Operator

Good morning, ladies and gentlemen, and welcome to the Investor Day Call hosted by BNY Mellon. \[Operator Instructions]

运营人员

女士们、先生们，早上好，欢迎参加由 BNY Mellon 主办的投资者日电话会议。\[操作员提示]

I will now turn the call over to Ms. Valerie Haertel.

现在我将电话交给 Valerie Haertel 女士。

Valerie Haertel   Former Global Head of Investor Relations

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Valerie Haertel   前全球投资者关系主管

\[音频空档]

Everyone get settled. We're ready to go shortly. Okay. Now it's working, to make sure the mic is working. It really is a good thing, right?

大家请就座，我们很快就要开始了。好的，现在麦克风正常了，确认它工作正常，这真是件好事，对吧？

\[Audio Gap]

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everyone, especially this terrible weather. So for those of you \[indiscernible], thank you so much for braving it. Also, there were a lot of flight cancellations and we had a lot of people joining us via webcast.

各位，尤其是在这种恶劣天气下赶来的朋友，非常感谢你们冒着风雨出席。此外，由于许多航班被取消，很多人通过网络直播加入了我们。

So welcome to everyone joining us over the phone and via webcast. For those of you on the phone and joining by webcast, all of our materials today can be found on BNY Mellon website in the Investor Relations section.

因此，也欢迎通过电话和网络直播参会的所有嘉宾。对于通过电话或网络参加的各位，今天的所有资料都可在 BNY Mellon 网站投资者关系栏目中查阅。

I'd like to remind you that the information disclosed today will be forward-looking in nature and you can take a look at your screen here today for that information and also you can find it in your materials.

我想提醒大家，今天披露的信息具有前瞻性，请查看屏幕上的提示，相关内容也已包含在资料中。

Let me just give you a quick overview of the day. First, we're going to hear from Charlie Scharf, our Chairman and CEO. He will be followed by our Chief Financial Officer, Mike Santomassimo. Following Mike, we're going to hear from Mitchell Harris, who is the CEO of our Investment Management Division, and then, we're going to hear from Lisa Dolly, who is the CEO of Pershing.

我先简要介绍一下今天的流程。首先发言的是董事长兼首席执行官 Charlie Scharf。随后是首席财务官 Mike Santomassimo。接着将由投资管理部门首席执行官 Mitchell Harris 发言，然后是 Pershing 首席执行官 Lisa Dolly。

We're going to take a 15 minute break and it will be a relatively short break but you can get a cup of coffee, make a phone call, but definitely be back in your seat 15 minutes so we can stay on schedule.

接下来我们将休息 15 分钟，时间比较短，大家可以去喝杯咖啡或打个电话，但请务必在 15 分钟后回到座位，以便我们按计划进行。

Following that, we'll hear from Hani Kablawi from Asset Servicing who is the CEO of Global Asset Servicing. Following Hani, we're going to hear from Todd Gibbons, who is the CEO of Clearing, Markets and Global Client Management. And then Charlie will join us back on the stage for some remarks about our outlook, and also, closing remarks. We'll then be joined by the members of the senior leadership who are speaking with you today for a one-hour long Q\&A. Following that, we'll join everyone here for lunch, which will be in the East Assembly.

休息之后，我们将听取资产服务全球首席执行官 Hani Kablawi 的发言。随后是清算、市场与全球客户管理首席执行官 Todd Gibbons。之后 Charlie 将重返舞台，分享公司展望并做总结发言。随后今日出席的高管们将参加为时一小时的问答环节。问答结束后，将在东侧大厅与大家共进午餐。

I'd also like to remind you to silence your cell phones and other devices so that you won't be distracting the speakers or others in the room.

同时，请大家将手机等设备调至静音，以免影响演讲者和其他与会者。

Very excited to be here today, and we're all excited to share our story with you. Before we begin, we're going to have a short video to talk to you a little bit about how we're doing our future. Thank so much for being here.

我们非常高兴今天能在这里，也期待与大家分享我们的故事。在正式开始前，我们将播放一段简短视频，向各位介绍公司未来的发展方向。感谢大家的到来。

\[Presentation]

【演示】

Charles Scharf   Former Chairman & CEO

Charles Scharf 前董事长兼首席执行官

Good morning, everyone. Thank you all for coming and braving the weather. And for those on the webcast, thank you for joining. Hopefully everything will work smoothly. We've all been working hard on putting together what we hope will be a very worthwhile bunch of hours where we can talk a little bit about how we view the company, but more importantly, talk about what our opportunity is.

