Bank Of America (BAC) 2023 Q1 Earnings Call
发布时间 2023-04-19 01:05:31 来源
Good day everyone and welcome to the Bank of America earnings announcement. At this time I'd like to turn the program over to Lee McIntyre. Please go ahead sir. Thank you Catherine.
大家好，欢迎参加美国银行业绩发布会。现在我想将项目交给李·麦金太尔先生。请您开始讲话。谢谢，凯瑟琳。
Good morning. Welcome. Thank you for joining the call to review our first quarter results. I trust everybody has had a chance to review our earnings release documents. They are available including the earnings presentation that we'll be referring to during this call, only investor relations section of the bank of america.com website.
早上好。欢迎大家参加这次回顾我们第一季度业绩的电话会议。相信每个人都有机会查看我们的收益公告文件。这些文件包括我们在本次电话会议中将要引用的收益报告，均可在美国银行网站的投资者关系部分获取。感谢大家的参与。
I'm going to turn the call over to CEO Brian Moynihan and Alistair Borgwick, our CFO to discuss the quarter but before I do let me just remind you that we may make forward-looking statements and refer to non-gap financial measures during this call. Our forward-looking statements are based on management's current expectations and assumptions and subject to risk than uncertainties. Factors that might cause those actual results to dip materially differ from those expectations are detailed in our earnings materials and the SEC filings that are available on our website.
我将转接电话给首席执行官布莱恩·莫伊尼汉和我们的首席财务官阿利斯泰尔·博格威克，讨论季度情况。但在此之前，我想提醒大家，我们可能在此通话中发布前瞻性声明并涉及非依照通用会计原则的财务指标。我们的前瞻性声明基于管理层的当前预期和假设，并受到风险和不确定性的影响。导致实际结果与预期结果显著不同的因素详细说明于我们的收益材料和SEC提交文件中，可在我们的网站上获得。
Information about the non-gap financial measures including recommendations to US gap can also be found in our earnings materials and those are available on our website. So with that we'll turn it over to Brian. Thank you.
我们的收益材料中包含了非普遍会计准则的财务指标的信息，其中包括对美国普遍会计准则的建议。这些材料可以在我们的网站上找到。现在我们将把话题转给布莱恩。谢谢。
Good morning and thank all of you for joining us. I'm starting on slide two of the materials. Your company produced one of its highest core EPS earnings numbers in a challenge operating environment in the first quarter. Simply put we navigate that environment well. The preparedness and strength of bank of america and the trust of our clients reflects a decade-long response with growth model in relationship with nature of our franchise.
大家早上好，感谢大家参加。我现在要开始展示第二张资料。在艰难的运营环境下，贵公司在第一季度实现了最高的核心每股盈利（EPS）数字。简单来说，我们在这种环境下表现得很好。美国银行的准备和实力以及客户的信任反映了我们与我们的特许经营权质量相符合的成长模式，这是经过十年的回应。
During quarter one, importantly, organic growth engine continued to perform. Let me first summarize some points and I'll turn over to Alistair taking through the details of quarter.
在第一季度，重要的是，有机增长引擎继续表现良好。让我先总结几点，然后我会转交给Alistair详细介绍本季度的细节。
If you go to slide two of the materials, bank of america delivered strong earnings growing EPS 18% over first quarter 22. Every business segment performed well. We grew clients and accounts organically and in a strong pace. We delivered our seventh straight quarter of operating leverage, led by a 13% year-over-year revenue growth. We further strengthened our balance sheet with our CET-1 ratio increasing to 11.4%. Regatory capital ended at the highest nominal level in our history at $184 billion. We maintained strong liquidity. We ended the quarter with more than $900 billion in global liquidity sources. We earned good returns for you as our shareholders with a return on tangible common equity of 17% and 107 basis points return on average assets. Tainted book value for share grew 9% year-over-year.
如果您参考资料的幻灯片二，您会发现美国银行实现了强劲的盈利，第一季度每股收益增长了18%。每一个业务板块都表现优秀。我们有机地增加了客户和账户数量，并以强劲的速度发展。我们交出了第七个季度的运营杠杆，凭借同比增长13%的收入增长率。此外，我们还加强了公司的资产负债表，CET-1保险率提高至11.4%。我们的监管资本也达到了历史上最高的名义水平——1840亿美元。我们保持了强大的流动性。第一季度结束时，我们全球流动性资源超过9000亿美元。我们为您作为股东带来了良好的收益，其每股有形净资产回报率达到17％，平均资产回报率达到107个基点。每股受污染的账面价值同比增长9％。
We did this as economy slowed. Remember our research team continues to predict a shallary session that will occur beginning in the quarter three of 2023. The interesting thing we look at our consumer behavior, payments by consumer continues to drive the U.S. economy. We've seen debit and credit card spending at about 6% year-over-year growth pace. A little slower but still healthy. But remember, card spending represents less than a quarter of how consumers pay for things out of their accounts of Bank America. Overall payments from our customers accounts across all sources are up 9% year-over-year for March as a month. Year-to-date through up about 8% for the quarter. After slowing the back half at 22 a bit, we saw the payment, pace of payments, pick back up in quarter of one, especially in a lot of parts of the quarter.
在经济放缓时我们做了这件事。记住，我们的研究团队持续预测将在2023年第三季度开始的工资下跌。我们看到了有趣的一点是，我们观察到消费者行为，消费者的支付继续推动美国经济。我们看到，借记卡和信用卡的支出以6％的年增长率增长。增长速度稍微慢一些，但仍然健康。但请记住，银行美洲的消费卡支出仅代表消费者支付账户的不到四分之一。总的来讲，我们客户账户从所有来源的支付截止到三月份同比增长了9％。截至季度同比上涨约8％。在22年下半年放缓后，我们看到在第一季度，特别是在季度的许多地区，支付步伐恢复了。
Consumers financial positions remain generally healthy. They are employed with generally higher wages, continue to have strong account balances, and have good access to credit. As you think through all the tightening actions of the Fed, the flow is to alternative yielding assets, investments in the destruction of past quarter. Credit deposits continue to perform well and in the quarter of $1.91 trillion. If you think about it, that's about the same balance that we had in mid-October of 2022. So we've seen these balances stabilize and remain 34% above the lower end prior to the pandemic.
消费者的财务状况基本健康。他们有稳定就业，工资普遍较高，继续拥有强劲的账户余额，并且信用可靠。当您思考美联储所有紧缩行动时，资金会流向替代的高收益资产，投资于上一季度的摧毁。信贷存款仍然表现良好，本季度为1.91万亿美元。如果您仔细思考，这大约是我们在2022年10月中旬的余额。因此，我们看到这些余额保持稳定，在疫情爆发前的较低水平上升了34%。
The team has managed well during these periods where our remaining folks saw the things we can control to drive value through our franchise. I thank them for a very strong quarter, near record earnings with strong returns.
在我们剩下的员工看到我们可以通过特许经营来驱动价值的这些时期，团队表现出色。我感谢他们在这个非常强劲的季度中，创造了接近纪录的收益和强劲的回报。
Let me turn the call of an ouster to walk through the details of the quarter. Thank you, Brian. I'll pick up on slide three where we list some of the more detailed highlights of the quarter. And then on slide four, we present the summary income statement. So I'm going to refer to both of these together. As Brian mentioned for the quarter, we generated 8.2 billion of net income, and that resulted in 94 cents per diluted share.
让我来详细介绍一下本季度的细节，而不是讨论解雇的话题。谢谢，布莱恩。我会从第三张幻灯片开始，列出本季度更详细的亮点。然后在第四张幻灯片上，我们呈现了总结收入表。因此，我将同时参考这两个幻灯片。正如布莱恩所提到的，本季度我们实现了82亿美元的净利润，并导致每股摊薄收益94美分。
A revenue grew 13%, and that was led by a 25% improvement in net interest income, coupled with strong 9% growth in sales and trading results, excluding DVA. Our non-interest revenue was strong despite the headwinds.
营收增长了13%，其中以25%的净利息收入增长和强劲的（除去证券账面价值调整DVA的）9%销售和交易业绩增长引领。尽管受到阻力，我们的非利息收入非常强劲。
First, we had lower service charges as commercial clients paid lower fees for treasury services, and since they now receive higher earned rates on balances, and obviously that allows us to invest those funds to earn NII. On consumer, we had lower NSF insufficient funds in overdraft fees as a result of our policy changes announced in late 2021.
首先，我们的商业客户由于使用财务服务而支付较低的服务费，因此我们的服务费用也相对降低。由于他们现在的余额利率更高，我们可以利用这些资金进行投资以赚取净利息收益。对于消费者而言，我们在2021年底宣布的政策变更导致透支不足费用相对较低。
Second, we had lower asset management fees, and that just reflects the lower equity market levels and fixed income market levels. And third, investment banking fees were lower just reflecting the continuation of sluggish industry activity and reduced fee polls. Now, all that said, despite these headwinds, each of the fee categories saw modest improvement from the fourth quarter levels.
其次，我们的资产管理费较低，这反映了股票市场水平和固定收益市场水平的下降。第三，投资银行费用较低，只是反映了行业活动不振和减少的费用调查。尽管受到这些不利因素的影响，但每个费用类别都比第四季度略有改善。
As a quality remains strong, and provision expense for the quarter was 931 million, that consisted of 807 million of net chargeoffs and 124 million of reserve build. And that reserve build compares to reserve release in the first quarter, 22 of 362 million. Our charge off rate was 32 basis points, and still well below the fourth quarter of 19, when our pre-pandemic rate was 39 basis points. And remember, 2019 was a multi-decade low. So credit obviously remains quite strong.
本季度，我们的质量保持强劲，拨备费用为9.31亿美元，其中807亿美元是净呆账减值，124亿美元是准备金建立。与第一季度相比，准备金的建立相当于362亿美元的准备金释放中的22亿美元。我们的呆账率为32个基点，仍然远低于第四季度的19个基点，而我们在疫情前的2019年达到了数十年来的最低水平。所以，信贷显然仍然非常强劲。
I want to make one other point on slide four, and that is simply to note that pre-tax pre-provision income grew 27% year over year compared to reported net income growth of 15%.
我想在第四张幻灯片上再强调一点，那就是需要注意的是，税前税前拨备收入同比增长了27%，而报告的净收入增长率为15%。这是我的一个观点。
So let's start with the balance sheet. That starts on slide five, and you can see during the quarter, our balance sheet increased to 144 billion to 3.195 trillion. Brian noted our liquidity levels. At the end of the period, those rose to more than 900 billion from December 31.
接下来让我们从资产负债表开始讲起，它在第五张幻灯片上。从Q1财报中可以看出，我们的资产负债表总额增长至3.195万亿，较之前一季度的1.44万亿有所增加。同时，布莱恩提到了我们的流动性水平情况。该季度末期，我们的流动性储备从去年12月31日的9000亿增加到了超过9000亿。
That's 23 billion higher. And it remains 324 billion above our pre-pandemic level in the fourth quarter of 19. Shareholders' equity increased 7 billion from the fourth quarter, as earnings were only partially offset by capital distributed to shareholders. And we saw an improvement in AOCI of 3 billion due to lower long-term interest rates.
这比原来高了230亿美元，目前比19年第四季度疫情前高点高出3240亿美元。股东权益比上一季度增加了70亿美元，因为收益只部分地被分配给股东作为资本。由于长期利率下降，所以我们看到AOCI 改善了30亿美元。
The AOCI included more than half a billion increase from improved valuations of AFS debt securities, and that flows through CET1. And the remaining 2.5 billion due to changes in cash flow hedges doesn't impact regulatory capital. During the quarter, we paid a billion in income and dividends, and we bought back 2.2 billion in shares.
AOCI中包括超过50亿美元的增值金融债券的估值提高，并通过CET1流出。剩下的25亿美元归因于现金流量套期保值的变化，不会影响监管资本。在本季度，我们支付了10亿美元的收入和股息，同时我们回购了22亿美元的股票。
简单的讲，AOCI（不实现损益组件累积额）中，有超过50亿美元的利润增值被纳入了资本的计算，而25亿美元的现金流量套期保值变化则不会影响资本。同时该公司在本季度支付了10亿美元的收入及股息并回购了22亿美元的股票。
Turning to regulatory capital, our CET1 level improved to 184 billion since December 31, and our CET1 ratio improved 14 basis points to 11.4%. Once again adding to our buffer over our 10.4% current minimum requirement, as well as the 10.9% minimum requirement that we'll see on January 1 of 24.
就监管资本而言，我们的CET1资本水平自12月31日以来已经提高到1840亿美元，我们的CET1比率提高了14个基点，达到11.4%。这再次增加了我们在10.4％当前最低要求及2024年1月1日将要达到的10.9％最低要求之上的缓冲。
That means in the past 12 months, we've improved our CET1 ratio by 100 basis points, and we've supported our clients, and we've returned 12 billion in capital to shareholders. The CET1 capital improved 4 billion, and that reflects the benefit of earnings and the AOCI improvement partially offset by the capital we returned to shareholders.
这意味着在过去的12个月中，我们将CET1比率提高了100个基点，支持了客户，并向股东返还了120亿资本。 CET1资本增加了40亿，这反映了收益和AOCI改善的好处，部分抵消了我们向股东返还的资本。
Our risk-weighted assets increased modestly, and that partially offset the benefit to the CET1 ratio of the higher capital we generated. And then our supplement leverage ratio increased to 6%, that compares to a minimum requirement of 5% and leaves plenty of capacity for balance sheet growth, and our T-Like ratio remains comfortably above our requirements.
我们的风险加权资产有所增加，部分抵消了我们所生成的更高资本对CET1比率的好处。此外，我们的附加杠杆率已提高到6%，高于最低要求的5%，为资产负债表增长留下了充足的空间，而我们的T-Like比率仍然舒适地高于我们的要求。
So let's spend a minute on loan growth, and we'll do that by turning to slide 6 where you can see the average loans grew 7% year over year driven by commercial loans and credit card growth. The credit card growth reflects increased marketing, it reflects enhanced offers, and higher levels of card account openings.
