富國銀行 (WFC) 2026 Q1 法說會逐字稿

Welcome, and thank you for joining the Wells Fargo first quarter 2026 earnings conference call. (Operator Instructions). Please note that today's call is being recorded. I would now like to turn the call over to John Campbell, Director of Investor Relations. Sir, you may begin.

歡迎各位，感謝您加入富國銀行 2026 年第一季財報電話會議。(接線員指示)。請注意，今天的電話會議將被錄音。現在我想把電話交給投資人關係部主管 John Campbell。先生，您可以開始了。

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

各位早安。感謝您今天加入我們的電話會議；我們的執行長 Charlie Scharf 與財務長 Mike Santomassimo 將討論第一季業績並回答各位的提問。

This call is being recorded. Before we get started, I would like to remind you that our first quarter earnings materials, including the release, financial supplement, and presentation deck, are available on our website at wellsfargo.com.

本次電話會議將被錄音。在開始之前，我想提醒各位，我們第一季財報相關資料（包括新聞稿、財務補充資料與簡報）已公布於 wellsfargo.com 的網站上。

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

我也要提醒各位，我們在今天的電話會議中可能會做出前瞻性陳述。這些陳述受到風險與不確定性的影響。可能導致實際結果與預期有重大差異的因素，已在我們向 SEC 提交的文件中詳述，包括今天提交、內含我們財報資料的 Form 8-K。

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

關於任何提及的非 GAAP 財務衡量指標之資訊（包括該等指標與 GAAP 指標之調節表），亦可在我們向 SEC 提交的文件以及網站上的財報資料中查閱。

Thanks, John. I'm going to provide some brief comments about our results and update you on our priorities. I'll then turn the call over to Mike to review first quarter results in more detail before we take your questions.

謝謝你，John。我將就我們的業績做一些簡短評論，並向各位更新我們的優先事項。接著在回答各位問題之前，我會把電話交給 Mike，更詳細地回顧第一季業績。

Let me start with our first quarter financial highlights. We saw continued positive impacts from the investments we've been making, with diluted earnings per share increasing 15%, revenue increasing 6%, loans growing 11% and deposits up 7% compared to a year ago.

我先從第一季的財務重點開始。我們看到持續的正面效益，來自我們一直以來的投資；與一年前相比，稀釋後每股盈餘成長 15%，營收成長 6%，放款成長 11%，存款成長 7%。

Revenue growth was driven by a 5% increase in net interest income and an 8% increase in non-interest income. Our consistent focus on investing across all of our businesses helped contribute to broad-based revenue growth, with each of our operating segments increasing revenue from a year ago.

營收成長主要由淨利息收入增加 5% 與非利息收入增加 8% 所帶動。我們持續專注於在各項業務進行投資，促成廣泛的營收成長；我們每一個營運部門的營收都較一年前增加。

Consumer banking and lending revenue grew 7% and commercial banking revenue grew 7% as well. Within our corporate and investment bank, we saw an 11% increase in banking revenue. And a 19% increase in market revenue.

消費金融與放款營收成長 7%，商業銀行營收也成長 7%。在我們的企業與投資銀行部門中，銀行業務營收成長 11%。市場業務營收成長 19%。

Wealth and Investment Management grew 14%. While expenses increased, driven by higher revenue-related expenses, we remain focused on expense discipline. At the same time, we're increasing our investments in areas like technology, including AI, as well as in advertising, while continuing to execute on our efficiency initiatives.

財富與投資管理成長 14%。雖然費用上升，主要由較高的與營收相關費用所帶動，但我們仍專注於費用紀律。同時，我們也在科技（包括 AI）以及廣告等領域加大投資，並持續推進效率提升計畫。

Which has resulted in 23 consecutive quarters of headcount reductions. With revenue growing faster than expenses, pre-tax pre-provision profit grew 14% from a year ago. Credit performance remained strong and our net charge-up ratio was stable from a year ago at 45 basis points.

這已帶來連續 23 個季度的人力編制縮減。由於營收成長快於費用，稅前、提存前利潤較一年前成長 14%。信用表現仍然強勁，淨沖銷率與一年前持平，為 45 個基點。

Given that non-bank financial lending has generated a lot of interest lately, Mike will do a deep dive into that portfolio later in the call. But I will say we like the risk-return profile of the portfolio, given our deep understanding of the collateral, the diversification across both clients and asset types, and structural protections in place.

鑑於近期非銀行金融放款引發高度關注，Mike 稍後會在電話會議中深入說明該投資組合。但我要先說，我們喜歡該投資組合的風險報酬特性，因為我們對擔保品有深入理解，且在客戶與資產類型上具備分散性，並且有結構性保護措施。

And finally, we returned $5.4 billion to shareholders in the first quarter, including $4 billion in common stock repurchases while continuing to operate with significant excess capital. Turning to the progress we made during the quarter on our strategic priorities.

最後，我們在第一季向股東返還 54 億美元，其中包括 40 億美元的普通股回購，同時仍以顯著的超額資本運作。接著談談本季在策略優先事項上的進展。

Last month, we closed our final outstanding consent order, bringing the total to 14 terminated since 2019. We are incredibly proud of the hard work and unwavering commitment that was required to reach this milestone and understand the importance of sustaining our risk and control culture.

上個月，我們完成結案最後一項尚未解除的同意令（consent order），使自 2019 年以來終止的同意令總數達到 14 項。我們對達成這個里程碑所需的辛勤努力與堅定承諾深感自豪，也理解維持我們的風險與控制文化的重要性。

With this work behind us. We are now focusing more fully on accelerating growth and improving returns. We are seeing momentum across many business drivers, which we highlight on slide 2 of our presentation deck.

在這項工作告一段落之後。我們現在更全面地聚焦於加速成長並提升報酬。我們在多項業務驅動因素上看到動能，我們在簡報第 2 頁重點說明。

Let me share some of them, starting with our consumer franchise. In the first quarter, we launched two new travel-focused reward credit cards available exclusively to new and existing. Over the past five years, continued enhancements to our credit card offerings have driven higher purchase volume and loan balances, which were both up from a year ago.

我分享其中幾項，先從我們的消費金融版圖開始。第一季，我們推出兩張以旅遊為主題的新回饋信用卡，僅提供給新戶與既有客戶。過去五年來，我們持續強化信用卡產品，帶動更高的刷卡消費金額與放款餘額，兩者皆較一年前增加。

New account growth remains strong, increasing nearly 60% from a year ago, driven by higher digital and branch-based openings. We also had continued strong growth in our auto business. Originations more than doubled from a year ago, benefiting from being the preferred financing provider for Volkswagen and Audi vehicles in the United States, as well as our methodical return to broad-spectrum lending.

新帳戶成長仍然強勁，較一年前增加近 60%，主要由數位與分行開戶增加所帶動。我們的汽車業務也持續強勁成長。承作量較一年前增加逾一倍，受惠於我們成為 Volkswagen 與 Audi 車款在美國的優先融資提供者，以及我們有步驟地回歸更廣泛的放款。

Importantly, credit performance has remained strong and in line with our expectations. We have continued to invest in marketing to help drive new primary checking accounts and consumer checking account openings increased over 15% from a year ago.

重要的是，信用表現仍然強勁，並符合我們的預期。我們持續投入行銷以帶動新的主要支票帳戶，消費者支票帳戶開戶數較一年前增加超過 15%。

While this momentum is encouraging, we are not yet growing accounts at the pace we expect to over time. As customer expectations evolve, we continue to modernize our digital offering, complementing our in-person service with seamless mobile experiences.

雖然這股動能令人鼓舞，但我們的帳戶成長速度尚未達到我們長期所預期的水準。隨著客戶期待不斷演進，我們持續現代化數位服務，並以順暢的行動體驗來補強面對面服務。

The momentum continued in the first quarter as mobile active users surpassed 33 million, [Zelle] transactions increased 14% from a year ago, and Fargo, our AI-powered virtual assistant, reached over 1 billion customer interactions less than three years since its launch.

第一季動能延續，行動銀行活躍用戶突破 3,300 萬人，[Zelle] 交易量較一年前增加 14%，而我們的 AI 驅動虛擬助理 Fargo 自推出未滿三年，客戶互動次數已超過 10 億次。

We had continued momentum in our wealth and investment management business with client assets growing 11% from a year ago to $2.2 trillion. Company-wide net asset flows accelerated in the quarter, reaching their highest level in over 10 years.

我們的財富與投資管理業務也持續展現動能，客戶資產較一年前成長 11%，達到 2.2 兆美元。全公司層面淨資產流入在本季加速，達到逾 10 年來的最高水準。

Turning to our commercial businesses. In Commercial Banking, we continue to hire coverage bankers to drive growth, and we are seeing the early signs of success with higher new client acquisition as well as loan and deposit growth.

接著談我們的商業業務。在商業銀行方面，我們持續招募客戶覆蓋銀行家以推動成長，並已看到初步成效，包括新客戶取得增加，以及放款與存款成長。

Average loans and deposits both grew by approximately $5 billion in the first quarter, demonstrating accelerating momentum. We are also continuing to grow our banking and markets capabilities, while not significantly changing the risk profile of the company.

第一季平均放款與存款各約增加 50 億美元，顯示動能正在加速。我們也持續擴展銀行與市場業務能力，同時不會大幅改變公司的風險輪廓。

We continue to invest in senior talent to improve client coverage and broaden our product capabilities in investment banking. These investments helped drive 13% revenue growth from a year ago. While markets conditions can change, the outlook for investment banking remains strong, and we entered the second quarter with a strong pipeline driven by M&A and equity capital markets.

我們持續投資資深人才，以改善客戶覆蓋並擴大投資銀行的產品能力。這些投資帶動營收較一年前成長 13%。雖然市場環境可能變化，但投資銀行業務前景仍然強勁；我們以由併購與股票資本市場帶動的強勁案源進入第二季。

We continue to grow our markets business amid a mixed and volatile trading environment with revenue up 19% from a year ago. Client sentiment is cautious but engaged as macro and geopolitical uncertainty has increased and clients have largely shifted to a more selective and defensive posture.

在交易環境多空交雜且波動的情況下，我們仍持續擴大市場業務，營收較一年前增加 19%。隨著總體經濟與地緣政治不確定性上升，客戶情緒偏向謹慎但仍積極參與，且多數客戶已轉向更具選擇性與防禦性的立場。

Finally, we completed the sale of our railcar leasing business at the beginning of the quarter. We have now substantially completed our efforts to refocus and simplify the company by exiting or selling 12 businesses since 2019.

最後，我們在本季初完成出售鐵路車輛租賃業務。自 2019 年以來，我們透過退出或出售 12 項業務，現已大致完成重新聚焦並簡化公司的努力。

Let me now turn to the future. I want to start by highlighting what we are watching in the economic data. The US labor market continues to cool in an orderly but uneven fashion with few signs of systemic stress. Layoff activity remains contained.

接下來讓我談談未來。我想先強調我們在經濟數據中所關注的重點。美國勞動市場持續以有序但不均衡的方式降溫，幾乎沒有系統性壓力的跡象。裁員活動仍維持在可控範圍內。

Weekly jobless claims reinforce this picture and are not signaling labor stress. The unemployment rate gets to 4.3% in March, but this continues to reflect slower rehiring and longer job searches, not renewed labor market strength.

每週初領失業救濟金人數進一步強化了這一圖景，並未釋放勞動力市場承壓的訊號。失業率在3月升至4.3%，但這仍反映的是再就業速度放緩與求職時間拉長，而非勞動力市場重新轉強。

Despite slowing employment momentum, US economic growth has held up. The US consumer remains resilient in the aggregate, but increasingly bifurcated beneath the surface. Spending has held up into early 2026 despite slower job growth. Supported by higher income households, steady wage growth for incumbent workers and continued access to credit.

儘管就業動能放緩，美國經濟成長仍維持韌性。整體而言，美國消費者仍具韌性，但在表面之下的分化愈發明顯。儘管就業成長放慢，支出仍延續至2026年初。這主要受較高收入家庭支撐、在職員工薪資穩健成長，以及持續可取得信貸所支持。

However, confidence indicators and underlying balance sheet trends point to rising stress for less affluent consumers. Upper income consumers continue to benefit from elevated equity prices, home equity and cash buffers accumulated earlier in the cycle, allowing discretionary spending to remain firm.

然而，信心指標與資產負債表的底層趨勢顯示，較不富裕的消費者壓力正在上升。高收入消費者仍受惠於偏高的股價、房屋淨值以及在本輪週期早期累積的現金緩衝，使得可選性支出得以維持穩健。

By contrast, lower income households are more exposed to higher interest rates and energy prices. Financial markets have absorbed these cross-currents with resilience, but we expect continued volatility driven by geopolitical headlines and outcomes as well as the unfolding impact of higher commodities prices.

相較之下，低收入家庭更容易受到較高利率與能源價格的影響。金融市場以韌性吸收了這些相互拉扯的因素，但我們預期在地緣政治新聞與結果，以及大宗商品價格走高的逐步影響下，波動仍將持續。

Turning to what we are seeing from our customers, the financial health of consumers and businesses remains strong. Consumers are spending more than a year ago, which includes spending more on gas, but they haven't slowed spending on everything else.

轉向我們從客戶端所觀察到的情況，消費者與企業的財務健康狀況仍然強勁。消費者的支出高於一年前，其中包括汽油支出增加，但他們並未在其他所有項目上同步放慢支出。

Gas represented 6% of our total debit card spend and 4% of our total credit card spend before the rise in oil prices. They now represent 7% and 5% of debit and credit card spend. Note that these numbers are higher for low-income households.

在油價上漲之前，汽油占我們簽帳金融卡總支出的6%，占信用卡總支出的4%。目前分別占簽帳金融卡與信用卡支出的7%與5%。請注意，對低收入家庭而言，這些比重更高。

We have seen historically that it often takes consumers several months to reduce their spend levels on other categories to adjust for higher oil prices. And while we don't know the exact timing, we would expect to see the same in the second-half of the year.

從歷史經驗來看，消費者往往需要數個月才會降低其他類別的支出水準，以因應較高的油價。雖然我們無法掌握確切時間點，但我們預期今年下半年也會出現同樣情況。

We also expect that higher energy prices will impact other goods and services. The duration and severity will be driven by the level and duration of higher oil prices. The ultimate impact on credit performance is not yet clear given the uncertainties I just mentioned, but the strength across our consumer portfolios, including lower charge-offs and improved early-stage delinquencies in our auto and credit card portfolios from a year ago, provide time for consumers to adjust their behaviors.