大家早上好。感谢各位冒着恶劣天气亲临现场，也感谢通过网络直播参与的朋友。希望一切运作顺利。过去一段时间，我们一直努力筹备，希望用接下来的几个小时与大家分享我们对公司的看法，更重要的是，探讨我们的机遇所在。

First of all, I do want to welcome you to this building. Some of you might have seen. This is going to be our new headquarters. A bunch of us are moving from a couple blocks away 225 Liberty Street over here. We love the building. It's going to be great all being together. And in the process of that, we're going to create a much more open collaborative environment, which I'm personally very, very excited about, so thanks -- thank you all for joining us here.

首先，欢迎各位来到这座大楼。部分人可能已经了解，这里将成为我们的新总部。我们中的许多人将从几条街之外的 225 Liberty Street 搬到这里。我们非常喜欢这栋大楼，大家共聚一处将十分美好。在此过程中，我们将打造一个更加开放、协作的环境，对此我个人感到非常兴奋。因此，再次感谢各位的出席。

We have worked hard, as I mentioned, to try and make this as productive as we can. There are a bunch of things that we think are important that we're going to cover. We've read as much as we can about all the things that you write about us and are going to try and answer as many of the questions as we possibly can. We're not going to answer all of them. We'll answer all of them that we actually know the answers to. And obviously during Q\&A, you're free to ask us anything that you want and we will do the same there.

正如我提到的，我们付出了巨大努力，力求让今日议程尽可能富有成效。我们准备讨论多项重要议题，也尽可能阅读了大家对我们的所有评论，并将尽力回答尽可能多的问题。并非每个问题都能答复，但对于确有答案的问题，我们都会回应。当然，在问答环节，大家可随意提问，我们也会如实作答。

You saw what the agenda was. I just wanted to just to point out a couple of things, which is one of the things that you're going to hear as we go through the day is, we're going to try and talk about the businesses in a little bit more level of granularity than we have in the past. So as opposed to just talking about investment services as a business and investment management as a business, we really run the place at the next level down.

各位已经看到今天的议程。我想强调两点：一是我们将比过去以更细化的层级介绍业务。不仅仅将投资服务、投资管理作为整体来讨论，而是深入到再下一层的业务单元，因为我们实际就是按该层级来运营公司。

They all work together. We're going to cover that in a fair bit of detail. But we really do want you to understand what the different pieces are, what the dynamics are. And quite frankly, we also give you exposure to a series of people who run those businesses.

这些业务彼此协同，我们将详细说明。我们希望大家真正了解各组成部分及其运作机制。坦率而言，我们也希望大家接触到负责这些业务的一线负责人。

We're not covering every business. It's not a statement about the businesses that we're not covering. We just had to pick and choose and we want to make sure we cover the biggest businesses that we have because we know you've got a lot of questions about those. And then, some interesting things that we're doing in places like Pershing and Todd's going to cover how the whole company comes together when we're actually sitting in front of the client. So we're excited about the agenda. And with that, let me get started.

今天不可能覆盖所有业务，这并不意味着未提及的业务不重要。我们必须有所取舍，确保重点介绍最大规模的业务，因为我们知道大家对此问题最多。此外，我们在 Pershing 等领域也有一些有趣举措，Todd 将介绍公司在客户面前如何整合资源。对此议程我们十分期待。接下来就正式开始。

I just want to talk very, very quickly about the history and the culture of this place. You know it, you follow it. We know the company. We know our background. We know Hamilton. We know Andrew Mellon and whatnot. But I think the point that I want to make here is, people think of us as having a very distinct culture. And for the most part, I would say, it absolutely is very, very true. And I think, there are so many pieces of the culture, which are absolutely wonderful. And if you were sitting there trying to think about the kind of culture you would want to have with a company like ours given what we do, the attributes that you see on this page match up very, very closely with that.

