富國銀行 (WFC) 2024 Q3 法說會逐字稿

Welcome.

歡迎。

And thank you for joining the Wells Fargo third quarter 2024 earnings conference call.

感謝您參加富國銀行 2024 年第三季財報電話會議。

(Operator Instructions) Please note that today's call is being recorded.

（操作員說明）請注意，今天的通話正在錄音。

I would now like to turn the call over to John Campbell, Director of Investor Relations.

我現在想將電話轉給投資者關係總監約翰坎貝爾 (John Campbell)。

Sir, you may begin the conference.

主席先生，您可以開始會議了。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Thank you for joining our call today where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss third quarter results and answer your questions.

感謝您今天參加我們的電話會議，我們的執行長 Charlie Scharf；我們的財務長 Mike Santomassimo 將討論第三季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 would like to remind you that our third 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.

在我們開始之前，我想提醒您，我們的第三季收益資料，包括新聞稿、財務補充和簡報，可在我們的網站 wellsfargo.com 上取得。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，這些聲明有風險和不確定性。

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

可能導致實際結果與我們向 SEC 文件（包括今天提交的包含我們盈利材料的 8-K 表格）中詳述的預期產生重大差異的因素。

Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures can be found in our SEC filings and the earnings materials 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，可以在我們向 SEC 提交的文件和我們網站上提供的盈利材料中找到。

I will now turn the call over to Charlie.

我現在將把電話轉給查理。

Thanks, John.

謝謝，約翰。

I'll make some brief comments about our third quarter results and update you on our priorities.

我將對我們第三季的業績發表一些簡短的評論，並向您介紹我們的優先事項的最新情況。

I'll then turn the call over to Mike to review our results in more detail before we take your questions.

然後，在回答您的問題之前，我會將電話轉給麥克，以便更詳細地查看我們的結果。

Let me start with the third quarter highlights.

讓我從第三季的亮點開始。

Our results were solid with $5.1 billion net income, diluted earnings per share of $1.42 and the ROE of 11.7% and an ROTCE of 13.9%, all were up from the second quarter.

我們的業績穩健，淨利潤為 51 億美元，稀釋後每股收益為 1.42 美元，ROE 為 11.7%，ROTCE 為 13.9%，均較第二季度上升。

Our earnings profile is very different than it was five years ago as we've been making strategic investments in many of our businesses and deemphasizing or selling others.

我們的獲利狀況與五年前有很大不同，因為我們一直在對許多業務進行策略性投資，並淡化或出售其他業務。

Our revenue sources are more diverse and are fee-based revenue has grown 16% during the first nine months of the year, largely offsetting the net interest income headwinds we had faced over the last year.

我們的收入來源更加多樣化，今年前 9 個月的收費收入成長了 16%，很大程度上抵消了我們去年面臨的淨利息收入阻力。

We have maintained strong credit discipline and driven significant operating efficiencies in the company while investing heavily to build a risk and control infrastructure appropriate for a bank of our size and complexity.

我們保持了嚴格的信用紀律，並顯著提高了公司的營運效率，同時大力投資建造適合我們規模和複雜程度的銀行的風險和控制基礎設施。

Headcount has declined every quarter for four years and is down 20% since the third quarter of 2020.

四年來，員工人數每季都在下降，自 2020 年第三季以來下降了 20%。

Our expense quarter were down from both the second quarter and the year ago.

我們的季度支出比第二季和去年同期都有所下降。

Average loan is declined from the second quarter as we have maintained strong credit standards and our focus on returns over volume.

平均貸款較第二季度有所下降，因為我們保持了強有力的信貸標準，並且我們注重回報而不是數量。

We've continued to grow our credit card portfolio with balances growing for [13] consecutive quarters, and commercial loan demand remains weak, reflecting economic uncertainty and the expectation that rates will be lower in the future.

我們持續擴大信用卡投資組合，餘額連續 [13] 個季度成長，商業貸款需求依然疲軟，反映出經濟的不確定性和未來利率將會降低的預期。

Overall, deposits declined slightly from the second quarter, but deposit balances are customer facing businesses continue to grow, which has enabled us to reduce higher-cost corporate treasury deposits.

總體而言，存款較第二季略有下降，但面向客戶的業務存款餘額持續成長，這使我們能夠減少成本較高的企業庫存存款。

We've started to reduce deposit pricing in response to the recent Fed rate cuts and were closely matched monitoring market conditions and will continue to make adjustments.

為了因應近期聯準會降息，我們已開始降低存款定價，並密切配合監測市場狀況，並將繼續進行調整。

Both our consumer and commercial customers have remained resilient.

我們的消費者和商業客戶都保持著彈性。

In our wholesale businesses, credit performance improved from the second quarter with lower losses in both our commercial real estate and commercial and industrial loan portfolios.

在我們的批發業務中，信貸表現較第二季有所改善，商業房地產以及商業和工業貸款組合的損失減少。

The office market remains weak and we continue to expect additional charge-offs in our commercial real estate office portfolio and have accordingly maintained strong allowance coverage.

辦公室市場依然疲軟，我們繼續預期我們的商業房地產辦公室投資組合將出現額外沖銷，因此保持強勁的備抵覆蓋率。

Overall customers in our consumer businesses continue to hold up relatively well, benefiting from a strong labor market and waste growth.

受益於強勁的勞動力市場和廢物成長，我們消費業務的整體客戶繼續保持相對良好的狀態。

Consumer charge-offs declined in the second quarter, driven by lower losses in our credit card portfolio, while our other consumer portfolios continued to perform well, reflecting the benefit of prior credit tightening actions.

由於我們的信用卡投資組合損失減少，第二季消費者沖銷有所下降，而我們的其他消費者投資組合繼續表現良好，反映出先前信貸緊縮行動的好處。

We continue to look for changes in consumer health, but we have now not seeing any meaningful changes in trends when looking at delinquency statistics across our consumer credit portfolios.

我們繼續尋找消費者健康的變化，但在查看我們的消費者信貸投資組合的拖欠統計數據時，我們目前沒有看到任何有意義的趨勢變化。

Both credit card and debit card spend were up in the third quarter from a year ago, and although the pace of growth has slowed, it is still healthy.

第三季信用卡和金融卡支出均較去年同期成長，儘管成長速度放緩，但仍保持健康。

We continue to see more pronounced stress in certain customer segments with lower deposit and asset levels where inflation has partially offset strong employment and wage growth.

我們繼續看到存款和資產水平較低的某些客戶群面臨更明顯的壓力，其中通貨膨脹部分抵消了強勁的就業和薪資成長。

The benefits of inflation slowing and interest rates starting to ease should be helpful to all customers, but especially those on the lower end of the income scale.

通膨放緩和利率開始放鬆的好處應該對所有客戶都有幫助，尤其是那些收入較低的客戶。

Our capital position remains strong with our CET1 ratio of 11.3%, up from 11% last quarter.

我們的資本狀況依然強勁，CET1 比率為 11.3%，高於上季的 11%。

And we continued to return significant amounts of excess capital to shareholders.

我們繼續向股東返還大量超額資本。

We repurchased $3.5 billion of common stock in the quarter and [$15.6 billion] of common stock during the first three quarters of this year, up over 60% from a year ago.

我們在本季回購了 35 億美元的普通股，在今年前三個季度回購了 [156 億美元]的普通股，比去年同期成長了 60% 以上。

And we've increased our common stock dividend in the third quarter by 14%.

我們將第三季的普通股股息增加了 14%。

Shareholders have meaningfully benefited from our capital management actions as our earnings per share are up over 50% since the third quarter of 2019, benefiting from the 22% decline in diluted average common shares over the same period.

股東從我們的資本管理行動中獲益匪淺，自 2019 年第三季以來，我們的每股盈餘成長了 50% 以上，受益於同期稀釋平均普通股下降 22%。

Now let me update you on our strategic priorities.

現在讓我向您介紹我們的策略重點的最新情況。

Starting with our risk and control work, which remains our top priority.

從我們的風險和控制工作開始，這仍然是我們的首要任務。

We continue to move forward with confidence and believe we have the right culture, team, discipline and sense of urgency to complete the work that's required.

我們繼續充滿信心地前進，並相信我們擁有正確的文化、團隊、紀律和緊迫感來完成所需的工作。

That includes what is required under the recent formal agreement we entered with the office of the control of the currency.

這包括我們最近與貨幣管制辦公室簽訂的正式協議所要求的內容。

We were also continued to execute our other strategic priorities.

我們也繼續執行其他戰略重點。

We continue to build our credit card business.

我們繼續發展信用卡業務。

And this past quarter, we launched two new co-branded credit cards with Expedia, which provide our customers a unique travel rewards program with instant discounts, enhanced [perks] and accelerated rewards.