我們也預期較高的能源價格將影響其他商品與服務。影響的持續時間與嚴重程度，將取決於油價維持高檔的水準與時間長度。鑑於我剛提到的不確定性，對信用品質的最終影響目前仍不明朗；但我們消費者投資組合整體的強勁表現——包括較低的核銷（charge-offs），以及相較一年前我們汽車與信用卡投資組合早期逾期情況改善——為消費者調整行為提供了時間。

Having said that, at this point, it's likely there will be some economic impact based on what's already occurred. But there are both risks and potential mitigants, so it's hard to predict the ultimate impact. Middle market and large corporate clients are in a similar position.

話雖如此，就目前而言，基於已經發生的情況，經濟很可能會受到一些影響。但同時存在風險與可能的緩衝因素，因此很難預測最終影響。中型市場與大型企業客戶也處於類似狀況。

They have been resilient and balance sheets are strong, but they tell us they're approaching the remainder of the year cautiously. As we grow our balance sheet, we are cognizant there are risks that we do not yet see in our data and we'll respond accordingly.

他們展現出韌性且資產負債表強健，但他們告訴我們，對今年剩餘時間將採取審慎態度。在我們擴張資產負債表之際，我們也意識到資料中可能尚未顯現的風險，並將據此作出回應。

Putting all of this together. It's likely energy prices will have some impact on the economy, but we feel good about where our customers and our companies stand today. We have managed credit well over many cycles and are well positioned to support our customers and navigate the variety of economic scenarios.

綜合以上。能源價格很可能會對經濟造成一定影響，但我們對客戶與公司目前的狀況感到樂觀。我們在多個週期中都妥善管理信用風險，並已做好準備以支持客戶並因應各種經濟情境。

Turning to the recently proposed capital rules, we appreciate that the work our regulators have been doing is based on analysis, interagency coordination, public comment, and a focus on reforms that unlock economic potential.

談到近期提出的資本規則提案，我們肯定監管機構所做的工作係基於分析、跨機關協調、公開徵詢意見，以及聚焦於能釋放經濟潛力的改革。

Importantly, the proposals are designed to maintain a strong and resilient banking system that allow the industry to support the flow of credit and help grow the broader economy. We continue to work through the details. But view the proposals as a constructive step in supporting our role in serving households and businesses. If the proposals do not change and based on our current balance sheet composition, we estimate that under the new rules, our risk-weighted assets could decrease by approximately 7%.

重要的是，這些提案旨在維持強健且具韌性的銀行體系，使產業能支持信貸流動並協助帶動更廣泛的經濟成長。我們仍在研析細節。但我們將這些提案視為支持我們服務家庭與企業角色的建設性一步。若提案內容不變，且依據我們目前的資產負債表組成，我們估計在新規則下，我們的風險加權資產可能約下降7%。

Regarding the G-SIB surcharge, under the current proposal, we expect to remain around 1.5%. For the foreseeable future even as we continue to grow. In closing, we delivered solid financial results in the first quarter that were consistent with our expectations. We have clear plans in place and are focused on driving continued organic growth and increasing returns across the franchise.

關於G-SIB附加資本要求（surcharge），在目前的提案下，我們預期將維持在約1.5%。在可預見的未來，即使我們持續成長亦然。最後，我們在第一季交出穩健的財務成果，符合我們的預期。我們已制定明確計畫，並專注於推動持續的內生成長，以及提升整體平台的報酬。

Using our broad set of capabilities. We're executing on our plans, and I'm encouraged by the momentum we have built and continue to have confidence that we can continue to deliver stronger results. In all of our businesses. I'll now turn the call over to Mike.

運用我們廣泛的能力組合。我們正落實既定計畫，我對我們已建立並持續延伸的動能感到鼓舞，也持續有信心能交出更強勁的成果。在我們所有業務中皆是如此。接下來我把電話會議交給Mike。

Thank you, Charlie, and good morning, everyone. Since Charlie covered the key drivers of our improved financial results and the momentum we are seeing across our businesses in slide 2, I will start my comments on slide 3. Our first quarter results included $135 million or $0.04 per share of discrete tax benefits related to the resolution of prior period matters.

謝謝你，Charlie，各位早安。由於Charlie已在投影片2說明我們財務成果改善的關鍵驅動因素，以及我們在各項業務中看到的動能，我將從投影片3開始我的評論。我們第一季的結果包含1.35億美元（或每股0.04美元）的單次性稅務利益，與前期事項的解決相關。

Income taxes also benefited from the annual vesting of stock-based compensation and the amount of the benefit here. Turning to slide 5, net interest income increased $601 million or 5% from a year ago and decreased $235 million or 2% from the fourth quarter.

所得稅也受惠於股權型薪酬的年度歸屬，以及由此帶來的利益金額。轉到投影片5，淨利息收入較一年前增加6.01億美元（或5%），但較第四季減少2.35億美元（或2%）。

Most of the decline from the fourth quarter was driven by two fewer days in the first quarter. The reduction also reflected the full quarter impact of the rate cuts in the fourth quarter of last year on our floating rate loans and securities.

相較第四季的下降，多數是由第一季少了兩天所致。下降也反映了去年第四季降息對我們浮動利率貸款與證券在本季的完整季度影響。

This decline was partially offset by higher market net interest income, higher loan and deposit balances, as well as continued fixed asset repricing. I also wanted to explain the 13 basis points decline in net interest margin from the fourth quarter.

這一下降部分被較高的市場業務淨利息收入、較高的貸款與存款餘額，以及固定資產持續重定價所抵銷。我也想說明淨利息收益率（net interest margin）較第四季下降13個基點的原因。

As expected, the largest driver of the decline was the growth in the balance sheet in the markets business. As we have highlighted in the past, while the majority of these assets are lower margin, they also have lower risk and are less capital-intensive, and our ability to support this client activity should lead to more business.

如預期，下降的最大驅動因素是市場業務資產負債表的成長。如我們過去所強調，雖然這些資產多數利差較低，但風險也較低、資本占用較少，而我們支持客戶活動的能力應能帶來更多業務。

Second is the growth in interest-bearing deposits and other short-term borrowings, and lastly, the impact of lower interest rates. When we provided our full-year guidance last quarter, we anticipated some margin contraction for these reasons. And I would expect to [distaste] you on our full-year interest income expectations later on the call.

第二個因素是計息存款與其他短期借款的成長，最後則是較低利率的影響。在上季提供全年指引時，我們已基於這些原因預期利差會有些收縮。我也預期稍後在電話會議中會就我們全年淨利息收入的預期向各位提供更新。

Moving to slide 6. We had strong loan growth with both average and period-end loans increasing from the fourth quarter and from a year ago. Period-end loan balances grew 11% from a year ago and exceeded $1 trillion for the first time since the first quarter of 2020.

接著看投影片6。我們的貸款成長強勁，平均貸款與期末貸款均較第四季及一年前增加。期末貸款餘額較一年前成長11%，並自2020年第一季以來首次突破1兆美元。

Average loans increased $87.8 billion or 10% from a year ago, driven by growth in commercial and industrial loans, as well as growth across our consumer portfolio. Turning to slide 7, last quarter, we provided more detail on our financials except banks loan portfolio.

平均貸款較一年前增加878億美元（或10%），主要由商業與工業貸款成長所帶動，同時我們的消費者投資組合也全面成長。轉到投影片7，上季我們針對我們的「除銀行外」貸款投資組合財務情況提供了更多細節。

Today, I want to build on that by giving you an even deeper look into the portfolio's composition and risk profile. I will be anchoring my comments on how these loans are reported in our 10-Qs and 10-K, which we think is a better way to understand our portfolio.

今天，我想在此基礎上，進一步更深入地說明該投資組合的組成與風險概況。我將以這些貸款在我們10-Q與10-K中的揭露方式作為評論主軸，我們認為這是理解我們投資組合的更佳方式。

We also report loans to non-depository financial institutions in our call reports. Since we often get questions on how these disclosures differ, we have included a reconciliation in our appendix to illustrate the differences.

我們也在我們的 Call Report 中申報對非存款類金融機構的貸款。由於我們經常被問到這些揭露之間有何不同，我們在附錄中加入了一份調節表，以說明差異。

At the end of the first quarter, financials except banks loans totaled approximately $210 billion or 21% of our total loan portfolio. While our financials except banks category is large and has been growing, it is comprised of many different types of lending and collateral.

截至第一季末，除銀行外的金融類貸款總額約為 2,100 億美元，約占我們整體貸款組合的 21%。雖然我們的「除銀行外金融」類別規模龐大且持續成長，但其包含多種不同類型的放款與擔保品。

We've been making these types of loans for many years, and we typically have broader relationships with these institutional clients. As well as with any loan portfolio, there are inherent risks, but we are comfortable with our exposure based on the profile of borrowers, the diversity of collateral, our historical loss experience and our underwriting practices and lending structures.

我們承作這類貸款已多年，且通常與這些機構型客戶維持更廣泛的往來關係。如同任何貸款組合都存在固有風險，但基於借款人概況、擔保品多元性、歷史損失經驗，以及我們的承作審核作業與放款結構，我們對自身曝險感到安心。

The lending structures and overall risk management are executed by specialist groups with expertise in assessing and structurally mitigating the risks associated with these types of customers' products and collateral.

放款結構與整體風險管理由具備專業能力的團隊執行，這些團隊擅長評估並以結構性方式降低與此類客戶產品及擔保品相關的風險。

Our underwriting reflects the specific risk profiles of counterparty, as well as our assessment of the collateral. These loans are generally secured with advanced rates that provide significant margins of protection against expected losses during periods of stress, and the lending structures often include structural protections if the collateral performance deteriorates.

我們的授信審查反映交易對手的特定風險輪廓，以及我們對擔保品的評估。這些貸款通常以預支比率（advance rates）提供擔保，於壓力期間對預期損失提供顯著的保護緩衝；且放款結構往往包含在擔保品表現惡化時的結構性保護措施。

This portfolio has delivered strong credit performance over time. In the first quarter, this portfolio had $237 million of non-accrual loans or 11 basis points of total loans.

此投資組合長期以來展現強勁的信用表現。第一季該組合的不計息（non-accrual）貸款為 2.37 億美元，約占總貸款的 11 個基點。

Before I walk you through the two largest categories of this portfolio to give you a better understanding of what types of loans are included and how we mitigate the risk, let me briefly highlight the two smallest categories.

在我帶各位了解此組合中最大的兩個類別，以便更清楚包含哪些貸款類型以及我們如何降低風險之前，我先簡要說明兩個最小的類別。

The names of these categories track with the types of underlying collateral, real estate finance, which is commercial real estate mortgage loans and residential mortgage warehouse lending. And consumer finance, which includes auto, credit card and other consumer lending.

這些類別名稱對應其底層擔保品類型：不動產融資（real estate finance），包括商用不動產抵押貸款與住宅抵押貸款倉儲融資（warehouse lending）。以及消費金融（consumer finance），包括汽車、信用卡及其他消費性放款。

In real estate finance, the portfolio is diversified by collateral siphon as structural protections, which may include collateral approval rights. In consumer finance, we have diversified collateral and structural protections, including concentration limits.

在不動產融資方面，該組合依擔保品類型分散，並設有結構性保護措施，可能包括擔保品核准權。在消費金融方面，我們擁有多元擔保品與結構性保護措施，包括集中度限制。

Turning to slide 8, in our largest category, asset managers and funds. 85% of these loans are originated in our fund finance groups and our predominantly subscription facilities, also known as capital call facilities, provided to large private equity and private credit funds with established track records where we have long-standing relationships.

請看第 8 頁投影片，在我們最大的類別「資產管理人與基金」中，85% 的貸款由我們的基金融資團隊承作，主要為認購融資（subscription facilities），亦稱資本催繳融資（capital call facilities），提供給具既有良好績效、且我們長期往來的大型私募股權與私募信貸基金。

The funds use these facilities to provide flexibility and liquidity when making investments with repayments supported by the investors committed on call capital. This is secured lending backed by a diversified pool of limited partner commitments with no individual fund making up more than 1.5% of total commitments.

基金使用這些融資工具，在進行投資時取得彈性與流動性，而償還來源由投資人承諾但可被催繳的資本所支持。這是以擔保方式提供的放款，背後擔保為多元分散的有限合夥人（LP）出資承諾池，且任何單一基金占總承諾額的比重不超過 1.5%。

We lend at advance rates to provide significant margins of protection against investors failing to fund and the lending agreements include a security interest over investor capital call commitments and the funds right to issue capital calls, including the ability to directly make them ourselves.

我們以預支比率放款，以對投資人未能出資提供顯著的保護緩衝；且放款協議包含對投資人資本催繳承諾及基金發出資本催繳權利的擔保權益（security interest），並包括我們可直接代為發出催繳的能力。

From a risk perspective, these structural protections have resulted in a portfolio that has demonstrated very strong credit performance. The next category is commercial finance, which is the category where we tend to get the most questions.

從風險角度來看，這些結構性保護使該組合展現非常強勁的信用表現。下一個類別是商業融資（commercial finance），也是我們最常被問到問題的類別。

As you can see on slide 9, we have broken up this category into five different loan types that are originated across both our corporate and investment banking and commercial banking businesses. I'll cover corporate debt finance on the next slide.

如第 9 頁投影片所示，我們將此類別拆分為五種不同的貸款類型，這些貸款分別由我們的企業與投資銀行，以及商業銀行業務承作。我將在下一頁說明企業債務融資（corporate debt finance）。

Let me start with the next largest component, which includes supply chain and other specialized industries, which are originated in commercial banking and are loans to large and established clients with diversified pools of receivables. These loans are secured by accounts receivable on our margins against a borrowing base.

我先從第二大組成部分開始，也就是供應鏈及其他專業產業，這些貸款由商業銀行承作，對象為大型且成熟的客戶，並擁有多元分散的應收帳款池。這些貸款以應收帳款作為擔保，並在借款基礎（borrowing base）之上設定保護緩衝。

The next component is commercial asset-backed securities. Which are originated in corporate investment banking, these loans are primarily to clients that lease aircraft, containers, railcars and equipment and are managed by experienced teams who understand these industries.