我想快速谈一谈公司的历史和文化。大家对此都很熟悉，我们了解自身的背景，了解我们的创始人 Hamilton、Andrew Mellon 等人。我想强调的是，人们认为我们拥有鲜明的企业文化，从大体上说这确实如此。我们的文化中有许多精彩之处。如果你在思考一家从事我们这类业务的公司应具备怎样的文化，那么本页列出的特质与之高度契合。

But I think what people underestimate about us is the objectivity that people here have, the intellectual curiosity and honesty that people have here about figuring out how we need to go forward differently than the way we've operated in the past. Yes, we're careful. Yes, we're methodical, but people are extremely open-minded to thinking differently if we think there's a better way to do things on behalf of our clients. And I just wanted to just -- on this next page put up a slide just to remind everyone, how much this company has actually changed.

然而，我认为外界低估了我们在客观性方面的表现，以及员工在探索未来发展路径时所展现出的求知欲与诚实态度。是的，我们谨慎、循序渐进，但只要有利于为客户提供更好服务，大家都会非常乐于接受新的思维方式。我在下一页展示了一张幻灯，以提醒各位，公司实际上经历了多么巨大的变革。

And you look back at what we were and how we did our business back in the '70s versus the '90s versus today, it's an extraordinary amount of change that we've gone through. And the reaction that I've got from people here when we talk about who we are and what we want to be, is it's been enlightening for me to understand exactly what makes this place tick. And I'm going to do everything I can to protect and preserve those things that are great.

回望 20 世纪 70 年代、90 年代再到今天，我们的业务模式发生了翻天覆地的变化。当我们讨论自身定位与未来愿景时，同事们的反馈令我深受启发，更清晰地认识到公司成功的驱动力。我将竭尽全力保护并延续这些宝贵的特质。

But to the extent that we can paint the picture on why we need to evolve, big part of that's technology, I like to talk about it in terms of going from being a technology-enabled to a technology-driven, everyone here has all open ears. And so I'm excited about working with the team here and being able to execute what we think the opportunity is.

但只要我们能够清楚地阐释出为何必须转型，其中很大一部分原因在于技术。我喜欢把这称为从“技术赋能”迈向“技术驱动”，而在座的每个人都对此洗耳恭听。因此，我非常期待与团队合作，将我们眼中的机遇真正落实。

So let me just talk a little bit about my quick views on the businesses and a little bit about why we think they're so strong and unique. Let me start with investment services. Again, most of you know the company. Mike's going to cover each of the businesses in a little bit of detail, so I'm not going to go through them name by name. But I just did want to cover just a little bit about just how I think about who we are and what we do and how it creates opportunity for us.

接下来，我想简要谈谈我对各项业务的看法，以及为何我们认为它们如此强大且独特。先从投资服务说起。各位大多熟悉本公司，Mike 稍后将逐一介绍各块业务的细节，因此我不逐一列举名称。我主要想说明我们是谁、我们做什么，以及这如何为我们创造机会。

First of all, obviously, given our heritage and our name, we are a bank. And I just want to point out when we talk about the types of business that we do, you're going to hear this over and over again that we're a bank but we do things differently than many other banks out there. But being a bank is extraordinarily valuable to us.

首先，顾名思义，我们是一家银行。我想强调的是，当我们谈到自身业务类型时，你们会一次次听到：我们是银行，但我们的做法与许多其他银行截然不同。而“银行”这一身份对我们而言价值非凡。

When we think about what differentiates us with clients, why they like doing business with us, it's the trust, it's the security, it's hugely important, of which a big part is, all that we have to go through to be a bank. But having a relationship that we have with the Fed and governments around the world is also extremely important. But again, we are a services-driven company, I'm going to cover that in a little bit. And when you add all those services businesses together, you can see the list of things that we do here, there's full range of services that we provide for both cash and securities to the financial community, these -- I just think these are absolutely great businesses that we have.

当我们思考自身与客户的差异化优势、客户为何愿意与我们合作时，答案是信任与安全感——这一点至关重要，而银行身份带来的合规要求正是其核心部分。与美联储及全球各国政府的关系同样极为重要。不过，我要再次强调，我们是一家以服务为驱动的公司，稍后会深入阐述。当把所有服务类业务整合在一起，各位可以看到我们为金融界在现金与证券领域提供的全套服务，我认为这些都是极佳的业务。

The numbers are extraordinary impressive. If you just look on the left hand side of this page, \$33 trillion or so in AUC/A. The next stat on here, we haven't talked a lot about, Hani is going to cover it, but we actually have \$24 trillion or so in assets on a platform that we actually manage the data and that creates a series of opportunities for us.

