運行緩沖水平。因此，考慮到資本要求可能會上升，我們認為這是謹慎的做法。但事實上，就回答問題的時間和能力而言，我們讀到的所有內容都與您讀到的內容相同，我們很可能會在本月晚些時候或下月初了解到月的提案到底是什麼。

And based upon that, it will help us inform exactly how much room we have for buybacks. But there are most of the scenarios that we see, there is room for us to continue the buyback program in a prudent way and still build the required capital to whatever levels we'd have to require -- to be required to build a math and keep the kind of buffers that we want to keep. So there are a bunch of moving pieces here. And so it's just -- it doesn't make sense to put any more numbers on it until we actually see what those proposals are.

基於此，它將幫助我們準確地了解我們有多少回購空間。但我們看到的大多數情況是，我們有空間以審慎的方式繼續回購計劃，並仍然將所需的資本建立到我們必須要求的任何水平——需要建立一個數學和保留我們想要保留的緩衝區類型。所以這裡有很多移動的部分。因此，在我們真正了解這些提案是什麼之前，添加更多數字是沒有意義的。

Okay. That's helpful. And then separately, on the NII side, again, I appreciate the updated guide for '23 of the 14%. Maybe can you talk about when you look at the forward curves, what could be the forward curve implications for NII as you look further out into 2024. If we do reach a Fed funds of around 4% implied by the forward curve. How much of a headwind to NII could that be for you? And maybe also if you could just talk about the near-term deposit trajectory? I know you mentioned still continued decline. I don't know if you can help frame that size it up.

好的。這很有幫助。然後，在 NII 方面，我再次感謝 14% 中 '23 的更新指南。也許您可以談談當您查看遠期曲線時，當您進一步展望 2024 年時，遠期曲線對 NII 的影響可能是什麼。如果我們確實達到遠期曲線所暗示的 4% 左右的聯邦基金利率。這對您來說會給 NII 帶來多大的阻力？也許您也可以談談近期存款軌跡？我知道你提到仍在持續下降。不知道你能否幫忙確定一下尺寸。

Yes, John, I'm not going to give you much clarity on 2024. But I think the things you should think about, obviously, are going to be as rate -- on the commercial side, rate betas on the way up are pretty high, betas on the way down are pretty high. And the consumer side really hasn't moved much at this point. And so I do -- you sort of have to go into your modeling, looking at each of the components a little bit differently. And as we -- and I think many others have talked about over time, like once rates peak, there is likely some lag of continued repricing for a while after rates peak. And so you've got to think about all of -- all of how that goes in your model.

是的，約翰，我不會向您詳細介紹 2024 年的情況。但我認為您應該考慮的事情顯然是利率 - 在商業方面，利率貝塔值的上升相當不錯高，下降過程中的貝塔值相當高。而消費者方面目前還沒有太大的動作。所以我這樣做了——你必須進入你的建模，以稍微不同的方式看待每個組件。正如我們以及我認為許多其他人隨著時間的推移所討論的那樣，就像一旦利率達到峰值，在利率達到峰值後一段時間內繼續重新定價可能會存在一些滯後。所以你必須考慮所有這些在你的模型中是如何發生的。

And then I think as I said in my script, I think we've seen pretty consistent performance across deposits over the last couple of quarters. And we're not seeing big shifts in behavior at this point. And so we'll see how that goes over the coming quarters. But -- but there's still a lot of uncertainty in the assumption set that you go through that you have here. And so you got to make your best judgment on what you think is going to happen. But as you get closer to the end of the right cycle, you've probably seen a lot of the mix shift and repricing happening already. And so we'll see how that goes.

然後我認為，正如我在腳本中所說，我認為過去幾個季度我們的存款表現相當一致。目前我們還沒有看到行為發生重大變化。因此，我們將看看未來幾個季度的情況如何。但是——但是你在這裡經歷的假設仍然存在很多不確定性。所以你必須對你認為將會發生的事情做出最好的判斷。但當你接近正確週期的結束時，你可能已經看到很多組合轉變和重新定價已經發生。所以我們會看看情況如何。

Can I just add even just more broadly, just to be clear about, we don't -- we're not looking specifically at giving guidance in terms of 2024 yet. But at the same time, just more broadly speaking, we are and have been out earning an NII. And we've been very clear about that as we talk about getting towards our 15% ROTCE targets. It's in a more normalized environment. But at the same time, there are a series of things that we expect to be able to do as we look forward. A big part of it is growing the fees in the business, as Mike spoke about. We're not constrained by the asset cap. They're in our existing businesses and a lot of the things that we're doing, whether it's in our wealth business, whether it's in the card business, whether it's in the Corporate Investment Bank, or Middle Market as well.

