富國銀行 (WFC) 2024 Q3 法說會逐字稿

(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.

（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。

Thank you. Good morning, everyone, and thank you for joining. Our call today are CEO, Charlie Sharp, and our CFO, lengthening of the CMO, will discuss third quarter results and answer your questions. This call is being recorded.

謝謝。大家早安，感謝您的加入。我們今天與執行長查理夏普 (Charlie Sharp) 和我們的財務長 (CMO) 通話，將討論第三季業績並回答您的問題。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. 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.

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收益資料的 8-K 表格）中詳述的預期產生重大差異的因素。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收益資料中找到。

I will now turn the call over to Charlie.

我現在將把電話轉給查理。

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

謝謝，約翰。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。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。讓我從第三季的亮點開始。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. 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 faced over the last year.

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。我們的收入來源更加多樣化並且是收費的。今年前 9 個月收入成長了 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 o ur size and complexity. Headcount has declined every quarter for four years is that our expense quarter were down from both the second quarter and the year ago.

我們保持了嚴格的信用紀律，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。四年來每季的員工人數都在下降，因為我們的費用季度比第二季和去年同期都下降了。

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

由於我們保持了嚴格的信貸標準以及對回報而非數量的關注，平均貸款較第二季有所下降。我們繼續擴大信用卡組合，餘額連續 13 個季度成長，商業貸款需求依然疲軟，反映了經濟的不確定性和未來利率走低的預期。

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 treasury corporate treasury deposits. 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.

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國庫企業國庫存款。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 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. 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.

我們的消費者和商業客戶在我們的批發業務中都保持了彈性。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均減少。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. Consumer charge-offs declined from 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.

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。由於信用卡投資組合損失減少，消費者沖銷額較第二季下降。而我們的其他消費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, 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.

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，我們現在沒有看到任何有意義的趨勢變化，第三季度信用卡和借記卡支出均較去年同期有所增加。儘管增長速度有所放緩，但仍然健康。

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. 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.

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。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. And we continued to return significant amounts of excess capital to shareholders. 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. And we've increased our common stock dividend in the third quarter by 14%.

我們的資本狀況依然強勁，CET1 比率為 11.3%，高於上季的 11%。我們繼續向股東返還大量超額資本。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] 普通股，比去年同期成長了 60% 以上。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. Starting with our risk and control work, which remains our top priority. 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. That includes what is required under the recent formal agreement we entered with the office of the control of the currency.

現在讓我向您介紹我們的策略重點的最新情況。從我們的風險和控制工作開始，這仍然是我們的首要任務。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。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. We continue to build our credit card business. 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 Kirk's and accelerated rewards.

我們也繼續執行其他戰略重點。我們繼續發展信用卡業務。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、增強型 Kirk's 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 w ith nearly 2 billion of new credit cards accounts this year. Last month, we announced a multi-year co-branded agreement with Volkswagen Financial Services.

我們最廣泛的信用卡產品系列繼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 20 億個。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. The investments we've been making in our consumer small business banking segment are starting to generate growth.

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。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。

A fter several years of no growth, n et checking accounts have now grown for three consecutive quarters, and we believe our debit card share has started to increase as well. Mobile active users increased by 1.6 million or 5% from last year. We are also investing in our branches and have refurbished over 460 branches during the first three quarters of this year.

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。行動活躍用戶較去年增加 160 萬，即 5%。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. 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. We also hired a new Vice Chair of corporate banking, was focused on helping us continue to expand and grow that franchise.

我們繼續聘請久經考驗的領導者和我們的企業投資銀行。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。我們也聘請了一位新的企業銀行業務副董事長，專注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. And in the third quarter, Bridget angle joined Wells Fargo as Head of Technology reporting t o me. 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.

我們也持續吸引其他領域經驗豐富的領導者。第三季度，Bridget Angle 加入富國銀行，擔任技術主管，向我報告。我過去曾與布里奇特共事，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. 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.

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

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。展望未來，整體而言，美國經濟仍然強勁，通膨放緩，勞動力市場富有彈性，增加了收入並支持了消費者支出。

Company balance sheets are strong contributors contributing to both consumption and investment in economy slowing demand for commercial lending. We continue to we prepared for a variety of economic environments, and we'll balance our desire to increase returns and growth while protecting the downside.

公司資產負債表是經濟消費和投資的重要貢獻者，導致商業貸款需求放緩。我們將繼續為各種經濟環境做好準備，我們將平衡增加回報和成長的願望，同時保護下行因素。

We have one of the most enviable franchises of the industry and a top management team capable of delivering strong results. I want to thank everyone who I've worked with at Wells Fargo for everything they've done to transform this great company.

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業績的高階管理團隊。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. We are pleased with the results in the third quarter. We again saw good growth in non-interest income across most businesses and expenses were well controlled. Net income for the third quarter was $5.1 billion, or $1.42 per diluted common share.

謝謝你，查理，大家早安。我們對第三季的結果感到滿意。我們再次看到大多數業務的非利息收入成長良好，費用也得到了很好的控制。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. Our results included $447 million, or $0.10 per share of net losses on the sale of debt s ecurities. 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.

本季度，我們藉此機會重新配置了部分投資證券組合。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。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出約 130 個基點的證券。

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

此次重新定位的預計獲利回收期為兩年多一點。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. Net interest income declined $233 million or 2% from the second quarter, a $ 128 billion 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.

轉向幻燈片4。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 the pace of deposit pricing increases also decelerated. 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.