In Pershing, we have over 7 million client accounts that we work with. We clear USD 1.7 trillion a day, and obviously, we've got a hugely significant tri-party repo platform.

在 Pershing，我们服务逾 700 万个客户账户；每日清算金额达 1.7 万亿美元，并且拥有规模庞大的三方回购平台。

So the businesses are, they're wonderful businesses. They're services businesses. And again, as I said in the opening, the opportunity for us is to really embrace technology. Not just as -- because we are dependent on it, but because it gives us capabilities to do things differently, think things differently. So as opposed to fitting technology into what we do and how we do it today, it's really about helping us over time, rethink what and how we do it. It'll obviously drive improved quality, improved operational efficiency, but it also allows us to move with the value chain as we're doing in a series of businesses and you'll hear about today.

因此，这些都是出色的业务，都是服务型业务。正如我开场所言，我们面临的机遇是真正拥抱技术，这不仅因为我们依赖技术，更因为技术赋予我们用全新方式思考与行动的能力。与其把技术硬塞进现有流程，不如让技术帮助我们重塑“做什么、怎么做”。这显然能提升质量与运营效率，也让我们能够像今天各项业务所展示的那样，沿着价值链不断前进。

Our Investment Management business. It really is 2 businesses that are related. It's the Wealth Management business and it's the Asset Management business. Again, Mitchell's going to cover these in a fair amount of detail. So I just want to make a just a couple of comments. First of all, the Wealth Management business, which we haven't spoken a lot about. It's a wonderful business for us. It's doing well. But probably even more importantly, we think there is a huge amount of opportunity to continue to grow this and likely accelerate the growth.

再说我们的投资管理板块，实际上由两块互相关联的业务组成：财富管理与资产管理。Mitchell 稍后会作详细介绍。我只强调两点。首先，关于我们较少提到的财富管理业务，这是一个极佳、表现良好的板块，更重要的是，我们认为其成长空间极大，且有望加速增长。

Our Asset Management businesses, which when we talk about our investment segment publicly, that's what people generally think about. And we actually have what we think is a very, very clear plan and strategy for who we are and what we are and how the pieces fit together. And I'm not sure that is well understood. And we're obviously going to try and bring some clarity with that today.

至于资产管理业务，公众在讨论我们投资板块时通常指的就是这一块。我们对自身定位、业务内涵及其协同关系拥有非常清晰的规划与战略，但外界未必完全理解，今天我们会努力阐明。

But I just want to just mention a couple of things. I think that when you look at what our Asset Management business has been and what it's produced in terms of results, I think that, when you look at the work that Mitchell has done over the past couple of years, you've seen just a very, very big difference in how we approach the business from driving results. And it's run much, much better than it's ever been run. It's more integrated than it's ever been. He's had a series of tough decisions that he's going to go through. And when you look at the profitability and the positions that we're in, they're significantly different than we were certainly last time we had this Investor Day.

这里想补充几点：若你回顾资产管理业务的历程与成果，并观察 Mitchell 过去几年的努力，你会发现我们在推动业绩方面的思路有了巨大改变，业务运营水平远胜以往，整合度前所未有。他做出了一系列艰难决策。当你对比当前盈利能力与市场地位，会发现我们与上一次投资者日时已截然不同。

And when we think strategically about the business, and again, lots of questions come up about our Asset Management boutiques, and I would say, I hate using the word boutique. Boutique implies small. And when you look at our Asset Management companies, we have insight, which has over \$700 billion under management. Our U.S. Asset Manager has over \$550 billion under management. So it's kind of weird to call them boutiques. These are companies with very strong brands, in some cases, with very strong portfolio managers that focus on what they do very well, and they're run by business leaders. And my experience is that, if you have people that want to think like business leaders, that's actually a really wonderful thing.