上個季度，我們與 Expedia 推出了兩張新的聯名信用卡，為我們的客戶提供獨特的旅遊獎勵計劃，包括即時折扣、增強的[福利]和加速獎勵。

Our broadest broader set of credit card products continued to be well received by both existing customers and customers new to Wells Fargo with nearly [2 million] of new credit cards accounts this year.

我們最廣泛的信用卡產品系列持續受到富國銀行現有客戶和新客戶的好評，今年新增信用卡帳戶近[200萬]。

Last month, we announced a multi-year co-branded agreement with Volkswagen Financial Services.

上個月，我們宣布與大眾汽車金融服務公司達成多年聯合品牌協議。

Starting in the first half of next year, we will be the preferred purchase financing provider for Volkswagen and Audi brands in the United States.

從明年上半年開始，我們將成為大眾和奧迪品牌在美國的首選購買融資提供者。

The investments we've been making in our consumer small business banking segment are starting to generate growth.

我們在消費者小型企業銀行業務領域的投資已開始產生成長。

After several years of no growth, net checking accounts have now grown for three consecutive quarters, and we believe our debit card share has started to increase as well.

經過幾年的停滯之後，淨支票帳戶現已連續三個季度增長，我們相信我們的借記卡份額也開始增加。

Mobile active users increased by 1.6 million or 5% from last year.

行動活躍用戶較去年增加 160 萬，即 5%。

We are also investing in our branches and have refurbished over 460 branches during the first three quarters of this year.

我們也對分公司進行投資，今年前第三季已翻新了 460 多家分店。

We continue to hire proven leaders and our corporate investment bank.

我們繼續聘請久經考驗的領導者和我們的企業投資銀行。

In Investment Banking, we made several important hires focused on key coverage and product groups to help us build on our momentum and grow the business.

在投資銀行業務中，我們聘請了幾位專注於關鍵覆蓋範圍和產品組的重要員工，以幫助我們鞏固發展勢頭並發展業務。

We also hired a new Vice Chair of Corporate Banking, who is focused on helping us continue to expand and grow that franchise.

我們也聘請了一位新的企業銀行副董事長，他致力於幫助我們繼續擴大和發展這項業務。

We also continued to attract experienced leaders in other areas.

我們也持續吸引其他領域經驗豐富的領導者。

And in the third quarter, Bridget Engle joined Wells Fargo as Head of Technology reporting to me.

第三季度，布里奇特恩格爾 (Bridget Engle) 加入富國銀行 (Wells Fargo)，擔任技術主管，向我報告。

I have worked with Bridget in the past and know first-hand how for deep experience leading large scale technology transformations of large global financial institutions will benefit Wells Fargo.

我過去曾與布麗吉特共事，親身了解領導大型全球金融機構大規模技術轉型的豐富經驗將如何使富國銀行受益。

Our strategic priorities also include focusing on businesses that are core to our consumer and corporate clients and when they aren't shrinking or selling them.

我們的策略重點還包括專注於我們的消費者和企業客戶的核心業務，以及當他們沒有收縮或出售這些業務時。

As part of this effort, during the third quarter, we announced we entered into definitive agreements to sell the non-agency third-party servicing segment of our commercial mortgage servicing business.

作為這項努力的一部分，我們在第三季宣布簽訂最終協議，出售我們商業抵押貸款服務業務的非代理第三方服務部分。

We will continue servicing agency loans and loans held on our balance sheet.

我們將繼續為代理貸款和資產負債表上持有的貸款提供服務。

Looking ahead, overall, the US economy remains strong, with inflation slowing and resilient labor market, boosting income and supporting consumer spending.

展望未來，整體而言，美國經濟仍然強勁，通膨放緩，勞動市場富有彈性，增加收入並支持消費者支出。

Company balance sheets are strong, contributing to both consumption and investment in economy for the slowing demand for commercial lending.

公司資產負債表強勁，在商業貸款需求放緩的情況下，為經濟中的消費和投資做出了貢獻。

We continue to be prepared for a variety of economic environments, and we'll balance our desire to increase returns and growth while protecting the downside.

我們繼續為各種經濟環境做好準備，我們將在提高回報和成長的願望與保護下行之間取得平衡。

We have one of the most enviable franchises of the industry and a top management team capable of delivering strong results.

我們擁有業界最令人羨慕的特許經營權之一，以及一支能夠取得強勁成果的高階管理團隊。

I want to thank everyone who I've worked with at Wells Fargo for everything they've done to transform this great company.

我要感謝在富國銀行共事的每一個人，感謝他們為改造這家偉大的公司所做的一切。

I'll now turn the call over to Mike.

我現在將電話轉給麥克。

Thank you, Charlie, and good morning, everyone.

謝謝你，查理，大家早安。

We are pleased with the results in the third quarter.

我們對第三季的結果感到滿意。

We again saw good growth in noninterest income across most businesses and expenses were well controlled.

我們再次看到大多數企業非利息收入的良好成長，並且支出得到了很好的控制。

Net income for the third quarter was $5.1 billion, or $1.42 per diluted common share.

第三季淨利為 51 億美元，即每股稀釋普通股 1.42 美元。

During the quarter, we took the opportunity to reposition a portion of the investment securities portfolio.

本季度，我們藉此機會重新配置了部分投資證券組合。

Our results included $447 million, or $0.10 per share of net losses on the sale of debt securities.

我們的業績包括 4.47 億美元，即每股 0.10 美元的債務證券出售淨虧損。

This included the sale of approximately [$16 billion] of securities reinvestment of the proceeds into securities with yields approximately 130 basis points higher than the securities we sold.

這包括出售約 [160 億美元] 的證券，並將收益再投資於收益率比我們出售的證券高約 130 個基點的證券。

The estimated earn back period for this repositioning is a little over two years.

此次重新定位的預計獲利回收期為兩年多一點。

Without the impact of the investment securities portfolio repositioning, earnings per share would have been $1.52. When looking at our results compared with year ago, I'd remind you that our third quarter results last year included $349 million or $0.09 per share of discrete tax benefits.

如果沒有投資證券組合重新定位的影響，每股盈餘將為 1.52 美元。在查看我們與去年同期相比的業績時，我想提醒您，我們去年第三季的業績包括 3.49 億美元或每股 0.09 美元的離散稅收優惠。

Turning to slide 4.

轉到投影片 4。

Net interest income declined $233 million or 2% from the second quarter, a $128 million of this decline was due to the increased pricing on sweep deposits in advisory brokerage accounts in wealth and investment management that we highlighted on last quarter's call.

淨利息收入較第二季下降 2.33 億美元，或 2%，其中 1.28 億美元的下降是由於我們在上季度的電話會議上強調的財富和投資管理諮詢經紀帳戶的掃款存款定價上漲所致。

This was the lowest linked quarter decline in net interest income since third quarter 2023, as customer migration to higher yielding deposit products continued to slow and the pace of deposit pricing increases also decelerated.

這是自 2023 年第三季以來淨利息收入的最低環比降幅，原因是客戶向高收益存款產品的遷移持續放緩，存款定價上漲的步伐也放緩。

Deposit costs were up 7 basis points in the third quarter with approximately half of this increase driven by the pricing increase on sweep deposits in advisory brokerage accounts.

第三季存款成本上升了 7 個基點，其中約一半的成長是由諮詢經紀帳戶中的掃款存款定價上漲所推動的。

The third quarter increase in deposit cost is lower than the 10 basis point increase in the second quarter and 16 basis point rise the first quarter.

第三季存款成本增幅低於第二季10個基點的增幅和第一季16個基點的增幅。

In response to the Federal Reserve rate cuts on September, we have reduced rates on commercial deposit offers in our consumer businesses.

為了回應聯準會 9 月降息，我們降低了消費業務的商業存款利率。

Pricing and sweep deposits and advisory brokerage accounts, which are aligned to money market funds will continue due to move in line with Fed rate cuts.

由於與聯準會降息一致，與貨幣市場基金保持一致的定價和清掃存款及諮詢經紀帳戶將繼續。

Commercial deposit pricing is responding quickly to Federal Reserve rate reductions, just as they did when rates were risen.

商業存款定價對聯準會降息反應迅速，就像利率上升時一樣。

We are continuously monitoring competitive conditions and deposit trends, and we'll adjust pricing tenor new balance requirements based on our observations.

我們持續監控競爭狀況和存款趨勢，並將根據我們的觀察調整定價期限新餘額要求。

We highlight loans and deposits on slide 5.

我們在投影片 5 上重點介紹了貸款和存款。

Average loans were down from both the second quarter and a year ago with continued growth in credit card loan balances more than offset by declines in most other categories.