我能否更廣泛地補充一下，需要澄清的是，我們還沒有專門考慮提供 2024 年的指導。但與此同時，更廣泛地說，我們現在也一直在賺取 NII。當我們談論實現 15% ROTCE 目標時，我們已經非常明確地表達了這一點。這是在一個更加正常化的環境中。但與此同時，還有一系列我們期待能夠做到的事情。正如邁克所說，其中很大一部分是業務費用的增長。我們不受資產上限的限制。它們存在於我們現有的業務以及我們正在做的很多事情中，無論是在我們的財富業務中，無論是在卡業務中，無論是在企業投資銀行中，還是在中間市場中。

We do expect to see the fruits of that labor. At the same time, we continue to stay very focused on expenses. And then the other thing I would just remind everyone is there's lots of conversations around charge-offs and things like that. But remember, we are all required when we think about CECL to be as forward-looking as we possibly can. You all know how we come up with the different scenarios. And so the level of reserving that's been running through our P&L, I think this is the fifth consecutive quarter we've added to reserves, which is what's impacting the EPS of the company, has been based upon an environment which, at some point, will be very different than what the expectation is sitting here. So I think to add all those things together, and I just think it's important to think about all those things as opposed to just NII itself.

我們確實希望看到這項勞動的成果。與此同時，我們繼續非常關注支出。我想提醒大家的另一件事是，圍繞沖銷之類的事情有很多對話。但請記住，當我們考慮 CECL 時，我們都需要盡可能具有前瞻性。你們都知道我們如何想出不同的場景。因此，我們的損益表中的準備金水平，我認為這是我們連續第五個季度增加準備金，這影響了公司的每股收益，這是基於在某種程度上的環境，將會與這裡的期望有很大不同。因此，我認為將所有這些因素加在一起，並且我認為重要的是要考慮所有這些因素，而不僅僅是 NII 本身。

We'll move on to Betsy Graseck of Morgan Stanley.

我們將繼續請摩根士丹利的貝特西·格拉塞克 (Betsy Graseck)。

Just two follow-ups. One on the reserve build in commercial real estate that I know you discussed a bit already. I just wanted to understand how much of that was coming from really California. We all know there was a property that traded on California Street that sold at a discount. So I'm just wondering how much of it is California office versus anything more broader based beyond that?

只有兩個後續。一個關於商業房地產儲備建設的問題，我知道您已經討論過。我只是想了解其中有多少來自真正的加州。我們都知道加州街上有一處房產以折扣價出售。所以我只是想知道其中有多少是加州辦事處與除此之外更廣泛的辦事處相比？

Yes, Betsy, it's not isolated to California. I mean, I think you see weakness in a lot of cities these days, and it really comes down to property-specific stuff. And even in California, we've got as many examples where clients are actually reinvesting in buildings, even if lease rates are low or even empty in some cases, as they are going into it a workout. So I think it really depends on building borrower and all the things we sort of talked about in the script, and it's less focused on just California.

是的，貝特西，它並不孤立於加利福尼亞州。我的意思是，我認為現在很多城市都存在弱點，這實際上取決於房地產的具體情況。即使在加利福尼亞州，我們也有很多例子表明，客戶實際上正在對建築物進行再投資，即使租賃率很低，在某些情況下甚至是空的，因為他們正在進行鍛煉。所以我認為這實際上取決於建立借款人以及我們在劇本中討論的所有事情，並且它不僅僅關注加利福尼亞州。

Yes. And I just want to re-emphasize what Mike is saying, and we talked about this in the prepared remarks, which is we have all spent a bunch of time going through a very detailed review of the office portfolio. Just the other day, we went through just a whole series of things that we're seeing. And I just really want to make the point, which I said in my script, it's not -- there's -- it's a very big mistake to think about loss content by looking at just where the property is. Again, we have examples in cities that are struggling where the structure of our loan is quite good.