在战略层面，经常有人问起我们的“资产管理精品公司”。坦白说，我不喜欢“精品”这一说法，因为它暗示规模很小。但看我们的资产管理子公司：Insight 管理资产逾 7,000 亿美元，美国资产管理公司管理资产逾 5,500 亿美元——称其为“精品”显得有些怪异。这些公司品牌强劲，有些配备实力雄厚的投资经理，专注于自身擅长的领域，由真正的商业领导者掌舵。我的经验是，当人才以商业领袖的思维行事时，这其实是一件非常了不起的事。

So what we've got to make sure is that we're clear on who does what across these different brands, that we work together as much we possibly can both within the Asset Management business and Investment Management business, but also across Bank of New York Mellon, and Mitchell will cover that both in terms of what the business does for us, but also what -- being in the services business, what the rest of services business does for it. And we obviously have to ensure that we're leveraging the appropriate common infrastructure, which we haven't done a great job historically at, but there's a lot of work underway to figure out where does it makes sense and go after it.

因此，我们必须确保清楚划分这些不同品牌中的职责，并在资产管理业务、投资管理业务内部以及整个纽约梅隆银行范围内尽可能加强协作。Mitchell 将会从该业务为我们带来的价值，以及作为服务型企业，其他服务业务如何支持该业务这两个角度进行说明。当然，我们还必须确保利用合适的共通基础设施——这一点在过去我们做得并不理想，但目前已在积极推进，以确定哪些领域适合共用并付诸实施。

So when you look at where we sit in the industry, the industry, as you all know, is changing very dramatically. You go to these conferences and when people think about what position you want to be and you need the scale, we've got the scale. You need distribution, we have distribution. We have access to it. And we think we have some pretty interesting assets that we'll talk a little bit more about.

因此，当你观察我们在行业中的定位时——正如大家所知，该行业正在经历巨大变革。出席各种会议时，人们都会讨论占据有利位置需要规模——我们具备规模；需要分销渠道——我们拥有渠道并能触达市场。我们还拥有一些非常有吸引力的资产，稍后将进一步介绍。

So you put these businesses together. And you wind up with the company, which has about 75%-or-so in our investment services businesses. 25%-or-so of our revenue coming out of our investment management businesses, both have extremely strong fundamentals, both business fundamentals and financial fundamentals.

So the business again, it's -- the franchise quality we have is the customer base, the opportunities we have in front of us, but it's also the financial model, meaning, the kind of margins you have, the opportunity to grow and the returns that you get. And so we're excited. We think we -- and both of these businesses continue to grow margins and increase revenue growth.

因此，这项业务的优势不仅体现在我们的客户基础和面前的机会，也体现在财务模式上——包括利润率水平、增长潜力以及回报率。我们对此深感振奋，并认为两大业务都能持续提高利润率并实现收入增长。

So when we look at all these businesses, as I mentioned, I guess, let me start with scale. It's just important to understand all of the businesses that we have operate at scale. And while scale isn't the be-all and end-all, it's certainly necessary and will become even more necessary in these businesses going forward. Obviously, you needed to focus on efficiency.

因此，当我们审视所有这些业务时——如我之前所言——先从规模谈起十分必要。必须认识到，我们所有业务都在规模化运作。虽然规模并非万能，但在这些业务中无疑必不可少，而且未来只会愈发重要。当然，这也要求我们专注于效率。

People ask us all the time and I'm sure it's going to come up, pricing in these businesses what's happening, it's coming down, it's coming down in lots of different places where we have significant revenue streams. And the answer is yes, right? But that's reality. And by the way, it's been happening for years. It's not a new phenomenon. And when you look at what we've been able to do, we've been able to deal with whatever is happening in terms of pricing and still increase our margins. And as you'll hear throughout the day, nothing leads us to believe that anything is different there.

人们经常问，也肯定会继续问：这些业务的定价情况如何？答案是定价正在下降，在我们拥有重要收入来源的众多领域都是如此。这就是现实，且这种趋势并非新鲜事，已持续多年。回顾我们的表现，我们能够应对定价变化并依旧提升利润率。正如大家今天将持续听到的一样，我们没有任何理由认为这一点会发生变化。

And a big part of it is, because we have the scale, and so our opportunities to continue to drive efficiency are still extraordinarily significant. And obviously, when you've got the scale that we have, it enables you to invest significant numbers and spread it over a whole bunch of different things that we do.