下一個組成部分是商業資產擔保證券（commercial asset-backed securities）。這些貸款由企業與投資銀行承作，主要提供給租賃飛機、貨櫃、鐵路車輛及設備的客戶，並由熟悉這些產業的資深團隊管理。

We typically maintain control for what assets qualify as collateral, regulatory monitor the collateral values and have the ability to require additional collateral or debt pay down if asset values decline.

我們通常保有對哪些資產可作為擔保品的控制權，定期監控擔保品價值，並在資產價值下跌時，有能力要求補提擔保品或償還部分債務。

Next is the component we labeled as other. This includes broadly syndicated loan warehouses originated in corporate and investment banking, where we are providing secured lending against portfolios of corporate loans, typically in advance of selling the liabilities and a collateralized loan obligation takeout.

接著是我們標示為「其他」的組成部分。其中包括由企業與投資銀行承作的廣泛聯貸（broadly syndicated loan）倉儲融資（warehouses），我們針對企業貸款組合提供擔保放款，通常是在出售負債端並由擔保貸款憑證（CLO）承接（takeout）之前。

Finally, asset-based lending, which is the smallest component, these loans are originated in commercial banking and primarily include secured lending to asset-based lenders. The collateral supporting these loans is diversified and is in areas where we have direct lending experience. We have eligibility criteria with concentration limits as well as ongoing collateral monitoring.

最後是資產基礎放款（asset-based lending），為最小的組成部分；這些貸款由商業銀行承作，主要為對資產基礎放款機構提供的擔保放款。支撐這些貸款的擔保品具多元分散性，且集中於我們具備直接放款經驗的領域。我們設有適格性標準與集中度限制，並持續監控擔保品。

Slide 10 provides more detail on corporate debt finance loans made in the corporate investment banking, which includes the majority of our private credit lending. While the demand for these types of loans has grown over the past few years, the structural features of these deals have largely remained the same.

第 10 頁投影片提供企業與投資銀行承作之企業債務融資貸款的更多細節，其中包含我們大部分的私募信貸放款。雖然近幾年此類貸款需求成長，但交易的結構性特徵大致維持不變。

We are underwriting both the counterparty and the underlying collateral with over 98% secured by diverse lien loans across diverse industries. We have over 3,100 unique obligors and the average obligor concentration in an individual facility is less than 2%.

我們同時對交易對手與底層擔保品進行授信審查，其中超過 98% 以多元產業的多樣化留置權貸款（lien loans）作為擔保。我們有超過 3,100 個獨立義務人（obligors），且單一融資工具中的平均義務人集中度低於 2%。

These volunteer structure to an AA equivalent credit rating. In addition, nearly all structures include the ability to approve, which assets are included in the facility and revalue assets to drive deleveraging of credit performance weekends. The weighted average effective advance rates to less than 60%, which means that, on average, the portfolio of loans in the facility, not individual loans, would absorb approximately 40% loss before we would recognize a loss.

這些結構對應 AA 等級的信用評等。此外，幾乎所有結構都包含核准哪些資產納入融資工具的權利，並可重新評價資產，以在信用表現走弱時推動去槓桿。加權平均有效預支比率低於 60%，這表示平均而言，融資工具內的貸款組合（非單筆貸款）需先吸收約 40% 的損失，我們才會認列損失。

These structures provide significant protection and as a result, this portfolio has demonstrated strong credit performance. However, we continue to monitor this portfolio closely as the markets evolve. I've provided a lot of details with the main points, I want to leave you with regarding our financials except bank's portfolio are while this portfolio has provided an attractive risk return to many economic environments, there are risks associated with any lending we do.

這些結構提供顯著保護，因此該組合展現強勁的信用表現。然而，隨著市場演變，我們仍持續密切監控此組合。我已提供許多細節；我希望各位帶走的重點是：雖然我們的「除銀行外金融」組合在多種經濟環境下提供了具吸引力的風險報酬，但任何放款都伴隨風險。

However, we feel comfortable with this portfolio for many reasons, including we have decades of lending experience, a deep understanding of the collateral and experienced underwriters. We maintain diversification across both clients and asset types, and we restructure the loans with protections designed to limit downside risk.

不過，我們基於多項原因對此組合感到安心，包括我們擁有數十年的放款經驗、對擔保品有深刻理解，以及經驗豐富的授信審查人員。我們在客戶與資產類型上維持分散，並以旨在限制下行風險的保護條款來設計貸款結構。

Turning to deposits on slide 11. Average deposits increased $75.7 billion or 6% from a year ago, with growth across our consumer and commercial businesses and in corporate treasury. We achieved this growth while reducing average deposit costs by 15 basis points from a year ago as rates declined and with lower interest-bearing deposit yields across all of our businesses. Turning to Slide [10]

接著看第 11 頁投影片的存款。平均存款較去年同期增加 757 億美元或 6%，成長來自我們的消費與商業業務，以及企業財資（corporate treasury）。在利率下行且各業務的計息存款收益率降低的情況下，我們仍達成此成長，同時將平均存款成本較去年同期降低 15 個基點。接著看第[10]

Noninterest income increased $696 million or 8% from a year ago. We had growth across most of our business-related categories, particularly in areas where we have been investing, including higher investment advisory fees and brokers' commissions as well as card and investment banking fees. Turning to expenses on slide 13.

非利息收入較去年同期增加 6.96 億美元或 8%。我們在多數與業務相關的類別均有成長，尤其是在我們持續投資的領域，包括更高的投資顧問費與經紀佣金，以及卡片與投資銀行費用。接著看第 13 頁投影片的費用。

Noninterest expense increased $439 million or 3% from a year ago. The majority of the increase was driven by higher revenue-related compensation expense, primarily in Wealth and Investment Management, which, as I'd like to remind you is a good thing as these higher expenses are more than offset by higher noninterest income.

非利息費用較去年同期增加 4.39 億美元或 3%。增幅主要來自較高的與收入相關之薪酬費用，主要發生在財富與投資管理業務；我想提醒各位，這是好事，因為這些較高費用已被更高的非利息收入所抵銷且有餘。

We also had higher advertising and technology expense driven by the investments we are making in our businesses to generate growth. These higher expenses were partially offset by the impact of efficiency initiatives.

由於我們為推動成長而對各項業務進行投資，我們的廣告與科技費用也有所增加。這些較高的費用部分被效率提升措施的影響所抵銷。

Noninterest expense increased $604 million compared to the fourth quarter, which included higher severance expense and an FDIC special assessment credit of approximately $200 million. Our expenses in the first quarter included approximately $700 million of seasonally higher expenses, including payroll taxes, restricted stock expense for retirement eligible employees and [401k] matching contributions.

非利息費用較第四季增加6.04億美元，其中包含較高的資遣費用，以及約2億美元的FDIC特別評估費抵減（credit）。我們第一季費用包含約7億美元的季節性較高費用，包括薪資稅、符合退休資格員工的限制性股票費用，以及[401k]雇主配對提撥。

Turning to credit quality on slide 14. While the markets have reacted to macroeconomic uncertainty, our actual credit performance in the first quarter remained strong. Our net loan charge-off ratio was stable from a year ago and increased 2 basis points from the fourth quarter.

接著看第14頁的信用品質。儘管市場對總體經濟不確定性有所反應，我們第一季的實際信用表現仍然強勁。我們的淨貸款沖銷率較去年同期持平，並較第四季上升2個基點。

Commercial credit continues to perform well, and we are not seeing signs of systemic weakness. Commercial net loan charge-offs increased modestly from the fourth quarter to 24 basis points of average loans.

商業信用持續表現良好，我們未看到系統性疲弱的跡象。商業淨貸款沖銷較第四季小幅增加至平均貸款的24個基點。

Lower commercial real estate losses were offset by higher losses in our commercial and industrial portfolio driven by a single fraud-related loss in the real estate finance category in the financials except bank's portfolio.

較低的商用不動產損失，被我們商業與工業（C&I）投資組合中較高的損失所抵銷；該損失主要來自金融業（不含銀行）投資組合中、不動產融資類別的一筆與詐欺相關的單一損失。

After this issue emerged, we reviewed the portfolio and believe it was an isolated incident. Consumer net loan charge-offs increased modestly from the fourth quarter to 78 basis points of average loans, reflecting seasonally higher credit card losses.

在此問題浮現後，我們檢視了該投資組合，並認為這是單一個案。消費者淨貸款沖銷較第四季小幅增加至平均貸款的78個基點，反映季節性較高的信用卡損失。

Compared to a year ago, consumer net loan charge-offs declined 8 basis points with improvements across our consumer portfolios as well as continued net recoveries in our residential mortgage portfolio. As Charlie highlighted, consumers are resilient, we continue to closely monitor our portfolio for signs of weakness, but have not observed recent deterioration or meaningful shifts in trends. Nonperforming assets as a percentage of total loans were stable with the fourth quarter and declined modestly from a year ago.

與去年同期相比，消費者淨貸款沖銷下降8個基點，反映我們各消費者投資組合的改善，以及住宅房貸投資組合持續的淨回收。如Charlie所強調，消費者具韌性；我們持續密切監控投資組合是否出現疲弱跡象，但尚未觀察到近期惡化或趨勢上有顯著變化。不良資產占總貸款比率與第四季持平，並較去年同期小幅下降。

The modest increase in our allowance for credit losses for loans was driven by higher commercial and industrial and auto loan balances, largely offset by lower allowance for commercial real estate office and credit card loans.

我們貸款信用損失準備金的小幅增加，主要由較高的商業與工業以及汽車貸款餘額所帶動，並在很大程度上被商用不動產辦公室與信用卡貸款較低的準備金所抵銷。

As we highlighted last quarter, if loan growth remains strong, all else equal, we have to continue to add to the allowance to support higher loan balances. Turning to capital and liquidity on slide 15. Our capital levels remained strong with our CET1 ratio of 10.3%, within our stated 10% to 10.5% target range and well above our CET1 regulatory minimum plus buffers of 8.5%. We repurchased $4 billion of common stock in the fourth quarter and common shares outstanding were down 6% from a year ago.

如同我們上季所提到的，若貸款成長仍然強勁，在其他條件不變下，我們必須持續提列準備金以支應較高的貸款餘額。接著看第15頁的資本與流動性。我們的資本水準仍然強勁，CET1比率為10.3%，位於我們所述10%至10.5%的目標區間內，且明顯高於我們CET1法定最低要求加上緩衝的8.5%。我們在第四季回購40億美元普通股，流通在外普通股股數較去年同期下降6%。

We continue to have excess capital to support clients and to repurchase shares. Moving to our operating segments, starting with Consumer Banking and lending on slide 16 of note, to better align branch-based activities, the financials associated with Wells Fargo Premier clients that primarily receive wealth management and financial planning services in our consumer bank branches are now included in consumer, small and business banking results instead of wealth and investment management.

我們仍有超額資本可用以支持客戶並回購股份。接著看我們的營運部門，先從第16頁的消費金融與放款開始。值得注意的是，為了更好地對齊以分行為基礎的活動，主要在我們消費金融分行接受財富管理與財務規劃服務的Wells Fargo Premier客戶，其相關財務數據現已納入消費者、小型與企業銀行業務的結果，而非財富與投資管理。

Prior period results have been revised to reflect this change. Consumer Small and Business Banking revenue increased 9% for the year ago, driven by lower deposit pricing, higher deposit loan balances as well as growth in noninterest income.

先前期間的結果已修訂以反映此變更。消費者、小型與企業銀行業務營收較去年同期增加9%，主要由較低的存款定價、更高的存款與貸款餘額，以及非利息收入成長所帶動。

Credit card revenue grew 5% from a year ago due to the higher loan balances driven by higher purchase volume and new account growth. Home Lending revenue declined 9% from a year ago, third-party mortgage loans serviced for others was down 18% from a year ago as we continue to reduce the size of our servicing business.

信用卡營收較去年同期成長5%，係因較高的貸款餘額所致，而貸款餘額受較高的刷卡消費量與新戶成長帶動。房屋貸款營收較去年同期下降9%；我們為他人服務的第三方房貸服務（servicing）貸款量較去年同期下降18%，因我們持續縮減服務業務規模。

While originations increased from a year ago, loan balances will continue to decline the rate of reduction has slowed and should continue to moderate throughout the rest of the year. Auto revenue increased 24% from a year ago due to higher loan balances and auto originations more than doubled from a year ago.

雖然承作量（originations）較去年同期增加，貸款餘額仍將持續下降；但下降速度已放緩，且在今年剩餘期間應會持續趨緩。汽車業務營收較去年同期增加24%，主要由較高的貸款餘額所帶動，且汽車貸款承作量較去年同期增加逾一倍。

Turning to Commercial Banking results on slide 17. Revenue increased 7% from a year ago, driven by higher revenue from tax credit investments and equity investments. Loans grew 4% from a year ago, with broad-based growth from new and existing customers.

接著看第17頁的商業銀行業務結果。營收較去年同期增加7%，主要由稅收抵免投資與股權投資帶來的較高收入所帶動。貸款較去年同期成長4%，新舊客戶皆呈現廣泛成長。

As a reminder, the growth rate was impacted by the business customers that were transferred to consumer banking and lending in the third quarter of last year Absent this impact, the growth rate would have been 7%. Turning to Corporate Investment Banking on Slide 18. Banking revenue increased 11% from a year ago, driven by higher loan and deposit balances and growth in investment banking revenue.

提醒一下，成長率受到去年第三季轉移至消費金融與放款部門的企業客戶影響；若不考慮此影響，成長率將為7%。接著看第18頁的企業與投資銀行。銀行業務營收較去年同期增加11%，主要由較高的貸款與存款餘額，以及投資銀行收入成長所帶動。

Commercial real estate revenue declined 21% from a year ago, reflecting the gain from the sale of our commercial mortgage servicing business included in our results last year. Markets revenue grew 19% from a year ago, driven by the higher revenue across most asset classes, reflecting disciplined balance sheet usage, supportive market conditions and higher customer activity.

商用不動產營收較去年同期下降21%，反映去年結果中包含出售我們商業房貸服務（commercial mortgage servicing）業務的處分利益。市場業務營收較去年同期成長19%，主要由多數資產類別收入增加所帶動，反映審慎的資產負債表使用、有利的市場環境以及較高的客戶活動。

Average loans grew 23% from a year ago with strong growth in markets and banking. On slide 19, Wealth and Investment Management revenue increased 14% from a year ago, driven by growth in asset-based fees from increased market valuations as well as higher net interest income due to lower deposit pricing and growth in deposit and loan balances.