是的。我只是想再次強調邁克所說的，我們在準備好的發言中討論了這一點，即我們都花了很多時間對辦公室組合進行非常詳細的審查。就在前幾天，我們經歷了一系列我們所看到的事情。我真的很想指出這一點，我在劇本中說過，僅通過查看財產所在位置來考慮損失內容並不是一個非常大的錯誤。同樣，我們在那些陷入困境的城市中也有一些例子，但我們的貸款結構卻相當不錯。

The underlying property has very high lease rates for an extended period of time. And then we can have a loan in a market which is doing well. But for whatever reason that property is a specific issue in that property, there are a bunch of potential termination dates in the shorter term. And so that's the level of detail that we've used to look at to come up with what we think the appropriate level of reserving is. And I think we've tried to be as diligent as we can in stressing the scenarios that we see play itself out, so that when we look at ourselves and we understand what CECL reserving requires us to do, that's what we're trying to accomplish.

標的物業在較長一段時間內具有非常高的租賃率。然後我們就可以在表現良好的市場上獲得貸款。但無論出於何種原因，該財產是該財產中的一個具體問題，短期內有很多潛在的終止日期。這就是我們過去常常考慮的詳細程度，以得出我們認為適當的保留水平。我認為我們已經盡力盡最大努力強調我們看到的情況，這樣當我們審視自己並了解 CECL 保留要求我們做什麼時，這就是我們正在努力的完成。

So would you -- and I think we all know like for the most part, commercial real estate loans are bullets, right, where the stress comes at the role. And I guess I'm wondering, is this reserve add reflecting the entirety of the CRE book for that entirety of roll rate risk? Or is this like a 2-year forward? And part of the reason for asking the question is trying to understand if there's -- how much risk there is for further increases in CRE-related reserve builds?

你也會嗎——我想我們都知道，在大多數情況下，商業房地產貸款是子彈，對吧，壓力來自於這個角色。我想我想知道，這個準備金增加是否反映了整個 CRE 賬簿中的全部滾動利率風險？或者這就像2年的前鋒？提出這個問題的部分原因是試圖了解與商業地產相關的儲備建設進一步增加是否存在多大風險？

Yes. Mike, I'll start and then you either chime in or give your opinion. We have tried to take into account all of the risks including refinance risk that exists in the portfolios, looking at the current rate environment, cap rate expectations and things like that. Is it possible that we have to add something in the future because we learn more as time goes on, we would never say no. But again, what we're trying to do is be holistic in the review of the portfolio based upon everything that we know. And just as you can imagine, when we sit in the room with the people that run the real estate business and all the risk people, there's a range of opinion.

是的。邁克，我先開始，然後你要么插話，要么發表你的意見。我們試圖考慮所有風險，包括投資組合中存在的再融資風險，考慮當前的利率環境、上限利率預期等。是否有可能我們將來必須添加一些東西，因為隨著時間的推移我們會學到更多東西，我們永遠不會說不。但同樣，我們試圖做的是根據我們所知道的一切對投資組合進行全面審查。正如您可以想像的那樣，當我們與房地產業務經營者和所有風險人員坐在一起時，會有各種各樣的意見。

There are people in there that say, we just -- it's hard to see losing this amount of money based upon what that individual thinks all of the underlying assumptions will play themselves out as. And then there are others where we say we actually want to stress the scenario because it is possible, and we have to give a weighting to that. And -- so that's how we come up with what this is. But again, we're trying to -- again, I don't have -- just -- we're trying to be forward-looking. We're trying to be holistic in all the risks that exist. And part of the reason to show you those -- that additional disclosure we made is so you can see exactly where the issues are relative to the rest of the office portfolio and the rest of the CRE and isolate just the level of reserving that exists, which is, at this point, is substantial.

那裡有人說，我們只是——根據個人認為所有基本假設將如何發揮作用，很難看到損失這麼多錢。還有其他一些情況，我們說我們實際上想強調這種情況，因為這是可能的，我們必須對此給予重視。而且——這就是我們的想法。但我們再次嘗試——再次強調，我沒有——只是——我們試圖保持前瞻性。我們正在努力全面考慮所有存在的風險。向您展示這些的部分原因是——我們進行額外披露是為了讓您可以準確地看到問題與辦公室投資組合的其餘部分和商業地產的其餘部分相關的位置，並僅隔離現有的準備金水平，在這一點上，這是很重要的。

The next question will come from Gerard Cassidy of RBC Capital Markets.