其中一个重要原因在于我们的规模，使得持续推动效率提升的空间依旧巨大。显然，凭借现有规模，我们能够进行大额投资，并将成本分摊到众多不同的业务之上。

So we're going to talk about our tech investments. \$2.4 billion in '17, expected to be about \$2.7 billion in '18. Focused on a set of businesses, which in some ways are very narrow. So when you think of our number versus other numbers people talk about remember, we're very focused on what we do, \$10.7 billion -- \$2.7 billion is an extraordinarily large number. And there's huge opportunities to leverage that as we continue to get better about what we spend on that.

接下来我们将讨论技术投资。2017 年投入 24 亿美元，预计 2018 年约为 27 亿美元，这些投入集中于某些相对聚焦的业务领域。因此，当你将我们的数字与其他公司比较时，请记住：我们专注于自身擅长的领域，27 亿美元依旧是极其庞大的金额。随着我们不断优化投资方式，利用这一规模的机会也极为可观。

Our businesses are global. And I think this is something that I'm not sure people appreciate enough. But when you look across the company, we have a couple of businesses, which were primarily domestic, primarily if we look at Pershing's revenues and our Wealth Management businesses, almost all of our other businesses are really true global businesses. Mike's going to show you our numbers on that.

我们的业务是全球化的，我认为这一点未必被充分认识。纵观全公司，只有少数业务主要面向本土市场，例如 Pershing 的收入以及我们的财富管理业务；除此之外，几乎所有其他业务都是真正的全球业务。Mike 稍后会展示相关数据。

Overall as a company, 35% of our revenues are from outside The United States, 47% of our employees. So as we think about platforms for growth and what we have the ability to focus our efforts on, we think there is a lot of opportunity both in Investment Management as well as our Investment Services businesses especially in Europe and Asia.

从整体来看，公司 35% 的收入来自美国以外市场，47% 的员工位于海外。在规划增长平台和资源投入方向时，我们认为无论在投资管理还是投资服务业务，特别是在欧洲和亚洲，都蕴含大量机遇。

I've talked about in some of the earnings calls, in some of the smaller meetings that we've done about our client franchise where our clients think about us, the quality of the people that we have calling our clients every day and what I've heard from clients. And I just -- it's truly astounding. And when you look at this page, you can see we obviously have the clients across the top of different groups of clients that we deal with.

在一些财报电话会以及小型会议中，我曾谈到我们的客户群、客户对我们的看法以及每日与客户沟通团队的素质，客户的反馈令人惊叹。当你查看这一页时，可以看到我们所服务的各类客户分布在页面顶部。

But when you look at the numbers across the bottom, I just think, these are the -- these are -- any company that deals in the financial services industry would love to put up numbers like this. 77% of the Fortune 500, we call clients; 89% of the top 100 broker-dealers, we call clients; 94% of the top 100 investment managers; 87% U.S. pension and employee benefits; 96% of Life and Health Insurers and 94% of the top 100 banks in the world. It's extraordinary.

而查看底部的数据，你会发现任何金融服务公司都渴望拥有这样的成绩：财富 500 强中 77% 是我们的客户；前 100 大券商中 89% 是我们的客户；前 100 大投资管理机构中 94% 是我们的客户；美国养老金及员工福利计划中 87% 与我们合作；人寿与健康保险公司中 96% 与我们合作；全球前 100 大银行中 94% 与我们合作。这真是非同凡响。

It's been built over decades of leadership, about sticking with clients through the good and the bad. Showing up with -- day-in and day-out and doing what we do every day. And so it's an amazing job. And I just -- it's just -- it's a great asset for us to be able to continue to build our services off of.

这项成就历经数十年的领导与磨炼，伴随客户共度顺境与逆境。我们日复一日、始终如一地践行自己的职责。这是一份了不起的工作，对我们而言也是一项宝贵资产，使我们能够在此基础上不断拓展服务。

And when we think about what we do to serve those clients, people very often talk about our business like we do, just a couple of things. They ask us about how we're doing in our Custody business. They ask us about how we're doing in our clearance business. And when people write about this, but just to reinforce the point to some extent, when you come to us for one set of services like Custody, this isn't a question of, do we cross-sell things? Or do we offer multi products? The way we think about it is, when you come to us for Custody, that brings with it a whole series of things. And you're going to hear a lot more about this from Hani, specifically in Custody. But when you look at the Custody as an example, this just shows you of our top 100 clients, how many use just 3 specific services, which is accounting, securities lending and FX? And it's true across the top 100, it's across the top 5 and it's true much more broadly than that. And these additional services that we provide bring them great value because of what we do in terms of core Custody. It just makes sense for us to provide these other services for them.