平均貸款較去年同期成長23%，市場與銀行業務皆呈現強勁成長。在第19頁，財富與投資管理營收較去年同期增加14%，主要由市場估值上升帶動的資產基礎費用成長，以及因存款定價較低與存款及貸款餘額成長而帶來的較高淨利息收入。

As a reminder, the majority of win advisory assets are priced at the beginning of the quarter, so second quarter results will reflect market valuations as of April 1, which were down from January 1, but up from a year ago.

提醒一下，多數委任式（advisory）資產是在季度初定價，因此第二季結果將反映4月1日的市場估值；該估值較1月1日下降，但較去年同期上升。

Turning to our 2026 outlook on slide 21. So far, our net interest income for 2026 is largely playing out as expected, and we are retaining our guidance of $50 billion, plus or minus of net interest income this year. As I pointed out earlier, we had strong customer engagement in the first quarter with growth in both loans and deposits as we continue to transition back to growth, which we have supported with investments in marketing and bankers.

接著看第21頁我們對2026年的展望。截至目前，我們2026年的淨利息收入大致如預期發展，我們維持今年淨利息收入500億美元、上下浮動的指引。如我先前指出，我們第一季客戶互動強勁，貸款與存款皆成長；在我們持續轉回成長的過程中，我們也透過對行銷與銀行家人力的投資來支持。

In addition, similar to last year, we expect net interest income to grow over the course of the year. Looking at the key drivers of NII, excluding markets, starting with loans, our outlook was based on average loan growth of mid-single digits from fourth quarter 2025 to fourth quarter 2026.

此外，與去年類似，我們預期淨利息收入將在一年中逐步成長。就NII的關鍵驅動因素而言（不含市場業務），先從貸款來看，我們的展望係以2025年第四季至2026年第四季平均貸款成長中個位數百分比為基礎。

Average loans grew 4% in the first quarter from the beginning of the year. And if demand remains strong, average loan growth could be higher than mid-single digits in the double mid-single-digit increase we had previously assumed. We have also grown deposits.

平均貸款在第一季自年初以來成長4%。若需求維持強勁，平均貸款成長可能高於中個位數百分比，並高於我們先前假設的中個位數增幅。我們的存款也有所成長。

And as we said when we provided our outlook last quarter, much of the growth was from interest-bearing deposits, particularly in our commercial businesses. As a reminder, when the asset cap is in place, these deposits were limited and now that has been lifted, we are successfully growing these deposits.

如同我們在上季提供展望時所說，成長多來自計息存款，特別是在我們的商業業務。提醒一下，在資產上限仍在時，這些存款受到限制；如今上限已解除，我們正成功擴大這些存款。

While they are higher costs, they are important to our strategy of deepening relationships with our clients, we expect this trend to continue throughout the year. We have also successfully grown interest-bearing deposits in our consumer businesses.

雖然其成本較高，但對我們深化與客戶關係的策略很重要；我們預期此趨勢將在全年持續。我們也已在消費金融業務中成功擴大計息存款。

And while we are enhancing marketing and increasing activity in the branches to drive stronger, low-cost checking account growth, balances in the accounts are smaller than commercial balances it can take longer to grow.

儘管我們正強化行銷並提高分行活動，以推動更強勁、低成本的支票帳戶成長，但這些帳戶的餘額小於商業存款餘額，因此可能需要更長時間才能成長。

If interest rates stay higher for longer, we will have to monitor deposit mix trends to see if there's any impact on noninterest-bearing deposits which could put some pressure on net interest income, excluding markets. In terms of interest rates, our outlook assumed two, three cuts by the better reserve, the market currently expects fewer cuts, which all else being equal, is positive for NII, excluding markets.

若利率在較高水準維持更久，我們將必須監控存款結構（deposit mix）趨勢，觀察是否對不計息存款造成影響；這可能對不含市場業務的淨利息收入帶來一些壓力。就利率而言，我們的展望假設聯準會降息兩到三次；目前市場預期降息次數更少，在其他條件不變下，這對不含市場業務的NII是正面的。

However, interest rate expectations are constantly changing. The rate cuts we assume were expected to occur later in the year. So if we get fewer cuts, it would be beneficial but would only have a modest impact on this year's net interest rate expectations.

然而，利率預期一直在變動。我們假設的降息原本預期會在今年稍晚發生。因此，如果降息次數變少，將會是有利因素，但對今年淨利息收入（NII）預期的影響僅屬溫和。

Also, longer-term rates are currently a little above the expectation at the beginning of the year but have been volatile year-to-date, so that could be a small positive if rates remain elevated. In terms of market NII, as we all know, it is always hard to forecast, but even harder in a dynamic macroeconomic environment like the one we are in now, higher rates could result in lower markets NII from what we expected at the beginning of the year.

另外，長天期利率目前略高於年初的預期，但今年以來波動較大，因此若利率維持在較高水準，可能會帶來小幅正面影響。就市場業務的NII而言，如大家所知，一向難以預測，而在我們目前這種動態的總體經濟環境下更是如此；利率較高可能會使市場業務NII低於我們年初的預期。

But as of now, our expectation of approximately $2 billion in 2026 seems appropriate. Regarding our expense outlook. First quarter expenses were in line with our expectations, and therefore, our guidance is unchanged, and we still expect 2026 noninterest expense to be approximately $55.7 billion.

但就目前而言，我們對2026年約20億美元的預期看起來仍然合適。至於費用展望。第一季費用符合我們的預期，因此我們的指引維持不變，仍預期2026年非利息費用約為557億美元。

In summary, our improved first quarter financial results reflect the continued momentum across the company. We delivered broad-based revenue growth with increases in both net interest income and noninterest income from year ago.

總結來說，我們第一季財務結果的改善，反映公司各面向持續的動能。我們實現了廣泛的營收成長，淨利息收入與非利息收入皆較去年同期增加。

We've maintained strong credit discipline, group loans and deposits, return capital to shareholders and maintained our strong capital position. I'm encouraged by the growth we are seeing across key business drivers in both our commercial and consumer businesses and excited to continue building on this momentum to deliver even better results going forward. We will now take your questions.

我們維持嚴謹的信用紀律，擴大貸款與存款規模，回饋資本給股東，並維持強健的資本水位。我對我們在商業與消費者業務的關鍵驅動因素上所看到的成長感到鼓舞，也期待在此動能基礎上持續推進，未來交出更好的成果。接下來我們將開始問答。

(Operator Instructions).

(接線員指示)。

John McDonald, Truist Securities.

John McDonald，Truist Securities。

Hi, thanks. Good morning. Mike, I was hoping you could give a little more color on the estimated impact of the new regulatory proposals. I think you said your initial estimate is a 7% decline in RWA. Could you give us a sense of the breakdown there between credit risk RWAs and what's driving any potential improvement there as well as your initial uptake on op risk and market.

嗨，謝謝。早安。Mike，我希望你能就新的監管提案之預估影響提供更多細節。我想你提到初步估計RWA會下降7%。你能否說明其中信用風險RWA的占比拆分，以及推動潛在改善的因素，另外也談談你們對作業風險與市場風險的初步評估？

Sure, John. Thanks for the question. If you just take the big broad categories, market risk isn't a big driver. It's not moving much for us in the proposal. So it's kind of flattish op risk is going to go up, and for sure, much less than we thought from the original proposal. And really, the big decline is on credit risk, and that's given the nature of our portfolio.

當然，John。謝謝你的問題。如果只看幾個大的類別，市場風險不是主要驅動因素。在這份提案中對我們的影響不大。所以大致持平；作業風險會上升，而且確實比我們從原始提案所預期的要少得多。真正的大幅下降來自信用風險，這與我們投資組合的性質有關。

So you see the biggest driver in the credit risk portfolio is getting the benefit for investment-grade credits, both public and nonpublic investment-grade credits. That's going to be the biggest driver in the commercial loan space. And then you do get a significant benefit on the mortgage portfolio and to a lesser degree, on auto and a couple of other portfolios.

因此，你會看到信用風險投資組合中最大的驅動因素，是投資級信用曝險所帶來的好處，包括公開與非公開的投資級信用。這將是商業貸款領域最大的驅動因素。此外，房貸投資組合也會有顯著好處，而汽車貸款及其他幾個投資組合的好處則相對較小。

And that's how you get to about 7% decline overall. And obviously, you didn't ask about it, but also on G-SIB, it feels like we'll be around where we are, plus or minus a little bit depending on how the proposal plays out for a period of time given sort of the recalibration that was done there.

這就是整體約7%下降的來源。而且很明顯你沒有問到，但在G-SIB方面，考量那邊所做的重新校準，在一段時間內我們大概會維持在目前水準上下小幅波動，取決於提案最終如何落地。

So net-net, overall, very constructive for us and seems like it's heading in the right direction and allows us to continue to do really smart things to support clients across all the portfolios.

因此總體而言，對我們非常具建設性，看起來方向正確，也讓我們能持續以非常審慎、明智的方式，在所有投資組合中支持客戶。

Okay, thanks. And then on a related note, the outlook for ongoing NIM compression, presumably continues to weigh a bit on ROA, return on assets. So just kind of wondering how does that interact with your goal of improving the ROTCE towards your medium-term goal? Do you expect to be able to lower the TCE because of these passive changes and the mix in your balance sheet?

好的，謝謝。接著相關的一點，持續的NIM（淨利差）壓縮展望，推測仍會在一定程度上拖累ROA（資產報酬率）。所以我想了解，這與你們將ROTCE朝中期目標提升的目標如何互動？你們是否預期能因這些被動變化以及資產負債表組合，而降低TCE（普通股權益）？

Yes, so there's a lot in there, so let me try to unpick some of it. So as we came out of the period when the asset cap was in place, we knew that the place that we were going to see the growth first is in repo, for the vast majority of it's treasury repo and then there's other aspects to it, but so low ROA, low risk, good returns.

是的，這裡面有很多點，我試著拆開來說。當我們走出資產上限仍在的那段期間時，我們就知道最先看到成長的地方會是在回購（repo），其中絕大多數是國庫券回購，當然也有其他部分，但它的特性是ROA較低、風險較低、報酬不錯。

And it then allows us to do a much more with those clients as we provide them what they think of as valuable financing capacity. And so I think as we go through this period, you're going to see ROA come down.

而且，當我們提供他們認為有價值的融資額度時，也讓我們能與這些客戶做更多其他業務。因此我認為在這段期間，你會看到ROA下滑。

As that sort of stabilizes, matures, we get a little further in this growth period, that will start to moderate and you'll start to see it either stabilize or start to grow as we start to add in that other business activity that we expect to see and on the other stuff that --

當這種狀態逐步穩定、成熟，且我們在這一輪成長期走得更往前一些時，這種影響會開始趨緩，你會看到ROA不是趨於穩定，就是開始回升，因為我們會把預期會出現的其他業務活動逐步加進來，還有其他那些--

And it shouldn't be dilutive to ROTCE.

而且這不應該會稀釋ROTCE。

No, I was going to get there. And I think we're starting to see some of the onboarding come to conclusion. Some of them are in process, some of the clients that are going to do more with us as a result of the financing, takes time to ramp up. They do testing with you.

不，我正要講到那裡。而且我認為我們開始看到部分導入（onboarding）接近完成。有些仍在進行中；有些客戶因為這些融資而會與我們做更多業務，但需要時間爬坡。他們會和你做測試。

And so we're starting to see that come through, whether it's prime, other trading that they do with us and across the number of the asset classes. And so you'll start to see that incrementally get added into the mix overall.

因此我們開始看到這些逐步反映出來，無論是prime（主經紀）或他們與我們進行的其他交易，以及跨多種資產類別。所以你會看到這些逐步、增量地被加入到整體組合中。

And I will point out that we are seeing some of it, right? Markets revenues are up 14% -- 19%, sorry, from last year. So we are starting to see some of that come through and as Charlie noted, we expect to grow the markets business in the context of also improving overall returns to the company. And don't believe it will be dilutive or get in the way of us getting to that 17% to 18% return.

我也要指出，我們確實已經看到其中一部分，對吧？市場業務營收較去年成長14%——抱歉，是19%。所以我們開始看到部分效益顯現；而如Charlie所提，我們預期在提升公司整體報酬的前提下，擴大市場業務。我們不認為這會造成稀釋，或妨礙我們達成17%到18%的報酬目標。

We're either going to get the increased flows at a strong ROTCE or not can use the balance sheet for it. And we're very confident at this point that we will get the returns for it based on the conversations and the things we've seen with our clients so far.

我們要嘛在維持強勁ROTCE的情況下取得更多資金流入（flows），要嘛就不會為此動用資產負債表。而就目前而言，我們非常有信心能取得相應報酬，這是基於與客戶的對話以及迄今看到的情況。

You're just saying there's a lag in terms of adding the customers and then building up the business, whether it comes in NII or fees.

你的意思是，在新增客戶以及把業務做起來方面存在時間落差，不論是反映在NII或手續費收入上。

Yeah, it takes a while to -- it takes a while to sort of do the onboarding with a lot of the brand name clients that you'd all recognize. It generally comes in and kind of chunks along the way once you're on boarded. But the -- all of it is going pretty smoothly right now, and we're expecting to start to see more and more of that come through over the coming quarters. So you'll see that incrementally come in each quarter.

是的，確實需要一段時間——要把許多你們都認得的知名客戶完成導入，需要一些時間。通常在完成導入後，業務會在過程中以一段一段的方式逐步進來。但目前整體進展相當順利，我們預期在接下來幾季會看到越來越多的成果顯現。所以你會看到每一季都有增量貢獻。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Mike, I was just wondering if you could follow that point that you talked about and John mentioned about the NIM going forward. Is it just a mix of assets that you're seeing in terms of on the commercial side related to our markets business versus commercial. Can you just kind of talk us through what you're seeing in terms of earning asset mix going forward and the types of loans, and if that's what's weighing on the NIM? Thanks.