平均貸款較第二季和去年同期均有所下降，信用卡貸款餘額的持續成長被大多數其他類別的下降所抵消。

I'll highlight specific drivers when discussing our operating segment results.

在討論我們的營運部門績效時，我將重點放在具體的驅動因素。

Average deposits increased $1.4 billion from a year ago, and growth in our customer deposits enables us to reduce higher cost corporate treasury deposits.

平均存款比一年前增加了 14 億美元，客戶存款的成長使我們能夠減少成本較高的企業財務存款。

Average deposits were down $4.8 billion in the second quarter.

第二季平均存款減少 48 億美元。

This decline was driven by [$18.5 billion] reduction, higher costs, corporate treasury deposits, while customer deposits [grew $13.7 billion] from the second quarter.

這一下降是由第二季[185億美元]減少、成本上升、企業財務存款以及客戶存款[增加137億美元]所推動的。

All else equal, a reduction in corporate treasury deposits is a positive or net interest income in the current environment.

在其他條件相同的情況下，企業庫存存款的減少在當前環境下是正利息收入或淨利息收入。

Turning to non-interest income on slide 6.

轉向幻燈片 6 上的非利息收入。

We had strong growth in non-interest income, up 12% from a year ago.

我們的非利息收入成長強勁，年增 12%。

As Charlie highlighted, this growth reflects the benefits of the investments we've been making in our businesses as well as market conditions.

正如查理所強調的那樣，這種增長反映了我們在業務中進行的投資以及市場狀況的好處。

We grew non-interest income across most categories, including double-digit increases year-over-year in many of our largest fee-generating activities, including investment advisory, net gains from trading activities, deposit-related fees and investment banking.

我們大多數類別的非利息收入都實現了成長，包括許多最大的收費活動年增兩位數，包括投資諮詢、交易活動淨收益、存款相關費用和投資銀行業務。

We also benefited from improved results in our venture capital investments.

我們也受益於創投績效的改善。

I will highlight the specific drivers and non-interest income growth when discussing our operating segment results.

在討論我們的營運部門績效時，我將強調具體的驅動因素和非利息收入成長。

Turning to expenses on slide 7.

轉向幻燈片 7 上的費用。

Non-interest expense declined from the second quarter a year ago.

非利息支出較去年第二季下降。

The impact of our efficiency initiatives helps reduce salaries and professional and outside services expense compared with a year ago.

與一年前相比，我們的效率措施的影響有助於減少薪資以及專業和外部服務費用。

These declines were partially offset by higher revenue-related compensation, predominantly in wealth and investment management as well as higher technology and equipment expense.

這些下降被收入相關薪酬的增加（主要是財富和投資管理方面）以及更高的技術和設備費用部分抵消。

Operating losses declined from a year ago and from the higher levels we had in first half of this year.

經營虧損較去年同期以及今年上半年的較高水準有所下降。

Turning to credit quality on slide 8.

轉向幻燈片 8 上的信用品質。

Net loan charge-offs decreased 8 basis points from the second quarter to 49 basis points of average loans.

貸款淨沖銷較第二季下降 8 個基點，至平均貸款 49 個基點。

The decline was driven by lower commercial net loan charge-offs, which were down $145 million from the second quarter to 24 basis points of average loans with lower losses in both our commercial real estate and commercial and industrial portfolios.

下降的原因是商業淨貸款沖銷減少，與第二季度相比減少了 1.45 億美元，平均貸款減少了 24 個基點，商業房地產以及商業和工業投資組合的損失也有所減少。

While losses in the commercial real estate office portfolio declined in the third quarter, market fundamentals remain weak, and we still expect commercial real estate office losses to be lumpy as we continue to actively work with our clients.

儘管商業房地產辦公室投資組合的虧損在第三季度有所下降，但市場基本面仍然疲軟，隨著我們繼續積極與客戶合作，我們仍然預計商業房地產辦公室虧損將呈波動性。

Consumer net loan charge-offs declined $45 million from the second quarter to 83 basis points of average loans, driven by lower losses in the credit card portfolio.

由於信用卡投資組合損失減少，消費者淨貸款沖銷額較第二季下降 4,500 萬美元，至平均貸款的 83 個基點。

Non-performing assets decreased 3% in the second quarter, driven by lower commercial real estate non-accrual loans.

在商業房地產非應計貸款減少的推動下，第二季不良資產下降了 3%。

Commercial real estate office non-accruals declined $164 million, which included paydowns and net loan charge-offs.

商業房地產辦公室非應計費用減少了 1.64 億美元，其中包括付款和淨貸款沖銷。

Moving to slide 9.

轉到投影片 9。

Our allowance for credit losses for loans was down $50 million in the second quarter, with modest declines across most asset classes, largely offset by an increase in allowance for credit card loans driven by higher balances.

第二季度，我們的貸款信用損失準備金減少了 5,000 萬美元，大多數資產類別略有下降，但在很大程度上被餘額增加推動的信用卡貸款準備金增加所抵消。

Our allowance coverage for loans has been relatively stable over the past year as credit trends remain within our expectations.

過去一年，我們的貸款準備金覆蓋率相對穩定，因為信貸趨勢仍在我們的預期之內。

Our allowance coverage for our corporate investment banking, commercial real estate office portfolio has also been relatively stable at approximately 11% since third quarter of 2023.

自 2023 年第三季以來，我們的企業投資銀行、商業房地產辦公室投資組合的撥備覆蓋率也相對穩定，約 11%。

Turning to capital liquidity on slide 10.

轉向投影片 10 上的資本流動性。

Our capital position remains strong and our CET1 ratio of 11.3% continued to be well above our new CET1 regulatory minimum plus buffers of 9.8%, which became effective in the fourth quarter.

我們的資本狀況依然強勁，11.3% 的 CET1 比率繼續遠高於第四季度生效的新的 CET1 最低監管加上 9.8% 的緩衝。

The increase in our CET1 ratio from the second quarter included a benefit of 28 basis points from higher accumulated other comprehensive income due to lower interest rates and tighter mortgage-backed securities spreads.

我們的 CET1 比率較第二季度增加了 28 個基點，其中包括由於利率下降和抵押貸款擔保證券利差收緊而導致的其他綜合收益累積增加。

With the $3.5 billion of common stock we repurchased in the third quarter, our share repurchases during the first three quarters of this year were [6 billion] higher than in the same period a year ago and diluted average shares outstanding declined 7% from year ago.

加上我們在第三季回購了 35 億美元的普通股，今年前三季我們的股票回購量比去年同期增加了 [60 億]，稀釋後平均流通股比去年同期下降了 7% 。

Turning to our operating segment results, starting with consumer banking and lending on slide 11.

轉向我們的營運部門業績，從幻燈片 11 上的消費銀行和貸款開始。

Consumer small and business banking revenue declined 5% from year ago, driven by lower deposit balances and the impact of customers migrating to higher yielding deposit products.

由於存款餘額減少以及客戶轉向收益率更高的存款產品的影響，小型消費者和企業銀行業務收入較上年同期下降了 5%。

However, the pace of migration continued slow.

然而，移民的步伐仍然緩慢。

The slight increase in home lending revenue from a year ago was driven by higher mortgage banking fees.

房屋貸款收入較一年前略有成長是由於抵押貸款銀行費用上漲所致。

Credit card revenue declined 2% from year ago as lower fee revenue more than offset higher net interest income.

信用卡收入較去年同期下降 2%，原因是手續費收入下降足以抵銷淨利息收入的上升。

Auto revenue decreased 24% from a year ago, driven by lower loan balances and continued loan spread compression.

由於貸款餘額下降和貸款利差持續壓縮，汽車收入年減 24%。

The decline in personal lending revenue from a year ago was also driven by lower loan balances in loan spread compression.

個人貸款收入較上年同期下降也是由於貸款利差壓縮導致貸款餘額下降。

Turning to some key business drivers on slide 12.

轉向投影片 12 上的一些關鍵業務驅動因素。

Retail mortgage originations declined 14% from year ago, reflecting the progress we've made on simplifying the home lending business, but grew 4% from the second quarter.

零售抵押貸款發放量較去年同期下降 14%，反映出我們在簡化房屋貸款業務方面取得的進展，但較第二季度增長了 4%。

We also continued to make progress on reducing the size of our servicing business.

我們也持續在縮小服務業務規模方面取得進展。

The amount of third-party mortgage loan service was down 16% from a year ago.

第三方抵押貸款服務金額較去年同期下降16%。

Since we announced our new strategy early last year, we reduced headcount in home lending by 46%.