這是自 2023 年第三季以來淨利息收入的最低相關季度降幅，因為客戶轉向收益率更高的存款產品的步伐繼續放緩，存款定價上漲的步伐也有所放緩。第三季存款成本上升了 7 個基點，其中約一半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. In response to the Federal Reserve rate cuts on September, we have reduced rates on commercial deposit offers in our consumer businesses.

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。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. Commercial deposit pricing is responding quickly to Federal Reserve rate reductions, just as I did when rates were risen. We are continuously monitoring competitive conditions and deposit trends, and we'll adjust pricing tenor new Balance requirements b ased on our observations.

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。商業存款定價對聯準會降息反應迅速，就像我在利率上升時所做的那樣。我們持續監控競爭狀況和存款趨勢，我們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. 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. I'll highlight specific drivers when discussing our operating segment results.

我們在投影片 5 中重點介紹了貸款和存款。 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。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 c orporate treasury deposits. Average deposits were down $4.8 billion in the second quarter. 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.

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。第二季平均存款減少 48 億美元。這一下降的原因是減少了 185 億美元、成本上升、企業財務存款，而客戶存款則較第二季度增加了 137 億美元。

All else equal, a reduction in corporate treasury deposits is a positive or net interest income in the current environment. Turning to non-interest income on slide 6, we had strong growth in non-interest income, up 12% from a year ago.

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。轉向幻燈片 6 上的非利息收入，我們的非利息收入成長強勁，比一年前成長 12%。

As Charlie highlighted, t his growth reflects the benefits of the investments we've been making in our businesses as well as market conditions. 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.

正如查理所強調的那樣，他的成長反映了我們在業務中進行的投資以及市場條件的好處。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. I will highlight the specific drivers and non-interest income growth w hen discussing our operating segment results.

我們也受益於創投績效的改善。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. Non-interest expense declined from the second quarter a year ago. The impact of our efficiency initiatives helps reduce salaries and professional and outside services expense compared with a year ago. These declines were partially offset by higher revenue-related compensation, predominantly in wealth and investment management as well as higher technology and equipment expense.

轉向幻燈片 7 中的支出。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。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. Net loan charge-offs decreased 8 basis points from the second quarter to 49 basis points of average loans. 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.

轉向幻燈片 8 上的信貸品質。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。

W hile 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, 83 basis points of average loans, driven by lower losses in the credit card portfolio. Non-performing assets decreased 3% in the second quarter, driven by lower commercial real estate non-accrual loans.

由於信用卡投資組合損失減少，消費者淨貸款沖銷額比第二季減少了 4,500 萬美元，相當於平均貸款的 83 個基點。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 nonaccruals 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. 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. Our allowance coverage for loans has been relatively stable over the past year as credit trends remain within our expectations.

轉到幻燈片 9。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. Our capital position remains strong and o ur 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. The increase in our CET1 ratio from the second quarter included a benefit of 28 basis points higher accumulated other comprehensive income due to lower interest rates and tighter mortgage backed securities spreads.

轉向投影片 10 上的資本流動性。與第二季度相比，我們的 CET1 比率有所提高，其中包括由於利率降低和抵押貸款支持證券利差收緊而導致的累積其他綜合收益提高了 28 個基點。

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.

我們在第三季回購了35億股普通股。今年前三季度，我們的股票回購量比去年同期增加了60億股，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. Consumer small business banking revenue declined 5% from year ago, driven by lower deposit balances and the impact of customers migrating to higher yielding deposit products.

轉向我們的營運部門業績，從投影片11 上的消費者銀行業務和貸款開始。了5%。

However, the pace of migration continued slow. The slight increase in home lending revenue from a year ago, driven by higher mortgage banking fees. Credit card revenue declined 2% from year ago as lower fee revenue more than offset higher net interest income. Auto revenue decreased 24% from a year ago, driven by lower loan balances and continued loan spread compression.

然而，移民的步伐仍然緩慢。由於抵押貸款銀行費用上漲，房屋貸款收入較一年前略有增加。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。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. 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. We also continued to make progress on reducing the size of our servicing business. The amount of third-party mortgage loan service was down 16% from a year ago.

轉向投影片 12 上的一些關鍵業務驅動因素。我們也持續在縮小服務業務規模方面取得進展。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%. 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.

自從我們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%。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. Debit card spending increased $2.3 billion or 2% from year ago. And credit card spending was up 10% from year ago, with growth in all categories except fuel. Payment rates were modestly lower than a year ago, but remain above pre-pandemic levels.

第三季的發行量較去年同期穩定，較第二季成長 11%。金融卡支出比去年同期增加 23 億美元，成長 2%。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。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. 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. 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.

轉向幻燈片 13 上的商業銀行業務業績。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. Loan demand remained weak as many clients remain cautious about investing in inventory buildup and capital expenditures due to economic uncertainty, h igh borrowing costs.

第三季平均貸款餘額較去年同期下降1%。由於經濟不確定性和借貸成本高企，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. Banking revenue was down 5% from year ago, driven by higher deposit costs and lower loan balances. Commercial real estate revenue decreased 1% from a year ago, reflecting the CAC of lower loan balances, partially offset by higher capital markets.

轉向投影片 14 上的企業投資銀行業務。商業房地產收入較上年同期下降 1%，反映貸款餘額較低的 CAC，但部分被較高的資本市場所抵銷。

Revenue 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. 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.