那么，让我们花一分钟讨论贷款增长，我们将通过看第6页来完成这个目标，您可以看到平均贷款增长了7%年同比增长，这得益于商业贷款和信用卡增长。信用卡增长反映了增加的市场推广，反映了增强的优惠和更高水平的信用卡开户量。
The commercial growth across the past year reflects the diversity of commercial activity across global banking and global markets and to some degree global wealth. And on a more near-term linked quarter basis, loans grew at a much slower pace, partly driven by seasonal credit card paydowns after the fourth quarter holiday spending, and then commercial demand slowed into one, and we saw some paydowns by our wealth management clients as they lowered leverage as rates rose.
过去一年，商业增长反映了全球银行、全球市场和在一定程度上是全球财富的商业活动的多样性。在更近期的季度基础上，贷款增长速度放缓得多，部分原因是由于第四季度假日消费后季节性信用卡还款，然后商业需求放缓，并且我们看到我们的财富管理客户在利率上升时降低了杠杆，进行了一些还款。
So let's turn to deposits, and this obviously being a lot of additional focus this quarter. So I want to spend extra time here, and I'm going to start with slide 7 and talk about average deposits. Just a few points we need to make before focusing on a more detailed discussion of the recent trends. This total deposits for the first quarter were 1.89 trillion, that is down 2% linked quarter, and down 7% year over year.
因此，让我们转向存款，显然这个季度有很多额外关注点。因此，我想在这里花费额外的时间，并且我将从第7张幻灯片开始，谈论平均存款。在重点关注最近趋势的更详细讨论之前，我们需要做出几点说明。本季度的总存款为1.89万亿，较上一季度下降了2%，较去年同期下降了7%。
Our deposits peaked in the fourth quarter of 2021, and even as the Fed has continued to withdraw money supply, our deposits have held around 1.9 trillion, because there's a lot more industry deposits today in a much bigger economy today compared to pre-pandemic.
我们的存款在2021年第四季度达到了顶峰，尽管联邦储备持续撤回货币供应，但我们的存款仍保持在约1.9万亿美元左右，因为今天的经济比疫情前更大，有更多的行业存款。
Upper average deposits are up 34%, compared to our pre-pandemic 2, 4, 19 balance, and the industries deposits are up 31% to 17.4 trillion. So we've obviously fared a little bit better than the industry.
相比于疫情前的2019年2月4日的余额，我们的高于平均水平的存款增长了34％，而该行业的存款增长了31％，达到17.4万亿。显然，我们比该行业表现得更好一些。
We put our pre-pandemic deposits for each line of business on this slide, so you can compare our balances then and now. I want to highlight consumer checking balances, which remain 53% higher than pre-pandemic. And as I think all of us would expect, G-WIM combined client deposits are up a lesser 23%, as those are the clients that generally move their excess cash into other off-balance sheet products.
我们在这张幻灯片上展示了疫情前我们各业务领域的存款情况，这样你就可以比较一下我们当时和现在的余额。我想强调的是消费者支票账户余额，这个余额仍然比疫情前高出53%。而且，正如我们所有人所预期的一样，G-WIM的综合客户存款上涨了23%，因为这些客户通常会将超额资金转移到其他非表内产品中。
And in global banking, you can see the rotation to interest-bearing across time as rates rose. So let's get a little more granular and a little more near-term, and we'll use slide 8 for that, where you can see the breakout of deposit trends on a weekly ending basis across the last two quarters.
在全球银行业中，随着利率上涨，你可以看到利息收益的转变。因此，让我们更加具体和近期一些，并使用第8张幻灯片来展示上两个季度每周结算基础上的存款趋势分析。
You can also see that we plotted the timeline of Fed, Target, and rate hikes on the top left chart just for comparison through time. In the upper left, you can see the trend of our total deposits. We ended Q-1-23 at 1.91 trillion. That's down 1%. And as Brian mentioned over the course of the past six months, those balances have been relatively stable.
您还可以看到我们在左上角的图表上绘制了联储、目标和升息的时间轴，以便进行时间比较。在左上方，您可以看到我们总存款的趋势。我们在2023年第一季度结束时的总存款为1.91万亿美元。这是下降了1%。正如布赖恩在过去六个月中提到的那样，这些余额相对稳定。
And consumer looking at the top right chart, we show the difference here in the movement through the quarter between the balances of low to no interest checking accounts and the higher yielding non-checking accounts. And across the entire quarter, we saw modest 4 billion decline in total.
当消费者查看右上方的图表时，我们展示了低至无息支票账户和高收益的非支票账户在季度内差异的变化。整个季度中，我们看到总共略微下降了40亿美元。
Checking balances obviously have some variability around paydays in particular, but note the relative stability of checking deposits, because these are the operational accounts with money in motion to pay the bills and everyday living costs for families. I'd also point out that our checking balances were modestly growing, even ahead of March 9th upheaval, and continued to move higher through the quarter on the back of disruption.
显然，在发薪日周围，支票余额会有一些波动，但请注意支票存款的相对稳定，因为这些是用于支付家庭账单和日常生活开销的运营账户中的资金。我还要指出，我们的支票余额在3月9日动荡之前就已经适度增长，并在动荡的背景下在整个季度继续增长。
Lower non-checking balances mostly reflect money moved out of deposits and into brokerage accounts where we earn a small fee. Rate paid increased six basis points from the fourth quarter to 12 basis points on this trillion dollars of total consumer deposits and remains low because of the 52% mix that is checking. Lastly, I just note that the rate movements in this business are concentrated in the small CDs and consumer investment deposits, which together represent about 5% of the deposits.
低余额主要反映出资金从存款账户转移到经纪账户，我们在那里赚取少量费用。对于这万亿美元的消费者总存款，支付的利率从第四季度的六个基点增加到12个基点，并且由于52%的支票账户混合而保持低水平。最后，我只注意到这个业务中的利率变动集中在小型CD和消费者投资存款中，它们共占存款的约5%。
In wealth management, as you would expect, it shows the most relative decline. And you can see the continued trend of clients moving money from lower yielding sweep accounts into higher yielding preferred deposits and off-balance sheet to other investment alternatives. Now, if we went back further, you'd see that roughly 90 billion has moved out of sweeps in the past year, which leaves 80 billion in these accounts.
在财富管理领域，正如你所预料的那样，它显示出相对下降最多的趋势。你可以看到客户将资金从收益较低的扫描账户转移到收益较高的优先存款和离散表外投资替代品的持续趋势。现在，如果我们回顾一下更远的历史，你会发现在过去一年中，大约已经有900亿资金从扫描账户中流出，这留下了800亿的存款。
So you can see how with the pace and size of rate hike slowing, we expect the declines in balances to lessen from here. At the bottom right, note the global banking deposit movement where we hold about 500 billion in customer deposits.
因此，您可以看到，随着加息步伐和幅度的放缓，我们预计余额下降的幅度将从现在开始减少。在右下角，请注意我们持有约5000亿客户存款的全球银行存款动态。
These are generally operational deposits of our commercial customers, and they use that to manage their cash flows through the course of a year. Those are down to 3 billion from the fourth quarter. And what's interesting to note is that our total deposits in this segment have been stable at around 500 billion for the past six months, and this business just continues to see rotation into interest-bearing.
这些通常是我们商业客户运营的存款，他们使用这些存款来管理他们的现金流通过一年的过程。这些存款从第四季度下降到了30亿。有趣的是，我们在这个领域的总存款在过去六个月里一直稳定在约5000亿美元左右，并且这个业务仍在不断地向利息支持转变。
The mix of interest-bearing deposits on an ending basis moved from 49% last quarter to 55% in Q1, and obviously we pay increased rates on those interest-bearing deposits. And it's this rotation and global banking that's driving the rotational shift of the total company, and it's pretty typical and to be expected in this environment.
上季度利息收入存款的比例为49%，而在Q1中则增至55%，我们显然在这些利息收入存款上支付了更高的利率。这种利息收入存款的转换与全球银行业的发展密切相关，这正是推动整个公司转型的关键因素，而在这种环境下，这种转型是很常见的，也是可以预期的。
So in summary, deposits continue to behave as we would expect. The cash transactional balances have shown some recent stabilization. And for investment cash, we've seen deposits move to brokerage and other platforms for direct holdings of money market, mutual funds, treasuries, and we're capturing many of those flows. And our numbers just we expect that to slow going forward.
总的来说，存款的表现符合我们的期望。现金交易余额最近已经稳定下来。而对于投资现金，我们看到存款转移到经纪商和其他平台，直接持有货币市场、共同基金、国债等，我们正在捕捉其中许多流量。我们预计这些数字会逐渐减缓。
So now that we've examined trends for the different lines of business, I want to make some important points about the characteristics of our deposit franchise using slide 9. And this will just help reinforce for shareholders who on Bank of America that they're invested in one of the world's great deposit franchises, all of it based off of relationships we have with our customers.
现在我们已经分析了不同业务线的趋势，我想使用第9张幻灯片介绍我们存款业务特点的重要信息。这将有助于加强股东对美国银行的信心，他们投资了一个世界顶尖的存款业务，完全基于我们与客户的关系建立。
And the value they place on the award-winning capabilities and convenience they have access to.
他们赋予获奖能力和方便性的价值。
So starting from the top, focus first on consumer. You can see that more than 80% of deposits have been with us for more than five years, and more than two thirds of our consumer deposits are balances with customers who've had relationships with the bank for more than 10 years. Also, more than three quarters of these customers are very highly engaged in their activities with us. Also, geographically dispersed across the United States given our presence in 83 of the top 100 markets. Lastly, whether you look at consumers or small business, the value proposition is what's driving the same result. We've got long tenured customers with deep relationships that are highly engaged.
从开始说起，首先要关注消费者。可以看到，超过80%的存款已经与我们在一起超过了五年，而超过三分之二的消费者存款是与已经与银行建立了超过10年关系的客户的余额。此外，超过三分之四的客户对我们的活动非常高度参与。同时，在美国83个前100个市场中得到了地理上的分散。最后，无论是针对消费者还是小企业，价值主张是推动相同结果的原因。我们拥有长期居留客户，建立了深厚的关系且高度参与。
Starting to wealth management, you can see a similar story around long tenure and quite active relationships. The average relationship of our G-WIM clients is around 14 years, and again, these clients are very geographically diverse. They're also very digitally engaged, and we continue to see deepening around banking solutions and products of all types. There's lots of options for these clients that extend from their operational checking accounts all the way up through preferred deposit options, and then we also benefit from having great alternatives for them within our investment platform.
当从财富管理开始时，你会发现关于较长的任期和积极的合作关系的类似情况。我们G-WIM客户的平均关系时间约为14年，而且这些客户地理位置非常多样化。他们也非常数字化，并且我们继续看到在各种银行解决方案和产品方面深耕。对于这些客户来说，有很多选择，从他们的运营支票账户一直延伸到优先存款选项，然后我们也受益于我们的投资平台中为他们提供的优秀选择。
In global banking, note that 80% of our U.S. deposit balances are held by clients who have had an account with us for at least 10 years. Furthermore, as we measure the number of solutions that clients have with us, we know that 73% of balances are held by clients that have at least five products on us, and just like the other businesses, they're highly diversified by industry and geography. So those are some of the things that make our quality deposit base stable.
在全球银行业中，需要注意的是，我们美国的存款余额中有80%是由至少拥有10年账户的客户持有的。此外，我们计算客户与我们之间的综合关系数量时，我们知道，73%的存款余额是由至少在我们这里拥有五种产品的客户持有的。就像其他公司一样，他们的产业和地理上高度多元化。这些都是我们高质量存款基础稳定的原因之一。
So now that we've walked through both loans and deposits, I want to transition a bit to make some points on balance sheet management, and to focus on the liquidity we enjoy by having a surplus of customer deposits that far exceeds the loan demand of our clients today, and far exceeded the loan demand of our clients' prepandemic. Having the deposits alone doesn't pay the expenses to support these great customer bases, and it doesn't mean much to our shareholders unless we put them to work to extract the value of those deposits. So that's what we're trying to illustrate, and we want to show you how we do that.
现在我们已经介绍了贷款和存款，我想稍微转换一下，提出一些关于资产负债管理方面的观点，重点是强调我们享有的流动性，因为我们拥有大量远远超过客户贷款需求的客户存款。这些存款单独并不能支付支持这些巨大客户基础的费用，并且对我们的股东不具有太大的意义，除非我们将其用于提取这些存款的价值。因此，这就是我们尝试阐明的内容，我们想向您展示我们如何做到这一点。
You can see that on slide 10 where you note we had significant excess deposits over loans prepandemic, and during the pandemic that increased, that amount increased significantly. More the pandemic we had half a trillion more in deposits than loans, and that peaked in late 2021 at more than 1.1 trillion, and it remains high at roughly 900 billion still today. That's the context as we talk about how we manage excess cash.
您可以在第10张幻灯片上看到，我们在疫前有大量存款超过贷款，而在疫情期间，这种情况加剧了，那个数量显著增加。在疫情之前，我们的存款比贷款多了半万亿，而在疫情后，这个数字在2021年末达到了超过1.1万亿的峰值，并且今天仍然保持高水平，在9000亿左右。这就是我们谈论如何管理多余现金的背景。
So let's turn to slide 11. And here we're going to focus on the banking book because our global markets balance she has remained largely market funded, and just follow the graph from left to right. At the top of the slide you note, trend of cash and cash equivalence, and the two components of the debt securities balances available for sale, and held to maturity. And you can see the trend of the overall combined cash and securities balance movement, and it closely mirrors the previous slide's excess deposit trends as you would expect.
让我们转到第11张幻灯片。在这里，我们将关注银行账簿，因为我们的全球市场平衡表大部分仍然是通过市场融资，只需要从左到右跟随图表。在幻灯片的顶部，您会注意到现金和现金等价物的趋势，还有可供出售的债券证券余额和持有到到期日的债券证券余额两个组成部分。您可以看到整体现金和证券余额变动的趋势，并且它与前一张幻灯片的存款过剩的趋势非常相似，这是您所期望的。
In 2020, deposits grew while loans declined, and that was pandemic borrowing from our commercial clients stopping, and then quickly paying it off. Throughout 2020, as we put deposits to work, we took a number of actions to protect our capital, and then included a build up in hold to maturity, better aligning our capital treatment with our intent to hold those securities to maturity. We also hedged rate risk in the available for sale book using payfixed, received variable swaps. So these securities acted like cash, and they earned higher yields, and guarded against capital volatility.