Mike，我想延續你剛才談到、以及John提到的未來NIM走勢那一點。你們看到的是否主要是資產組合的變化，例如商業端與我們市場業務相關的資產，相對於傳統商業貸款？你能否帶我們梳理一下你們對未來生息資產組合、貸款類型的觀察，以及是否正是這些因素在壓抑NIM？謝謝。

Yeah. Yeah. Sure, Ken. On the NIM, what you really saw are three things in the quarter, and I'll go back to a little bit of what I said, but maybe try to add a little bit more color on top of it. First is you saw the impact of this growth in the market's balance sheet impacting sort of the NIM.

是的。是的。當然，Ken。關於淨利差（NIM），你在本季實際上看到三件事；我會回到我剛才說的一部分，但也許再補充一些更具體的說明。第一，你看到市場資產負債表成長的影響，某種程度上影響了淨利差（NIM）。

And again, that's not going to grow at the same pace forever. And so you'll see that moderate. We're getting some netting benefits now as it gets bigger. And so you'll start to see some of that come through in a little bit of a different trajectory potentially as you look at the coming quarters. You see interest-bearing deposits grow, so they become a bigger percentage of the overall deposit mix. And that's exactly what we expect to be seeing right now.

而且再說一次，那不會永遠以同樣的速度成長。所以你會看到它趨於溫和。隨著規模變大，我們現在開始獲得一些淨額抵銷的效益。因此，當你看接下來幾季時，可能會開始看到其中一部分以稍微不同的軌跡呈現。你會看到計息存款成長，因此它們在整體存款組合中的占比變得更大。而這正是我們目前預期會看到的情況。

As we came out of the asset cap, those -- we knew that, that was the place that we were going to be able to grow first. So they become a bigger percentage of the overall mix of the pie. And it's great to see that like commercial clients across the commercial bank and the corporate investment bank are moving business, in some cases, back to us that we had pre at some point, pre-asset cap and and the engagement has been really, really good. And those deposits are priced where the market is, which is competitive, but not -- we're not leaning in on price to grow there.

當我們解除資產上限之後，那些——我們知道那會是我們最先能夠成長的地方。所以它們在整體「派」的組合中占比變得更大。很高興看到商業銀行與企業投資銀行的商業客戶正在把業務移回來，在某些情況下，是把我們在資產上限之前某個時間點原本有的業務帶回來，而且互動參與度真的非常、非常好。而那些存款的定價是依市場水準，也就是具競爭力，但——我們並沒有靠壓低價格來推動那邊的成長。

And then you got a little impact from rates coming off the back of the fourth quarter. And so while you'll see a little bit more compression from the first two drivers, it will be less as we go into the second quarter. And again, that will start to moderate as we go, and we see other parts of the balance sheet grow, and we see repo growth be kind of the trajectory slow there a little bit.

然後，你也受到一些利率影響，這是從第四季延續下來的。因此，雖然你會因前兩個驅動因素看到一些進一步的壓縮，但進入第二季後會比較少。再說一次，隨著時間推進它會開始趨於溫和；同時我們也會看到資產負債表的其他部分成長，並且回購（repo）成長的軌跡會稍微放慢一些。

When you look at the loans side of things, while there's always a little compression happening across different pockets of the portfolio, that's not the place that's sort of driving sort of the NIM compression there. We are seeing. It is a competitive environment for loans, but we're not seeing irrational things, and we're not chasing irrationally tight spreads across the loan portfolio just to see growth. And so I think that's really important to note.

當你看放款端時，雖然在投資組合不同區塊之間總會有一些壓縮在發生，但那並不是驅動淨利差（NIM）壓縮的主要來源。我們確實看到——放款環境具有競爭性，但我們沒有看到不理性的情況，我們也不會為了追求成長，就在整體放款組合中不理性地去追逐過度緊縮的利差。所以我認為這點非常重要。

Great. And a follow-up on your point you made about taking a deeper look through the finance portfolio and thinking that, that one-off item was a one-off. Can you just talk us about kind of like what you went through there, and thank you for all the color you gave on those extra slides. And so kind of your relative confidence that you kind of caught that one got caught and that the rest of the book looks pretty good underneath it. And any kind of comment on just any migration you might be seeing, if at all? It sounds like it's pretty benign.

很好。另外追問你剛才提到的：你們對融資投資組合做了更深入的檢視，並認為那個一次性項目就是一次性。你能不能談談你們大致做了哪些工作？也謝謝你在那些額外投影片上提供的所有細節。所以，談談你們相對的信心：你們已經把那一筆抓出來、也已經處理到位，而其餘帳簿在其下方看起來相當不錯。以及你們是否看到任何遷徙（migration），如果有的話？聽起來似乎相當溫和。

Yeah. Yeah. Look, I'll reiterate that was like a fraud situation. And so what we did is we took all of the lessons we saw coming off the back of that individual circumstance and sent teams into all the clients, particularly in kind of the European portfolio and did an in-depth review of all of the things that you would expect in terms of the procedures within the firm with a lot of perfection that we have across the different portfolios. And spent a lot of time and effort across the different teams.

是的。是的。聽著，我再重申一次，那是一個詐欺事件。所以我們做的是，把從那個個別事件中得到的所有教訓都整理出來，並派團隊進入所有客戶，特別是歐洲投資組合那一塊，對你所預期的各項事項做深入審查，包括公司內部程序等；而我們在不同投資組合上本來就有很高的嚴謹度。我們在不同團隊之間投入了大量時間與精力。

We brought in independent people. We brought in independent teams. So we've done a lot of work to kind of revalidate processes. And then as you do in these things, you sort of follow the money trail, and you trace back all the flows that you expect to see coming through the different bank accounts. And at this point, as I said, we feel confident that was isolated event.

我們引入了獨立人士。我們引入了獨立團隊。所以我們做了很多工作來重新驗證流程。然後就像你在這類事情中會做的那樣，我們沿著資金流向追查，回溯並追蹤所有你預期會在不同銀行帳戶之間流動的資金。而在此刻，如我所說，我們有信心那是孤立事件。

Okay. Thanks a lot.

好的。非常感謝。

Scott Siefers, Piper Sandler.

Scott Siefers，Piper Sandler。

Good morning, guys. Thanks for taking the questions. So really appreciate the extended disclosures on the NBFI exposure. And then it looks like the credit performance overall risk profile certainly seem to be holding up. I guess, in a sense, NBFI reminds you a little of where we might have been with office [CRE] a few years ago, not necessarily just like the actual quality. But in that for most banks, just doesn't have the potential to do meaningful damage yet generates so much distraction that a lot a few years ago, just sort of decided it wasn't worth to participate in like that. CRE given the distraction of costs from other good things that were going on.

各位早安。謝謝讓我提問。非常感謝你們對非銀行金融機構（NBFI）曝險提供更延伸的揭露。而且看起來整體信用表現、整體風險輪廓確實都還撐得住。我想，某種意義上，NBFI 讓人有點想到幾年前我們面對辦公室商用不動產（CRE）時的情況，不一定是指實際品質本身。而是對多數銀行而言，它還不至於造成實質性的重大損害，但卻會帶來大量干擾，以致於幾年前有些銀行就覺得不值得參與那類——商用不動產（CRE），因為相較於其他正在發生的好事情，這些干擾與成本太高。

I wonder if you can maybe just add a thought or two about sort of with NBFI, how you balance sort of the good quantitative risk reward against just the qualitative aspects of the amount of airtime it consumes, and how that discussion kind of goes, if at all?

我想知道你是否能再補充一兩點想法：在 NBFI 方面，你們如何在量化上良好的風險報酬，與質化上它所占用的「曝光時間／討論篇幅」之間取得平衡？以及如果有的話，內部大概是怎麼討論的？

Yeah. I mean -- this is Charlie. Thanks for the question. Listen, first of all, I would -- I think it's totally, totally different than CRE exposure. When you look at the risk characteristics of a CRE loan and what our protections are, what the attachment points are, all that other kind of stuff.

是的。我是 Charlie。謝謝你的問題。聽著，首先我會——我認為這跟商用不動產（CRE）曝險完全、完全不同。當你看 CRE 放款的風險特性、我們有哪些保障、附著點（attachment points）在哪裡，以及其他各種細節。

When you go through a lot of the stuff Mike walked through in terms of the different pieces of lending we have here, really, really bad things need to happen for us to lose money in most of these portfolios, and we can go deeper and talk about some of these things to the extent you want to do it.

當你把 Mike 剛才走過的那些內容——就我們在這裡不同放款組成的各個部分——都看一遍，通常在這些投資組合中，必須發生非常、非常糟糕的事情我們才會虧錢；如果你想，我們也可以再更深入談其中一些細節。

So to the point that we feel really, really good about the way these things are structured, the client selection we have, that stands first and foremost. I would say at this point, I think that we have two -- I would kind of take your question and put it into two different categories.

所以，重點是我們對這些結構設計、客戶選擇方式都感覺非常、非常好，這是最重要、也是第一優先。我會說在這個時間點，我認為我們有兩個——我會把你的問題拆成兩個不同類別來看。

Number one is we're not reacting today relative to where we're lending to the amount of airtime that's getting. Over time, we do have to be thoughtful about how large any one asset class should be, whether in terms of who the borrowing base is and things like that.

第一，我們今天並不會因為它獲得多少「曝光時間／討論篇幅」，就去調整我們放款的對象或做法。但長期來看，我們確實必須審慎思考任何單一資產類別的規模應該多大，不論是就借款基礎（borrowing base）是誰、以及諸如此類的因素。

So those are the types of conversations we're very much engaged in as we are in everything that we do to make sure as a company, we've got the right kind of diversification. And so hopefully, by providing the kinds of disclosures we did here, and we'll continue to make sure that we're as transparent as we can so that investors will feel as good about what we're doing as we do.

所以這些正是我們非常積極在討論的議題，就像我們對所有業務所做的一樣，以確保作為一家公司，我們具備正確的多元分散。因此，希望透過我們在這裡提供的這類揭露——而且我們也會持續確保盡可能透明——讓投資人對我們正在做的事情，能像我們一樣有信心。

Alright. Perfect. Okay. Thank you. Thank you very much for that. And then secondly, so I guess -- and I think we've all been surprised at how well lending momentum has performed year-to-date for the industry, particularly on the commercial side. It certainly seems to be the case for you all as well. And if anything, Mike recomment sounds like it's feeling better about how the full year could play out.

好。完美。好的。謝謝。非常感謝你的說明。然後第二點，我想——而且我想我們都對今年以來整個產業的放款動能表現之好感到驚訝，特別是在商業端。你們這邊看起來也確實如此。如果有什麼不同的話，Mike 的評論聽起來像是對全年可能的走勢更有信心了。

Maybe just a thought or two about what it would take for customers to start to pull back on some of their borrowing plans just given all the volatility macro concerns, et cetera. It's just been kind of confounding to see how well trends have held up. So I would be curious to hear your thoughts.

也許只是想請教一兩點：在目前宏觀波動與各種擔憂之下，客戶要在什麼情況下才會開始縮手、收斂他們的一些借款計畫。看到趨勢竟然維持得這麼好，確實有點令人困惑。所以我很想聽聽你們的看法。

Yeah. No, it's an interesting point. And maybe I'll come back to -- I think I might have said this in the script, but like we're not actually seeing like utilization increase in people's revolvers yet. So a lot of the growth that we've been seeing is coming either -- we saw some growth in non-bank financial space. We saw some growth from new clients we've added and some other drivers that sort of then spread across the commercial book.

是的。不，這點很有意思。我可能會回到——我想我在講稿裡可能提過：我們其實還沒有看到大家在循環信貸額度（revolver）的動用率上升。所以我們看到的成長，很多是來自——我們在非銀行金融領域看到一些成長。也看到一些成長來自我們新增的新客戶，以及其他一些因素，之後擴散到整個商業放款組合。

But what we haven't really seen is that increase in the utilization yet of revolvers. And so it's not necessarily that like we expect, given what's happening that we'll see a pullback. It could be quite the opposite if people start to get more comfortable you could see some growth actually come from like the core commercial banking, middle market-type client who has been somewhat cautious now for the better part of a year plus waiting to kind of see how the environment develops. And so I think it's actually maybe -- probabilities are maybe more weighted that way than sort of a pullback just given we haven't seen a lot of utilization increases so far.

但我們真正還沒看到的是循環額度動用率的上升。所以並不一定是說，基於目前發生的事情，我們預期會看到縮手。如果大家開始更安心，反而可能完全相反：你可能會看到成長其實來自核心商業銀行、偏中型市場的客戶；這些客戶在過去一年多一直相對謹慎，等待觀察環境如何發展。因此我認為，考量到目前為止我們還沒看到動用率明顯上升，機率其實更偏向那個方向，而不是縮手。

Yeah. Okay. Alright, perfect. Thank you, guys, very much. Appreciate it.

好的。了解。好，太好了。非常感謝各位。感激不盡。

Sure.

當然。

Ebrahim Poonawala, Bank of America.

美國銀行（Bank of America）的 Ebrahim Poonawala。

Hey, good morning. I guess I just wanted to follow up very big picture, Charlie and Mike. The path to the 17% to 18% ROTCE is looking quite tough given what's happening with the margin? And I totally get the repo book growing the deposit mix on interest-bearing, all of that makes sense. But as we think about and I think as investors think about the stock, and think about how realistic it is that over the next, let's say, year or two Wells can be a 17% to 18% ROTCE company, like that feels a bit tough.

早安。我想從更宏觀的角度追問一下，Charlie 和 Mike。在目前利差（margin）的情況下，要走到 17% 到 18% 的 ROTCE（有形普通股權益報酬率）看起來相當艱難。我完全理解回購（repo）組合成長、存款結構往付息存款傾斜，這些都說得通。但當我們思考——我想投資人也在思考這檔股票——未來一到兩年內，Wells 要成為一家 ROTCE 17% 到 18% 的公司，這件事的可行性看起來有點吃力。

I'm not sure if you agree and maybe that 2-year time line was super aggressive, and it's not your time line. It's -- those are my words, but I would love some context around that, and how you're thinking about this today?

我不確定你們是否同意；也許兩年的時間軸本來就非常積極，也不是你們的時間軸。那——這是我的說法，但我很希望你們能提供一些背景脈絡，談談你們今天是怎麼看這件事的？

Yeah, it's Mike. Maybe I'll take a shot, and thanks, Ebrahim. We're actually really confident in the path to get to from where we are roughly 15% to kind of 17% to 18%. And I think if you go across some of the key drivers, and I won't necessarily probably could be exhaustive, but I'll try to get to some of the key ones. And if you think about where we are on the consumer side, we've got our credit card business that we've talked about now a lot for a while.