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

第 15 張投影片。並將存款存入諮詢經紀帳戶。

As a reminder, the majority of women 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，大多數女性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 日有所上升。

Slide 16 highlights our corporate results. Revenue declined a year ago, driven by net losses on debt securities related to the repositioning of the investment securities portfolio, p artially offset by improved results from our venture capital investments.

幻燈片 16 重點介紹了我們的公司業績。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. 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.

轉向我們對幻燈片17 上的2024 年淨利息收入和非利息支出的展望。 % 2024 年淨利息收入與 2023 年相比。

Based on this expectation, we believe we are close to the trough, however, exactly when the securities will be influenced by a variety of factors, including the pace of rate changes, deposit mix and pricing and day count.

基於這個預期，我們認為我們已接近谷底，然而，正是在這個時候，證券將受到多種因素的影響，包括利率變化的步伐、存款組合、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. As a reminder, with outstanding litigation, regulatory and customer remediation matters that could impact operating losses during the remainder of the year.

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。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 Q3 has demonstrated the progress we're making to transform Wells Fargo and improve our returns. We grew non-interest income by 12% from a year ago with growth across most businesses.

總之，我們在第三季取得了堅實的成果，證明了我們在改造富國銀行和提高回報方面所取得的進展。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. While this growth in non-interest income was more than offset that the expected decline in net interest income, the investments we have made in our businesses drive better fee income and diversify o ur revenue were evident.

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。雖然非利息收入的成長足以抵消淨利息收入的預期下降，但我們對業務的投資明顯帶來了更好的費用收入並使我們的收入多元化。

We continue to make progress on our efficiency initiatives with expenses down from a year ago, and hence came down for 17 consecutive quarters. 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。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息和股票回購向股東返還超過 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。

Thank you for taking the question. Mike what's happening to start with NII. So y our Q4 number should be flattish with the third quarter level that I believe you mentioned towards the end of your prepared remarks that you believe wells, it's sort of close to the trough was hoping you could just unpack a bit more. What you see is the swing was 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 toward. Pardon me back upward more visibly.

感謝您提出問題。麥克，從 NII 開始發生了什麼事。因此，我們第四季度的數字應該與第三季度的水平持平，我相信您在準備好的發言結束時提到過，您相信情況很好，它有點接近低谷，希望您能再多一點。您所看到的是，無論哪種方式，波動都是主要的波動因素，以及從這裡開始反彈所需的條件。請原諒我更明顯地向上返回。

Yes, Scott, and I appreciate I appreciate the question. Yes, I mean, it's the same drivers we've been talking about now for the last number of quarters. So obviously, deposits in the mix of those deposits is going to be a big factor in the near term. I think as you can see at our trend that and I see it out, deposits were behaving pretty well.

是的，斯科特，我很感激你提出這個問題。是的，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。顯然，短期內，這些存款中的存款將成為一個重要因素。我認為，正如您從我們的趨勢中看到的那樣，而且我也看到了，存款的表現相當不錯。

But I will note though, in the trend that there is a product switch conversion that we did that sort of impacted at NIB and NIB. So if you take that out, are the percentage of non-interest bearing deposits is effectively flat to the third quarter. And so, that's the first time now in a while where we've seen that be the case. And so that's one of the factors that will have to see sort of play out for a little bit longer time period.

但我要指出的是，在趨勢中，我們在 NIB 和 NIB 上所做的產品轉換轉換受到了影響。因此，如果去掉這一點，無息存款的百分比實際上與第三季持平。所以，這是我們一段時間以來第一次看到這種情況。因此，這是必須在更長一段時間內發揮作用的因素之一。

But but so far, so good in terms of that trend that participating in the way we thought are behaving the way we thought. Obviously deposit pricing as rates come back down or is going to be a big factor. If you look at, as I said in my remarks on the consumer side, we've already adjusted the promotion to promote -- promo rates as well as CDs also continued to adjust as rates move up.

但到目前為止，這種趨勢非常好，按照我們的想法參與，就是按照我們的想法行事。顯然，隨著利率回落，存款定價或將成為一個重要因素。如果你看一下，正如我在消費者方面的演講中所說的那樣，我們已經調整了促銷活動——促銷價格以及 CD 也隨著價格的上升而繼續調整。

You know, 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 for those deposits. So that's that's working.

你知道，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。這就是工作原理。

And obviously, we haven't seen any loan growth, but we weren't expecting that. But that will be a factor as you sort of looked a little bit lower overall a little bit longer time period. And then this is a little bit in the weeds. But as you sort of look at the first quarter, you do have day counts and things to kind of adjust for. So you could bounce around a little bit depending on the quarter based on factors like that as well.

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，因為你在更長的時間內整體看起來有點低。然後這就是雜草中的一點點。但當你看看第一季時，你確實有天數和需要調整的事情。因此，您也可以根據此類因素根據季度進行一些調整。

Okay, perfect. And then you touched I appreciate that. Maybe you touched on loan demand and the factors while you all have been pretty reserved regarding that backdrop throughout the year, which has been borne out to be correct. I guess hopefully, we're beginning to get some clarity of some of the unresolved issues like cost to borrow Americas. We're getting closer to the election. Maybe just some additional thoughts on the overall outlook there, if possible, please.