下一個問題將來自加拿大皇家銀行資本市場的杰拉德·卡西迪。

Mike, can you share with us, you touched on this a little bit in response to one of the earlier questions. But when you guys are looking at your balance sheet and you're measuring your treasury functions on your assets and liabilities, can you share with us what you're thinking for the second half of the year or into next year in terms of how you're managing that? And how that may be different than what -- how you position the balance sheet a year ago.

邁克，您能否與我們分享一下，您在回答之前的一個問題時談到了這一點。但是，當你們查看資產負債表並根據資產和負債衡量財務職能時，您能否與我們分享一下您對下半年或明年的想法？正在管理嗎？這可能與一年前你如何定位資產負債表有何不同。

Yes, Gerard. Sure. It's not that different, right? On the margin, you may be making decisions to add a little duration here or there. But I'd say it's marginal at this point. And we really haven't changed substantially how the balance sheet is positioned.

是的，杰拉德。當然。沒什麼不同，對吧？在邊際上，你可能會決定在這里或那裡增加一點持續時間。但我想說，目前來看，這是微不足道的。我們確實沒有對資產負債表的定位方式進行實質性改變。

Very good. And then just a follow-up. I know you guys have given some good details here on working through the commercial real estate portfolio. And Mike, I think you said in your prepared remarks in some cases, you've been able to get additional payments or equity investments from your borrowers to cure maybe a potential problem. Can you share with us some of the other workout solutions you're using so you can get through this period of adjustment that we're seeing in commercial real estate?

非常好。然後只是後續行動。我知道你們在這裡提供了一些有關商業房地產投資組合的詳細信息。邁克，我想你在準備好的發言中說過，在某些情況下，你已經能夠從借款人那裡獲得額外的付款或股權投資，以解決潛在的問題。您能否與我們分享您正在使用的一些其他鍛煉解決方案，以便您能夠度過我們在商業房地產中看到的這段調整期？

Yes. I mean, sure, it's -- there's plenty of little structural enhancements you can make to feel better about it. And then there are also in a lot of cases, getting some partial paydowns. And then you look at and you're trading those for refinancing in term. And I think you give people a little bit more time to work through these sets of issues. I think we try really hard not to punt issues down the road. And so if there are real issues that we need to deal with, we try to deal with them in a moment. But there are a number of structural enhancements that we sort of work on with borrowers to get ourselves comfortable that we're setting the loan up for success.

是的。我的意思是，當然，你可以做很多小的結構改進來感覺更好。在很多情況下，也有獲得部分付款的情況。然後你看看，你用這些來換取期限內的再融資。我認為你給人們更多的時間來解決這些問題。我認為我們非常努力地避免把問題拋到一邊。因此，如果有我們需要處理的實際問題，我們會盡力立即解決。但我們與借款人合作進行了一些結構性改進，以使我們確信我們正在為貸款的成功做好準備。

The next question will come from Erika Najarian of UBS.

下一個問題將由瑞銀 (UBS) 的埃里卡·納賈里安 (Erika Najarian) 提出。

I wanted to ask a question on how you're interpreting the OCC and Fed joint statement that they put out on June 29, encouraging lenders to find short-term or temporary loan accommodation solutions for their borrowers. Is that really anything new? Is that just standard operating procedure that they're reiterating? Or can this sort of help provide solutions that would allow you to work with your borrowers and perhaps delay classification, deterioration of classification or classification to TDR?

我想問一個問題，您如何解讀 OCC 和美聯儲 6 月 29 日發布的聯合聲明，該聲明鼓勵貸方為其借款人尋找短期或臨時貸款解決方案。這真的有什麼新鮮事嗎？這只是他們重申的標準操作程序嗎？或者，此類幫助是否可以提供解決方案，使您能夠與借款人合作，並可能延遲分類、分類惡化或分類為 TDR？

Yes, it's Mike. I'll take that. Well, TDR doesn't exist anymore, but that classification. But the guidance is very similar to what was issued originally back, I think in 2009, hasn't really changed much and doesn't really change the way we've been interacting with our borrowers already in terms of really being proactive to work with them to find solutions to help them work through what could be difficult circumstances in some cases. So -- and it doesn't give you any leeway for how you classify criticized loans or other classification. So the intent is really to just be clear that people should continue to work with borrowers to find solutions, which is what we do all the time anyway.