自去年初宣布新策略以來，我們將房屋貸款部門的員工人數減少了 46%。

The size of our own portfolio continued to decline with period end loan balances down 14% from a year ago, driven by previous credit tightening actions.

在先前的信貸緊縮行動的推動下，我們自己的投資組合規模持續下降，期末貸款餘額比一年前下降了 14%。

Origination volume in the third quarter was stable year-over-year and grew 11% from second quarter.

第三季的發行量較去年同期穩定，較第二季成長 11%。

Debit card spending increased $2.3 billion or 2% from year ago.

金融卡支出比去年同期增加 23 億美元，成長 2%。

And credit card spending was up 10% from year ago, with growth in all categories except fuel.

信用卡支出比去年同期成長了 10%，除燃料外的所有類別都有成長。

Payment rates were modestly lower than a year ago, but remained above pre-pandemic levels.

付款率略低於一年前，但仍高於疫情前的水平。

Turning to Commercial Banking results on slide 13.

轉向幻燈片 13 上的商業銀行業務結果。

Middle Market Banking revenue down 1% from a year ago, driven by lower net interest income reflecting higher deposit costs, partially offset by growth in treasury management fees.

中間市場銀行業務收入較上年同期下降 1%，原因是存款成本上升導致淨利息收入下降，但資金管理費的成長部分抵銷了這一影響。

Asset-based lending and leasing revenue decreased 4% from a year ago, driven by lower net interest income and lease income, partially offset by improved results from equity investments.

由於淨利息收入和租賃收入下降，資產抵押貸款和租賃收入較去年同期下降 4%，但部分被股權投資績效改善所抵銷。

Average loan balances in the third quarter were down 1% compared with the year ago.

第三季平均貸款餘額較去年同期下降1%。

Loan demand remained weak as many clients remain cautious about investing in inventory buildup and capital expenditures due to economic uncertainty and high borrowing costs.

由於經濟不確定性和高借貸成本，許多客戶對投資庫存累積和資本支出仍持謹慎態度，因此貸款需求仍然疲軟。

Turning to Corporate Investment Banking on slide 14.

轉向投影片 14 上的企業投資銀行業務。

Banking revenue was down 5% from year ago, driven by higher deposit costs and lower loan balances.

由於存款成本上升和貸款餘額下降，銀行業收入較去年同期下降 5%。

Commercial real estate revenue decreased 1% from a year ago, reflecting the impact of lower loan balances, partially offset by higher capital markets revenue.

商業房地產收入較上年同期下降 1%，反映出貸款餘額減少的影響，但部分被資本市場收入增加所抵銷。

Markets revenue increased 6% from a year ago, driven by strong performance in rate structured products and municipals, partially offset by lower revenue in equities.

受利率結構性產品和市政債券強勁表現的推動，市場收入較上年同期成長 6%，但部分被股票收入下降所抵銷。

Average loans declined 6% from year ago, driven by continued reductions in our commercial real estate portfolio and lower loan balances and banking as clients continue to access capital markets funding.

由於我們的商業房地產投資組合持續減少，以及客戶繼續獲得資本市場融資，貸款餘額和銀行業務減少，平均貸款比去年同期下降了 6%。

On slide 15.

在投影片 15 上。

Wealth and Investment Management revenue increased 5% compared with a year ago due to higher asset-based fees driven by increased market valuations as well as higher brokerage transaction activity, partially offset by lower net interest income, driven by the increased pricing and sweep deposits in advisory brokerage accounts.

財富和投資管理收入較上年同期增長5%，原因是市場估值上升以及經紀交易活動增加導致資產費用增加，但部分被淨利息收入下降所抵消，淨利息收入下降是由於定價和掃款存款增加所致。

As a reminder, the majority of advisory assets are priced at the beginning of the quarter support quarter results will reflect market valuations as of October 1, which were up for multi-year ago and from July 1.

提醒一下，大多數諮詢資產在季度初定價，支持季度業績將反映截至 10 月 1 日的市場估值，該估值較多年前和 7 月 1 日有所上漲。

Slide 16 highlights our corporate results.

幻燈片 16 重點介紹了我們的公司業績。

Revenue declined a year ago, driven by net losses on debt securities related to the repositioning of the investment securities portfolio, partially offset by improved results from our venture capital investments.

一年前的收入下降，是由於與投資證券投資組合重新定位相關的債務證券淨虧損所致，但部分被我們風險資本投資績效的改善所抵消。

Turning to our 2024 outlook for net interest income and non-interest expense on slide 17.

轉向幻燈片 17 上我們對 2024 年淨利息收入和非利息支出的展望。

We currently expect fourth quarter 2024 net interest income to be roughly in line with the third quarter of 2024, which would imply an approximately 9% decline in full year 2024 net interest income compared with 2023.

我們目前預計2024年第四季淨利息收入將與2024年第三季大致持平，這意味著2024年全年淨利息收入較2023年下降約9%。

Based on this expectation, we believe we are close to the trough.

基於這個預期，我們相信我們已接近低谷。

However, exactly when the securities will be influenced by a variety of factors, including the pace of Fed rate changes, deposit mix and pricing and day count.

然而，具體何時證券將受到多種因素的影響，包括聯準會利率變動的步伐、存款組合以及定價和天數。

Turning to expenses, we still expect full year 2024 non-interest expense to be approximately $54 billion, which has not changed from our guidance last quarter.

談到費用，我們仍然預計 2024 年全年非利息費用約為 540 億美元，這與我們上季度的指引沒有變化。

As a reminder, with outstanding litigation, regulatory and customer remediation matters that could impact operating losses during the remainder of the year.

提醒一下，由於未決訴訟、監管和客戶補救問題可能會影響今年剩餘時間的營運損失。

In summary, we had solid results in third quarter that demonstrated the progress we're making to transform Wells Fargo and improve our returns.

總之，我們在第三季取得了堅實的業績，證明了我們在富國銀行轉型和提高回報方面所取得的進展。

We grew non-interest income by 12% from a year ago with growth across most businesses.

隨著大多數業務的成長，我們的非利息收入比一年前成長了 12%。

We achieved this double digit growth even with the $447 million loss we took to reposition the investment securities portfolio, which will start to benefit our results in the fourth quarter.

儘管我們因重新定位投資證券投資組合而損失了 4.47 億美元，但我們仍實現了兩位數的成長，這將開始有利於我們第四季的業績。

While this growth in non-interest income was more than offset by an expected decline in net interest income, the investments we have made in our businesses to drive better fee income and diversify our revenue were evident.

雖然非利息收入的成長被淨利息收入的預期下降所抵消，但我們為推動更好的費用收入和實現收入多元化而對業務進行的投資是顯而易見的。

We continue to make progress on our efficiency initiatives with expenses down from a year ago, and hence came down for 17 consecutive quarters.

我們在效率措施方面繼續取得進展，費用較上年同期有所下降，因此已連續 17 個季度下降。

Our results also reflected our credit discipline and strong capital position, which has enabled us to return more than [$23 billion] to shareholders over the past year through common stock dividends and share repurchases.

我們的業績也反映了我們的信用紀律和強大的資本狀況，這使我們在過去一年中透過普通股股利和股票回購向股東回報超過[230億美元]。

And while we are pleased with the progress we've made, we're even more excited about the additional opportunity we have throughout all the businesses to continue to improve our results.

雖然我們對所取得的進展感到滿意，但更令我們興奮的是，我們在所有業務中擁有額外的機會來繼續改善我們的業績。

We will now take your questions.

我們現在將回答您的問題。

(Operator Instructions) Scott Siefers, Piper Sandler.

（操作說明）Scott Siefers、Piper Sandler。

Good morning everybody.

大家早安。

Thank you for taking the question.

感謝您提出問題。

Mike, I was hoping to start with NII.

麥克，我希望從 NII 開始。

So your fourth quarter number should be flattish with the third quarter level.

因此，第四季的數字應該與第三季的水平持平。

And I believe you mentioned towards the end of your prepared remarks that you believe Wells is close to the trough.

我相信您在準備好的演講結束時提到您認為威爾斯已接近低谷。

I was hoping you could just unpack please a bit more, what you see as the main swing factors either way as well as kind of what it might take from here for it to begin to inflect back up -- pardon me, back upward more visibly?

我希望你能多解釋一下，你認為主要的波動因素是什麼，以及從這裡開始它可能需要什麼才能開始向上彎曲——請原諒我，更明顯地向後向上？

Yeah.

是的。

Scott, I appreciate the question.

斯科特，我很欣賞這個問題。

So I mean, it is the same drivers we've been talking about now for the last number of quarters.

所以我的意思是，這與我們過去幾個季度一直在談論的驅動因素相同。

So obviously, deposits and the mix of those deposits is going to be a big factor in the near term.