好的，完美。然後你感動了我很感激。也許您談到了貸款需求和其他因素，而您全年對此背景都持相當保留的態度，這已被證明是正確的。我想我們希望能夠開始澄清一些未解決的問題，例如美洲的借貸成本。我們距離選舉越來越近了。如果可能的話，也許只是對整體前景有一些額外的想法。

Yes. I think I mean, you hit it hit out a few a couple of things that people are thinking about. But again, based on the conversations Our teams are having with clients, see, I think people are still being very prudent about borrowing. I think the 50 basis point reduction helpful, but not by itself will factor that will drive people to borrow or not.

是的。我想我的意思是，你擊中了人們正在思考的一些事情。但同樣，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。我認為降息 50 個基點是有幫助的，但本身並不會成為推動人們借貸或不借貸的因素。

I think you will need to see that come down more meaningfully if that's like the driving force, the uncertainty around the election of the uncertainty around j ust macro backdrop, I think as people get more confidence that the baseline case of a soft landing will materialize, you get past the election is see rates come down. It will come together and help give clients more confidence about either building inventories or making further capital expenditures that they're just stuff they're holding off on now.

我認為，如果這就像驅動力一樣，那麼你需要看到這種情況的下降更有意義，即選舉的不確定性和宏觀背景的不確定性，我認為，隨著人們對軟著陸的基線情況將成為現實更有信心，你透過選舉就會看到利率下降。它將幫助客戶對建立庫存或進一步進行資本支出更有信心，而他們現在只是推遲了這些支出。

So I think I think you got to see a few of those things come together. 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. I will say as it goes.

所以我想你必須看到其中一些東西結合在一起。正如你所說，隨著年底的臨近，你會開始在那裡獲得更多的關注。我會照情況說。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Sir. Good morning . I guess the first question, I think Charlie advanced decision made in his opening remarks and on expenses, and I appreciate you're not talking about 2025 today, but big picture looking at this slide 7, personnel expenses flat 8.6% year-over-year, non-comp flat 4.2$ year-over-year. It from a shareholder perspective.

先生。早安 .我想第一個問題，我認為查理在開場白和費用方面做出了提前決定，我很高興你今天不是在談論2025 年，而是從這張幻燈片7 的總體情況來看，人員費用同比持平8.6% -年，非補償持平 4.2 美元。從股東的角度來看。

And given what you've said, is it fair to assume we continue to see some of this flatlining 10 where did and enough savings to reinvest into place from grow fee revenues into all the stuff that you're doing, but without seeing a meaningful change in these two categories and we look forward?

考慮到你所說的，可以公平地假設我們繼續看到這10 個地方的收入持平，並且有足夠的儲蓄可以透過增加費用收入再投資到你正在做的所有事情上，但沒有看到有意義的結果這兩個品類的改變值得我們期待嗎？

This is Charlie. I'm I guess I repeat what we've said in the past, which is on. We think that there continue to be meaningful efficiencies around the company. But we also are investing come in both sending whatever we need to spend in the risk and regulatory space as well as investing for the future.

這是查理。我想我重複我們過去說過的話，現在還在繼續。我們認為公司的效率繼續保持有意義的水平。但我們也投資於風險和監管領域所需的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 a that's something that we think we've done a good job of balancing historically and will continue to balance that going forward in our thinking. And but 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。但我們有具體細節要分享，會分享的。

Anybody that is going to be put out. one other thing. If you look at things like personnel expense, obviously there's lots going on underneath that. So we are seeing the efficiency come through on salaries and other items, and that's offset by revenue related expense, mostly in the wealth and investment management business.

任何將要被淘汰的人。另一件事。如果你看看人員費用之類的事情，顯然這背後有很多事情。因此，我們看到工資和其他項目的效率得到了提高，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? So do you may see that bounce around, but yet but underneath that is the efficiency really coming through as headcount continues to come down, I think we both public it out that head count came down and it came down again in the quarter. So we're continuing to execute on that part of the efficiency agenda as well as all the other non personnel expenses.

所以這是一件好事，對吧？因此，您可能會看到這種反彈，但是，但在這背後，是隨著員工人數持續下降，效率真正實現的，我想我們都公開了員工人數下降的情況，並且在本季度再次下降。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員費用。

But again, I just I don't think our thinking has changed about com efficiency opportunities, but also opportunities to invest. And so we just need to go to our own internal processes as w e think about 2012, 2025. And when we finish up share.

但我再說一遍，我認為我們對提高效率的機會以及投資機會的看法沒有改變。因此，當我們考慮 2012 年、2025 年時，我們只需要進入我們自己的內部流程。

That's helpful. And just maybe one quick, Mike, I'm sorry if I missed it on NII, asset-sensitive balance sheet. We go to September, 50 basis points cut would have assumed fourth quarter and I would have declined and maybe did about $50 million of bond book these capturing help.

這很有幫助。麥克，如果我錯過了 NII（資產敏感資產負債表），我很抱歉。到了 9 月份，假設第四季度降息 50 個基點，我可能會拒絕，也許會記入約 5000 萬美元的債券，以獲得幫助。

Why NII is not going down despite the 50 basis points cut, and is there more room for additional restructuring as we look forward? Thank you.

為什麼NII降了50個基點卻沒有下降，未來還有更多重組空間嗎？謝謝。

Yes. 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. Our mix is a little bit different, obviously than others. I think the pricing actions we took across the deposit base help as you look into the fourth quarter as well.

是的。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。顯然，我們的組合與其他組合略有不同。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 have kind of reprice up. We've got the repositioning, but also just normal reinvestment as we've seen maturities role, I think on repositioning and we've been sort of repositioning the portfolio for a while. We'll continue to look at it. Yes, nothing on the horizon right now, but we'll continue to look at it as we always do. And I will let you know if we decide to do more.