在2020年，存款增加而贷款下降。这是由于我们的商业客户停止借款，然后迅速偿还借款。在整个2020年，当我们将存款用于投资时，我们采取了一系列措施来保护我们的资本，包括加强对到期持有的积累，并更好地使我们的资本政策与我们持有这些证券至到期的意图相一致。我们还使用固定付款、可变收款掉期套期保值来对可供出售证券的利率风险进行套期保值。因此，这些证券就像现金一样，获得更高的收益，并且防范了资本的波动。
As we entered the middle of 2021, it became more clear that the stimulus payment would likely be the last one, and therefore we believed deposits would be peaking. As a result, we stopped adding to our hold to maturity securities book. That book peaked in the third quarter of 2021 at $683 billion, $562 billion were mortgage backs, and the rest were treasuries. And all that's happened is that notional balances have declined in each of the past six quarters, ending the quarter at $625 billion. And within that, the mortgage back portfolio is down $67 billion to $495.
随着进入2021年中期，我们越来越清楚，刺激付款很可能是最后一笔，因此我们相信存款将达到峰值。因此，我们停止向我们的持有到期证券账户中添加资金。这本账户在2021年第三季度达到了6830亿美元的峰值，其中5620亿美元为按揭回购，其余部分为国库券。过去六个季度中，名义余额已经每个季度都下降，最终在季末降至6250亿美元。在其中，按揭回购组合下降了670亿美元，至4950亿美元。
As rates began to rise quickly throughout 2022, the value of our deposits rose. And at the same time, the disclosed market value of the hold to maturity securities is declined, resulting in a negative market valuation on those bonds. That negative market valuation peaked in the third quarter, came down in the fourth quarter, and it's come down another $10 billion in the first quarter.
随着2022年利率快速上升，我们的存款价值也上升了。与此同时，持有到期证券的披露市场价值下降，导致这些债券的市场估值为负。这种负面市场估值在第三季度达到高峰，第四季度回落，第一季度再次下降100亿美元。
In our 10K disclosure, we include a chart which shows the maturity distribution of our securities portfolio. And I'd remind you this is based on the maturity dates of those originations, i.e. the date of the last contractual payment. When we look at the actual cash flows of those bonds over time, it results in an average weighted life of the hold to maturity securities book of a little more than eight years.
在我们的 10K 报告中，我们包括了一张显示我们证券投资组合到期分布的图表。我要提醒大家，这基于这些产生的到期日期，也就是最后的合约付款日期。当我们查看这些债券的实际现金流随时间变化的情况时，这将导致我们的持有到期证券组合的加权平均寿命略高于八年。
And as you can see since the third quarter of 2021, we've continued to see increases in the overall yield on the balances due to both the maturity and reinvestment of lower yielding securities, as well as remix into higher yielding cash. And as you can see with deposits paying 92 basis points, that compares to our blend of cash and government guaranteed securities which pays 290 basis points. So we continue to benefit NII and yield.
正如您所看到的，自从2021年第三季度以来，我们持续看到余额的整体收益率增加，这是由于较低收益证券到期和再投资，以及重新调整为较高收益的现金所致。 此外，您可以看到，存款的利率为92个基点，而我们的现金和政府担保证券的混合支付了290个基点。 因此，我们继续从NII和收益率中受益。
And finally, one very important last point I want to make which is on the improved NII of our banking book. Because remember, we manage the entirety of our balance sheet that includes our deposits. And that's where you see the net interest income has improved significantly. NII excluding global markets which we disclose each quarter, troughed in the third quarter of 2020 at 9.1 billion. And it's now 5.4 billion higher on a quarterly basis at 14.5 billion in the first quarter of 23. And that's the acid test of managing the entire balance sheet.
最后，我想强调的一个非常重要的点是，我们的银行业务账面净利润得到了改善。因为请记住，我们管理的是我们整个资产负债表，其中包括我们的存款。这就是您可以看到净利息收入显著提高的地方。除了全球市场以外的净利息收入，在2020年第三季度的9.1亿美元的低点，现在每季度已经增加了54亿美元，达到了230亿美元的第一季度。这就是管理整个资产负债表的关键点。
So let's turn now to slide 12 and focus on net interest income. On a gap, non-FTE basis, NII in the first quarter was 14.4 billion. And the FTE NII number was 14.6 billion. Focusing on FTE, that interest income increased 2.9 billion from the first quarter of 22 or 25%. While our net interest yield improved 51 basis points to 2.2%. The improvement was driven by rates and that includes reductions in securities premium advertising.
现在让我们转到第12张幻灯片，关注净利息收入。按照 对齐差异计算、非人员全职当量（FTE）的基础上，第一季度的NII为144亿美元。而在FTE NII数字上，则是146亿美元。重点关注FTE，与22年第一季度相比，利息收入增加了2.9亿美元，增幅为25%。而我们的净利息收益率提高了51个基点，达到了2.2%。这种改善受利率的影响，包括证券保险金的减少。
Average Fed Fund rates are up 440 basis points year over year. Relative to that increase in Fed funds which has benefited all of our variable rate assets. The rate paid on our total deposits rose 89 basis points. And the rate paid today on interest bearing deposits is up 133 basis points. Average loan growth of 64 billion also aided the year over year NII improvement.
平均联邦基金利率同比上涨了440个基点。相对于连续受益于变动利率资产的这种增长，我们总存款的利率上涨了89个基点。而现在的存款利率上涨了133个基点。平均贷款增长了640亿美元，也促进了同比网息收入的增长。
According to a link quarter discussion, NII of 14.6 billion is done 222 million from Q4. And that's primarily driven by the continued impact of lower deposit balances and the mixed shift into interest bearing. It's also influenced by lower global markets NII which remember still gets passed through to clients via higher non-interest income as part of the trading revenue. According to 262 million declining global markets NII, the banking book NII of 14.5 billion that was modestly higher as the benefit of increased short interest rates. Some modest loan growth and some deposit favorability was offset by two last days of interest in the quarter.
根据季度讨论，14.6亿的NII比第四季度下降了2.22亿。这主要是由于继续受到较低的存款余额和向计息账户的混合转移的影响。全球市场NII的下降也对此产生了影响，但需要记住，它仍通过交易收入的非利息部分向客户传递影响。14.5亿的银行账本NII中，262亿的全球市场NII下降，但增加的短期存款利率带来的利益、适度的贷款增长和存款方面的一些积极情况部分抵消了季度末的短期利息支出。
Turning to asset sensitivity on a forward basis, the plus 100 basis point parallel shift at Mark's 31st stands at 3.3 billion of expected NII over the next 12 months from our banking book. 96% of that sensitivity is driven by short rates.
从前瞻性的资产敏感度来看，在Mark的31日，若利率平行上移100个基点，则我们的银行业务预计未来12个月内将获得33亿美元的净利息收入。其中96%的敏感度受短期利率的影响。
Summary, the first quarter NII was 14.6 billion this quarter on an FTE basis and that was a little better than our 14.4 billion expectation as we began the quarter since deposits and rate pass-throughs were both modestly better. Starting forward based on everything we know about interest rates and customer behavior, we expect second quarter NII on an FTE basis to be around 2% lower compared to Q1.
总结一下，去年第一季度FTE净利息收入为146亿美元，略高于我们对于该季度的预期值144亿美元，原因是存款和利率传递都稍微好了一些。根据目前所知的有关利率和客户行为的一切，我们预计第二季度FTE净利息收入将比第一季度降低约2%。
So think about that NII as about 14.3 billion FTE plus or minus driven by expected deposit movements as well as lower global markets NII which again is offset in the trading revenue. So let me remind you of some of the caveats when it comes to that NII guidance. First importantly, it assumes that interest rates in the forward curve materialize and that includes one more hike and then a couple of cuts in 2023. We also expect funding costs for global markets client activity to continue to increase based on those higher rates and as noted the impact of that is still offset in non-interesting income and that obviously assumes our current client positioning and the forward rate expectations.
那么，考虑到可变的存款流动以及全球市场利息净收入的下降，我们可以将NII视为约143亿个全职员工的加减乘除。让我提醒大家，在NII指引方面有一些注意点。首先，它重要的前提是利率在未来的曲线上能够实现，这包括一次加息以及2023年的一些降息。我们还预计，全球市场客户活动的资金成本将继续增加，基于更高的利率，但同时这种影响还会在非利息收入中得到抵消。这当然假定我们的客户定位和未来利率预期保持不变。
We continue to expect modest loan growth so that's in our NII expectation as well and it's driven by credit card and to a lesser degree commercial. And then finally we just expect lower deposits and rotational shifts towards interest bearing really for three reasons.
我们继续预期贷款增长将保持适度，这也反映在我们的净利息收入预期中，主要由信用卡驱动，商业贷款增长程度较低。最后，我们预期存款会减少，并朝向计息存款进行轮换，原因有三个。
First we expect further fed balance sheet reductions to continue to reduce deposits for the industry. Second we anticipate lower wealth management deposits in second quarter that's pretty typical due to the seasonal impact of clients paying income taxes and to a lesser degree now a continuation of balance movement seeking battery yields off balance sheet. And third we just continue to expect some of the rotation of commercial deposits towards interest bearing.
首先，我们预计联邦储备表格的进一步减少将会继续减少该行业的存款。其次，我们预计第二季度的财富管理存款会降低，这是由于客户支付所得税的季节性影响和不断寻求更好回报的资金向表外移动造成的影响。第三，我们仍然希望商业存款向利息支出方向转移的趋势会继续。
Okay let's go to slide 13 we'll talk about expense and here what you can see is in the first quarter our expenses were 16.2 billion that's up 700 million from the fourth quarter and it's driven by seasonal elevation from payroll taxes mostly of 450 million. A little bit from higher FDIC insurance expense that was another 100 million this quarter and the cost of adding people call that another 100 million.
好的，让我们转到第13张幻灯片，我们将谈论开支。在这里，您可以看到在第一季度，我们的开支为162亿美元，比上一季度增加了7亿美元，其中有大约4.5亿美元来自于季节性上涨的社保税，另外还有1亿美元来自于更高的联邦储备保险费用以及1亿美元的人员增加成本。
We ended the first quarter with a little more than 217,000 people the company that was 260 people more than year end. During the quarter we welcomed 3000 additional people into the company in January that's due to outstanding offers that we extended in the fourth quarter. That meant that our head count peaked in January at a little more than 218,000 and at the end of last week we were down to 216,000.
我们第一季度结束时，公司总人数超过21.7万人，比去年年末多出260人。在这个季度，我们在1月份迎来了3,000名新员工，这要归功于我们在第四季度所提供的优秀岗位。这意味着我们的员工总数在1月份达到了超过21.8万人的顶峰，而上周末我们的人数已经降至21.6万人以下。
We continue to expect that to move lower over time and we expect by the end of the second quarter our full time equivalent head count will be roughly 213,000 excluding our summer interns. As we look forward to the next quarter then we would expect Q2 expense to benefit from the reduction of the seasonal elevation of payroll tax in Q1 and we would also expect to see expense reductions coming from head count reductions through attrition over time and our operational excellence work.
我们仍然预计随着时间推移，我们的全职员工人数将继续下降，到第二季度结束时，我们的全职员工等效人数将约为213,000人，不包括夏季实习生。展望下一季度，我们预计Q2支出将受益于Q1季节性的薪资税收高峰的减少，同时我们也预计通过自然流失和运营卓越工作逐步减少员工，从而实现支出的降低。
So we expect expense in Q2 to be around 400 or 500 million lower than Q1 so think of that as around 15.8 billion plus or minus in Q2 and then further we just expect continued sequential expense declines in the third quarter and then again in the fourth quarter as we benefit from continued head count discipline and attrition through time.
我们预计Q2的费用将比Q1低约4-5亿美元，大约为158亿美元左右，然后我们还预计第三季度将继续降低费用，第四季度也会是如此，因为我们将继续保持员工数量的纪律性，并在一段时间内减少员工流失。
I turn to asset quality on slide 14 and I want to start the credit discussion by saying once again asset quality of our customers remains healthy and net charge offs continue to rise from their near historic lows. Net charge offs of 807 million increased to 118 million from the fourth quarter. That increase was driven by credit card losses as higher late stage delinquencies flowed through to charge offs.
我在第14张幻灯片中转向资产质量，想通过说一遍再次强调我们客户的资产质量保持健康，并且净核销继续从接近历史低点上升来开始信贷讨论。807亿的净核销额从第四季度增加到了1.18亿。这一增长是由信用卡损失驱动的，因为更高的迟期拖欠流入核销。
For context the credit card net charge off rate was 2.21% in this first quarter and that compares to 3.03% in the fourth quarter of 19 pre pandemic. Provision expense was 931 million in Q1 and that included 124 million reserve built. That's obviously less than the 403 million bills we took in the fourth quarter and it reflects modest long growth and an ever so slightly improved macro economic outlook that on a weighted basis continues to include an unemployment rate still north of 5% as we end 2023.
为了了解背景，本季度信用卡净坏账率为2.21%，相比于疫情前的第四季度的3.03%。本季度的准备金费用为9.31亿美元，其中包括1.24亿美元的储备金建立。这明显比我们在去年第四季度花费的4.03亿美元要少，这反映出适度的长期增长和稍微改善了的宏观经济前景，而这在加权基础上仍然包括一份失业率在2023年仍将保持在5%以上的前景。
We included a slide in the appendix this quarter that highlights the mix and credit metrics of our commercial real estate exposure. I just want to remind everyone here we've been very intentional around our client selection and very intentional around portfolio concentration and deal structure over many years and as a result we've seen NPLs and realized losses that remain quite low for this portfolio. We had a total of 66 million dollars of commercial real estate losses in 2022. 70% of that was in office loans and that resulted in an annualized loss rate of 26 basis points.