顯然，存款和這些存款的組合將在短期內成為一個重要因素。

I think as you can see in our trend that NIB deposits were behaving pretty well.

我認為正如您在我們的趨勢中看到的那樣，NIB 存款表現得相當不錯。

I will note, though, in the trend that there is a product switch conversion that we did that impacted NIBs and IBs.

不過，我要指出的是，我們所做的產品轉換轉換趨勢對 NIB 和 IB 產生了影響。

So if you take that out, or the percentage of non-interest bearing deposits is effectively flat to the third quarter.

因此，如果剔除這一點，無息存款的百分比實際上與第三季持平。

And so, that's the first time now in a while where we've seen that be the case.

所以，這是我們一段時間以來第一次看到這種情況。

And so, that's one of the factors that we'll have to see sort of play out for a little bit longer time period.

因此，這是我們必須看到在更長一段時間內發揮作用的因素之一。

But so far, so good in terms of that trend participating in the way we thought or behaving the way we thought.

但到目前為止，就以我們的思維方式參與或按照我們的思維方式行事的趨勢而言，情況非常好。

Obviously, deposit pricing, as rates come back down or is going to be a big factor.

顯然，隨著利率回落，存款定價或將成為一個重要因素。

If you look at -- as I said in my remarks, on the consumer side, we've already adjusted promo rates as well as CDs, those will continue to adjust as rates move.

如果你看一下——正如我在演講中所說，在消費者方面，我們已經調整了促銷利率和 CD，隨著利率的變化，這些利率將繼續調整。

We're seeing exactly what we thought we would see on the most interest rate-sensitive deposits on the commercial side, as rates started to come down, the betas are exactly what we thought and are pretty high for those deposits.

我們所看到的正是我們所認為的商業方面對利率最敏感的存款，隨著利率開始下降，貝塔值正是我們所認為的，並且這些存款的貝塔值相當高。

So that's working.

這樣就可以了。

Obviously, we haven't seen any loan growth, but we weren't expecting that, but that will be a factor as you look a little bit -- over a little bit longer time period.

顯然，我們沒有看到任何貸款成長，但我們沒有預料到會出現這種情況，但這將是一個因素，因為你會看到一點——在更長的一段時間內。

And then this is a little bit in the weed, but as you look at the first quarter, you do have day counts and things to adjust for.

這有點雜亂，但當你看看第一季時，你確實有天數和需要調整的事情。

So you could bounce around a little bit depending on the quarter based on factors like that as well.

因此，您也可以根據此類因素根據季度進行一些調整。

Okay.

好的。

Perfect.

完美的。

I appreciate that.

我很欣賞這一點。

And then you touched on loan demand is a factor as well.

然後你提到貸款需求也是一個因素。

You all have been pretty reserved regarding that backdrop throughout the year, which has been borne out to be correct.

一年來，你們對這個背景相當保留，這已被證明是正確的。

I guess, hopefully, we're beginning to get some clarity on some of the unresolved issues like cost to borrow, and I guess we're getting closer to the election.

我想，希望我們開始澄清一些未解決的問題，像是藉貸成本，而且我想我們離選舉越來越近了。

Maybe just some additional thoughts on the overall outlook there, if possible, please.

如果可能的話，也許只是對整體前景有一些額外的想法。

Yeah.

是的。

No, I think, I mean, you hit on a couple of the things that people are thinking about.

不，我想，我的意思是，你觸及了人們正在思考的一些事情。

But based on the conversations our teams are having with clients, I think people are still being very prudent about borrowing.

但根據我們團隊與客戶的對話，我認為人們對於借貸仍然非常謹慎。

I think 50 basis point reduction is helpful, but not by itself a factor that will drive people to borrow or not.

我認為降低 50 個基點是有幫助的，但本身並不是驅使人們借貸或不借貸的因素。

I think they will need to see that come down more meaningfully if that's like the driving force.

我認為，如果這能成為驅動力，他們將需要看到這一點變得更有意義。

The uncertainty around the election, the uncertainty around the just macro backdrop, I think as people get more confidence that the baseline case of a soft landing will materialize, you get past the election, you see rates come down a little bit.

圍繞著選舉的不確定性，圍繞著宏觀背景的不確定性，我認為，隨著人們對軟著陸的基準情況將會實現更有信心，你會看到利率略有下降。

I think all those things will come together and help give clients more confidence about either building inventories or making further capital expenditures that they're holding off on now.

我認為所有這些事情將結合在一起，有助於讓客戶對建立庫存或進一步進行目前推遲的資本支出更有信心。

So I think you got to see a few of those things come together.

所以我認為你必須看到其中一些東西結合在一起。

And as you say -- as we get closer to the end of the year, you'll start to get a little bit more visibility there, and we'll see as it goes.

正如你所說，隨著年底的臨近，你將開始獲得更多的關注，我們將看到事情的進展。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Hi, good morning.

嗨，早安。

I guess first question, I think Charlie addressed this a little bit in his opening remarks around expenses.

我想第一個問題，我認為查理在他關於費用的開場白中談到了這個問題。

And I appreciate you're not talking about 2025 today.

我很高興你今天沒有談論 2025 年。

But big picture, looking at your slide 7, personnel expenses flat 8.6% year-over-year, non-comp flat 4.2% year-over-year.

但從大局來看，看投影片 7，人員費用較去年同期持平 8.6%，非公司費用較去年同期持平 4.2%。

From a shareholder perspective, and given what you've said, is it fair to assume we continue to see some of this flat lining trend where there are enough savings to reinvest in the platform, grow fee revenues and do all the stuff that you're doing, but without seeing a meaningful change in these two categories as we look forward?

從股東的角度來看，考慮到您所說的，可以公平地假設我們繼續看到這種平坦趨勢，即有足夠的儲蓄來對平台進行再投資，增加費用收入並做您想做的所有事情。

Ebrahim, this is Charlie.

易卜拉欣，這是查理。

I guess I'll just repeat what we've said in the past, which is we think that there continue to be meaningful efficiencies around the company, but we also are investing both spending whatever we need to spend in the risk and regulatory space, as well as investing for the future.

我想我會重複我們過去說過的話，我們認為公司繼續保持有意義的效率，但我們也在風險和監管領域投入我們需要的一切資金，以及對未來的投資。

And when we get to next quarter, we'll talk about 2025, and we just don't want to get ahead of ourselves because that's something that we think we've done a good job of balancing historically, and we'll continue to balance it going forward and are thinking when we've got specifics to share, we'll share it.

當我們到達下個季度時，我們將討論 2025 年，我們只是不想超前，因為我們認為我們在歷史上平衡方面做得很好，我們將繼續平衡未來，並考慮當我們有具體細節要分享時，我們會分享它。

And Ebrahim, I'll just maybe point out one other thing.

易卜拉欣，我可能會指出另一件事。

As you look at things like personnel expense, obviously there is lots that go underneath that.

當你看看人員費用等事情時，顯然還有很多事情要考慮。

So we are seeing the efficiency come through on salaries and other items.

因此，我們看到工資和其他項目的效率得到了提高。

And that's offset by revenue related expense, mostly in the wealth and investment management business.

這被收入相關費用（主要是財富和投資管理業務）所抵消。

And so, that's a good thing, right?

所以，這是一件好事，對吧？

So you may see that bounce around, but underneath that is the efficiency really coming through as headcount continues to come down.

因此，您可能會看到這種情況出現反彈，但背後是隨著員工人數持續下降而真正實現的效率。

I think we both probably pointed it out that headcount came down again in the quarter.

我想我們都可能指出，本季員工人數又下降。

So we are continuing to execute on that part of the efficiency agenda as well as all the other non-personnel expenses.

因此，我們將繼續執行效率議程的這一部分以及所有其他非人事費用。

I don't think our thinking has changed about efficiency opportunities, but also opportunities to invest.

我認為我們對效率機會和投資機會的看法沒有改變。

We just need to go through our own internal process as we think about 2025 and when we finish that, we'll share.

我們只需要在考慮 2025 年時完成我們自己的內部流程，當我們完成流程時，我們將分享。

That's helpful.

這很有幫助。

And just maybe one quick Mike, I'm sorry if I missed it on NII.

麥克，如果我在 NII 上錯過了它，我很抱歉。

It's an asset-sensitive balance sheet, because of September 50 basis points cut.

這是一個對資產敏感的資產負債表，因為 9 月降息了 50 個基點。

I would have assumed fourth quarter NII would have declined and maybe there's about $50 million of bond book restructuring help.

我以為第四季的 NII 會下降，也許會有大約 5000 萬美元的債券帳簿重組幫助。

Just why [NII] not going down despite the 50 basis points cut?