顯然，我們的資產繼續重新定價。我們已經進行了重新定位，但也只是正常的再投資，因為我們已經看到了到期日的作用，我認為在重新定位方面，我們已經重新定位了投資組合一段時間了。我們將繼續關注。是的，目前還沒有任何進展，但我們將一如既往地繼續關注它。如果我們決定採取更多行動，我會通知您。

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

我要補充的唯一一件事是，當您考慮利率變動時，您需要查看曲線上的不同點。

Got it. And the steeper, the better I assume.

知道了。我認為越陡越好。

As things get better over a period of time.

隨著一段時間的推移，情況會變得更好。

Erika Najarian, UBS.

艾莉卡·納賈里安，瑞銀。

Hi, good morning. My first question is could you remind us based on your understanding what happens month after you submit your third-party review to define that as it relates to the asset cap on stream?

嗨，早安。我的第一個問題是，您能否根據您的理解提醒我們，在您提交第三方審查後一個月會發生什麼，以定義與生產中的資產上限相關的情況？

So just on the way consent orders work, I'll answer very generally because we don't talk about anything specific relative to where we are. What the timing is. We havent and we won't do is you get a consent order. We need to do the work to develop a very detailed plan regulators, then look at that plan and give us feedback on the plan.

因此，就同意令的運作方式而言，我會非常籠統地回答，因為我們不會談論與我們所處位置相關的任何具體內容。時機是什麼。如果您獲得同意令，我們沒有也不會這樣做。我們需要製定一個非常詳細的監管計劃，然後查看該計劃並向我們提供有關該計劃的反饋。

We execute on that plan and whatever is required in that submission when we're done with the work we submitted to them, and then they have done some work along the way, but they generally do a review after the submission. And then they've got a series of formal processes that they need to go through them to make the decision on whether the work has been done to their satisfaction. And when that's done, we find out about it and you find out about it.

當我們完成提交給他們的工作後，我們會執行該計劃以及提交中要求的任何內容，然後他們一路上完成了一些工作，但他們通常會在提交後進行審核。然後他們有一系列正式的流程，他們需要透過這些流程來決定工作是否完成得令他們滿意。當這一切完成後，我們會發現它，你也會發現它。

Okay, just as a follow-up, you bought back 3.5 billion of shares in the third quarter at Amicus. It's about this in the event piece that we should expect until you get your and your next SCB in June. Just trying to think about on frame and the buyback opportunity over next two quarters?

好的，作為後續行動，您在第三季回購了 Amicus 35 億股股票。在您於 6 月獲得下一個 SCB 之前，我們應該期待在活動文章中介紹這一點。只是想考慮未來兩季的框架和回購機會嗎？

Yes, Erika, and we don't really talk about quarter to quarter pace. But I think here, if you look at where where we stand from a capital perspective were 150 basis points over the new regs, minimum plus buffers of 9.8%. So we go into this environment with plenty of excess capital. We're going to generate more capital, obviously through through earnings as we go.

是的，埃里卡，我們並不是真正談論季度與季度的速度。但我認為，如果你從資本角度來看我們的立場，我們的立場比新規高出 150 個基點，最低加上 9.8% 的緩衝。因此，我們進入這種環境時擁有大量過剩資本。我們將產生更多的資本，顯然是透過我們的獲利來產生的。

And then we go through the normal process that we go through every quarter to look at sort of the opportunities we have to help support clients. We look at the risks that are out there, and then we'll decide on exact pacing sort of as as we go. But we're happy that we were able to buy back in at $15.5 billion so far year to date and continuing to give excess capital back to shareholders, you know, is off the top of mind for us.

然後我們會經歷每個季度都會經歷的正常流程，以尋找我們必須幫助支持客戶的機會。我們會研究存在的風險，然後我們會根據實際情況決定確切的節奏。但我們很高興今年迄今為止我們能夠以 155 億美元的價格回購股票，並且繼續向股東返還多餘的資本，你知道，這對我們來說並不是首要考慮的事情。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

Hi, good morning. So first question, just want to understand if the asset cap or to be very well, I should say when the asset cap is removed, right on what are there opportunities for you to Lehman anywhere in terms of asset growth? Because I heard you in the past several times, I understand that saying today that the asset cap is not keeping you from doing anything that you wanted to know, and maybe that's wrong, but I just want to understand where you were doing in asset when it does government.

嗨，早安。所以第一個問題，只是想了解資產上限是否很好，我應該說當資產上限被取消時，雷曼兄弟在資產成長上有哪些機會？因為我過去聽過你好幾次，我知道今天說資產上限並不會阻止你做任何你想知道的事情，也許這是錯的，但我只是想了解當你在資產方面做了什麼它負責政府。

Sure, Mike, I'll start. And then you can either amplifier change if you disagree with anything. I say, I think what we see and what we have talked a little bit about is the places where we have been most careful about that about the assets or liabilities today is around on the wholesale deposit side.

當然，麥克，我要開始了。如果您不同意任何內容，您可以更換擴大機。我說，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或負債最謹慎的地方是在批發存款方面。

There's 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 their borrowing needs as well as consumer deposits. And obviously, when commercial deposits come into brings cash with this.