是的，是邁克。我會接受的。好吧，TDR 已經不存在了，但那個分類已經不存在了。但我認為該指南與 2009 年最初發布的指南非常相似，並沒有真正改變太多，也沒有真正改變我們與借款人互動的方式，即真正主動與借款人合作。他們找到解決方案來幫助他們度過某些情況下可能遇到的困難情況。因此，它沒有給你任何對受批評的貸款或其他分類進行分類的餘地。因此，我們的目的實際上是為了明確人們應該繼續與借款人合作尋找解決方案，無論如何，這正是我們一直在做的事情。

Got it. And just a follow-up question here. Thank you for the disclosure again on Slide 6. With $22 billion of your loans in CIB, I think investors are wondering what is the average loan size there?

知道了。這裡只是一個後續問題。再次感謝您在幻燈片 6 中披露的信息。您在 CIB 的貸款高達 220 億美元，我認為投資者想知道那裡的平均貸款規模是多少？

Yes. I don't think that's something we give. And it's a wide range. Averages sometimes are very misleading. And so there's a wide range. And what really matters is not the loan size. It really matters -- it will merely matters for all the variables Charlie talked about earlier in terms of what's happening with that property. So I think that would be -- I think I would focus there.

是的。我不認為那是我們給予的東西。而且範圍很廣。平均值有時非常具有誤導性。所以範圍很廣。真正重要的不是貸款規模。這確實很重要——它只會對查理之前談到的關於該房產發生的事情的所有變量產生影響。所以我認為——我想我會專注於此。

Got it. And just squeezing in one more question. And before I ask this expense question. Charlie, I think your investors very much appreciate it that you're not just doing whatever you can to hit an expense number and you're reinvesting back into the company. So to that end, I'm wondering if -- have you disclosed how much of the $800 million increase in the outlook for this year has to do with the severance?

知道了。只是再問一個問題。在我問這個費用問題之前。查理，我認為你的投資者非常欣賞你不只是盡一切努力來達到支出數字，而且你還在對公司進行再投資。為此，我想知道您是否披露了今年前景增加的 8 億美元中有多少與遣散費有關？

We didn't give an exact number, but that is, by far, the single largest piece of it, that's part of it. And there's some other exit costs for properties as we exit some lease space and other things. But that -- the severance is by far the largest piece.

我們沒有給出確切的數字，但這是迄今為止最大的一塊，這是它的一部分。當我們退出一些租賃空間和其他東西時，還有一些其他的財產退出成本。但遣散費是迄今為止最大的一塊。

The next question comes from Matt O'Connor of Deutsche Bank.

下一個問題來自德意志銀行的馬特·奧康納。

I want to follow up, Charlie, on some of your prepared remarks. You talked about there's still some things that you're implementing to address regulatory issues. And wondering if you could give a couple of examples of what still needs to be done in terms of implementation and when you expect that to be completed.

查理，我想跟進你準備好的一些言論。您談到您仍在實施一些措施來解決監管問題。想知道您是否可以舉幾個例子來說明在實施方面還需要做什麼以及您預計何時完成。

Listen, I think as we've said, there's a lot of work to do. It is multiyears worth of deliverables. What we've -- what I've said is that we have implemented a lot, but we still have more to do. And I -- but I say that I just want to be clear, I'm speaking in [Croma]. Everyone generally thinks I'm speaking about one of the consent orders, which has the asset cap. We're thinking about all of the work that we have to do related to all the consent orders and the work to build the control environment. And there is a lot getting done. But ultimately, what matters, you don't get an A for effort, in this. It's about getting things over the finish line on time and getting them done to the -- with the quality that our regulators and we expect from each other. And so -- as you know, we've been very careful not to put dates out there because we have to do our work and then our regulators have to take a look at it and see if it's done to their satisfaction. We don't want to get ahead of that process, but we continue to move forward.