為什麼儘管降息 50 個基點，[NII] 卻沒有下降？

And is there more room for additional restructuring as we look forward?

我們展望未來是否還有更多重組空間？

Thank you.

謝謝。

Yeah.

是的。

I mean, look, it's just a confluence of all the factors that come together right around sort of what's happening with the mix of deposits.

我的意思是，看，這只是圍繞存款組合所發生的所有因素聚集在一起的結果。

Our mix is a little bit different, obviously, than others.

顯然，我們的組合與其他人有點不同。

I think the pricing actions we took across the deposit base help as you look into the fourth quarter as well.

我認為，當您展望第四季時，我們在存款基礎上採取的定價行動也會有所幫助。

And then obviously, we've got assets continue to kind of reprice up.

顯然，我們的資產繼續重新定價。

We've got the repositioning, but also just normal reinvestment as we've seen maturities roll.

我們已經進行了重新定位，但也只是正常的再投資，因為我們看到了到期日的滾動。

I think on repositioning, we've been repositioning the portfolio for a while.

我認為在重新定位方面，我們已經重新定位投資組合一段時間了。

We'll continue to look at it.

我們將繼續關注。

Nothing on the horizon right now, but we'll continue to look at it as we always do, and we'll let you know if we decide to do more.

目前還沒有任何進展，但我們將像往常一樣繼續關注它，如果我們決定採取更多行動，我們會通知您。

And the only thing I'd add is when you think about just rate movement, you need to look at the different points along the curve.

我唯一要補充的是，當您考慮利率變動時，您需要查看曲線上的不同點。

Got it.

知道了。

And the steeper the better, I assume.

我認為越陡越好。

Steeper is generally better overall in period of time.

在一段時間內，整體來說越陡越好。

Erika Najarian, UBS.

艾莉卡·納賈里安，瑞銀。

Hi.

你好。

Good morning.

早安.

My first question is could you remind us based on your understanding, what happens next after you submit your third-party review to the Fed, as it relates to the asset cap work stream?

我的第一個問題是，您能否根據您的理解提醒我們，在您向聯準會提交第三方審查後，接下來會發生什麼，因為這與資產上限工作流程有關？

Well, so just the way consent orders work.

嗯，這就是同意令的運作方式。

I'll answer it very generally because we don't talk about anything specific relative to where we are and what the timing is.

我會非常籠統地回答這個問題，因為我們不會談論任何與我們所處的位置和時間相關的具體內容。

We haven't and we won't, is you get a consent order.

如果您獲得同意令，我們沒有也不會。

We need to do the work to develop a very detailed plan.

我們需要製定一個非常詳細的計劃。

Regulators then look at that plan and give us feedback on the plan.

然後監管機構會查看該計劃並向我們提供有關該計劃的回饋。

We execute on that plan.

我們執行該計劃。

And whatever is required in that submission, when we're done with the work, we submit it to them.

無論提交中需要什麼，當我們完成工作後，我們都會將其提交給他們。

And then they have done some work along the way, but they generally do a review after the submission.

然後他們一路上做了一些工作，但他們通常會在提交後進行審核。

And then they've got a series of formal processes that they need to go through to make the decision on whether the work has been done to their satisfaction.

然後他們需要經歷一系列正式流程來決定工作是否完成得令他們滿意。

And when that's done, we find out about it and you find out about it.

當這一切完成後，我們會發現它，你也會發現它。

Got it.

知道了。

Okay.

好的。

And as a follow-up, you bought back $3.5 billion of shares in the third quarter.

作為後續行動，您在第三季回購了 35 億美元的股票。

Mike, is this about the -- is the pace that we should expect until we get your next SCB in June?

麥克，這是關於 - 是我們在 6 月收到下一份 SCB 之前應該預期的進度嗎？

I'm just trying to think about framing the buyback opportunity over the next few quarters?

我只是想考慮一下未來幾季的回購機會？

Yeah.

是的。

Erika, we don't really talk about quarter-to-quarter pace.

艾莉卡，我們並不是真正談論季度與季度的速度。

But I think if you look at where we stand from a capital perspective, we're 150 basis points over the new reg minimum plus buffers of 9.8%.

但我認為，如果你從資本的角度來看我們的立場，我們比新的最低監管標準高出 150 個基點，加上 9.8% 的緩衝。

So we go into this environment with plenty of excess capital.

因此，我們進入這種環境時擁有大量過剩資本。

We are going to generate more capital, obviously, through earnings as we go.

顯然，我們將透過不斷獲利來產生更多資本。

And then we go through the normal process that we go through every quarter to look at the opportunities we have to help support clients.

然後我們會經歷每個季度都會經歷的正常流程，以尋找幫助支持客戶的機會。

We look at the risks that are out there and then we'll decide on the exact pacing as we go.

我們會研究存在的風險，然後我們會決定具體的進度。

But we're happy that we were able to buy back $15.5 billion so far year-to-date.

但我們很高興今年迄今為止我們能夠回購 155 億美元。

And continuing to give excess capital back to shareholders is something that's top of mind for us.

繼續將多餘資本回饋給股東是我們的首要任務。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

So first question, just want to understand if the asset cap were to be removed -- well, I should say when the asset cap is removed, right?

所以第一個問題，只是想了解資產上限是否會被取消——嗯，我應該說資產上限何時取消，對嗎？

Are there opportunities for you to lean in anywhere in terms of asset growth?

在資產成長方面，您是否有機會向任何地方傾斜？

Because I've heard you in the past several times, and I would assume it's the same today that the asset cap is not keeping you from doing anything that you want to do.

因為我過去曾多次聽過你的說法，我想今天也是一樣，資產上限不會阻止你做任何你想做的事情。

And maybe that's wrong.

也許這是錯的。

But I just want to understand where you would lean in when it does get removed.

但我只是想了解當它被移除時你會靠在哪裡。

Sure.

當然。

Mike, I'll start and then you can either amplify or change if you disagree with anything I say.

麥克，我先開始，如果你不同意我所說的任何內容，你可以放大或改變。

I think what we see and what we have talked a little bit about is the places where we have been the most careful about the assets and our liabilities today is around on the wholesale deposit side.

我認為我們所看到的以及我們已經討論過的一些地方是我們今天對資產和負債最謹慎的地方是在批發存款方面。

There has certainly been places where we've had to be very careful about not bringing on significant deposits because we want to make sure that we've got the room to serve customers elsewhere, both relative to their borrowing needs, as well as consumer deposits.

當然，在某些地方，我們必須非常小心，不要帶來大量存款，因為我們希望確保我們有空間為其他地方的客戶提供服務，無論是相對於他們的借貸需求還是消費者存款。

And obviously, when commercial deposits come in, it brings cash with it.

顯然，當商業存款進來時，它會帶來現金。

The other place has been in our markets business, where we actually -- since the asset cap has been in existence, we've not just limited, but reduced somewhat the financing abilities that we have for our customers.

另一個地方是我們的市場業務，實際上，自從資產上限存在以來，我們不僅限制了，而且還減少了我們為客戶提供的融資能力。

So those are the two places where we probably see the impact immediately, not incredibly significant changes by any stretch of the imagination, but we've had to be very, very careful in those two places.

因此，我們可能會立即在這兩個地方看到影響，無論怎麼想都不會產生令人難以置信的重大變化，但我們在這兩個地方必須非常非常小心。

And then beyond that, it's just normal growth opportunities that we would see across all the different parts of the company.

除此之外，我們在公司的所有不同部門都會看到正常的成長機會。

And on the expense side, you've talked in the past about the $2.2 billion that has been invested to address the issues in the consent order and to deal with them.

在費用方面，您過去曾談到已投資 22 億美元來解決同意令中的問題並處理這些問題。

When the consent order goes away, is there an opportunity to pull back on that at all?

當同意令失效後，是否有機會取消同意令？

We're not even -- honestly, we literally aren't even thinking about that.

老實說，我們甚至沒有考慮過這一點。

We still have more work to do.

我們還有更多工作要做。

We've said that is the most important thing.

我們說過這是最重要的。

At some point, can we become more efficient in some of the things?

在某些時候，我們能否在某些事情上變得更有效率？

Absolutely.

絕對地。

But what's most important is from our standpoint to make sure that the things we've built become part of the culture of the company.

但從我們的角度來看，最重要的是確保我們所打造的產品成為公司文化的一部分。

So it is just not -- when we think about efficiencies, we think about there are plenty of other places for us to drive efficiencies and not focus on those activities at this point.

所以事實並非如此——當我們考慮效率時，我們會想到還有很多其他地方可以提高效率，而不是目前專注於這些活動。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

Good morning.