本季度，我们在附录中包含了一张幻灯片，重点展示了我们商业房地产风险的组合和信贷指标。我想提醒大家，我们多年来一直非常有意识地选择客户，控制组合集中度和交易结构，因此我们的不良贷款和实现损失维持在相当低的水平。2022年，我们在商业房地产领域的总损失为6600万美元。其中70％是在办公楼贷款中发生的，导致年化损失率为26个基点。
In the first quarter to give some perspective our office loan losses were 15 million dollars. We have roughly 73 billion in commercial real estate loans outstanding that's less than 7% of our loan book. It's highly diversified by geography and no part of the country represents more than 22% of the book. It's also very diversified across property type. Within property type our office portfolio is 19 billion it's about 2% of our total loans. The portfolio is roughly 75% class 8 properties and when we originate they're typically around 55% loan to value. Even though we've seen some property value declines these exposure still remain well secured.
在第一季度中，让我们了解一些情况：我们的办公楼贷款损失为1500万美元。我们的商业房地产贷款总额约为730亿美元，只占我们贷款总额的不到7％。地理分布非常分散，任何一个地区的贷款大约不超过总贷款的22％。物业类型也非常多样化。在各种物业类型中，我们的办公楼组合约为190亿美元，约占总贷款的2％。这个组合的大约75％是八级物业，发放时的贷款比率通常为55％。即使我们看到了一些物业价值下降，这些敞口仍然保持得很好。
3.6 billion is classified as a reserve will criticize and even on the most recent refreshes on our toughest loans we still have 75% LTVs. In our office book 4 billion is scheduled to mature this year another 6 billion in 2024 with the remainder spread over the following years. So we continue to feel that the portfolio is well positioned and adequately reserved given the current conditions.
36亿被归类为储备金，即便在我们最棘手的贷款最近的重新评估中，贷款价值仍有75%。在我们的办公室账本中，有40亿计划在今年到期，2024年还有60亿，其余金额分布在接下来的几年中。因此，我们仍然认为当前策略下，我们的投资组合处于良好的位置，并且预留了足够的资产符合当下的条件。
On slide 15 for completeness we highlight the credit quality metrics for both our consumer and commercial portfolios and with that I'm going to turn it back to Brian to talk about the lines of business.
在第15页，我们为了完整性突出了我们消费者和商业组合的信用质量指标，并且我要把话题转回Brian，他会谈到业务线。
Thank you Alster and we're going to begin on slide 16. So I want to bring us back to the things that drive the long term value of this franchise and the value for you or shareholders. Every business segment grew customers and accounts organically in the quarter and used digital tools and capabilities to drive engagement even deeper and also to drive customer satisfaction to industry leading levels.
谢谢Alster，我们将要开始第16张幻灯片。我想把我们带回到驱动本特利娱乐价值和为您或股东创造价值的因素上。在本季度，每个业务单元都通过有机增长获得了客户和账户，并利用数字化工具和能力加深了客户的互动，并将客户满意度提升至业界领先水平。
On slide 16 we've highlighted some of the important elements of organic growth. I won't go through all the line items here but in consumer we saw we opened 130,000 net new checking accounts 1.3 million credit card accounts and 9% more investment accounts that aided to record quarter one consumer investment flows. Consumer also has now has had 17 quarters of positive net new checking accounts. In global wealth we had a record quarter adding 14,500 net new wealth relationships. In global banking we had a client increase in number of products per relationship. In global markets as we said earlier Jimmy Demar and a team had one of the highest quarters of sales and trading.
在第16张幻灯片中，我们突出了一些有机增长的重要因素。我不会在这里列出所有的项目，但在消费者领域，我们看到我们开立了13万个净新支票账户，130万个信用卡账户，以及9%更多的投资账户，从而助力了第一季度消费者投资流动的记录。消费者现在已经连续17个季度拥有净新支票账户。在全球财富管理方面，我们取得了创纪录的季度，增加了14,500个净新财富关系。在全球银行业务方面，我们的客户每个关系的产品数量有所增加。在全球市场上，正如我们之前所说，Jimmy Demar和他的团队拥有了最高的销售和交易季度之一。
The other elements of earnings the management team remains focused on throughout the inflation environment is our expense management efforts. But even given those we continue to make investments in the future. We continue to streak of operating leverage in our account and you can see that on slide 17, that on our company and you can see that on slide 17. We now have had seven quarters of operating leverage. The efficiency ratio went to 62 percent and the nominal dollars of expenses we had today are similar to what we had 8, 9, 10 years ago.
在通货膨胀环境下，管理团队依然专注于利润的其他方面，其中包括我们对费用管理的努力。尽管如此，我们仍在继续投资未来。我们持续在账户中保持了运营杠杆，您可以在第17页上看到我们公司的情况。我们现在已经拥有了连续七个季度的运营杠杆。效率比率达到了62%，我们今天的费用名义美元值与8、9、10年前相似。
As we go to slide 18 let's talk about individual businesses and consumer banking first. For the quarter consumer banking earn $3.1 billion on good organic revenue growth and delivered its eighth consecutive quarter of strong operating leverage. Well we continue to invest in the future. Offline revenue grew 21 percent. Expenses rose 11 percent. These results demonstrate the true value of the $1 trillion deposit franchise in the deep relationship we have with the clients in that business. The business continues to have $700 billion in excess deposits over slow-impounds. And as we said earlier it grew checking accounts $2.5 million, $2.5 million new checking accounts since the pandemic started.
当我们跳到第18页时，让我们先讨论个人业务和消费银行业务。在本季度，消费银行因有良好的有机营收增长而赚取了31亿美元，并创下了第八个连续强劲运营杠杆的季度。尽管我们持续投资于未来，离线营收增长了21％，但成本上涨了11％。这些结果展示了我们在这个业务中享有的1000亿美元存款特许经营权和与客户的深入关系的真正价值。该业务继续拥有7000亿美元的超额存款，超过了减缓的投放。正如我们之前所说，在疫情开始以来，该业务增加了250万张支票账户。
While earnings growth of 4 percent understates success as businesses prior year included reserve releases, what we built reserves is quarter. On a pre-tax, pre-provision basis, PPR grew 34 percent year-to-year. I also note that the revenue growth over came into client and service charges has resulted us lowering our NSF OD charges for customer several quarters ago. The expense of the consumers reflect the continued business investments for growth, including adding relationship associates for the development increases in the cost of technology and implementation of new tools.
尽管营收增长了4%，但因为我们去年的业务包括了储备金的释放，这一数字低估了我们的成功。在税前、计提前的基础上，PPR同比增长了34%。值得一提的是，客户服务收费的收入增长使我们减少了几个季度前对客户的NSF OD收费。消费者支出反映了我们为增长不断进行的业务投资，包括增加关系联络员以开发新客户、增加技术成本和引入新工具。
As you think about this business, remember much of the company's minimum wage hikes during 2022, the ones we made mid-year in addition to our March the $25 an hour impact this business more than any other business. However, this helped drive the attrition of this business in the half compared to last year of this quarter.
在考虑这家企业时，要记住2022年期间公司所做的许多最低工资提高，包括我们在三月份进行的每小时25美元的提高，对这家企业的影响比其他企业更大。然而，这些提高有助于驱动今年第一季度的半年度离职率与去年同期相比有所下降。
In slide 19, you can see some of the digital statistics around consumer. We believe that those digital tools, our customers have access to or the key to growing and retaining customer relationships. These tools also help us deliver more efficiently. We now have 45 million users active engage with our digital properties. They log in one billion times a month. Erica, our artificial intelligence driven personal assistant, saw usage rise 35 percent just in the past year. The number of our customers using Zell grew 21 percent in the past year. Remember, these are new functionalities just being put in place. These are growing off a high scale and show the Bank of America impact on these products. On Zell, remember back in mid-2021, Zell transactions crossed the number of checks written for our clients. Now it's 60 percent higher, less than two years later. And you can see the growth in digital sales that continues.
在第19张幻灯片中，您可以看到有关消费者的一些数字统计数据。我们相信，这些数字工具是我们客户获取并保持客户关系的关键。这些工具还帮助我们更有效地进行交付。我们现在拥有4500万活跃用户参与我们的数字产品。他们每月登录10亿次。我们由人工智能驱动的个人助理Erica的使用量仅在过去一年中增长了35％。在过去一年中，使用Zell的客户数量增长了21％。请记住，这些都是刚刚开始使用的新功能。这些发展从高水平开始，显示出美国银行对这些产品的影响。在Zell上，记得在2021年中期，Zell交易数量超过了我们客户的支票数量。现在不到两年时间，它增长了60％。您可以看到数字销售的增长持续。
We main focused on growing the customer base and delivering the best in class tools and service that make us more efficient and more important to our clients in the consumer business. In Dean Athanasian, the team continue to do a good job respect to those goals.
我们的主要关注点是扩大客户群体，提供最佳的工具和服务，使我们在消费业务方面变得更加高效和重要。在迪恩·阿瑟纳西安的领导下，我们的团队在这些目标方面继续表现出色。
On slide 20, we moved to wealth management. The active results are earning about a little over $900 million after tax of the quarter. These results were down from last year's Alistair said, as asset management fees fell with a negative market levels in equity and fixed income. Those fees were mitigated by the beneficial impact of revenue from the size of banking business within the line of business force.
在第20页，我们转向了财富管理。活跃的结果在税后季度收入中获得了超过90亿美元。正如艾利斯泰尔所说，这些结果比去年有所下降，因为资产管理费用随着股票和固定收益市场的负面水平而下降。这些费用被业务范围内银行业务的收入所缓解。
As I noted a moment ago, both Merrill and the private bank saw organic revenue growth and provided solid client flows at $25 billion in a quarter. Our assets under manager flows of $15 billion reflects some of the movement that deposits note earlier. But we also saw $33 billion of brokerage flows. Expenses reflect lower revenue related incentives, but also reflect continued investments in the business as we continue to add financial advisors. We've added more than 650 wealth advisors in the past year alone.
正如我刚才提到的，梅里尔和私人银行都实现了有机收入增长，并提供了250亿美元的可靠客户流量。我们管辖的资产流量为150亿美元，反映了之前提到的存款转移情况。但我们也看到了330亿美元的经纪流量。费用反映了较低的与收入有关的激励措施，但也反映了对业务的持续投资，因为我们继续增加理财顾问。仅在过去一年中，我们就新增了650多名财富顾问。
As we move forward, we are excited to have Eric Shimp and Lindsay Hans lead this business. They work close to the Katie Knox to drive our global wealth and investment management business across the company. As we go to global wealth and investment management digital on slide 21, you can see the statistics here. Just as with the concern of businesses, clients become more digitally engaged across time. Our advisors have led the way in driving a personal driven advice model supplemented by our digital tools.
随着我们向前发展，我们很高兴能让Eric Shimp和Lindsay Hans领导这个业务。他们与Katie Knox密切合作，推动我们公司全球财富和投资管理业务的发展。当我们看到第21张幻灯片上的全球财富和投资管理数字时，您可以在此处看到统计数据。随着时间的推移，客户与业务关注的一样，变得越来越数字化。我们的顾问们已经率先采用了以个人为驱动的建议模型，辅以我们的数字工具。
On slide 21, you can see the client digital adoption rate of 84% with Merrill and the private bank is over 90%. More than 75% of the base digital delivery of their statements, which as a key tool their service, providing more convenience for them and our advisor. Eric and Zell, interactions continue to grow here also, even among these wealthy clients.
在第21张幻灯片上，您可以看到梅里尔公司和私人银行的客户数字采用率超过90％。超过75％的客户使用数字递送服务来获取其账单，这是一个重要的工具，为客户和我们的顾问提供了更多方便。在这些富裕客户之中，Eric和Zell的互动也在不断增长。
On slide 22, you see the global banking results. This business produced very strong results growing revenue 19% year-to-year to $6.2 billion. The business earned $2.6 billion after tax. While investing banking, banks, sluggish, or global treasury services business has been robust leading to strong, repetitive performance. Loan activity has been good across this business also. As noted earlier, the deposit flows appeared stabilized in March and we've been in for some customer flows during the flight to safety during the quarter.
在第22张幻灯片上，您将看到全球银行业的结果。这个业务产生了非常强劲的业绩，去年同比增长19%，达到62亿美元的收入。该业务税后收益为26亿美元。虽然投资银行、银行、缓慢或全球资金管理服务业务经营良好，但还是保持了强劲、重复的业绩。在这个业务中，贷款活动也一直非常不错。正如早些时候所指出的，存款流入在三月份似乎已经稳定，并且我们在本季度期间还有一些客户流入，这是因为人们寻求安全。
The company's overall investment banking fees are $1.2 billion in quarter one. While down from quarter one to 22, we saw modest improvement from quarter four to 22. The bridge expense decline year-to-year is prior year-to-year is reserved bills compared to release in the current period. Credit quality of this business again remains very strong. Expense increase 10% year-to-year, given by strategic investments in business including relationship management, hiring, and technology costs.
该公司在第一季度的整体投资银行业务费用为12亿美元。虽然从第一季度到22年有所下降，但我们在从第四季度到22年间看到了适度的改善。桥隧费用的年度下降是由于将上年度的费用减少了相比当前期释放的费用。该业务的信用质量仍然非常强。费用年度增长10％，主要是由于对业务包括关系管理、招聘和技术成本的战略性投资。
Digital engagement is shown on slide 23 with our global banking customers. These commercial customers continue to grow in importance as treasures and others appreciate these are doing business with us through these tools. While the volume of transactions and sheer numbers are the same as consumer, the volume of money moved is tremendous.
数字化互动在第23页上展示了我们与全球银行客户的合作。这些商业客户随着时间的推移越来越重要，因为他们和其他人一样通过这些工具与我们做生意。虽然交易数量和纯数字与消费者相同，但移动的货币数量庞大。
Next business will go to as a global markets business on slide 24. Jimmy DeMar and the team had another strong quarter of results growing year-to-year earnings to nearly $1.7 billion after tax. The continued themes in inflation due to political tensions in central banks changing monetary policies around the globe drove volatility in the bond and equity markets which this team did a good job managing. As a result, it was a quarter we saw strong performance in our credit trading business, particularly in mortgages in munit trading and macro trading again farewell void by strong client activity and secure financing.