聽著，我認為正如我們所說，還有很多工作要做。這是值得多年交付的成果。我所說的是，我們已經實施了很多，但我們還有更多工作要做。我 - 但我想說我只是想澄清一下，我是用 [Croma] 發言。每個人普遍認為我正在談論其中一項具有資產上限的同意令。我們正在考慮與所有同意令相關的所有工作以及構建控制環境的工作。還有很多工作要做。但最終，重要的是，你在這方面的努力並沒有得到 A。這是關於按時完成任務，並以監管機構和我們彼此期望的質量完成任務。因此，如您所知，我們一直非常小心，不把日期放在那裡，因為我們必須做好我們的工作，然後我們的監管機構必須對其進行審查，看看所做的工作是否令他們滿意。我們不想提前這個過程，但我們會繼續前進。

And I understand that you can't speak for them signing off on what you've done. But in terms of you accomplishing what you want to accomplish, where are you on that kind of process like whether you want to frame it from an innings perspective or a percent basis. Any way to frame that, acknowledging there's a lot to do and that you've done a lot, but how far along are you in terms of what you can control on implementing your things?

我知道你不能代表他們簽署你所做的事情。但就你完成你想要完成的事情而言，你在這種過程中處於什麼位置，比如你想從局數的角度還是從百分比的角度來構建它。有什麼方法可以描述這一點，承認還有很多事情要做，而且你已經做了很多事情，但是在你可以控制實施你的事情方面，你走了多遠？

Yes. No, listen, I appreciate the -- your desire to have me answer those questions. But again, all that matter, it does -- our view of accomplishing the work doesn't matter. What matters is that our regulators look at it and save them to their satisfaction. So I really don't think it's helpful or productive to go beyond what I've said at this point. But again, I do understand and appreciate why you're asking.

是的。不，聽著，我很感激——你想讓我回答這些問題。但同樣，這一切都很重要——我們對完成工作的看法並不重要。重要的是我們的監管機構會關注並讓他們滿意。所以我真的不認為超越我目前所說的內容有任何幫助或富有成效。但同樣，我確實理解並理解你為什麼這麼問。

The next question comes from Vivek Juneja of JPMorgan.

下一個問題來自摩根大通的 Vivek Juneja。

A quick one. Mike or Charlie, can you give us the maturity schedule, what percentage or amount of your office CRE loans are maturing in the second half and into 2024?

快一點。邁克或查理，您能給我們一下到期時間表嗎？您的辦公室 CRE 貸款在下半年到 2024 年到期的百分比或金額是多少？

Not specifically, Vivek, we don't disclose that, but you should assume these are standard course loans in the commercial real estate space, which are generally 3- to 5-year loans.

具體來說，Vivek，我們不會透露這一點，但您應該假設這些是商業房地產領域的標準貸款，通常是 3 至 5 年期貸款。

Okay. And you haven't really been originating much in the last couple of years. So I guess we could go back to looking at when did you slow down the origination of new office CRE, Mike? Was it 2 years ago? Was it 3? Any color on that?

好的。在過去的幾年裡，你並沒有真正做出太多的原創。所以我想我們可以回顧一下你什麼時候放慢了新辦公室 CRE 的啟動速度，邁克？是2年前的事嗎？是3嗎？那上面有什麼顏色嗎？

Yes. Look, I think you have to remember that we've been refinancing existing facilities along that time period. So -- but I think if you take the portfolio and assume some kind of basic average life based on what I said, I think you'll get a pretty good sense of the approximate maturity schedule.

是的。聽著，我想你必須記住，我們在那段時間一直在為現有設施進行再融資。所以，但我認為，如果你根據我所說的，採用投資組合併假設某種基本平均壽命，我認為你會對大致的到期時間表有一個很好的了解。

Okay. And how about multifamily? What's the average life of those loans and maturities there? I recognize your comment -- I heard your comments that those are in a much better position, given all the factors you already cited.

好的。那麼多戶家庭呢？這些貸款的平均壽命和期限是多少？我認可你的評論——我聽到你的評論說，考慮到你已經引用的所有因素，這些處於更好的位置。

Slightly longer, a few years longer than office.

稍微長一點，比office長幾年。

And our final question for today's call will come from Charles Peabody of Vertalos Partners.