早安.

I was hoping you guys could talk about the anti-money laundering KYC, the disclosure in the 10-Q value investigation and then there was some regulatory outcome on that and given that it was in your 10-Q went so public.

我希望你們能談談反洗錢 KYC、10-Q 價值調查中的揭露，然後有一些監管結果，考慮到它在你們的 10-Q 中是如此公開。

Wondering if you could just add some color around it?

想知道是否可以在它周圍添加一些顏色？

And then also just what it might mean to expenses and anything else we should be mindful of going forward?

那麼這對費用以及我們未來應該注意的其他事項可能意味著什麼？

Thank you.

謝謝。

Yeah.

是的。

I mean we put out something when we entered into the formal agreement with the OCC.

我的意思是，當我們與 OCC 簽訂正式協議時，我們發布了一些內容。

And like other things that we find and they find, we take them extremely seriously.

就像我們發現的和他們發現的其他東西一樣，我們非常認真地對待它們。

We're going to get the work done.

我們會完成工作。

As I've said in my prepared remarks, I think as we identify issues and we see that there are things that have to get built, we've got confidence that we've got the ability to do it.

正如我在準備好的演講中所說的那樣，我認為當我們發現問題並看到必須建造一些東西時，我們有信心我們有能力做到這一點。

I would say, relative to the cost around it, I'd say the two different pieces, which is just like all of the control-related work, we are going to spend whatever is necessary.

我想說，相對於它周圍的成本，我想說的是，這兩個不同的部分，就像所有與控制相關的工作一樣，我們將花費一切必要的費用。

At this point, as we sit and look at the $54 billion expense base, don't see it having anything meaningfully that we need to talk about beyond our ability to spend as we've discussed.

此時此刻，當我們坐下來審視 540 億美元的支出基礎時，除了我們已經討論過的支出能力之外，我們不認為它有任何值得我們討論的有意義的內容。

And I would also mention that, and I think we've said something about this which is a significant amount of the work that is required in the consent order, we've been working on.

我還要提到這一點，我認為我們已經就此說過一些話，這是同意令中要求的大量工作，我們一直在努力。

And so, as we think about what we are spending, we are spending significant amount of money relative to what's necessary in that order already.

因此，當我們考慮我們的支出時，我們已經花費了相對於該順序所需的大量資金。

Okay.

好的。

And then are you able to comment is this is a Wells specific thing or an industry wide area focus because you know the banks are responsible not just for kind of policing their customers, but really keeping track of all the money that is moving around.

然後你能評論這是富國銀行特有的事情還是整個行業的焦點，因為你知道銀行不僅負責監管他們的客戶，而且真正追蹤所有流動的資金。

It seems like it could be

似乎可以是

--

--

We're not going to speak.

我們不會說話。

We speak for ourselves and what we know.

我們代表我們自己和我們所知道的。

Beyond that, is not right or appropriate.

除此之外，就是不正確或不適當的。

David Long, Raymond James.

大衛朗，雷蒙德詹姆斯。

Good morning, everyone.

大家早安。

I just wanted to follow up with the regulatory side.

我只是想跟進監管方面的情況。

And can you remind us of the mechanics of the asset cap without providing any insight as to when you think it may come off.

您能否提醒我們資產上限的機制，但不提供任何關於您認為資產上限何時可能下降的見解。

But can the asset cap be removed in your opinion without the consent order being removed completely?

但您認為，在不完全取消同意令的情況下，可以取消資產上限嗎？

Listen, I would -- for anyone who's -- if you have questions on the 2018 Fed consent order, it is very readable.

聽著，對於任何人來說，如果您對 2018 年美聯儲同意令有疑問，它非常容易閱讀。

It's something like, I don't remember exactly, but it is like 5 pages -- 7 pages, Mike is telling me of which there are like there is a page in there, which is really the page that lays out what we have to accomplish and how the Fed is going to look at things.

好像是，我記不太清楚了，但是大概有 5 頁——7 頁，邁克告訴我其中有一頁，這實際上是列出我們必須做的事情的頁面。

So it really is very digestible.

所以它確實非常容易消化。

So I will give you a brief summary.

所以我會給你一個簡短的總結。

But again, please, I'd point you back to it if you want to go through it.

但再次強調，如果您想仔細閱讀，我會引導您回到它。

We are required to -- the Board needs to be more effective.

我們需要—董事會需要更有效。

We need to build out operational risk and compliance in the company.

我們需要在公司中建立營運風險和合規性。

To lift the asset cap, that work needs to be adopted and implemented, and to lift the entire consent order needs to be effective and sustainable.

為了取消資產上限，這項工作需要被採納和實施，而取消整個同意令需要有效和可持續。

And so, that's what's laid out the way the Fed will interpret those things, and relative to things going on in the company is certainly in their bailiwick.

因此，這就是聯準會解釋這些事情的方式，而相對於公司正在發生的事情當然是在他們的管轄範圍內。

As I've said, we are very focused on getting the work done, and feel good about our ability to get it done, given what we've shown that we can do here.

正如我所說，我們非常專注於完成工作，並且鑑於我們已經證明我們可以在這裡做的事情，我們對完成工作的能力感到滿意。

Got it.

知道了。

Thank you, Charlie, appreciate it.

謝謝你，查理，很感激。

And then the other question I had was related to the trading gains line, and you've been putting up over $1 billion there per quarter in trading gains.

我的另一個問題與交易收益線有關，您每季在那裡投入了超過 10 億美元的交易收益。

What are some of the puts and takes in that line that can create some volatility on a quarter-to-quarter basis?

該行中有哪些看跌期權和買入期權可能會造成季度間的波動？

Yeah.

是的。

It's Michael, I'll take that.

我是邁克爾，我會接受的。

Obviously, volatility in the market a big factor.

顯然，市場波動是重要因素。

So it's kind of the market conditions that we operate in.

這就是我們營運所處的市場條件。

You generally have some seasonality to that line item as well in the third and fourth quarter as you get to the holiday season.

當您進入假期時，該訂單項目通常在第三和第四季也會有一些季節性。

And then I think where we've been focused there is really just continuing to methodically improve the capabilities, make sure we got the right people, the right seats.

然後我認為我們一直關注的重點實際上只是繼續有條不紊地提高能力，確保我們擁有合適的人員、合適的席位。

We continue to improve all of our technology and e-trading capabilities.

我們不斷改進我們的所有技術和電子交易能力。

And we're seeing good results of that, but it's something that can move around based on market conditions quite a bit, but our focus is just to make sure that we continue to have the right capabilities to serve clients.

我們看到了良好的結果，但它可以根據市場條件進行很大程度的調整，但我們的重點只是確保我們繼續擁有為客戶服務的正確能力。

And we've been pleased now that we've strong together probably seven quarters of pretty good performance there, and we'll look forward to happens going forward.

現在我們很高興我們在一起可能有七個季度的良好表現，我們期待未來的發展。

John Pancari, Evercore.

約翰·潘卡里，Evercore。

Good morning.

早安.

Just around the -- a little bit more around the securities repositioning, how much of a benefit to net interest income did the securities repositioning have this quarter?

就證券重新定位而言，本季證券重新定位對淨利息收入有多大好處？

And how much of it would be a full quarter impact that you would expect for the fourth quarter?

您預計第四季的整個季度影響有多少？

Very little in the third quarter.

第三季的情況很少。

It is all done.

一切都完成了。

So it's in the run rate for the fourth quarter.

所以這是第四季的運行率。

Okay.

好的。

And then have you sized up that impact and what it would mean for NII for the fourth quarter?

那麼您是否評估過這種影響以及這對第四季度的 NII 意味著什麼？

It's in my remarks where we did about $16 billion of repositioning.

在我的演講中，我們進行了約 160 億美元的重新定位。

We picked up about 130 basis points on that.

我們因此上漲了約 130 個基點。

So I mean, obviously, day count and other things to adjust, but it is pretty easy to model.

所以我的意思是，顯然，天數和其他需要調整的事情，但它很容易建模。

All right.

好的。

Thanks.

謝謝。

And then separately, just around the fee income commentary, I appreciate the color you provided around the trading outlook.

然後，就費用收入評論而言，我很欣賞您在交易前景方面提供的色彩。

Can you perhaps unpack the rest of your expectations there just on the fee side, how we should think about the trajectory of wealth management and possibly on the card side and IB as well.

您能否在費用方面解開您的其餘期望，我們應該如何考慮財富管理的軌跡，也可能在卡片方面和 IB 方面。

Just what you're seeing there in terms of underlying drivers?

您所看到的潛在驅動因素是什麼？

Well, it's a hard -- I mean, there are like 15 underlying drivers.