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。顯然，當商業存款進入時會帶來現金。

T he other places I've been in our in our markets business where we actually have since the asset cap is has been in existence. We've not just limited but reduce somewhat the financing of buildings that we have for our customers. So those are the two places where we would probably we probably see the impact immediately, not incredibly significant changes by any stretch the imagination, but we've been had to be very, very careful in those two places.

自從資產上限存在以來，我一直在我們的市場業務中實際擁有的其他地方。我們不僅限製而且還減少了為客戶提供的建築融資。因此，我們可能會立即在這兩個地方看到影響，但無論如何想像都不會發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 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 too address the issues in the consent order and to deal with them. When the consent order goes away, as there is there an opportunity to pull back on that at all?

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。當同意令消失時，是否還有機會取消同意令？

We're not even honestly work and we literally aren't even thinking about that. We still have more work to do some. We've said that that is the most important thing at some point, can we become more efficient and some of the things? Absolutely.

我們甚至沒有誠實地工作，我們甚至沒有考慮過這一點。我們還有更多工作要做。我們說過，在某些時候這是最重要的事情，我們能否變得更有效率以及某些事情？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. So it's just not that it's just when we think about efficiencies, we think about there plenty of other places for us to drive efficiencies and not focus on those activities at this point.

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。因此，這不僅僅是當我們考慮效率時，我們會考慮還有很多其他地方可以提高效率，而不是現在專注於這些活動。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

Good morning. I was hoping you guys could talk about the anti money laundering KYC disclosure will tend to buy investigation and one more White Star from regulatory outcome on that. And given medical was in your 10-Q and our public, I'm wondering if you could just add some color around that. And then also just what it might mean to expenses and anything else we should be mindful of Gulf of Mexico?

早安.我希望你們能談談反洗錢 KYC 披露將傾向於購買調查，並從監管結果中再獲得一顆白星。鑑於醫療問題屬於您的 10-Q 和我們的公眾，我想知道您是否可以在其中添加一些顏色。那麼這對墨西哥灣的開支和其他我們應該注意的事情可能意味著什麼？

Yes. I mean, we put out something when we entered into the formal agreement with the OCC and some like other things that we find and they find some we take extremely seriously. We're going to get the work done. 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.

是的。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，以及我們發現的其他內容，他們發現有些內容我們非常重視。我們會完成工作。正如我在準備好的演講中所說，我認為當我們發現問題時，我們發現有些東西必須建立。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're going to spend whatever necessary. A t this point, as we as we sit and look at the $54 billion expense base, don't see it having or anything meaningfully that we need to talk about some beyond our ability to spend, as we've discussed.

我想說，相對於它周圍的成本，我想說的是兩個不同的部分，就像所有與控制相關的工作一樣。我們將花一切必要的錢。此時此刻，當我們坐下來審視 540 億美元的支出基礎時，我們並不認為它有任何有意義的事情，我們需要談論一些超出我們支出能力的事情，正如我們所討論的那樣。

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

我還要提到這一點，我認為我們已經對此進行了一些討論，這是我們一直在進行的同意令中所需的大量工作。因此，我們考慮我們正在花費什麼，相對於該訂單中已經需要的資金，我們正在花費大量資金。

Okay. And then are you able to comment, is this kind of a well specific phone or an industry wide kind of area of focus because banks are responsible not just for please select customers, but really keeping track of all the mine will be moving around. So it seems like it could be a --

好的。然後你能評論一下，這是一款特定的手機還是一個行業廣泛的關注領域，因為銀行不僅負責選擇客戶，而且真正追蹤所有礦井的移動情況。所以看起來這可能是——

We're not going to speak to speak for ourselves and the and what we know beyond that is not right or appropriate .

我們不會為自己說話，除此之外我們所知道的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. I just wanted to follow up with the regulatory side and on, can you remind us of the mechanics of the asset cap without providing any insights as to what do you think it may come off, but is it can be asset cap fee removed in your opinion without the consent order being removed completely?

大家早安。我只是想跟進監管方面的情況，您能否提醒我們資產上限的機制，而不提供任何關於您認為它可能會產生什麼結果的見解，但是是否可以在您的資產上限中取消資產上限費用？沒有完全刪除同意令的意見？

Because I would I'm happy for anyone who's if you have questions on the 2018 Fed consent order, it's very readable. It's something like I don't remember exactly, but it's like 5 pages -- 7 pages, Mike is telling me of which there are like there's 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.

因為如果您對 2018 年聯準會同意令有疑問，我會為任何人感到高興，它非常可讀。我記不太清楚了，但大概有 5 頁——7 頁，麥克告訴我其中有一頁，這實際上是列出我們必須完成的任務以及如何完成的頁面美聯儲將會考慮一些事情。

So it really he is very digestible, um, so I'll give you a brief summary, but I again, please, I'd point you back to it. If you want to go through it, we're required to -- t he Board needs to be more effective. We need to build out operational risk and compliance. And the Company there is 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.

所以他真的很容易理解，嗯，所以我會給你一個簡短的總結，但我再次邀請你回到它。如果你想解決這個問題，我們需要──董事會需要提高效率。我們需要建立營運風險和合規性。公司要取消資產上限，工作需要通過和實施，取消整個同意令需要有效和可持續。

And so, that's what's laid out of the way the Fed will interpret those things. And relative to things going on in the Company is certainly in their daily work, as I've said, we're 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.