是的，我是 Mike。我先試著回答，謝謝你，Ebrahim。我們其實對於從目前大約 15% 走到 17% 到 18% 的路徑非常有信心。我想如果你把幾個關鍵驅動因素攤開來看——我不一定能面面俱到，但我會盡量抓住重點。先看消費金融端，我們的信用卡業務我們已經談了很久。

We've seen really good growth across originations and balances, but it hasn't contributed a lot to profitability given the upfront cost of marketing and some of the allowance that you have to put up. And as long as we get the credit box, correct, which we believe we do, given sort of the performance we're seeing, it's just a matter of time for that more meaningfully contributes to the profitability. And you'll start to see a little bit of that this year. As the earliest vintages mature. And as more vintages mature, that will start to incrementally come in into the P&L.

我們在核卡（originations）與餘額上都看到非常好的成長，但由於前期行銷成本，以及必須提列的一些備抵（allowance），它對獲利的貢獻目前還不大。只要我們的授信標準（credit box）設定正確——以我們目前看到的表現來看，我們相信是正確的——那麼它更有意義地貢獻獲利只是時間問題。你今年就會開始看到一些。隨著最早期的批次（vintages）逐漸成熟。而當更多批次成熟後，這些貢獻會逐步反映到損益表（P&L）中。

So that's sort of the big driver, too. On the consumer side, as we continue to grow sort of the wealth business, Wells Fargo Premier offering that offers wealth management advice to the branch system. That's going to continue to have fees that come in that are very high returning. And we're seeing really good flows coming to that in business. We've got roughly 2,500 advisers across the branch system already.

所以這算是其中一個很大的驅動因素。在消費端，隨著我們持續擴大財富業務——Wells Fargo Premier 方案，為分行體系提供財富管理建議——這將持續帶來費用收入，而且回報率非常高。我們也看到非常好的資金流入（flows）進到這項業務。目前我們在分行體系內已經大約有 2,500 位顧問。

And that momentum is just built -- just really building. And then as we increase productivity in the branches and grow the core checking accounts, again, I think you've got a lot of growth drivers across the consumer side of the business.

而這股動能正在——真的在持續累積。接著，當我們提升分行生產力並擴大核心活期支票帳戶（core checking accounts）時，同樣地，我認為在消費金融這一端有很多成長驅動因素。

If you then look at the wealth business, we've talked a lot about the momentum that we're building there. And as that business just grows through improving just naturally improving the net flows we're getting, the recruiting we're seeing, you're going to see contribution from that business as well. And then on the commercial side, in the commercial bank, we've been adding a couple of hundred -- roughly a couple of hundred commercial bankers over the last 18, 24 months. We're really starting to see some of that get some traction as we add new clients.

如果再看財富管理業務，我們也談了很多我們正在建立的動能。隨著該業務成長——透過我們取得的淨流入自然改善，以及我們看到的招募進展——你也會看到這個業務的貢獻。然後在商業端，在商業銀行這邊，過去 18 到 24 個月我們新增了幾百位——大約幾百位商業銀行家。隨著我們新增客戶，我們真的開始看到一些成果與牽引力。

And a bunch of the loan growth we're seeing in the commercial bank is actually driven by those new clients come in. And as we add in payments and deposit work with them. And then in the corporate investment bank, the investment banking stuff, they're doing a great job of making incremental progress, but we've got a long way to go still to continue to monetize the investments we're making and -- but we see really good progress quarter after quarter in terms of the deals we're involved in. And then as you sort of look at the rest of the CIB, I think as we talked about the markets business, that will be a contributor.

而我們在商業銀行看到的許多放款成長，其實是由這些新進客戶所帶動。並且我們也把支付與存款業務一併導入。再來在企業與投資銀行（CIB）方面，投資銀行業務做得很好、持續取得增量進展，但要把我們投入的投資進一步變現（monetize），我們仍有很長的路要走——不過我們看到每一季在參與的交易（deals）上都有很好的進展。然後再看 CIB 的其他部分，我想如同我們談到的，市場業務（markets business）也會是貢獻來源。

And so we're not overly reliant on any one thing to get us there. And as we continue to have better good expense control that we've talked about and sort of Charlie mentioned earlier, and we continue to optimize capital, and we talked about sort of how that's playing out through Basel III.

所以我們並不是過度依賴任何單一因素來達成目標。而且隨著我們持續維持良好的費用控管——我們已經談過，Charlie 先前也提到——同時我們持續優化資本，並且我們也談到這在巴塞爾 III（Basel III）下如何展開。

So I think when you add it all up, actually, there's a bunch of different paths to get us to that 17% to 18%, which should give you a lot of confidence that it's achievable in a [reasonable] (technical difficulty)

所以我認為把這些加總起來，其實有很多不同的路徑可以讓我們達到 17% 到 18%，這應該能讓你對於在一個[合理的]（技術問題）時間範圍內可達成這件事更有信心。

Yeah, this is Charlie. Let me just add a couple of things. Mike was very complete in what he said, and I agree with all of it. Just to be clear, we feel as confident as ever in that. There is absolutely nothing that has changed.

我是 Charlie。我再補充幾點。Mike 的回答非常完整，我也完全同意。講清楚一點，我們對此的信心一如既往地強。絕對沒有任何改變。

And I also want to point out that this is a good thing, which is we don't have a business model where points of view like that should change quarter-on-quarter, okay? That's not the kind of business that we're building. The only thing that would have these dramatic changes is if we thought we got something very wrong, or if there was some huge event out there that we missed.

我也想指出，這其實是件好事：我們的商業模式不是那種觀點會每一季就改變的模式，好嗎？這不是我們正在打造的那種業務。唯一會造成這種劇烈變化的情況，是如果我們認為自己在某件事上犯了很大的錯，或是外面發生了某個我們漏掉的重大事件。

And none of that is the case. So the question for us is, are we building the underlying organic growth of the businesses, business by business, and the reason why we have the confidence that we have is because we're seeing these KPIs across every one of our businesses growing in a reasonable way.

而這些情況都不存在。所以對我們來說，問題在於：我們是否正在逐一業務地建立各項業務的內生成長（organic growth）？而我們之所以有這樣的信心，是因為我們看到每一個業務的 KPI 都在以合理的方式成長。

We don't want to grow too quickly, but we want to start making sure that we're seeing this consistently business by business and that -- and listen, and we understand, and we think this is good that we're transparent about this, that we have room to improve performance in every one of these businesses.

我們不希望成長得太快，但我們希望開始確保我們在各個業務上都能持續看到這種表現，而且——也請聽我們說，我們理解，也認為我們對此保持透明是件好事——我們在這些每一項業務的績效上都有改進空間。

And the things that we're doing, we're very confident and will ultimately lead to increased profit, faster growth and higher returns. And as we said, nothing has changed from last quarter or the quarter before that in terms of how we feel about that.

而我們正在做的事情，我們非常有信心，最終將帶來更高的獲利、更快的成長以及更高的報酬。而且如我們所說，就我們對此的看法而言，與上一季或再上一季相比，沒有任何改變。

That is very comprehensive. Just one quick follow-up. On and off, there's a lot of chatter on what wells could do on M&A and banking and wealth. I'm not sure there are too many financially attractive deals available today, given where the stock trades give us a mark-to-market on how you're thinking about deals. I appreciate the bar is high, but I think it will be helpful to hear your thoughts again on how you're thinking about inorganic growth, yeah.

這非常全面。我只有一個簡短的追問。市場上時不時有很多討論，關於富國在併購（M&A）、投行與財富管理方面可能會做什麼。考量到你們股價的交易水準會對你們如何看待交易形成一個按市價計量（mark-to-market）的參考，我不確定目前有太多在財務上具吸引力的交易可做。我理解門檻很高，但我認為再次聽聽你們對無機成長的思考方式會很有幫助。

It's funny. We spend more time answering questions. And this isn't just about your question, obviously, we get this everywhere. We spend more time answering the questions about it than we do actually think about doing deals. We are focused on organic growth.

這很有趣。我們花更多時間在回答問題上。而且這當然不只是針對你的問題，我們到處都會被問到。我們花在回答這些問題上的時間，比我們實際去思考做交易還多。我們專注於有機成長。

We think we have a differentiated opportunity versus all the people that we compete with because of where we've come from being so constrained and match that with the quality of the business and the opportunities that we have.

我們認為，相較於所有競爭對手，我們有一個差異化的機會，因為我們一路走來曾受到很大的限制，而這與我們業務的品質以及我們所擁有的機會相結合。

We are entirely focused on that. and it doesn't mean that we won't look at smaller things. And I always say, you can't say never is never, but we're not spending time on it. We're not focused on it. This is the opportunity that we're focused on, and we feel really great about it.

我們完全專注在這上面。這並不代表我們不會看看一些較小的案子。我總是說，你不能說「永遠不」就真的是永遠不，但我們沒有把時間花在這上面。我們沒有把重心放在那裡。這才是我們聚焦的機會，而且我們對此感覺非常好。

Super clear. Thank you.

非常清楚。謝謝。

Okay.

好的。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Hi, good morning. On the Basel III end game estimate, the 7% RWA decline, I guess all else being equal, were calculating that would give you about 80 basis points of net new excess capital. I guess a couple of questions, Mike. Is that sort of the right way to think about it?

嗨，早安。關於巴塞爾III終局（Basel III end game）的估算，RWA下降7%，我想在其他條件不變下，我們計算這大約會帶來80個基點的新增淨超額資本。我有幾個問題，Mike。這樣理解大致正確嗎？

And if so, combined with the GCIB of 1.5% and assuming you sustain sort of the floor on SCB, Wells would be at a minimum of 8.5%. And contemplating all of that, what is sort of the -- would you run this company at lower than 10% CET1?

如果是的話，再加上1.5%的G-SIB（GCIB）以及假設你們維持SCB的某種下限，富國的最低要求會在8.5%。綜合考量這些，你們會把公司CET1資本比率運行在低於10%嗎？

Yeah, Erika, we're not at the point where we're going to put a new target out. Like we got to see how this gets finalized. We've got -- it's going to be a year plus probably before it gets implemented and lots can change. And so we're still going to stick with the 10%, 10.5%.

是的，Erika，我們還沒到要提出新目標的階段。我們得先看看最終會如何定案。而且——這可能還要一年以上才會實施，期間很多事情都可能改變。所以我們仍會維持10%到10.5%的目標。

Yeah. But let me just -- listen, I think there's no magic to 10% to 10.5% in the future if our capital requirements change, and there's no floor at 10%. As Mike said, we don't want to put the cart before the horse and start talking about something before it's finalized. Things can change, but when these rules are finalized, we will look at what our requirements are.

是的。但我補充一下——聽著，我認為未來10%到10.5%並沒有什麼神奇之處；如果我們的資本要求改變，10%也不是什麼底線。如Mike所說，我們不想本末倒置，在尚未定案前就開始談論。事情可能會變，但當這些規則定案後，我們會檢視我們的要求水準。

We'll have the conversation about how much excess do we want to run now that there's more certainty in some of these things and then make a decision. And so the trajectory is very favorable for us. We just don't want to get ahead of ourselves and say we're going to change where we're running at this point before things are finalized. But directionally, there's a place to go here.

屆時我們會討論，在某些事情更具確定性之後，我們希望保有多少超額資本，然後再做決定。因此，對我們而言，這個趨勢非常有利。我們只是不想在事情定案前就超前部署，說我們此刻就要改變目前的運行水準。但就方向而言，這裡確實有可前進的空間。

Got it. Just wanted to just add clarity to the Rose discussion given the positive direction on the denominator. And just my follow-up question is just thinking about this -- all the net interest income questions another way. So you reported a year-over-year increase in net interest income of 5% and despite 20 basis points of year-over-year net interest margin compression.

了解。只是想在分母朝正向發展的情況下，讓前面關於Rose的討論更清楚一些。我的追問是，換個角度來看所有關於淨利息收入（NII）問題。你們公布的淨利息收入年增5%，儘管淨利息收益率（NIM）年減壓縮了20個基點。

And Mike, if we think about year-over-year net interest income growth of about, let's say, at the same pace, let's say, 4% year-over-year. Clearly, some balance sheet driven, maybe a little bit stability in the NIM in the second half of the year. We get to that $50 billion plus or minus. Is that the right different way to think about it rather than just thinking about the quarterly cadence?

Mike，如果我們用年對年淨利息收入成長大約、比如說同樣的速度，假設年增4%來思考。顯然其中一部分由資產負債表驅動，且今年下半年NIM可能稍微穩定一些。那我們就能達到約500億美元上下。這樣的思考方式是否比只看季度節奏更合適？

Well, let me give you some of the drivers underneath it, and then maybe see if that sort of gets at what you're trying to get at, Erika. Obviously, all of what you sort of quoted in terms of what you saw this quarter is right.

我先把背後的一些驅動因素說明一下，然後看看是否能回應你想問的重點，Erika。顯然，你剛才引用的、你在本季看到的那些情況都是對的。

And as you sort of look to how we get from where we are to sort of the $50 billion plus or minus. What we're expecting to continue to see throughout the year is we continue to expect to see loan growth each quarter. And if you break that down a little bit and you go into the consumer side of the house, mortgages should stop declining.

而當你看我們如何從目前走到約500億美元上下時，我們預期全年每一季都會持續看到貸款成長。如果再拆細一點，從消費金融端來看，房貸應該會停止下滑。

You'll see growth from the first quarter in card the first quarter has got some seasonality baked in coming off the back of the holiday season in the fourth quarter. So you'll see growth there. And we expect to see continued growth in the auto portfolio. So overall, consumer loans continue to grow throughout the year. You've got our growth in deposits that we expect to see, again, largely interest-bearing.

你會看到信用卡在第一季相較前一季的成長；第一季本來就帶有一些季節性，因為第四季有假期消費旺季的基期。所以那裡會看到成長。我們也預期汽車貸款組合會持續成長。因此整體而言，消費貸款全年將持續成長。同時，我們也預期存款會成長，而且仍以計息存款為主。

We're not relying on any significant growth in noninterest bearing as we go through the year. And that will build up over time as we're more and more successful growing sort of checking accounts or that growth in noninterest-bearing well.