当我们思考如何服务客户时，人们经常只提到我们做的几件事情，比如询问我们的托管业务表现如何、清算业务表现如何。为了强调这一点，当您向我们寻求托管等单一服务时，问题并不在于我们是否交叉销售或提供多元产品；在我们看来，选择托管服务就自然会衍生出一整套服务。Hani 会在托管部分深入阐述这一点。以托管为例，我们前 100 大客户中有多少同时使用了会计、证券借贷和外汇这三项服务？这不仅适用于前 100，也适用于前 5，甚至更广泛。我们提供的这些增值服务因核心托管而倍具价值，为客户提供这些附加服务水到渠成。

So it's obviously a meaningful for them but it's obviously meaningful for us.

因此，这对客户意义重大，对我们同样意义重大。

So as we look at the quality and our ability to deliver these services, it's not something where we have to give tremendous incentives to people across the company to try and cross-sell, this is just naturally the way the business works here.

当我们审视服务质量和交付能力时，并不需要在公司内部施加巨额激励去推动交叉销售，这本就是业务的自然运作方式。

And when you dig a little bit deeper into that, just -- it's not just in Custody. So Custody again when you look at it, it comes with fund accounting, FX, securities, finance, cash and collateral. And some avail themselves of some, some avail themselves and many more. But it's true in government clearing, when we wind up being in a position to Custody, but it also generates cash and collateral. Same thing is true in Pershing, same thing is true in Wealth Management, and same thing is true in our Investment Management businesses.

更深入来看，这不仅体现在托管领域。托管自然伴随基金会计、外汇、证券融资、现金与抵押品等服务；有些客户只选其中几项，有些则选择更多。在政府清算领域亦是如此：一旦我们提供托管，也会产生现金和抵押品需求；Pershing、财富管理及投资管理业务同样如此。

These businesses are very, very naturally multi product businesses. But what's interesting is, those top services that we provide are the entry points. But when you look at all these things as a package and if you look all across Bank of New York Mellon and say, well, where are the common attributes? Where do we provide common services? Cash is one example. And this just shows you across all the different businesses that we support, cash is an enormously important driver.

这些业务天生就是多产品业务。值得关注的是，我们提供的核心服务构成了切入点。当将所有服务整合并纵观纽约梅隆银行时，可以发现它们的共性——例如现金服务。横跨各业务线，现金都是极其重要的驱动因素。

And this gets really interesting from our perspective. Because we can look across the breadth of coverage that we have and say, well, because we do these things and we get these assets and we provide the services in different parts of the business, what does it allow us to do? And the same thing is true for collateral.

从我们的角度看，这一点尤为有趣。凭借广泛覆盖，我们能够思考：通过这些服务和资产，我们还能做些什么？抵押品服务同理。

So just to go through these in a little bit more detail to understand from our perspective the position it puts us in. We'll just talk for a second about cash and this is our cash and liquidity services that we provide. So on the left-hand side of this page, what you see is, that we generate a huge amount of cash across all the different businesses that people think about when they think about the lines of business.

接下来更详细地说明这为我们带来的优势。先谈现金，即我们提供的现金与流动性服务。在本页左侧，您可以看到：我们在各条业务线中产生了庞大的现金规模。

It's about \$1.1 trillion. It's such a huge amount of cash. And what that enables us to do is to think about, well, we generate that much cash, what do you do with it? And so we're able to create cash and liquidity capabilities that either benefit us directly or enable us to provide value or services to clients by connecting those that have some of these things, with those that need some of these things.

规模约 1.1 万亿美元，如此巨量的现金促使我们思考如何使用。由此，我们能够构建现金与流动性能力，既可直接为自身创造收益，也可通过撮合“有余”与“所需”方，为客户提供价值或服务。

And when you look off to the right, the opportunities that cash enables us to do is we can obviously use our balance sheet and put the cash in our balance sheet and make some money off of it. It helps us build our own Asset Management business and that's extremely significant relative to the flows that we're able to invest.

右侧展示了现金带来的机遇：我们可以将其置于资产负债表内赚取收益；这些资金也助力我们发展自身的资产管理业务，与我们可投资的资金流相比，这一点尤为重要。

We also are able to provide a platform for our Asset Management clients to build their asset flows. And it's a huge, huge differentiator when we go talk to our Asset Management clients. And then we can create additional solutions like our securities lending cash reinvestment plans.