因此，這就是聯準會解釋這些事情的方式。相對於公司發生的事情，當然是他們的日常工作，正如我所說，我們非常專注於完成工作，並且對我們完成工作的能力感到滿意，因為我們已經證明了這一點我們可以在這裡做。

Got it. Thank you, Charlie, appreciate it. And then the other question I had was related to the trading gains line and you've been putting up over $1 billion there on per quarter in trading gains. What are some of the puts and takes in that line that can create some volatility on a quarter-to-quarter basis?

知道了。謝謝你，查理，很感激。我的另一個問題與交易收益線有關，您已經在每季的交易收益上投入了超過 10 億美元。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？

Yes, I'll ask Michael. I'll take that. Obviously, volatility in the market is a big factor. So it's kind of the market conditions that we operate, as you generally have some seasonality to that line item as well. But in the third and fourth quarter as you get through the holiday season. And then I think we've, though, than focus there is really just continuing to methodically, improve the capabilities, make sure we got the right people, the right seats.

是的，我會問麥可。我會接受的。顯然，市場波動是重要因素。因此，這是我們營運的市場條件，因為該訂單項目通常也有一些季節性。但在第三和第四季度，當你度過假期時。不過，我認為我們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 know we continue to improve our all of our technology and e-trading capabilities, and we're seeing good 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. And we've been pleased now that we've strung together probably seven quarters of pretty good performance there. And though or look forward to them to happens going forward.

我們知道我們將繼續改進我們的所有技術和電子交易能力，並且我們看到了良好的結果。但它可能會根據市場狀況而發生很大的變化。但我們的重點只是確保我們繼續擁有為客戶服務的適當能力。現在我們很高興我們已經在那裡取得了大約七個季度的良好表現。儘管如此，還是期待它們繼續發生。

John Pancari, Evercore.

約翰·潘卡里，Evercore。

Good morning. J ust around the little bit more on the securities repositioning. How much of a benefit to net interest income did these securities repositioning have on this quarter? And how much of it would be a full quarter impact that you would expect for the fourth quarter?

早安.只是關於證券重新定位的更多一點。這些證券重新定位對本季的淨利息收入有多大好處？您預計第四季的整個季度影響有多少？

Very little in the third quarter. It's all done on. So it's in the run rate for the fourth quarter.

第三季的情況很少。一切都完成了。所以這是第四季的運行率。

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

好的。然後您是否評估過這種影響對第四季度的 NII 意味著什麼？

It's in my remark just on that. Obviously going to take to get day count at other things to adjust, but it's pretty easy to model.

我的評論就是關於這一點的。顯然需要調整其他事情的天數，但建模非常容易。

Right. Okay. All right. Thanks. And then suddenly just around the fee income commentary, I appreciate the color you provided around the trading outlook. Can you perhaps unpack the rest of the out your expectation there? Just on the fee side, how we should think about the trajectory of wealth management and possibly beyond the card side and IB as well, just what you're seeing here in terms of underlying drivers?

正確的。好的。好的。謝謝。然後突然間，圍繞著費用收入評論，我很欣賞您在交易前景方面提供的色彩。您能否解開您的期望的其餘部分？就費用方面而言，我們應該如何考慮財富管理的軌跡，以及可能超越卡片方面和 IB 的軌跡，正如您在這裡看到的潛在驅動因素？

Well, first of all, it's hard -- there like 15 underlying drivers, Phil Wright. And so you should look at each of the specifics and do your own modeling based upon what you think, right. We've got credit card revenues. We've got trading we've done with all these different pieces. It's just not one monolithic number.

嗯，首先，這很難——大約有 15 個潛在的驅動因素，Phil Wright。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。我們有信用卡收入。我們已經用所有這些不同的部分進行了交易。這不是一個單一的數字。

Maybe I could just give you a couple pieces of color underneath. That's obviously the investment management line market levels matter a lot. As we pointed out, about two-thirds of that line is equities and the rest is fixed income. Most of that gets priced in advance based on the prior -- the first day of the quarter, the last day of the quarter prior quarter.

也許我可以給你一些下面的顏色。顯然，投資管理線市場水準非常重要。正如我們所指出的，該行約三分之二是股票，其餘是固定收益。其中大部分是根據先前的情況（本季的第一天、上一季的最後一天）提前定價的。

So that's a pretty good way to sort of think about that line going forward. And if you look at card fees, as Charlie talked about, we've got a debit card credit card business. We sort of see growth across the economy and our and were successful in growing our business that will drive that line. Investment banking is somewhat market dependent, but we've been investing there quite a bit.

所以這是一個很好的方式來思考這條線的未來。如果你看看卡費，正如查理所說，我們有借記卡信用卡業務。我們看到了整個經濟和我們的成長，並且成功地發展了我們的業務，這將推動這條線的發展。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 in a methodical over time. And so those are those are kind of the biggest pieces of the puzzle there. But I'm hopeful that the hopefully that's helpful.

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。這些就是這個難題中最大的部分。但我希望這會有所幫助。

Gerard Cassidy of RBC Capital Markets.

加拿大皇家銀行資本市場的傑拉德·卡西迪。

Hi, Mike. Hi, Charlie. Can you can share with us maybe a little color on the commercial real estate office portfolio? Looks like this stabilization may be sitting in on the credit quality. Any indicators of is it getting less worse or deal? And when you go in too mark property down, the marks maybe aren't as severe as they were six months ago or 12 months ago any further details here?