今天電話會議的最後一個問題將來自 Vertalos Partners 的查爾斯·皮博迪 (Charles Peabody)。

Most of my questions were already asked and answered. But just I wanted to follow up on the consent order issues. If I recall correctly, and please correct me if I'm wrong, there's six consent orders remaining and three of them I remember, deals somewhat with the mortgage banking operation. And I know starting last fall, you started the planning effort to simplify and downsize that. And you've been executing on that this year. Can you give us a sense of what it is you need to do in mortgage banking related to those consent orders?

我的大部分問題已經被問到並得到解答。但我只是想跟進同意令問題。如果我沒記錯的話，如果我錯了，請糾正我，還剩下六份同意令，其中三份我記得涉及抵押貸款銀行業務。我知道從去年秋天開始，你們就開始了簡化和縮小規模的規劃工作。今年你一直在執行這一點。您能否讓我們了解您在與這些同意令相關的抵押貸款銀行業務中需要做什麼？

Yes, Troy, it's Mike. So first of all, there are nine public consent orders out there that are all there, so you can see those. The -- when you look at the mortgage ones, I think that each of the consent orders is actually quite clear in terms of what needs to happen to satisfy those. So I would just point you back to the documents themselves, which can give you a pretty good sense of what it is, and each one is a little bit different.

是的，特洛伊，是邁克。首先，有九個公共同意令都在那裡，所以你可以看到它們。當你查看抵押貸款時，我認為每項同意令實際上都非常清楚需要做什麼才能滿足這些要求。因此，我只想向您指出文檔本身，這可以讓您很好地了解它是什麼，並且每個文檔都略有不同。

Follow-up. And do you talk to the regulators about the progress you're making in mortgage banking on a monthly basis or quarterly basis semiannual? Or do you present something at the end? How does the interaction with regulators go?

跟進。您是否每月或每半年與監管機構討論抵押貸款銀行業務取得的進展？或者最後你會展示一些東西嗎？與監管機構的互動如何進行？

We talk to our regulators all the time at all parts of the company at all levels of the company. And so you should assume we're actively engaged consistently with our regulators all the time. But the only thing I would add to that is -- but again, they're here, they're on site. We talk to them literally all the time.

我們一直與公司各個部門、各個級別的監管機構進行溝通。因此，您應該假設我們一直在積極與監管機構保持一致。但我唯一要補充的是——但同樣，他們在這裡，他們在現場。我們一直在與他們交談。

Right. No, I understand that. But specifically related to the progress you're making.

正確的。不，我明白。但與你所取得的進展特別相關。

I know. Just give me a second. We talk to them about everything. And given the importance of the consent orders, you can assume it's about the work that's going on in the underlying consent order. But having said all of that, what matters is the work that they do at the end of the consent order after we submitted to them. And so they can be up to speed on what we're doing. They can know how we feel about the progress that we're making. But at the -- but when we submit a consent order to them, they come in and do their holistic review. And so that's really where their determination is made about whether or not it's done to their satisfaction. So again, that just gets to the reason why I want to be very careful about not drawing any conclusions from our view on our work or any interim comments we might get from them. What really matters is the holistic review that they do and the process that they go through internally in the regulatory organizations.

我知道。請給我一點時間。我們和他們談論一切。鑑於同意令的重要性，您可以假設這是關於基礎同意令中正在進行的工作。但話雖如此，重要的是在我們向他們提交同意令後他們所做的工作。這樣他們就可以及時了解我們正在做的事情。他們可以知道我們對所取得的進展有何感受。但當我們向他們提交同意令時，他們就會介入並進行全面審查。因此，這確實是他們決定所做的事情是否令他們滿意的地方。再說一次，這就是為什麼我要非常小心，不要根據我們對我們工作的看法或我們可能從他們那裡得到的任何臨時評論得出任何結論。真正重要的是他們所做的整體審查以及他們在監管組織內部經歷的流程。

Yes. So that was part of my first question, have you submitted anything yet on mortgage banking?

是的。這是我的第一個問題的一部分，您是否已提交有關抵押貸款銀行業務的任何內容？

We're not going to talk about that, I've said that over and over and over again.

我們不會談論這個，我已經說過一遍又一遍了。

Thank you very much, everyone. We appreciate the time, and we'll talk to you all soon.

非常感謝大家。我們非常感謝您的寶貴時間，我們很快就會與大家交談。

Thank you all for your participation on today's conference call. At this time, all parties may disconnect.

感謝大家參加今天的電話會議。這時，各方都可能斷開連接。