我們不指望今年會有任何顯著的非計息存款成長。而隨著時間推進，當我們在拓展支票帳戶等方面越來越成功，非計息存款的成長也會逐步累積起來。

And then we have -- the other side of it is also we haven't assumed that we've got a big deployment in securities. If we see we've got good amount of excess cash. We could do more in securities as well to pick up some extra NII.

另外一方面，我們也沒有假設會大幅部署到證券投資。如果我們看到有相當多的超額現金，我們也可以在證券上做更多配置，以增加一些額外的淨利息收入（NII）。

And then you got like really the path of rates. And as I said in my script, if rates do stay higher for longer than people expect at the beginning of the year, that alone will be a net positive. And then we just got to see how that sort of plays out across all the other variables. Do we see a little bit more change in deposit mix or other drivers that are underneath it.

然後還有利率路徑。如我在講稿中所說，如果利率維持在高檔的時間比年初市場預期更久，單就這一點而言就會是淨利多。接著我們就要看，這會如何在其他所有變數上發酵。例如我們是否會看到存款結構或其他底層驅動因素出現更多變化。

And ultimately, I think we have a really achievable path to $50 billion. And if all works out, it could be better than that, depending on how it all plays out through the rest of the year. And then obviously, the markets-related NII will swing around a little bit depending on sort of where the ultimate path of rates goes, but largely offset on the fee side. Does that help?

最終，我認為我們有一條非常可達成的路徑可以到500億美元。如果一切順利，視今年其餘時間的發展而定，結果也可能比這更好。當然，與市場相關的淨利息收入會隨著最終利率路徑而有些波動，但在費用收入端大致會相互抵銷。這樣有幫助嗎？

Yeah, very helpful. Thank you.

是的，非常有幫助。謝謝。

John Pancari, Evercore.

John Pancari，Evercore。

Good morning. Just on the expense topic. I know you saw about a 3% year-over-year increase. You cited the investments in technology and advertising, or we saw some ongoing business investments, including in technology and other areas.

早安。就費用這個主題。我知道你們年增大約3%。你們提到對科技與廣告的投資，或者我們看到一些持續性的業務投資，包括在科技及其他領域。

Would you say -- and I know you're confident in the 55.7% guidance, can you talk to us about any pressures there that that you're seeing that may move you off that target? Or just if you can maybe give us some more detail on your confidence in attaining that target despite running somewhat pressured levels in the near term here.

你會不會說——我知道你們對55.7%的指引很有信心——能否跟我們談談你們看到的任何壓力，可能會讓你們偏離該目標？或者如果可以的話，請再多提供一些細節，說明為何即便短期內費用水準看起來有些受壓，你們仍有信心達成該目標。

I mean the only real pressure that we see would be revenue-related expenses to the extent in our asset and wealth business, that we generate higher levels of revenues, and we've got commissions that are tied to that. Everything else, we're continuing to track relative to what we thought in the guidance.

我的意思是，我們看到唯一真正的壓力，會是與營收相關的費用；也就是在我們的資產與財富業務中，若我們產生更高水準的營收，會有與之連動的佣金。其他所有項目，我們都持續依照指引中原先的預期在追蹤。

And by the way, our the revenue-related comp, we still think is tracking to that, so have relooked at that. But nothing has changed relative to our views on how -- where we think overall expenses looking out. And again, I just want to reiterate that it's a continuation of the story that we've been talking about for quite some time now, which is we're increasing the level of investment in the areas that we think are important to do for the franchise, and we're driving efficiencies in other parts of the organization. And we still see the opportunities to do that and contain the expense base while we're able to grow the revenues and increase pretax pre-provision.

順帶一提，我們的營收連動薪酬，我們仍認為是符合那個軌跡，所以也重新檢視過。但相較於我們對未來整體費用走勢的看法，沒有任何改變。再重申一次，這是我們談了相當一段時間的故事的延續：我們在認為對整體特許經營（franchise）重要的領域提高投資水準，同時在組織的其他部分推動效率提升。我們仍看到這樣做的機會，能在成長營收並提升稅前、提存前獲利的同時，控制費用基礎。

Yeah. And John, your question might have implied that there's like pressure relative to consensus. But in reality, we're actually exactly where we thought we'd be relative to the guidance we gave. And so we feel really, as Charlie said, confident about like what we've given. And the bulk of the increase that you saw year-on-year, the roughly $440 million of increase, the bulk of that is really the revenue-related comp and win. The rest of it is very small on a net basis across the rest of the whole company. So we feel good about the guidance we have.

是的。John，你的問題可能暗示相對於市場共識存在壓力。但實際上，就我們給出的指引而言，我們目前正好在我們原先預期的位置。所以如Charlie所說，我們對我們給出的內容非常有信心。而你看到的年增幅度，約增加4.4億美元，其中大部分其實是與營收相關的薪酬。其餘部分在全公司其他項目加總後的淨額非常小。因此我們對現有指引感覺良好。

Got it. Alright. Thanks for that. I appreciate it. And then separately, on the additional NBFI disclosures, I appreciate the detail and appreciate the quantification of the BDC exposure, it looks like about $8 billion. Can you maybe help us frame the broader private credit exposure, if you could help size that up?

了解。好。謝謝你的說明。我很感激。另外，關於新增的NBFI揭露，我很感謝這些細節，也感謝你們量化了BDC曝險，看起來大約是80億美元。你能否幫我們框架一下更廣泛的私募信貸曝險，若可以的話，協助估算其規模？

And any impact of regulatory input around this. I know clearly, the regulators have stepped up, there were increase around the area as well. So any changes expected as a result of the ongoing discussions on that front?

以及這方面監管意見的任何影響。我知道監管機構顯然已加強關注，該領域也有所增加。因此，因應這方面持續討論，是否預期會有任何變化？

Yeah. I mean the short answer on the last piece is no. We're comfortable with our exposures, and that's where the conversation starts. I think and I mentioned, but I'll kind of read go through it, like the majority of our private credits, those are sits in that corporate debt finance bucket, which is on page 10 of the presentation. So that [$36.2 billion] of it. That's the vast majority of the exposure.

是的。我的意思是，關於最後那一部分，簡短答案是沒有。我們對自身曝險感到安心，而對話也從這裡開始。我想我提過，但我再帶大家過一遍：我們的私募信貸大多數都落在公司債務融資（corporate debt finance）那一欄，在簡報第10頁。那部分是[362億美元]。這是曝險的絕大部分。

Okay, great. Thanks, Mike.

好的，很棒。謝謝，Mike。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，Morgan Stanley。

Hey, good morning. One clarification on your response to Erika's question. Just given the clarity on the capital rules, you're suggesting that the bias would be to eventually take down the 10% to 10.5% CET1 target, right? So in other words, as you get the benefit of the lower RWAs, the excess capital you free up would be something available to deploy quickly?

嗨，早安。針對你對Erika問題的回覆，我想澄清一下。考量資本規則的明確性，你的意思是，偏向最終會下調10%到10.5%的CET1目標，對嗎？換句話說，當你們受益於較低的RWA時，釋放出的超額資本會是可快速部署的資源？

What we said was that we are running our excess today based upon today's capital rules. And when the capital rules get finalized, we will reevaluate what that is and evaluate how big a buffer we think we need at that point in time, period end of story.

我們說的是，我們目前的超額資本是以現行資本規則為基礎來運行的。當資本規則最終定案後，我們會重新評估那會是什麼樣子，並評估在那個時間點我們認為需要多大的緩衝，句點，故事到此為止。

And if our RWAs go down, then that's a positive. And we've got to think about what's going on in the environment at that point in time what we're comfortable doing. But directionally, it's constructive for us relative to how much capital we ultimately need to hold.

如果我們的RWA下降，那就是正面因素。而我們必須思考在那個時間點的環境狀況，以及我們做什麼會覺得安心。但就方向性而言，相較於我們最終需要持有多少資本，這對我們是建設性的。

Yeah. And all else equal, if our CET1 percentage goes up as a result of lower RWA, that gives us more capacity to deploy to support clients or return to shareholders.

是的。在其他條件不變下，如果因為RWA較低而使我們的CET1比率上升，這會讓我們有更大的能力去部署資本，以支持客戶或回饋股東。

Yeah. I mean, yeah, I mean we're confusing RWAs capital requirements and dollars of excess capital. And so it's going to come down to how much of that dollar excess there is and how we expect to use it.

是的。我的意思是，我們把RWA、資本要求，以及以美元計的超額資本混在一起了。所以最終會取決於有多少美元的超額，以及我們預期如何使用它。

No, that's clear. I appreciate that. And then maybe as a follow-up, as we get some of these changes that that benefit the mortgage banking business, both on originations and on servicing. Is there anything that wells would do maybe to lean in? And is there more long-term opportunity for either of those businesses?

不，這很清楚。謝謝你的說明。接著可能作為追問，隨著一些變動對房貸銀行業務帶來好處，無論是承作（originations）或服務（servicing）。Wells是否會做些什麼來更積極投入？而這兩項業務是否存在更長期的機會？

I think we're very comfortable with the plan we have in our home lending business today, which is focusing on people who are broader clients within the bank. As I've said this in the past, it's not just the capital levels that drive our desires in this business. It's the operational risk that's embedded in there. It's the reputational risk. It's -- there's a -- relative to making mistakes, foreclosing on behalf of others. When you're following the rules and whatnot. And so there's just a certain level of sizing that we're comfortable. And we don't see that changing at this point.

我認為我們對目前房貸業務的計畫非常滿意，也就是聚焦於銀行內更廣泛的既有客戶。我過去也說過，驅動我們在這項業務中的意願，不只是資本水準。還包括其中內嵌的作業風險。以及聲譽風險。還有——相較於犯錯、代表他人進行法拍（foreclosing on behalf of others）。即便你遵循規則等等。因此，我們對規模有一個我們覺得舒適的水準。而目前我們不認為這會改變。

And on the servicing side, the capital rules aren't really changing much other than a removal of a penalty rate if you get too big. So that doesn't change much there on the service side of the capital side.

至於服務端，資本規則其實不會有太大變化，除了如果規模過大時會取消一個懲罰性比率。所以在服務端的資本面，並不會帶來太多改變。

Got it. Thank you.

了解。謝謝。

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，RBC Capital Markets。

Thank you. Good morning, gentlemen. Mike, can you share with us, when you look at your loan loss reserves, maybe the scenario waiting was this quarter with the evolving macro risks that are out there, of course, with the hostilities in the Middle East? And how that might have affected the way you guys address the reserves this quarter?

謝謝。早安，各位先生。Mike，你能否跟我們分享一下，當你們檢視貸款損失準備時，鑑於外部不斷演變的總體風險——當然包括中東的敵對行動——本季情境權重（scenario weighting）是如何設定的？以及這可能如何影響你們本季處理準備金的方式？

Yeah. Sure, Gerard. For a while, we've had a significant weighting on our downside scenarios, and that weighting hasn't changed. But every quarter, the scenarios changed a little. And in this quarter, if you look at unemployment rate, just as one example, the peak unemployment rate went up 4 basis points as a result of our scenarios, I went up to a little over 6%. So 6 and 1 basis point to be exact, is sort of the peak unemployment rate.

是的。當然，Gerard。一段時間以來，我們對下行情境給予顯著權重，而這個權重沒有改變。但每一季情境都會有些微調整。而在本季，以失業率為例，我們情境下的失業率峰值上調了4個基點，升至略高於6%。更精確地說，失業率峰值大約是6%加1個基點。

And so when we look at all the different scenarios, as we know today, based on what we think can happen as a result of what we're seeing we think the scenarios cover anything that's sort of probable at this point. And so -- and then across the other variables moved around a little bit, but not a lot. And so we've maintained that significant downside weighting, and then we'll keep it that way at this point for the quarter, and we think that's appropriate for where things stand.

因此，當我們檢視所有不同情境時，如同我們今天所了解的，基於我們認為在目前所見情況下可能發生的結果，我們認為這些情境涵蓋了此刻大致上所有可能性較高的狀況。因此——然後其他變數也有些微調整，但幅度不大。因此我們維持了顯著的下行情境權重，並且在本季會先維持這樣的配置；就目前情勢而言，我們認為這是適當的。

Very good. And then as a follow-up, possibly for you, Charlie. You talked about your organic growth, this is what you're focused on. I think you mentioned you finally closed on the rail deal and obviously, all the regulatory orders, with the exception of the one for BSA are behind you. So putting that one regulatory order off to the side, can you share with us just this organic growth.

很好。接著追問一下，可能是問你，Charlie。你談到你們的有機成長，這是你們聚焦的重點。我想你提到你們終於完成了鐵路交易的交割，而且顯然除了與 BSA 相關的那一項之外，所有監管命令都已經在你們身後了。所以先把那一項監管命令放一邊，你能否跟我們分享一下這個有機成長的情況。

Everybody is obviously pulling the [new orders] in the same direction. Are we going to see it really start to materialize more in the consumer side, commercial side. What are you guys seeing when you focus on this organic growth over the next 12 to 24 months?

顯然大家都在把[新訂單]往同一個方向拉動。我們會不會看到它在消費端、商業端更明顯地開始具體化？當你們在未來 12 到 24 個月聚焦這個有機成長時，你們看到了什麼？

Hi, Gerard, it's Mike. I'll try to take that and Charlie can chime in. I think we're starting to see it everywhere. And if you go back to page 2 of the presentation that we put out today, we tried to just summarize some of the key things that we're seeing or grow each of the businesses. If you look on the Consumer Banking and Lending segment, checking accounts, up 15 -- new checking accounts openings up 15%.

嗨，Gerard，我是 Mike。我先試著回答，Charlie 也可以補充。我認為我們開始在各處都看到了。如果你回到我們今天發布的簡報第 2 頁，我們試著總結一些我們看到的關鍵事項，或是各業務成長的驅動因素。如果你看消費金融與放款（Consumer Banking and Lending）部門，支票帳戶——新開立支票帳戶數增加 15%。

Credit card accounts up 60%. Auto originations up 2x what they were last year. In the CIB, we saw revenue -- banking revenue up 11%, markets up 19%. Our share was stable but good growth in equity capital markets in the investment banking side.