嗨，麥克。嗨，查理。您能否與我們分享一下商業房地產辦公室投資組合的一些色彩？看來這種穩定可能會影響信貸品質。有任何跡象表明情況是否變得更糟或有所改善嗎？當您對財產進行過度標記時，標記可能不像六個月前或 12 個月前那麼嚴重，這裡有更多詳細資訊嗎？

Pay a throughout? I'll take it. It's quite it's and it's an interesting question because, um, it depends on I think it depends on who you talk to and how you actually answered how you actually asked the question, meaning, when we look at what's actually happening, things aren't getting better, and it is it is kind of more of the same, but it's impacting more properties.

全程付錢嗎？我要買它。確實如此，這是一個有趣的問題，因為，嗯，這取決於我認為這取決於你與誰交談以及你如何實際回答你如何實際提出問題，意思是，當我們看看實際發生的事情時，事情並不是這樣變得更好，而且它有點相同，但它影響了更多的屬性。

Maybe to some extent, there's a little bit of contagion to properties that, you know, are fairly well leased, but people looking for better deals because they think there's weakness out there. So you see a little bit of that. But what you I see is just more of the significant revaluation because of supply and demand that's going on as these properties kind of move through the cycle.

也許在某種程度上，對那些出租得相當好的房產有一點傳染，但人們尋找更好的交易，因為他們認為那裡有弱點。所以你看到了一點點。但我所看到的更多的是由於這些房產在整個週期中的變化而導致的供需關係而導致的重大重估。

So as we look at, as you know, are kind of big picture is based upon what we expected. There aren't material changes at all. We're actually seeing that play out, but things are getting worse because they are more properties being impacted. So it depends on whether it's versus your expectations for what you've seen in the prior period.

正如您所知，正如我們所看到的，大局是基於我們的預期的。根本沒有實質變化。我們實際上看到了這種情況的發生，但情況正在變得更糟，因為更多的財產受到影響。所以這取決於它是否符合你對前一段時間所看到的期望。

Indra, maybe just one other piece, though, is the same. We're seeing the same kind of a trend where you kind of newbuildings, though, renovated buildings in good locations are doing five older office buildings pretty consistent across the US, but it But as Charlie said, it's within the expectations we've had, which are we have been pretty we were pretty down on the space now for a while. And so it's playing out largely within that range of what we thought.

不過，因陀羅也許只是另一件作品是相同的。我們看到了同樣的趨勢，即新建築，雖然在美國各地，位置好的翻新建築與五棟舊辦公大樓的情況相當一致，但正如查理所說，這在我們的預期之內，我們一直很漂亮，有一段時間我們在這個領域相當沮喪。所以它的表現很大程度上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. This is not something that will take a quarter to be over. It'll it'll it'll play out over a longer period of time. And but we feel really good about our allowance for coverage ratio. We feel like that's more than appropriate for kind of what we expect to see here and are going to continue to work with clients as best we can through.

但正如我所說，這將會一遍又一遍地發生，就像需要一段時間才能發揮作用。這不是一個季度就能結束的事。它將在更長的時間內發揮作用。但我們對我們的覆蓋率準備金感到非常滿意。我們覺得這非常適合我們期望在這裡看到的情況，並將繼續盡最大努力與客戶合作。

Very good. And then I know it's gosh, has continually been less than a month since the Fed cuts the Fed funds rate. And obviously the forward curve is calling for more. And you guys, as you have addressed in your prepared remarks, Mike, about deposit costs behavior. I know again, it's early, but any comments on or are you seeing the consumers and the corporate customers behaving as expected in terms of what they're doing with their deposits with lower rates?

非常好。然後我知道天哪，距離聯準會下調聯邦基金利率已經過去不到一個月了。顯然，遠期曲線需要更多。你們，正如你們在準備好的發言中所談到的，麥克，關於存款成本行為。我再次知道，現在還為時過早，但是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 as being a over-levered?

作為該問題的第二部分，當然，您的貸存比不是很高，您是否還有更大的空間來降低存款成本，而不必擔心過度槓桿化？

Yes, I'd say, look, the short answer on the behavior side is not much has changed since in the last three weeks. 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. We've seen good stabilization deposits across the businesses that those trends are all still still true and we're not we're not seeing that shifted any significant way in any of the businesses at this point.

是的，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。不過，我們現在看到的趨勢是，在一年的大部分時間裡，我們看到向高收益替代品的遷移越來越少。我們已經看到各業務部門的穩定性良好，這些趨勢仍然是真實的，而且我們目前還沒有看到任何業務發生任何重大變化。

I think as you look at both deposit pricing and the other side of the equation that you sort of brought up on the loan side, we feel it's really important to have very consistent approach to underwriting credit over a long period of time. And that's kind of where what we've been doing that. I think that's clear that served us well. And I think that's going to continue to be the approach.

我認為，當您考慮存款定價和貸款方面提出的等式的另一邊時，我們認為在很長一段時間內採用非常一致的承保信貸方法非常重要。這就是我們一直在做的事情。我認為這顯然對我們很有幫助。我認為這將繼續是這種方法。

On that deposit side. I think we'll do. 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. And I think in so far, again, that's worked out well for us. So if the approach, we're going to continue to take.

在存款方面。我想我們會做的。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策。我認為到目前為止，這對我們來說效果很好。因此，如果採取這種方法，我們將繼續採取。

Great. I appreciate the color and candor. Thank you.

偉大的。我欣賞這種色彩和坦率。謝謝。

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

好的。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. At this time, all parties may disconnect.

感謝大家參加今天的電話會議。這時，各方都可能斷開連線。