在第24张幻灯片中，我们将发展成为全球市场业务。Jimmy DeMar和他的团队在这个季度再次取得了强劲的业绩，年同比净利润增长近17亿美元。政治紧张局势和全球央行变化货币政策导致通胀持续存在，引发债券和股票市场波动，但是这个团队很好地管理了这种不稳定。因此，我们在信贷交易业务上表现强劲，特别是在抵押贷款交易和宏观交易中，再次受到客户活动和安全融资的欢迎。
The investments paid in this business of the last few years continue to produce favorable results. Just focus on the sales and trading numbers alone. Next EVA revenue improved 9% year-to-year to $5.1 billion. 29% were down 19% compared to quarter one in 2022. Every year expense increased 8% probably primarily driven by continued investments as stated in this business.
过去几年这个企业所做的投资继续产生良好的成果。仅仅看销售和交易数字就能发现，下一个 EVA 收入按年增长了9%，达到了51亿美元。相比2022年第一季度，这个数字下降了19%。每年的费用增加了8%，可能主要是由于这个企业持续的投资。
Finding on slide five you can see the all other shows a modest loss which included the $220 million losses in security sold out as to mentioned earlier. The last I would note our 10% effective tax rate this quarter continues to benefit from a strong business with clients supporting environmental investments and housing investments to produce tax benefits.
在第五张幻灯片上可以看到，除了之前提到的售出的安全设施的2.2亿美元损失外，其他所有节目都表现出了适度的亏损。最后要注意的是，本季度我们的有效税率为10％，继续受益于客户支持环保投资和住房投资以产生税收益的强大业务。
It's including those and other discrete tax benefits our tax rate would have been 26%. So in summary a strong quarter by our team delivered for you are shareholders operating leverage organic growth strong credit capital turn and strong ROTC with that let's jump to Q&A. At this time if you would like to ask a question please press star and one on your touch tone phone. You can remove yourself from the queue at any time by pressing the pound key.
如果包括这些及其他离散的税收利益，我们的税率将是26％。总之，我们团队出色的季度为股东创造了运营杠杆、有机增长、强劲的信贷资本回报和强劲的ROTC。现在我们进入问答环节。如需提问，请按您的按键手机上的星号和一号。您可以通过按＃号随时将自己从队列中移除。
We'll take our first question from Jim Mitchell with seaport global your line is open. Hey good morning guys. Maybe just one question on the NII trajectory you guys remain asset sensitive in the banking book but the forward curve which I think you pointed out currently expects three rate cuts by the end of the year. Is that pleased out how do you think about that impact on NII in the back half of the year what are the puts and takes as we think about NII beyond to Q.
我们将从Seaport Global的Jim Mitchell先生那里开始提问，您的话筒已打开。早上好，可能只有一个问题关于NII（净利息收入）轨迹，虽然您们在银行账簿上仍然敏感于资产，但推进的曲线目前预计到年底会有三次降息。如果这成为现实，你们会如何看待下半年NII受到的影响？我们如何考虑到Q2以后的NII的增减情况？
So Jim you know I think right now the expectations for the market in terms of whether or not there will be another hike in May that's bouncing around pretty good. Similarly you got a question of whether or not there's two two cuts of the back half or three. So we're operating with the same information you are. We're looking at the forward curve day to day thinking that through at the same time we're looking at our deposit balances they're performing kind of the way we would think and we're competing for rate paid so I'd say generally speaking at this point we feel pretty good about NII it's obviously going to be up this year pretty significantly.
吉姆，你知道现在市场的期望非常高，即在五月份是否会再次加息。同时，你还有一个问题，即在后半年是两次还是三次降息。我们使用的信息和你一样，每天都在考虑前瞻曲线，同时我们也在关注我们的存款余额，它们表现得和我们想的差不多，我们也在竞争利率。我可以说，总体而言，我们现在对NII（净利息收入）感觉相当不错，明显今年它将显著增长。
And I you look we don't provide guidance for a full year for a very simple reason it just comes down to it's very difficult to predict what the Fed's going to do six months and nine months out but but but but this way we can see where consensus is consensus is right around 57 billion plus or minus that's sort of number that would imply us up for the year seven to eight percent I mean I think we're pretty comfortable there but it's just so many moving parts that's why we don't provide the guidance.
我们不会提供一整年的指引，因为有一个非常简单的原因，就是很难预测联邦储备委员会未来六个月或九个月会采取什么行动。但是，我们可以看到共识在哪里，共识大约是570亿美元左右，这意味着我们的增长率将在7%至8%之间。我认为我们对此比较有把握，但这有太多的变量，这就是为什么我们不提供指引的原因。
Now that's all fair and maybe just pivoting to the trading business you know you had another strong quarter and outperform peers in the fixed income business is there anything unusually strong there or do you believe you guys have made some sustainable market share gains in that business given your recent investments.
现在，这全部都很公平，也许只是转向交易业务，你知道你们又有一个强劲的季度表现，并在固定收益业务中表现优异，是否有什么异常强劲的表现，或者你们认为最近的投资使你们在这个业务中获得了可持续的市场份额增长？
Well I think the team's doing a really good job Brian talked about that you know a couple years ago we've made a decision as a team that it was important for us to invest more in that business and we did that and we've made pretty significant investments in equities and in fixed income and we felt like in particular we could continue to grow our macro businesses which we've done and that's that's what has done a really good job until this quarter this quarter just happened to fire in more cylinders particularly in fake because this quarter we had a great quarter for our micro products and you kind of expect that because it was a better quarter for them we've positive returns there so mortgages credit munis financing futures effects all of them had a pretty good quarter and I think Jim and the team are just executing at a really high level so they just got to keep at it.
我认为团队做得非常好。布莱恩在几年前谈到过，我们作为一个团队做出了重要决策，即在这个业务上进行更多的投资，我们确实这样做了，对股票和固定收益进行了相当大的投资。我们感到尤其可以继续发展我们的宏观业务，我们已经做到了，这就是一个真正出色的工作，直到这个季度。这个季度只是在更多的汽缸中引爆了特别是在假的情况下，因为这一季度我们的微观产品表现出色，你肯定会期待这样的结果，因为它们是更好的季度，我们有积极的回报，所以抵押贷款信用限制融资期货效果所有这些方面的季度都表现不错。我认为吉姆和团队正在高水平地执行，所以他们必须继续保持。
Fair enough thanks for taking my questions. We'll take our next question from Erica Najarian with UBS your line is open. Hi good morning I'm Alisa just a clarification you gave us the quarterly expected trajectory for expenses do you still expect to hit 62 and a half billion or so a full year expenses in 23.
好的，谢谢您回答我的问题。接下来请我们的下一个问题来自摩根士丹利的Erica Najarian。你可以发言了。早上好，我是Alisa。我只是想确认一下，你已经给我们提供了每个季度开支的预期轨迹，你是否仍然期望在2023年实现全年开支约为625亿美元的目标。
Right now that's our expectation I mean we're 90 days into the quarter it's into the year rather obviously as we're looking forward we see we know the head counts coming down so that's going to be a tailwind all the way through the course of the year so we don't have any change in our expectations right now we're going to see how the year develops we still got a little bit of a headwind in terms of you know something like our sales and trading business have a very good revenue year and we're still investing in the business so it'll be a dog fight particularly as we get into the back half of the year but we still feel good about where we are with respect to expense.
现在这是我们的预期，我指的是我们已经进入这个季度的前90天了，显然随着我们的展望，我们知道人数会减少，这将是全年的迎风而上，所以我们目前没有改变我们的预期。我们会看这一年发展得如何，在类似销售和交易业务这样的环节上还有一些顶风而上的情况，我们的业务仍在投资中，因此在进入下半年，这将是一场激烈的争夺战，但就我们的支出情况而言，我们仍然感觉很好。
Got it and my second question is for Brian. Now Brian you produced a significant amount of revenue this quarter and grew your C T1 at the same time I think that a lot of investors are looking down the path of significant macro uncertainty as we take that into account how should we think about the buyback activity going forward especially ahead of the stress test result in June.
我明白了，我的第二个问题是给Brian的。Brian，你这个季度创造了大量的收益，同时增加了你的C T1，我认为许多投资者正在关注重大的宏观不确定性，考虑到这一点，我们应该如何考虑未来的回购活动，特别是在六月份的压力测试结果公布之前。
I think you saw this quarter we continue to adopt our basic or apply our basic principles which is we support the growth in our customer base we pay the dividends that are what we think is the rational rate and then we use the rest to basically return to you through share buybacks. You know we're in a middle of stress test as you just mentioned we have to see the results of that we also we also but the good news is we crossed 1140 this quarter which basically is an excess has a cushion on top of what we need for the first quarter of next year and so we'll continue to follow our basic principles so we feel good very good about our capital and you know you should expect us to continue to follow the idea to pay the dividend or grow organic or to your organic growth pay the dividend and buyback shares but we've got to get through the your term sort of what goes on in our business every year at this time. Got it thank you.
我认为你们应该看到，在本季度我们继续采用我们的基本原则，即我们支持客户基础的增长，支付我们认为是合理的股息，然后我们将其余部分通过股票回购返回给你们。正如你刚刚提到的，我们正处于压力测试的中间，我们必须看到测试结果。但好消息是，本季度我们跨越了1140的线，基本上对于明年第一季度我们需要的资金已经有了充足的储备。因此，我们将继续遵循我们的基本原则，我们对资本感到非常满意。你们可以期待我们继续遵循这个理念，即支付股息或实现有机增长，回购股票，但我们必须度过每年这个时候我们业务的中期考验。明白了，谢谢。
We'll go next to Ken Usten with Jeffries your line is open. Good morning. Hey I just wondering on the on the deposit side if you can help us understand you know there's obviously the ongoing makeshift which you referred to and gave us a lot of great detail on it just wondering you know where as you think forward how much more makeshift are you expecting in terms of DDAs as a percentage of total deposits and how do you expect that to also look as you think across across the businesses with regards to just you know where customers are moving funds incrementally thank you.
我们现在将转接给肯·尤斯顿和杰弗里斯的直线。早上好。嘿，我想问一下关于存款方面，如果你能帮助我们了解，你知道显然有持续的临时性制约，你在前面已经提到并给了我们很多细节，我只是想知道，你对DDAs的临时性制约还期待多少，占总存款的百分比是多少，你如何预计顾客资金增量的流向对业务的影响？谢谢。
Yeah I think Ken you know we think this everybody thinks it's a big bulk thing Bank of America but it's really and then looks at broad categories and just bearing in mind and sharing accounts and try to try to do it you have to really think about customer bases and what they do with their money and so there's transactional cash whether that's for a consumer running a household day to day a wealthy consumer run their household day to day which may have different level expenses and then you know then the commercial customers who run their business day to day and then have access cash from that if they're successful and then you know how they all play that through so I think we think transactional cash and investment cash you've seen a lot of the investment cash is so to speak as Alistair mentioned earlier you know we price competitively for that that move that moves around but the good news is we have a massive investment platform we put that money to work for our customers if they don't need to manage a day to day a household so in our NIS estimates are our view of what happens in the future I think the key for the consumer businesses to remember that's got $700 billion of excess deposits over its loans it's generating a lot of excess deposits that grew 300 odd billion from pre-pandemic it has been stable that checking balances if you look at those charts we gave you to show you the near-term move and unstable that generates at a total all in cost of 10 to 15 basis points a lot of the value in the franchise and meaning including the interest very part of that franchise when you think about deposits across time and in like businesses so you'd expect some of those trends to continue in terms of customers have excess cash putting it to work differently you we expect a deposit rates to move to continue to match the market but the broad value of this deposit franchise is driven by the money people leave this because it's transactional cash which is emotion and we don't pay interest on and that is both the consumers wealthy customers of businesses so it's hard you know it's a very detailed question of which we spend a lot of time looking at or the team does as you might imagine.
我认为肯恩（Ken）你知道，我们都认为美国银行是一个很大的整体，但实际上它是按广泛的类别来看，并要考虑客户群的共享账户及其对资金的使用方式。因此，有交易现金，无论是为消费者日常家庭经营，还是为富裕消费者运营日常生活，可能有不同的支出水平。然后是商业客户，他们在日常经营中获得现金，如果成功则可以获得访问资金。我们需要认真思考这些方面。同时，我们认为交易现金和投资现金之间存在差异，你们可能已经看到了许多投资现金因为一些问题而失效，所以我们在这方面的定价非常有竞争力。但好消息是，我们有一个巨大的投资平台，可以为客户管理其日常家庭生活的资金。根据我们对未来的NIS估计和我们的看法，我认为消费者业务的关键在于要记住，它拥有7000亿美元的超额存款金额。它正在产生大量的超额存款，从疫情前增长了约3000亿美元，而这些存款余额保持稳定。如果你看看我们向你展示的那些图表，你会发现这些余额支票的平衡数是不稳定的，并且它所产生的成本是总价值的10到15个基点，这些价值包括银行的利息部分，因为考虑到时间和相似的业务，存款总价值会受到影响。所以你可以期待，客户有超额现金会把它们以不同的方式利用起来，我们期望存款利率会继续保持市场同步，但这种存款价值是由人们使用交易现金而留下的，而不是我们支付利息的，不管是对于普通消费者、富有客户还是对于企业客户。这是一个非常细节的问题，我们的团队花费了很多时间研究。
Okay and the other question is just then how you walk through how you've been changing the composition of the securities portfolio and still benefiting from those variable rates swaps I'm just wondering if you can help us understand you know what happens from here in terms of should you continue to get benefits from those variable rates swaps and then also just do you have you done any positioning repositioning underneath the surface it looks like there were some some securities losses so how much how much room do you have to continue to kind of you know rework the portfolio and and grind more you know income out of the book even as you shrink it.
请问，您能否讲讲您是如何调整证券投资组合并且从那些可变利率互换中受益的？我们想了解一下，您是否能继续从可变利率互换中获益？此外，您是否已经做出了一些未被表面所反映的调整？看起来可能有一些证券损失，那么您有多少余地可以对投资组合进行重新配置，为这个项目获取更多的收益，即使您缩小了投资规模？
Yeah so can think about I mean the easiest way to think about those treasuries they're swapped to floating so they're essentially cash and actually this quarter we ended up converting some of them in two cash just because it's simpler it's simpler for everyone to understand and obviously a pretty good bid for treasuries this quarter so we just converted them into cash that that's what accounted for some of the securities loss there was a couple under a million but I think the way to think about it is as the overall securities portfolio remember we got cash we've got available for sale you can almost think about as in hands cash and they've got whole to maturity as that continues to pay down we're just sweeping it right now into cash that's something I've talked about in the last couple quarters and we're putting in cash because number one it's a really high yielding asset number two it gives us a lot of options during a period of volatility so pretty straightforward at this point.