嗯，這很難——我的意思是，有大約 15 個底層驅動因素。

And so, you should look at each of the specifics and do your own modeling based upon what you think, right?

因此，您應該查看每個細節並根據您的想法進行自己的建模，對吧？

We've got credit card revenues.

我們有信用卡收入。

We've got trading.

我們有交易。

We've got all these different pieces.

我們有所有這些不同的部分。

It's just not one monolithic number.

這不是一個單一的數字。

Yeah.

是的。

And maybe I'll just give you a couple of pieces of color underneath that.

也許我只會在下面給你一些顏色。

Obviously, on the investment management line, market levels matter a lot.

顯然，在投資管理領域，市場水準非常重要。

As we've pointed out, about two-thirds of that line is equities, the rest is fixed income.

正如我們所指出的，該行大約三分之二是股票，其餘的則是固定收益。

Most of it gets priced in advance based on the prior -- the first day of the quarter or the last day of the quarter, prior quarter.

其中大部分是根據前一個季度的第一天或前一個季度的最後一天提前定價的。

So that's a pretty good way to think about that line going forward.

所以這是一個很好的方式來思考這條線的未來。

If you look at card fees, as Charlie talked about, we've got a debit card and credit card business, as we see growth across the economy and we are successful in growing our business, that will drive that line.

如果你看看卡費，正如查理所說，我們有借記卡和信用卡業務，因為我們看到整個經濟的成長，並且我們成功地發展了我們的業務，這將推動這一趨勢。

Investment banking is somewhat market dependent, but we've been investing there quite a bit.

投資銀行業務在某種程度上依賴市場，但我們已經在這方面進行了大量投資。

And so, the goal is to increase market share methodically over time.

因此，我們的目標是隨著時間的推移有條不紊地增加市場份額。

And so, those are the biggest pieces of the puzzle there.

所以，這些都是最大的難題。

But hopefully, that's helpful.

但希望這會有所幫助。

Gerard Cassidy, RBC Capital Markets.

傑拉德·卡西迪，加拿大皇家銀行資本市場部。

Hi, Mike.

嗨，麥克。

Hi, Charlie.

嗨，查理。

Can you guys share with us maybe a little color on the commercial real estate office portfolio.

你們能否與我們分享一下商業地產辦公投資組合的一些色彩？

It looks like the stabilization may be sitting in on the credit quality.

看起來穩定可能會影響信貸品質。

Any indicators of is it getting less worse?

有任何跡象表明情況正在變得不那麼糟糕嗎？

Or when you go into market property down the markets maybe aren't as severe as they were six months ago or 12 months ago.

或者當你進入市場房地產時，市場可能不像六個月前或 12 個月前那麼嚴峻。

Any further details here?

這裡有更多詳細資訊嗎？

I'll take it.

我要買它。

It is an interesting question because it depends on -- I think it depends on who you talk to and how you actually ask the question.

這是一個有趣的問題，因為它取決於——我認為這取決於你與誰交談以及你實際上如何提出問題。

Meaning, when we look at what's actually happening, things aren't getting better, and it is more of the same but it's impacting more properties.

這意味著，當我們觀察實際發生的情況時，情況並沒有變得更好，而且情況基本上相同，但它正在影響更多的財產。

Maybe to some extent, there is a little bit of contagion to properties that are fairly well leased, but people are looking for better deals because they think there's weakness out there.

也許在某種程度上，租賃狀況良好的房產會受到一些影響，但人們正在尋找更好的交易，因為他們認為那裡有弱點。

So you see a little bit of that.

所以你看到了一點點。

But what you see is just more of the significant revaluation because of supply and demand that's going on as these properties move through the cycle.

但你所看到的更多的是由於這些房產在周期中的供需關係而導致的重大重估。

So as we look at it, our kind of big picture is based upon what we expected there aren't material changes at all.

因此，當我們審視它時，我們的大局是基於我們的預期，根本沒有重大變化。

We are actually seeing that play out, but things are getting worse because there are more properties being impacted.

我們實際上看到了這種情況的發生，但情況正在變得更糟，因為有更多的財產受到影響。

So it depends on whether it's versus your expectations or what you've seen in the prior period.

因此，這取決於它是否符合您的預期或您在前一段時間所看到的情況。

Yeah.

是的。

And Gerard, I may just add one other piece.

傑拉德，我可能會添加另一件作品。

So we're seeing the same trend where kind of new buildings, renovated buildings in good locations are doing fine.

因此，我們看到了同樣的趨勢，位置好的新建築和翻新建築都表現良好。

It's older office buildings pretty consistent across the US.

美國各地的舊辦公大樓相當一致。

But as Charlie said, it's within the expectations we've had, which we have been pretty -- we were pretty down on the space now for a while.

但正如查理所說，這在我們的預期之內，我們一直都做得很好——我們現在在這個領域的表現相當低迷一段時間了。

And so, it's playing out kind of largely within that range of what we thought.

所以，它的表現很大程度在我們想像的範圍內。

But it's going to -- and as I have said over and over, like it's going to take a while to play out.

但正如我一再說過的那樣，這需要一段時間才能發揮作用。

This is not something that will take a quarter or two and be over.

這不是一兩個季度就能結束的事。

It will play out over a longer period of time.

它將在更長的時間內發揮作用。

And we feel really good about our allowance for coverage ratio.

我們對我們的覆蓋率備抵感到非常滿意。

We feel like that's more than appropriate for kind of what we expect to see here.

我們覺得這非常適合我們期望在這裡看到的情況。

And we are going to continue to work with clients as best we can through it.

我們將繼續盡最大努力與客戶合作。

Very good.

非常好。

And then I know -- gosh, it's only been less than a month since the Fed cut the Fed funds rate and obviously, the forward curve is calling for more.

然後我知道——天哪，距離聯準會降低聯邦基金利率不到一個月，顯然，遠期曲線正在要求更多。

And you guys -- as you addressed in your prepared remarks, Mike, about deposit costs.

你們，麥克，正如你們在準備好的發言中談到的關於存款成本的問題。

The behavior, I know again, it is early, but any comments on -- are you seeing the consumers and the corporate customers behaving as expected in terms of what they are doing with their deposits with lower rates?

我再次知道，這種行為還為時過早，但有任何評論嗎——您是否看到消費者和企業客戶在以較低利率處理存款方面的表現符合預期？

And as the second part of that question, with your loan-to-deposit ratio not being very high, of course, is there more room for you to lower deposit costs and not have to be as concerned being over levered?

作為該問題的第二部分，當然，您的貸存比不是很高，您是否有更大的空間來降低存款成本，而不必擔心槓桿過高？

Yeah.

是的。

I would say, look, the short answer on the behavior side is not much has changed since in the last three weeks.

我想說，看，行為方面的簡短答案是，過去三週以來，沒有太大變化。

The trend, though, that we have seen now for the better part of a year-ish is that we've seen less migration to higher yielding alternatives.

不過，我們現在看到的趨勢是，在一年的大部分時間裡，我們看到向更高收益替代品的遷移較少。

We've seen good stabilization of deposits across the businesses.

我們看到各企業的存款都保持良好的穩定性。

Those trends are all still true.

這些趨勢仍然是正確的。

And we are not seeing that shift in any significant way in any of the businesses at this point.

目前我們還沒有看到任何業務有任何重大轉變。

I think as you look at both deposit pricing and the other side of the equation that you brought up, on the loan side, we feel it is really important to have a very consistent approach to underwriting credit over a long period of time, and that's what we've been doing.

我認為，當您考慮存款定價和您提出的等式的另一邊（貸款方面）時，我們認為在很長一段時間內採取非常一致的承銷信貸方法非常重要，這就是我們一直在做什麼。

And I think that's served us well, and I think that's going to continue to be the approach.

我認為這對我們很有幫助，而且我認為這將繼續成為我們的做法。

On the deposit side, I think we'll make the decisions we think are the right decisions to -- product by product and client by client, based on the relationships we have.

在存款方面，我認為我們將根據我們擁有的關係，針對不同產品、不同客戶做出我們認為正確的決定。

And I think -- and so far, again, that's worked out well for us.

我認為——到目前為止，這對我們來說效果很好。

So that's the approach we are going to continue to take.

這就是我們將繼續採取的方法。

Great.

偉大的。

Appreciate the color and candor.

欣賞色彩和坦率。

Thank you

謝謝

Okay.

好的。

We thank everyone for joining us, and we'll talk to you next time.

我們感謝大家加入我們，我們下次再和你們聊聊。

Thank you all for your participation on today's conference call.

感謝大家參加今天的電話會議。

At this time, all parties may disconnect.

這時，各方都可能斷開連線。