信用卡帳戶增加 60%。汽車貸款承作量是去年的 2 倍。在 CIB，我們看到營收——銀行業務營收增加 11%，市場業務增加 19%。我們的市占率穩定，但投資銀行端的股票資本市場（ECM）有不錯的成長。

In wealth, we continue to have really strong recruiting across the different channels and client assets up 11%, revenue up 14%. We saw good loan growth in that business. We saw good deposit growth in that business.

在財富管理方面，我們持續在不同通路有非常強勁的人才招募，客戶資產增加 11%，營收增加 14%。我們看到該業務有良好的放款成長。我們也看到該業務有良好的存款成長。

And then lastly, in Commercial Banking, we're seeing the benefit of the investments that we've been making now for the last couple of years really come through with both loans and deposits up and even better new client originate new clients that we're adding to the platform, up substantially from where they've been in prior years.

最後，在商業銀行方面，我們看到過去幾年所做投資的效益正在真正顯現：放款與存款都在增加；而且更好的是，新客戶開發——我們新增到平台的新客戶數，相較前幾年大幅提升。

And look, these things take time. We're not claiming victory in any way. We've got a lot more to do to improve the performance across each of these businesses. But a lot of that organic activity is coming through in the numbers, and you can see it in many of the metrics that we put out.

而且你看，這些事情需要時間。我們並不以任何方式宣稱已經勝利。我們還有很多工作要做，才能提升各項業務的表現。但許多有機活動已反映在數字上，你也可以從我們公布的多項指標中看到。

Very good. Thank you.

很好。謝謝。

Chris McGratty, KBW.

Chris McGratty，KBW。

Good morning. Thank you. Mike, on the NII, I just wanted to split [here] for a moment, if you don't mind. When you talk about the fluidity of the cuts and the forward curve and two to three cuts last quarter and maybe nothing now, how much of an impact does it have on the fourth quarter exit run rate? I guess it's more of a jumping off question for '27?

早安。謝謝。Mike，關於 NII（淨利息收入），如果你不介意，我想先在這裡拆開問一下。當你談到降息幅度與遠期曲線的變動——上季預期兩到三次降息、現在可能一次都沒有——這對第四季期末的退出（exit）運行率有多大影響？我想這更像是一個延伸到 2027 年的起始問題？

Yeah. I mean, look, obviously, that's going to have a bigger impact for next year as you point out in this year. So where we end the year will matter a lot more as we go into 2027, and you can annualize it. And I think when you look at our Q, and you see sort of the sensitivities there, that's like a good enough way to start to mention sort of what it means for a full year, particularly coming out of like fourth quarter. So I would start there with your modeling. But obviously, any changes in the forward curve are going to have a little bit of an impact this year, but not super big because they were all back weighted.

是的。我的意思是，你說得沒錯，這對明年的影響會比今年更大。因此，我們年底的落點在進入 2027 年時會重要得多，而且你可以把它年化。我認為當你看我們的 Q（指引/揭露），並看到那裡的敏感度，那是一個足夠好的起點，用來說明它對全年意味著什麼，特別是從第四季出來的情況。所以你可以從那裡開始做模型。但顯然，遠期曲線的任何變動今年都會有一些影響，但不會特別大，因為那些影響都偏向後段（back weighted）。

Okay. Thanks for that. And my follow-up, the 7% reduction in risk-weighted assets, I'm interested. I know you didn't publicly comment before it was out there, but was that better or worse than you thought you might see from the proposals?

了解。謝謝你的說明。接著追問，風險加權資產（RWA）下降 7%，我很感興趣。我知道在消息公開之前你們沒有對外評論，但這結果比你原先從提案中預期的更好還是更差？

We don't know. It's hard -- like we had a bunch of stuff we made up like anticipating what we might see, but as others have put, like it's a 1,200 paid proposal. So any of those estimates we had going into it were kind of meaningless.

我們不知道。這很難——我們事前做了很多假設，去預估可能會看到什麼，但正如其他人所說，這是一份 1,200 頁的提案。所以我們在看到之前所做的任何估算，其實都沒什麼意義。

Listen, I think the areas that we benefit from are all the areas that we had commented on, and we believe they've got it right. Do we think the thing is perfect, and they've gotten everything exactly right. No. But it's direct -- it was actually sort of where we thought.

聽著，我認為我們受益的領域，都是我們先前評論過的那些領域，而且我們相信他們在那些地方做對了。我們覺得這份內容是完美的、每一點都完全正確嗎？不。但整體方向——實際上大致符合我們的預期。

Thank you very much.

非常感謝。

Vivek Juneja, JPMoran.

Vivek Juneja，JPMoran。

Hi. Thanks for the question. Mike, just a quick clarification given the when I think cost going on and then the call is going on long so I want to keep you, the service -- the private credit exposure, the once you give the majority of it is in the consumer -- sorry, the commercial debt finance of $36 billion. So --

嗨。謝謝讓我提問。Mike，鑑於我想成本方面的討論正在進行、而且這通電話也講得有點久了，我想快速釐清一下——關於私募信貸曝險（private credit exposure），你先前提到其中大多數是在消費——抱歉，是在商業債務融資（commercial debt finance）的 360 億美元。所以——

In fact, that is all private credit exposure, and it is the vast majority of our private credit exposure is the $36 billion. And then the BDCs are a subset of that.

事實上，那就是全部的私募信貸曝險，而且我們私募信貸曝險的絕大部分就是這 360 億美元。然後 BDC（商業發展公司）是其中的一個子集合。

Got it. That's all I had. I wanted to just check. Thanks.

了解。我就這些。我只是想確認一下。謝謝。

Of course. Thanks.

當然。謝謝。

Saul Martinez, HSBC.

Saul Martinez，HSBC。

Hey, thanks for squeezing me in. I'm sorry to beat a dead horse with the net interest income. But NIIX markets was only up 2% year-on-year. If I look at loan growth, excluding markets lending, it was up 8%. Deposit growth has been good. And I guess -- so it does seem like you are seeing some core margin pressure there.

嘿，謝謝讓我插個問題。抱歉又要反覆追問淨利息收入（NII）。但 NII（不含市場業務）年增只有 2%。如果我看放款成長（排除市場放款），是成長 8%。存款成長也不錯。我想——所以看起來你們的核心利差確實有一些壓力。

And I just wanted to ask if you have a little bit more color on what is driving that? Is this competitive dynamics in deposits? And I guess, are you competing on -- in terms of pricing on lending and deposits, or is there a risk that you're pricing loans and deposits in a way that is sacrificing returns in order to offer growth?

我想再問一下，你能否提供更多顏色，說明是什麼在驅動這件事？這是存款端的競爭態勢所致嗎？另外，我想問，你們在放款與存款的定價上，是在競爭——也就是在價格上競爭——還是存在一種風險：你們為了追求成長而以犧牲報酬為代價來定價放款與存款？

Thanks, Saul. So rates is driving it. Number one, interest rates coming down year-on-year sort of driving, as we saw rate cuts last year. We're seeing growth in the interest-bearing deposit side, non-interest-bearing are slower to sort of grow as we sort of build the checking account growth that we've talked about in the call. And then on the lending side of things, we're not on the consumer side, we're not seeing compression there.

謝謝，Saul。所以是利率在驅動。第一，利率年對年下降在推動這個結果，因為我們去年看到了降息。我們看到計息存款（interest-bearing deposits）成長，而非計息存款（non-interest-bearing）成長較慢，因為我們正在建立我們在電話會議中提到的支票帳戶成長。至於放款端，在消費端我們沒有看到那裡出現利差壓縮。

Spreads are in a little bit on loans across like some of the commercial side, but nothing super significant. And we're not out there competing on price to try to grow the balance sheet. So you're seeing all those things sort of come through in the underlying results, which is exactly kind of what we thought would be happening as we sort of rolled out the guidance in January.

貸款利差在商業端等方面略有收窄，但沒有特別顯著。而且我們並沒有在市場上透過價格競爭來試圖擴大資產負債表。因此，你會看到這些因素都反映在基本面結果中，這正是我們在1月發布指引時所預期會發生的情況。

So largely nothing that's unexpected to sort of come through. And your point on like competition on pricing and deposits, we're not seeing like competition on pricing. That's not what it is. We're just growing some of the interest-bearing stuff faster than non-interest-bearing, but it's all at rates that are within where we thought they would be.

所以整體而言，沒有什麼出乎意料的情況。至於你提到的定價與存款競爭，我們並沒有看到所謂的定價競爭。事情不是那樣。我們只是讓部分計息項目的成長速度快於不計息項目，但利率水準都在我們原先預期的範圍內。

And we -- and if we do a good job, as Mike just alluded to a couple of times, we should be growing the noninterest-bearing further down the line as we bring on more of these relationships and have more balances here to work with customers, both on the consumer side and on the business side.

而且我們——如果我們做得好，正如Mike剛才提到過幾次的——隨著我們建立更多這類關係、並在這裡有更多餘額可與客戶合作，無論是消費端或企業端，未來我們應該能進一步提升不計息存款的成長。

Got it. Okay. And I guess on reserving, maybe a follow-up to the earlier question. Your reserve rate for C&I is about 1%. It's been about 1% for a while. NBFI is obviously a big part of that. I'm curious, it sounds like the NBFI portfolio generally has a lower loss content than the balance of the book, maybe correct me if I'm wrong, are -- do reserves reflect that? And I'm curious if there's been any change in in your view of loss content in that -- in those portfolios and which would influence how you're reserving for those folks.

了解。好。另外我想在提存方面追問一下，延續先前的問題。你們C&I的備抵率大約是1%。一段時間以來一直大約是1%。NBFI顯然是其中很大的一部分。我好奇的是，聽起來NBFI投組的損失含量通常低於整體帳簿的其他部分——如果我理解有誤請糾正——備抵是否反映了這點？另外我也想了解，你們對該投組、也就是那些投組的損失含量看法是否有任何變化，進而影響你們對這些客戶的提存方式。

The -- no change in sort of our thinking as we look forward in terms of loss content, and most of those portfolios, there's been virtually nothing for a longer period of times.

我們在展望未來、評估損失含量方面的想法沒有改變；而且那些投組中的大多數，在更長一段時間裡幾乎沒有發生任何損失。

Okay, got it. Thank you.

好的，了解。謝謝。

Yeah.

嗯。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

Hi, thanks for taking my questions. So I wanted to start on the capital markets outlook and the pipeline. Can you frame the outlook following a strong first quarter here?

嗨，謝謝回答我的問題。我想先從資本市場展望與案源管線談起。在第一季表現強勁之後，你能否說明一下後續的展望？

Yeah. Look, I think we still expect that the financing markets are sort of wide open still. So we still expect to see a lot of activity on the debt side. both investment grade and sort of leverage finance. And so there's plenty of money on the sidelines to sort of be put to work there.

可以。我認為我們仍然預期融資市場基本上仍是相當暢通。因此我們仍預期債務端會有很多活動，包含投資級以及槓桿融資。而且場邊仍有充裕資金等待投入運用。

And that's certainly been the case for a while. I think on the equity capital market side, you've certainly seen some delay in IPO activity in the latter part of the first quarter, assuming some of the volatilities of size or stabilizes, you may see some of that start to come back.

而這種情況確實已持續一段時間。我認為在股權資本市場方面，你確實看到第一季後段IPO活動有些延後；若波動（無論是幅度或程度）趨於穩定，你可能會看到部分活動開始回來。

There's certainly a pipeline of companies sort of waiting to go. And then in the meantime, you've definitely seen a lot of activity on the convert side and other parts of the ECM wallet. But -- so overall, I'd say the pipeline and the expectation is still to see a pretty active rest of the year.

確實有一批公司在管線中等待上市。同時，你也明顯看到可轉債以及ECM錢包中其他部分的活動相當熱絡。但——整體而言，我會說管線與預期仍是今年剩餘時間會相當活躍。

Great. Thanks for that. And then shifting over to your credit card account growth, which is very nice to see good growth, very strong. What is the drivers behind that? Is it more rewards, more marketing, better rate. What are some of the drivers there?

很好。謝謝說明。接著談到你們信用卡帳戶成長，看到很好的成長、非常強勁，這很不錯。背後的驅動因素是什麼？是更多回饋、更強行銷、更好的利率嗎？有哪些主要驅動因素？

It starts with really good, compelling, simple products. And I think since -- in the last five years, the team has replatformed every product that we had in the market. Starting with our active cash card, which is a very simple 2% cash back value proposition and then added a series of products over -- since then. And I think what we've seen is that we've had really good reception from both existing and sort of new clients to the bank for what are very easy to understand compelling products.

首先是非常好的、具吸引力且簡單的產品。我認為在過去五年裡，團隊已將我們在市場上的每一項產品都重新平台化。從我們的Active Cash卡開始，這是一個非常簡單的2%現金回饋價值主張，之後又陸續新增一系列產品。我們看到的是，無論是既有客戶或是新加入本行的客戶，對這些容易理解且具吸引力的產品反應都非常好。

And then over the last three quarters, we've seen an uptick in originations as our branches become more productive in terms of helping customers get the right card, and we've also seen an increase in customers come to us directly looking for the cards as the awareness and the size of the portfolio --

此外，在過去三個季度，我們看到核卡／新發卡量有所上升，因為我們的分行在協助客戶選到合適卡片方面變得更有效率；同時，隨著知名度提升與投組規模擴大，我們也看到更多客戶直接來找我們申辦這些卡片--

Awareness, it's pending on -- its advertising, both targeted and were general. We're increasing the amount of advertiser doing both in the card business and the broader consumer business. And so that plus more of the targeted things we're doing in the digital space is driving increases there. So it's a combination, as Mike said, of just the products we have but us getting better and better at targeting originations.

知名度方面，取決於——也就是我們的廣告投放，包含精準投放與大眾投放。我們正在增加廣告投放量，涵蓋卡片業務以及更廣泛的消費金融業務。因此，這些加上我們在數位領域做的更多精準措施，正在帶動成長。所以這是多重因素的組合：如Mike所說，既有產品本身的吸引力，再加上我們在鎖定新發卡來源方面做得越來越好。

Very helpful. Thank you.

非常有幫助。謝謝。

Alrighty.

好的。

Alright. Thanks, everyone, for the questions. We'll see you next time.

好的。謝謝大家的提問。我們下次再見。

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

感謝各位參與今天的電話會議。此刻，各方可結束連線。