Okay got it thank you. Our next question comes from Mike Mail with Wells Fargo your line is open.
是的，因此我们可以考虑，我指的是，考虑这些国库券的最简单方式在于将它们置换为浮动利率，因此它们实际上就是现金，事实上，本季度我们最终将其中一些按现金处理，因为这样更简单，对于所有人来说更容易理解，当然这也是本季度国库券出价相当不错的原因，因此我们将其转换为现金，这解释了证券损失的一部分，有几个银行的损失不超过一百万美元，但我认为考虑整个证券组合时，我们拥有现金和可供销售的证券，您可以将其视为现金和到期持有期，在它继续支付的过程中，我们现在将其全部转为现金，这是我在过去几个季度中谈到过的事情，我们将资金投入现金是因为第一，它是一种收益很高的资产，第二，在波动期间它给我们提供了很多选择，因此此时非常简单明了。
好的，知道了，谢谢。我们下一个问题来自威尔斯·法戈银行的迈克·梅尔，您的线路已打开。
Hi well I guess the topic of the day week and a month is to what degree your assets matched with your liability and I'm staring at slide 11 and you've seen the front page of many papers highlighting your unrelized security losses you highlight the yield on your securities at 2.6 percent you highlighted your health and maturity portfolio at eight years that that would all suggest to some that you're not so well-matched on the other hand what you don't provide or at least I didn't see it you know the change in the value of your deposits or even the duration of your deposits so the basic question is can you describe what degree your assets are matched with your liability and where you think you may have been off or on the mark.
嗨，我猜今天、本周和本月的话题是你的资产与负债匹配程度。我正在看第11张幻灯片，你可能已经看到很多报纸头版突出你的未实现证券损失，你强调了你的证券收益率为2.6％，你强调你的债券组合健康和成熟期为8年，这一切都暗示着你的资产和负债匹配不那么好。另一方面，您没有提供或者至少我没有看到，您的存款价值变化或存款期限的变化，基本问题是，您可以描述您的资产与负债匹配程度以及您认为您的匹配程度可能会出现偏差或正确的地方。
Yeah so Mike I'll start Brian can add in and he chooses to but one of the reasons that we spend as much time laying out the deposit franchises because in a rising rate environment you'd expect obviously that bond marks are going to turn negative and at the same time you and we have been expecting as rates go up and I would rise because the deposits are so much more valuable in that environment what we laid out for you and for everyone to see is just how broad and stable and diversified is this deposit base we think it's very long tenured that's why we're laying out some of these things around just how long the relationships are in consumer and in wealth and in global banking and it's one of the reasons I say it's like this and if I can just interrupt is when you say long tenured can you put any numbers around the rent is I think that's the one biggest most important number if you could just some kind of frame that. If you took a look at slide number nine we've tried to lay that out for you so you take a look at and consumer for example you're talking about 67% of the clients have been with us for more than 10 years that's pretty long tenured. I know from my time in the commercial bank our clients on average were 17 years with us you have you have a long operational deposits in all of these businesses so that's what we're trying to lay out in front of everyone so you can see that. Okay I'm sorry I interrupted but go ahead.
嗯，所以迈克，我开始发言，Brian可以随时添加，如果他愿意的话。我们花费大量时间布局储蓄业务的原因之一是，在利率上升的环境中，债券市场很可能会变得负面，同时，我们一直期望随着利率上升，储蓄增值，因此我们想向大家展示的是，我们的储蓄业务是多么广泛、稳定和多样化。我们认为，这个储蓄基础非常长期，这就是为什么我们正在给大家描绘这些关于消费者、财富和全球银行的长期关系的原因之一。如果我可以插进来说，当你说长期，你能给这个数字下个定义吗？我想这是最重要的数字之一，如果你能解释一下的话。如果你看一下第九幅幻灯片，我们已经为你们提供了解释。你看看消费者业务，例如，你会发现有67%的客户已经跟我们在一起超过10年了，这很长。我曾经在商业银行工作过，在那里，我们的客户平均已经跟我们在一起17年了，你可以看到所有这些业务的运营储蓄都很长，这就是我们想要向大家展示的。好的，对不起，我插嘴了，你可以继续讲。
I can't remember where I was. You were talking about the unrelasional securities loss of the II when higher that's part of the benefits of having a product. I'm trying to convey to you too Mike and you know this works we've got to balance all of this because we have to think about the entire balance sheet and there's a lot going on with the entire balance sheet and so what we're trying to do is invest that excess which has existed now in hundreds of billions for many many years we've got to invest the best way we can the way we do that we talk about balancing it is we're number one trying to make sure we grow capital we've done that we're up a hundred basis points there in the last year. Number two we're trying to grow liquidity we added 23 billion this past quarter. Number three we're trying to grow earnings we're 8.2 billion is one of our best earnings quarters ever so look we can always be better you know that we're taking the portfolio and we're just making it smaller it's run off now six quarters in a row we're taking all of that and planning it into cash and loans that's what we've been doing we'll just continue doing that and the portfolio is going to get smaller and shorter over time and when you look at the asset sensitivity now relative to you know rates going up a hundred or rates going down a hundred we're pretty balanced there too we're sort of up 3.3 billion if rates go up a hundred we're down 3.6 if rates go down a hundred so we feel like we're in a pretty balanced place and what a flexibility at this point.
我记不得我当时在哪里了。你在谈论II公司的非关联性证券损失，那是拥有产品的一部分好处。我也想向你传达这个信息，我们必须平衡考虑整个资产负债表，整个资产负债表上有很多事情要做，所以我们的目标是将这个已经存在了数百亿美元多年的过剩资金投资到最好的方式，我们这样做的方式是要尽可能的平衡，我们首先要确保增长资本，我们做到了，在过去一年中我们上涨了100个基点。其次，我们要增加流动性，我们在上个季度增加了230亿美元。第三，我们努力增加盈利，我们在过去的季度中实现了82亿美元的佳绩，我们总是可以更好的，你知道的，我们正在缩小投资组合，现在已经连续六个季度了，我们将所有这些计划转化为现金和贷款，我们将继续这样做，投资组合将逐渐变小和短期，当你考虑资产敏感度相对于利率上涨100或下跌100时，我们在这方面也相当平衡，如果利率上涨100，我们上涨了33亿美元，如果利率下跌100，我们下跌了36亿美元，所以我们觉得我们处于一个相当平衡的地方，并且目前拥有很大的灵活性。
And then just a follow up I guess some will take your greatest strength as a weakness that is you don't pay as much on deposits as others I estimate that you have the lowest cycle to date deposit data and so what is it that keeps your customers around if you're not going to pay them as much.
然后就是跟进了，我猜有些人会把你最大的优点当成一个缺点，那就是你在存款上付出的比其他人少。我估计你们至今为止的存款数据是最低的，那么如果你不付出更多的钱，是什么让你的客户留下来呢？
Now I think if you look at the value proposition that we're talking about if you go to the consumer business for example they've invested so much in client experience whether it's the financial centers renovation whether it's the new the people that we've added in that business over a long period of time whether it's the digital the mobile preferred rewards hours is a relationship model and it has been and if you look then like just think about this quarter look at the organic growth in consumer again that's 130,000 net new checking 17 quarters in a row based on that relationship value proposition that's what we're attracting if you go to the wealth management business this was a record quarter for net new households or Maryland and a record for the private bank this quarter that tells you we're offering people something that's valuable and then we added 35,000 new bank accounts for people in our wealth management franchise so that again is a significant indicator that what we're offering has value to people and if I were to go back to my old business and business banking and commercial banking they're adding new logos and new clients over time in a way that we're really happy with right now so I think the ultimate answers we we are a purpose driven company who put our clients interest first that is helping make their financial lives better and in this period of time people want stability and that's what we offer. All right thank you.
我认为，如果你看看我们所谈论的价值主张，比如在消费业务方面，他们已经在客户体验上投入了很多，无论是金融中心的翻新，还是我们在该业务领域长期添加的新人才，无论是数字化、移动化、首选奖励，这是一种关系模型，一直都是这样。如果你再看看这个季度，再看看消费者业务的有机增长，那就是基于这个关系价值主张，我们吸引了13万个净新支票账户，连续17个季度保持增长。如果你转向财富管理业务，这是净新增家庭数量和净新增私人银行数量的纪录季度，这说明我们为人们提供了有价值的东西，我们在财富管理特许经营中还新增了3.5万个银行账户，这也是一个重要的指标，说明我们所提供的具有价值。如果我回到我的旧业务，企业银行和商业银行，他们逐渐添加新的客户和新的公司，这是我们非常满意的。我认为，根本答案就是，我们是一个以文化为目的的公司，我们把客户的利益放在第一位，这有助于使他们的财务生活更好，而在这个时期，人们需要稳定，这也是我们所提供的。好的，谢谢。
We'll go next to Gwen Shore with upper core your line is open. Hi thanks maybe an easy one first it wasn't noticeable but do you feel like there was a flight to quality benefit during the March madness I would have thought that people would have flocked to the safety of BFA during times like that but you didn't comment specifically on that so thanks. So we're we're going to decline Glenn to get a specific number we're pretty confident we saw noticeable flight to safety and it comes in two parts part one is you know during a period like March 10th and around that week or two and then this is the second part that comes with onboarding clients over a period of time who are trying to move operational accounts here and that takes a while that has a lag so you can think about we get some of the deposits quite quickly but relationships take a longer time to build an onboard so you can see from our numbers it was improving before the disruption we've chosen not to put an exact number on it because there are typical ebbs and flows and any given quarter leading up especially to a you know payroll end of quarter but generally speaking I'd say we were improving anyway a lot of that is just organic growth but we obviously benefited.
接下来我们请Gwen Shore来说下核心事务，您可以发言了。您好，先谈一个简单的问题。在三月份的动荡时期，您觉得是否存在安全资产需求的增加？我原以为人们会转向BFA这样的安全投资，但您并没有具体评论，感谢。我们不会给出具体数字，但我们非常自信能看到明显的飞往安全资产的趋势，可以分成两个部分。首先是3月10日左右一个星期左右，其次是随着时间推移，客户尝试将运营账户转移至我们这里，这需要一段时间。虽然我们很快就得到了一部分存款，但建立关系和客户移植需要更长时间的培养。从我们的数字中可以看出，这种趋势在动荡前就开始了。我们选择不给出确切的数字，主要是因为每个季度都存在典型的涨落，特别是末期，但总的来说，我们在不断进步，这其中很大一部分是有机增长，但显然我们也得到了好处。
Welcome. You noted the one more hike and then cuts to the back half the that's the forward curve which is interesting is the Fed doesn't have the same forward curve as the market has some curious if you could talk to the sensitivity of what if there are no cuts how much of that helps your forward and I I thought process. Well we do use the forward curve because we feel like it's the most you know kind of dispassion assessment with the most information out there in the market from the broadest set of people and importantly it's not just us making it up. So we use the forward curve and I even mentioned during my remarks things are bouncing around around is it one hike is it zero is it two cuts but the sensitivity that we provide around up 100 or down 100 is probably the best we can offer the sage and then depending on how things develop and they're developing quickly it'll allow you to adjust the model accordingly.
欢迎。您注意到还有一次加息然后会出现缩减，这是前向曲线很有趣，因为联储并没有和市场有相同的前向曲线。一些人很好奇，如果没有削减，这对你的前瞻性思维有多大的帮助？我们确实使用前向曲线，因为我们认为它是最客观的评估方式，涵盖了市场上最广泛的信息，重要的是它不仅仅是我们自己臆造出来的。所以我们使用前向曲线，我在演讲中甚至提到了某些变化，涨一次还是不涨，还是两次削减，但我们提供的增加100或减少100的敏感度还是最好的建议，然后根据事态的发展（它们正在快速发展），调整模型。
The last simple one is health maturity you talk a lot about I think the answer is I know it but I'll ask it lonely anyway so do you don't feel like you have to do anything material with your unrelasable species I get it it's in treasuries it's swapped it's it's agency mortgages we're under credit issue but at this point in the stability of your deposit base long growth capital growth you feel like you can just kind of ride it out and grind it down. Correct right now that's exactly what we've been doing we've communicated that pretty clearly and that's what we're continuing to do just keeps getting smaller and shorter. Thank you appreciate.
最后一个简单问题是关于您谈论的健康成熟度。我知道答案，但还是想孤独地问一下，您是否感觉不需要与您不能松开的物种做出任何实质性的事情？我明白了，这些都是在宝库，交换，代理抵押品上的。我们面临信贷问题，但在您的存款基础稳定的情况下，您觉得可以靠惯常的方式来缓解并逐渐解决这些问题。确切地说，我们正在继续这样做，并已经很清楚地传达了这一点，只是规模在逐渐变小并缩短。谢谢，感激不尽。
We'll go next to Steven Schuback with Wolf Research your line is open. Thank you.
接下来我们请Steven Schuback代表Wolf Research发言，你的话筒已开启。谢谢。
At the same time the business is a pretty material decline and pre tax margins both sequentially and year on year I wanted to better understand how the business might evolve under some of the new leadership and how we should just be thinking about the margin trajectory. Why the better understand how you're balancing investment needs with goal of delivering continued profitability.
同时，该业务的货币税前利润率（按季度和年度计算）都在下降。我想更好地了解在新领导层下业务可能如何发展，以及我们应该如何考虑利润率轨迹。我希望更好地了解您如何平衡投资需求和实现持续盈利的目标。
The margin came down largely because you had this sort of incremental hit to the investment side revenues of markets value over year but we'd expect that margin to move back up to its more traditional 20 you had 25 to 30 percent but you also have to remember they if they are a big beneficiary or hit of the elevated payroll taxes and other things the first quarter because as a percentage of our compensation in the company they're not a small amount. But we expect that to move back in the high 20s but we've been working on this business to continue improve the digitization of the services side of it so basically if you think about it you get a dollar of the revenue and you take about half past the compensation and then the financial advisor regrets and the other payouts and then we take the rest of it and convert it to about a 30 percent deposit the other half and convert it about 30 percentage points or 60 percent at the profit pre-tax this quarter down a little bit because of payroll.
这种边际下降主要是由于市场价值的投资收益面临的渐进性打击造成的。但我们预计这种边际会回升到更具传统性的20％，而之前为25％到30％。但你也要记住，由于薪资总额的百分比很大，他们在第一季度受益于提高的工资税和其他纳税事项，对于公司而言不是小数目。但我们期望这种百分比会回升到较高的20多个百分点，我们一直在努力改善该业务的服务数字化。基本上，如果你考虑到总收入为1美元，约有一半会作为薪资、财务顾问佣金和其他支出用来支付，我们将剩余的一半转化为大约30％的存款，另一半转化为约30个百分点或60％的税前利润。上季度由于薪资问题稍有下降。
So we feel very good about where we stand on a relative basis but one of the things the team continues to work on across Eric and Lindsay and Katie is to drive operational excellence to new level and that business because we believe that there's still a lot of costs that can come out around the simplest more simple straightforward products the delivery of those products the paper-based usage and things like that and then also remember we are making investments to the visors we have 4,000 plus trainees in the businesses across the company and we believe that the best divisors one is grown with our own company and we continue to do that and that's a drag on a P&L that we're willing to take to make sure we have an advisor growth in the future.
我们对我们的相对位置感到非常满意，但我们的团队（Eric、Lindsay和Katie）持续努力推动操作卓越水平提升到一个新的阶段，因为我们相信在最简单、直截了当的产品、产品交付、纸质使用等方面还有很多成本可以降低。同时，请注意我们正在对我们的顾问进行投资，我们在公司各业务中拥有超过4,000名培训生，我们相信最好的顾问是与我们自己的公司一起成长和发展，我们将继续这样做，并为此承担公司利润和损失的拖累，以确保未来有一个良好的顾问增长。
I hope we'll call it Brian and just for my follow up was hoping that the URAllis Derrick could provide just an update on expectations around upcoming regulatory development specifically higher scenario planning for Valsal for any expectations around the FDIC special assessment there are a lot of items that have been floated just given recent events and the SVB fall out was hoping to get some perspective just in terms of regulatory market market.
我希望我们可以将其命名为布莱恩，并且为了我之后的追踪，希望URAllis Derrick能够提供一些有关即将到来的监管发展方面的期望，特别是有关Valsal高风险规划的期望，以及有关FDIC特别评估的期望。鉴于最近的事件，有许多项目已经浮出水面，而SVB的后果也给了我们一些启示，希望在监管市场方面能够得到一些观点。
I mean I think we don't have anything more than you do in a broad sense but I think at the end of the day I think this industry has extremely strong capital liquidity and capabilities that we just demonstrate through the pandemic and then through the aftermath of the pandemic and then through inflation and then through a tightening cycle that hasn't happened before so I if you're good about what the industry stands and I think people have to step back and think about it overall and then frankly this industry in the United States is so much stronger than Europe and has so much capital per square inch so to speak then Europe does to get to ratios which on numbers are lowers but they amount of capital to get theirs is pretty unbelievable so we have twice the capitals of your pinky.
我的意思是，总体来说，我认为我们没有比你们更多的东西，但我认为这个行业在资本流动性和能力方面表现非常强劲，我们通过疫情、疫情后的时期、通货膨胀以及从未发生过的收紧周期证明了这一点。所以，如果你对这个行业的地位感到满意，我认为人们必须退后一步，全面思考，实际上，美国这个行业比欧洲强大得多，在每平方英寸的资本方面也比欧洲强大，在数字方面表现较低，但所需的资本量相当惊人，因此我们的资本量是你的小指的两倍。
We count parts of similar size and our ratios are considered to be lower so obviously it's a pull list together they've got to make sure they aren't counting the beans in different ways of the gold plating and those things in the United States so hopefully people start to see the wisdom and making sure they're careful here and we'll see that play out but we don't have any special understanding.
我们计算相似大小的部分，我们的比例被认为更低，显然这是一个拉清单的过程，他们必须确保不以不同的方式计算金属电镀和其他东西的数量，希望人们开始看到确保细心是明智的，我们会看到这一点展现出来，但我们没有任何特殊的了解。
我们将相似长度的零部件进行计算，然后根据比率来衡量，可显然，这是一个将清单整理在一起的过程，他们必须确保不以不同的方式计算金属电镀和其他物品的数量，这样人们就会开始认识到细心是明智的，我们将看到这一切如何展现，但我们没有任何特殊的理解。
Right thanks for taking my questions. We'll take our next question from Matt O'Connor with Deutsche Bank. Your line is open.
谢谢您回答我的问题。我们将接受下一个来自德意志银行的问题，提问者为Matt O'Connor。请开始提问。
Good morning just a quick clarification on the balance sheet and a separate question. The cash obviously went up a lot and you did a lube to that moving some of the securities to cash but the short term borrowings was also up a lot and I didn't know if that's just to kind of hold more the cruising in a current environment and we should have seen that continues which I think weighs on them but not the $DI dollars or was that just temporary 1Q and we should have paid too much attention to the period and trends there.
早上好，我只是想澄清一下资产负债表的问题，还有一个单独的问题。现金显然增加了很多，而您通过将一些证券转换成现金进行了润滑，但短期借款也大幅增加，我不知道这是为了在当前环境中更好地进行巡航，而这可能会对他们造成影响，但不影响$DI美元，还是这只是临时的一季度，我们不应该过于关注这段时间和趋势。
Just a little bit of both Matt. You've got first quarter just normally a seasonal build for us so that happens and a little bit of borrow and you write doesn't impact them because you can invest in cash for a way and there's no drag there but it may hurt and I why slightly at the margin but you know a little bit.
马特，只是有点季节性建筑的因素造成财务状况出现了一些问题。这个季度增加了一些借贷，但不会影响现金投资，也不会产生什么影响。只是可能会影响利润，但影响微不足道。
Sorry I think you meant to say it doesn't hurt the $DI dollars that might hurt the $DI dollars and then for that right? Correct. Yeah okay.
抱歉，我觉得你的意思是这不会伤害$DI美元，可能会伤害$DI美元，所以是这样的吧？ 对的。好的。
And then separately any kind of trends to call out in spending in March. Some of your peers talked about a slow down in March and you highlighted kind of for the full quarter. Debt and credit card was up 6% year year total payments up nine. Any kind of interquero trends that you want to point to?
还有就是3月花费方面的任何趋势需要单独说明。你的一些同行提到了3月的减速，而你则强调整个季度。债务和信用卡方面的支出同比增长了6%，总付款增长了9%。你想指出的任何行业趋势吗？
Right I think you know we saw the first part of the quarter first quarter being a little bit softer and then we saw a kick back up in March. So far in April still early it's probably a little lower than it was for the month of March but it's a couple of weeks since we got a little careful about that just due to the different ways the occasions fall and things like that. But it's over the course of last year the total spending year-year increases a slow down and I think that means it's a precursor to the economy being a little bit slower and that we're seeing and then frankly consumers being more careful and the user of the cash because the cash in our accounts especially for the lower income cohorts continues to build honestly.
我认为你们知道，去年第一季度的头几个月比较疲软，但三月份有所反弹。四月份目前还早，可能比三月份低一些，但我们已经小心谨慎了几个星期了，因为不同场合的差异等原因。但是去年整年的总支出同比增长放缓，我认为这意味着经济有所放缓，我们正在看到消费者变得更加谨慎，把账户中的现金用得更加节制，特别是低收入阶层的。
From P-Class April fell down a little bit all of course a year and it's built back up in the first part of this year. So we'll see that play out there's been a delay in some of the tax returns as you know this year that pushes them from quarter to quarter but stay tuned I think it's a little early to call but it is a little softer in the first part of April here.
从P级别来看，去年四月份的业绩有所下降，但在今年的前几个月已经逐步回升。目前我们还需要观察一段时间，因为今年的税收退款有所延迟，这导致了业绩从一个季度滚动到另一个季度，但请保持关注，我认为现在判断还为时过早，但四月初业绩确实有些偏软。
Okay thank you very much. We'll go next to Vivek Shinage with JP Morgan your line is open. Hi thanks just a couple of questions. I was just clarifying the shift to interest bearing from non-interest bearing. I know you said you expect that to cut near do you expect the pace of that to slow or is it still running pretty high or even to accelerate any color on that.
好的，非常感谢。接下来我们请JP摩根的Vivek Shinage提问。您好，请问我有几个问题。我想澄清一下从不带息转向带息的转变。我知道您说您预计会有一个减缓的过程，您是否预计这种速度会减缓，或者仍然保持高速，甚至加速？您能否提供更多信息？
Yeah I'd expect it to slow over time because we're getting pretty close now to Q419 levels anyway which was the last peak. And also you know you think about the big driver it tends to be global banking and as rates are rising clients are doing their rotation but we're getting towards the end of the hike now we would think so you'd anticipate there'll be a little bit of a lag there but generally speaking I'd expect it to slow at some point and I think we're probably getting close now.
我预计随着时间的推移，增长速度会放缓，因为我们现在已经接近2019年第四季度的水平了，那是上一次高峰。而且你知道，大的驱动力往往是全球银行业，随着利率上升，客户会进行轮换，但现在我们已经接近加息的末期，所以你会预计会有一点滞后，但总体而言我预计在某个时候会放缓，而我认为我们现在可能已经接近了。
One more Alistair. Office CRE you give the geographical mix in the slides for the total CRE portfolio can you give us some similar thing for the office CRE portfolio.
再加一笔阿利斯泰尔（名字）。CRE办公室部门，您在幻灯片中提供了总CRE组合的地理分布信息，您能否为办公室CRE组合提供类似的信息呢？请尽可能易读。
I can do but I'm going to need to follow up with you afterwards because I don't have it at hand. Okay. I don't think you're going to find anything there other than sort of you know typical geographic distribution similar to the way we serve our customers around the United States.
我可以做但需要之后再跟你确认，因为我现在手头没有它。好的。我认为你在那里找不到任何东西，除了我们服务美国客户的地理分布方式类似的东西。
All right thanks. We'll go next to Gerard Cassidy with RBC your line is open. Good morning Brian. Good morning Alistair. Good morning. Alistair, can you elaborate a little further you talked about you know I think it's like 12 you show us a hundred basis point parallel shift impacts and then interesting income by a positive 3.3 billion over the following 12 months.
好的，谢谢。我们接下来要与RBC的Gerard Cassidy通话，您的通话已接通。早上好，Brian。早上好，Alistair。早上好。Alistair，您能再详细解释一下吗，您刚刚提到了一个大约12个基点的平行移动影响，并且有趣的收入增加了33亿美元，在接下来的12个月内。
If rate environment does shift and maybe we do start to see lower rates by the end of the year how quickly can you guys move this from being as sensitive to neutral or liability sensitive on the balance sheet.
如果利率环境发生变化，也许我们会在年底看到较低的利率，你们能多快把资产和负债平衡表中这个项目从敏感变成中性或者是负债敏感的呢？
Well you know I think if you were to take that same metric on the downside it would be probably be down 3.6 billion you know for down a hundred just to give some idea and you know what's what's happening now is obviously as the interest bearing piece just continues to rise across the company we've got a we've got a hedge now is rates if and when they start to go back down it won't be a complete hedge but it'll be a little bit of a hedge there then you also get something back in terms of global markets and I that will start leading back positively so there's some puts and some takes but we'll see how that develops over the course of the year.
你知道的，如果你用同样的指标来衡量下降，可能会下降36亿美元，再下跌100就可以给出一些想法。现在的情况是，随着公司内部的利息持续上升，我们有了避险策略，如果利率回落，它不会完全避险，但也会有点避险。同时，您还将通过全球市场获得回报，这将开始呈现积极的趋势，因此有一些得有一些失，但我们会看到在今年发展的情况。
Very good then as the follow up question in the global blank global banking slide you guys give us slide 22 you had a negative provision in this quarter and you referenced that it's an improved macro economic outlook can you give us some color what you're seeing there to give you confidence to have a negative provision in the second does this also include the recent sheer national credit exam results in this line item as well.
在全球银行幻灯片中，你们给了我们第22张幻灯片作为后续问题，在本季度中你们有一个负备金，你提到这是由于宏观经济前景的改善，能否谈一下你们看到的情况，让你们对第二个季度有负备金的信心得以增强？这项指标也包括最近的国家信贷考核结果吗？
It would it would always include those results those come through continuously it's there's not as this change over time that's a continuous set of things they look at we always do well in that and when we say macro environment remember this business is credit across the world so there's places that we finished up on cleaning up that allowed us to release some reserves on one side and then we had other places that you would have put up reserves but the end of the day you know that the overall credit quality here is very strong and very stable.
这段话的意思是，我们始终不断地关注那些不断涌现的结果，这些结果是一个持续不断的事情，会随着时间的推移而变化。我们在这方面做得很好。当我们谈到宏观环境时，请记住这家企业涉及全球信用业务，因此有些地方我们完成了清理，从而释放了一些准备金，而在其他一些地方，我们不得不提高准备金。但总的来说，这里的信用质量非常强大而稳定。
Very good and then you asked the question in commercial correct yes yeah okay so I mean I think there's a couple things going on number one we didn't have any real loan growth number two the as a quality remains terrific number three the you know the macro environment when you look at the blue chip consensus was ever so slightly better so we felt like we were pretty well provided for already and then on the commercial side we we had a little bit of exposure runoff and one or two places where we may have been reserved quite conservatively so it was all those things added together.
非常好，然后你在商务方面提出了正确的问题，是的，没错，好吧，我的意思是有几件事情正在发生：第一，我们没有任何实质性的贷款增长；第二，我们的信贷质量依然非常好；第三，当你看蓝筹股票共识时，宏观环境稍微好了一点，所以我们感觉已经得到了很好的提供。在商业方面，我们有一些暴露风险，一两个地方可能进行了非常保守的储备，所以这些事情加在一起。
Actually Brian and Alistair you guys obviously have been through a few cycles why is commercial so strong as you know if you and your peers all have really good commercial credit quality any suggestions on what you're seeing that makes it so good.
实际上，布赖恩和阿利斯泰尔，你们显然经历过几个周期，为什么商业信用如此强劲呢？毕竟，如果你们和你的同行们都具有非常好的商业信用质量，你们看到了什么使它如此出色的建议。
Well you know their profitability remains in a good place cash flows remain in a good place I think corporate America learned something from 2009 and 2008 and top two so leverages in a good place you add all that up you get a decent environment overall for the economy and that's where that's where we are with respect to credit quality so we'll have to watch that over time but as of right now it's in terrific shape.
你知道，它们的盈利状况保持在一个良好的状态，现金流也保持在良好的水平上。我认为，美国企业从2009年和2008年的教训中吸取了一些经验，所以杠杆率也保持在一个良好的水平上。把所有这些加起来，整体而言，经济环境还是不错的，目前信用质量也处于一个很好的状态。我们需要随时间观察这个情况，但目前为止，它的状况非常好。
Great thank you very much.
非常感谢您。
Our next question comes from Betsy Graystic with Morgan Stanley your line is open.
我们的下一个问题来自摩根士丹利的Betsy Graystic，请发言。
Hi good morning.
你好早上好。
Two questions one just keying off of the loan discussion just now could you give us a sense as to how you're thinking about lending standards and any changes in a post-SIVB environment.
有两个问题，第一个问题是基于刚才的贷款讨论，请您谈谈您对贷款标准的看法以及在后SIVB环境下的任何变化。
请以易读的方式表达意思。
Well you know we don't really have a significant change to our risk appetite we haven't changed our client selection those are largely speaking designed to be through the cycle. We will obviously adjust on specific concerns about as a quality performance in a sector or outlook but I'd say with respect to our long growth it you know where we're seeing it more as the fed raises rates those rates are changing our customer demand so we just don't see as much demand right now for security space lending or mortgage but it's less about credit tightening or standards it's more about just fed doing you know and having the effect that you would expect.
你知道，我们的风险偏好其实没有太大变化，我们没有改变客户选择，这些选择大多是被设计成贯穿整个周期的。当然，我们会根据特定领域的质量表现或前景进行调整，但就我们长期增长而言，随着美联储加息，市场需求也在发生变化，我们目前没有看到太多证券借贷或抵押贷款的需求，但这并不是因为信贷收紧或标准提高，而更多是由于美联储的行动产生的影响。
Okay and then two other quickies one on the consumer checking account balances you know in March was that uptick in part a function of seasonality and you know end of period end of pay cycle type of behavior or is there something more going on there.
好的，还有两件快事，其中之一是关于消费者支票账户余额的问题。在三月份，是否存在季节性上涨以及周期末和发薪周期类型的行为，或者还有其他更深层次的原因呢？
Well I think as always you know that's a cohort of pre pandemic compared to where they were then and now and and they had been you know sort of bouncing around at a level for the last six months they moved up a little bit this is the time you do move up because the tax returns and other things and your impayments and stuff but you know but they clearly aren't going they basically are stable from November December January they started increasing February and then they bounced up a little bit so we'll see what ends up what clear message is despite people having said these consumers are spending down their money it would be out you know be out of these balances in mid to 2022 as a third quarter they clearly are still sitting with a fair amount of money and account relative to pre pandemic times.
我认为你们一如既往地知道，这是与疫情前相比的一组数据，他们过去六个月一直在某一水平徘徊，现在略微上升了一点，这是因为退税和其他款项的原因。但是，从去年11、12月到今年1月，他们明显保持稳定状态，2月开始增长，最近略微上升，所以我们将看到最终结果。尽管有人说这些消费者在消费方面花费了很多钱，但从 2022 年中期的第三季度来看，他们显然仍然相对于疫情前时期拥有相当多的账户余额。
Okay and then just lastly AI it's been a big topic recently as I'm sure you know you've got Erica just wondering about plans to leverage AI maybe you're you know going to be leveraging Erica and that maybe it's a different kind of strategy but but Fox there would be helpful thank you.
好的，最后，AI最近是一个热门话题，我相信你知道的，你有Erica，想知道利用AI的计划，也许你会利用Erica，可能是不同的策略，但是Fox会很有帮助，谢谢。
Yeah so Erica you know obviously the basic concept was built for us a number years you four five six seven years ago starting and came out came into the business it is a predictive language type of program where you put a question in and it answers it but we had to do a special language to make sure would work with our business it wasn't a general so we we did that then that then put us in a condition to start to deploy to our customers because it's captive to our data in other words it's looking our systems finding information given to clients is really a service capability and what the sort we've seen is that increase is a clear indicator of how valuable these types of artificial intelligence natural language processing predictive technologies can be for customer service and things like that.
嗯，艾瑞卡，很明显，这个基本概念是在我们四五六七年前建立的，并且在我们进入商业领域时就已经出现了。这是一种预测性的语言程序，你输入一个问题，它就会回答。但是我们必须使用特殊的语言来确保它可以与我们的业务配合使用，而不是通用的语言。我们做到了这一点，这让我们有条件开始为我们的客户部署这个程序，因为它是我们数据的囚徒，也就是说，它在我们的系统中查找信息，并为客户提供服务。我们已经看到，这种人工智能自然语言处理预测技术的增长是这些技术对于客户服务等方面有多么有价值的一个明确指标。
We've also taken Erica internally and applied it to help us do work and we've seen it have those benefits you know ultimately we think this has you know extreme benefits for our company we think it has a lot and you've seen this written about in the computer coding areas in other words it can speed up the process of what they used to be called object programming that goes on we think it has a lot to do in terms of allowing teammates to work much more quickly and efficiently with our systems and get information out and can make you know even someone like me the ability to do analytics that I could you that have to send to somebody to have them put keyed in the system so there's a lot of there's a lot of value to this.
我们也把 Erica 内部应用起来来帮助我们做工作，我们发现它带来了一些好处。最终，我们认为这对我们公司有非常大的优势。你可能在计算机编程领域看到过它的用法，也就是说，它可以加速所谓的对象编程过程。我们认为它可以让队友们更快速、高效地与我们的系统进行交互，并获取信息，甚至可以让像我这样的人也能够进行分析，而不用再把结果发送给别人去输入到系统中。因此，这样的价值是非常大的。
The key question will be you know when can you use it without the fear of with the reason why a lot of us stopped it in our industry and other industries was it it wasn't clear how it worked with your data and the in the outside world's data and how it would interact to pull stuff out and we have to be careful of that and then secondly we have to understand how the decisions are made to be able to stand up to the to our customers demands for us to be fair and frankly follow the laws and rules and regulations on on lending so you know I think all that is you know good good strong you know it's really an important thing it's so we're not a neophyte in this that's actually operating operating out that we understand the value of it but we will carefully apply it and we see a great value.
关键问题是你知道什么时候可以使用它而不害怕，我们行业以及其他行业停止使用的原因是不清楚它如何在你的数据和外部世界的数据中运作以及如何交互以提取信息，我们必须谨慎对待这一点。其次，我们必须理解决策是如何做出的，以满足客户对我们要公正并遵守借贷相关法规的要求。我认为这一切都是良好而强大的，这是非常重要的，因此我们不是新手，我们理解其价值，但我们将小心地应用它，并看到它的巨大价值。
I don't think it's you know great value in the next month but you know in the overall sense it'll help us continue to manage the headcount down which we've been doing this quarter and remember we started this company management team started with this company you know in 2010 was 285,000 and 300,000 people working here and we're running the same size company with you know 216,000 people are bigger company doing more stuff and so all that's been aided by your digitization of which is a potential step function change. Thanks so much appreciate.
我认为在接下来的一个月里，它可能没有很大的价值，但从整体上来看，它将帮助我们继续控制人员数量，这也是我们这个季度一直在做的。请记住，我们的公司管理团队在2010年开始经营这家公司时，拥有28.5万和30万名员工，而现在我们仍然是同样规模的公司，拥有21.6万名员工，却能做更多的事情。而这一切都得益于数字化技术的推广，这是一个潜在的跨越性变化。非常感谢，很感激。
We'll take our final question at this time this is a follow-up from Mike Mayo with Wells Fargo please go ahead your line is open. Hi in terms of your guidance for lower expenses in the second quarter than the third quarter than the fourth quarter you know how much of that is expectations for slower business activity and how much of that is due to expected scale benefits from technology and I guess the bigger question too is you know are you seeing evidence of a banking crisis are you seeing evidence of a banking recession and is that part of the reason for the expense guide.
此时我们将进行最后一个问题，并回复韦尔斯·法戈的Mike Mayo。请提出问题。您好，关于第二季度比第三季度和第四季度更低的支出指导，其中有多少是基于较缓慢的业务活动预期，有多少是由于预期的技术规模效益？另外，更大的问题是，您是否看到了银行危机的迹象？是否看到了银行经济衰退的迹象？这是否是支出指南的原因之一？
No it's it's not Mike I would say there could be the activity at first quarter was actually higher in some ways because of volatility and trading side and things like that so we aren't we're spending to get scale and operating leverage across activity taking less dollars to do it and the objects and the work we do we had built up more people largely because on the fear of last year of the turnover rate that has now gone in half in a year the cars to be hiring a lot to stay ahead of it and then when it slowed down we built up people and we're bringing that back down in line but there's no you know the expenses you know frankly are just managing to add count carefully because that's two thirds expense base and getting more leverage out of the activities but there's no you know we'll have more checking accounts we'll have more credit card accounts we'll do more wires on a given day we'll do more trades on a given day and that can have been flow but overall we're expecting activity continue to rise now we'll loan demand i.e. people want to borrow another $10 versus the $10 they have that's what we say slows down so that doesn't you know that's but that's not that they don't have a loan is that they borrow different amounts of money all right so this is really just managing the business not your reduced investment spend or anything like that.
不，不是迈克。我认为，在第一季度，实际上某些方面的活动可能更加活跃，因为存在波动性和交易方面等原因，所以我们正在花费资金来获得规模和运营杠杆，并且在活动方面做到更省钱、更有效率。我们之前雇用了更多的人，主要是因为去年的人员流失率高而担心，现在流失率已经下降了一半，我们在加码招聘来保持领先，但随着活动的减少，我们正在回收人员，将其降至合理范围内。费用方面，我们谨慎控制人员数量，因为这占了三分之二的费用基础，并优化活动，以获得更高的杠杆效应。总体而言，我们预计活动将继续增长，我们将拥有更多的支票账户、信用卡账户，在某一天内进行更多的电汇和交易，这可能会有时好时坏。贷款需求即人们想要借更多的十美元而不是十美元，这才会减缓，所以这并不意味着他们没有贷款，而是他们借了不同金额的钱。所以，这只是在管理业务，而不是减少投资支出或其他任何类似的事情。
Now and on the investment spend we're spending we increased this year versus last year you know three to four hundred million dollars and pure initiative spending and that's going through the run raise we speak and and we are we wouldn't cut that because we think to the point of Betsy's comment it gives us a chance to continue to leverage the franchise and nowhere is that more evidence in our consumer business where the numbers of branches year-to-year down a few hundred again customers are bigger more stuff's going through customer delights at all-time high you know attrition is an all-time low and and that's what makes that franchise valuable as you as you well know and that's by continuing to invest in new capabilities all time and last thing a big picture for you Brian just the evidence that a recession is coming and the impact on you guys where are you right now is it red is it flashing yellow is it green how is it moved just what's your what's the temperature can this in the research team you know have been consistent to see you know after the fed raises rates of amounts there would be a you know a recession they have a mild recession and that that they predicted basically say half to one percent negative annualized negative GDP growth Q3 Q4 and Q1 and then back to positive so I think you know in the end of day you know we don't we don't see the activity on a consumer side slowing at a pace would indicate that but we see you know commercial customers are being more careful and things like that but it everything points to relatively mild recession given the you know the amount of stimulus that was put that was paid you know to people and the money they have left over the fact that unemployment still at 3.5 percent is full full employment plus and then the wage growth is slowing and tipping over so the size of inflation and tipping down but they're still there but that translates into good you know relatively good activity so we see it as a slight recession and you know we'll see you know we'll see we'll see what happens but we built this company across the last decade even in the stress scenarios that you see somewhere in the slides last quarter we didn't reduce because they're the same answer you know our stress scenarios are always less than anybody else is because of how we built the company through the go through recessions without a problem including the pandemic got it all right thank you
今年我们在投资支出上增加了三到四亿美元，主要用于纯倡议性支出。这些支出将通过我们的提高长期收益能力的计划得到执行，我们不会削减这些支出，因为我们认为这可以继续利用我们的品牌价值。特别是在我们的消费者业务领域，分行数量从去年减少了几百个，但客户数量增多，交易金额也增加到历史最高点，客户流失率也降至历史最低点。这就是为什么我们认为继续投资新能力可以增加品牌的价值。最后，对于公司的整体形势，我们的研究团队认为，美联储加息后会出现轻微的经济衰退，但出于多种因素，如政策刺激、低失业率以及逐渐降低的通胀水平，我们认为它将是一个相对温和的经济衰退。因为我们在过去十年里建立了一个适应经济衰退的公司，因此我们相信我们可以处理好任何可能出现的风险。
Not this time I'd like to turn the program back over to Brian Moynihan for any additional or closing remarks thank you for your time and I want to thank my teammates for a great performance again this first quarter of 2023 a strong quarter of 18 percent year over your EPS growth the strength stability and our being there for our customers continue to show through including strong capital at 11.4 liquidity at 900 billion GLS but the most important thing and we just touched on it was really two things continue organic growth in our franchise and operating leverage as by going revenue fast and expensive so we feel good about that and look forward to talking next quarter.
这次就让Brian Moynihan接替我发言，如果还有其他补充或结束语可以由他来讲。感谢各位抽出时间参加本次会议，同时我也感谢我的团队在2023年第一季度再次实现了强劲表现，每股收益增长了18%，所以我们很自豪。我们的优势、稳定性和对客户的关怀继续得到体现，包括资本强劲达到11.4亿美元，流动性达到900亿美元GLS。但最重要的两个方面，我们已经提到，就是持续发展我们的客户资产和通过提升收入快速和有效地增长。我们对此感到满意，并期待下一季度的交流。
This does conclude today's program thank you for your participation you may disconnect at any time and have a wonderful day bye.
今天的节目到这里就结束了，感谢您的参与，您可以随时断开连接，祝您有美好的一天，再见。