此外，我们还能为资产管理客户提供平台，帮助其扩大资金流。这在与资产管理客户交流时是显著的差异化优势。我们还可开发额外方案，如证券借贷现金再投资计划。

So again, you think about cash as a commodity and you think about, well, how does cash fit into what we do? Internally, cash is an extraordinarily important business, which really benefits and provides value across our entire client set and across all different things that we do.

总之，请把现金视作一种“商品”，思考其在我们业务中的作用。对内而言，现金是一项至关重要的业务，真正惠及并为我们全体客户及各项业务创造价值。

And collateral is exactly the same thing, where you look at collateral comes in through the different businesses that we have across the top. But that then enables us to be in a position to have all this cash and collateral. And then again, we ask the question, what we can do? And we have this tri-party platform, which Todd's going to talk a little bit more and that enables us to create services for both sides, buy side and sell side. And then, given the amount of collateral that we have because of the businesses that we're in, and because of the people that we do business with, we believe no one is in a better position to create value for those that either have the collateral or need the collateral.

抵押品的运作方式完全相同——它通过我们上方列出的各项业务流入公司，这使我们同时掌握大量现金和抵押品。接着我们会思考：凭借这些资源还能做什么？依托我们的三方回购平台（Todd 稍后会详细介绍），我们能够同时为买方和卖方提供服务。考虑到我们所在业务领域及合作伙伴带来的抵押品规模，我们相信，没有任何机构比我们更能为抵押品的持有者或需求方创造价值。

And sometimes it's very, very basic just in terms of matching those on either side of the transaction marketplace. But here too we're doing a series of interesting things where we use this internal network and using electronic capabilities to help show our clients that by doing this business with us, it creates more value for them.

有时候，我们所做的只是简单地撮合交易双方。但在此基础上，我们也在通过内部网络和电子化手段开展一系列有趣的创新，让客户看到与我们合作能为其创造更多价值。

So when you look across all these things, we just feel really great about the underlying businesses that we have. But I do want to now transition and talk just a little bit about the actual business model. And you can see on this cover page, we're clear in terms of what we do. So we know who we are. And as I just pointed out, we love who we are. We're focused. So when we think about where we invest our money and where we spend our money, it's where we think we have competitive advantages, which are in the businesses that we're in today. And individually as businesses but also across the entire company, we believe they're almost all extremely financially attractive. And probably, most importantly, becoming more so, and that's what we'll continue to talk a little bit about.

综合来看，我们对自身的基础业务充满信心。接下来，我想稍微转换话题，谈谈我们的商业模式。从封面可以看到，我们对于自己的定位非常清晰。我们了解自身优势并以此为傲，也始终聚焦于此。因此，在投资和支出决策时，我们将资源投入到最具竞争优势的现有业务中。无论单独业务还是整体公司层面，这些业务几乎全部具备极高的财务吸引力，而且这一点正日益增强——我们稍后会继续讨论。

So reminder, again, many of you know this who cover us in detail. About 75% of our fees -- 75% of our revenues are fees. And you all love talking about fees. Whenever I read your reports, it's fees, fees, fees. What's going on in fees? Are fees growing? And obviously, fees are extraordinarily important for us. But I just really want to try and do my best to make sure you understand that internally, we love NII. We love NII the way we run this company because NII is, it's a -- it's part of the way we get paid in the businesses that we're in.

再次提醒那些深入研究我们的分析师：大约 75% 的收入来自费用。你们总是关注费用，报告里处处都是“费用、费用、费用”，讨论费用走势、费用增长。费用对我们确实至关重要，但我也想强调，我们内部同样重视净利息收入（NII）。在公司运营模式中，NII 是业务收入组成的重要一环，我们非常看重。

So Frank La Salla's over here. Frank runs Corporate Trust business. When we provide Corporate Trust services for someone, balances come with that product. That's an important part of what we do and it's an important part of the profitability of the product. Treasury Services, most of you know, right, very often you get paid with balances in lieu of fees. So -- and we can go business-by-business. People are going to cover it. You saw it on my slide.

就拿 Frank La Salla 负责的企业信托业务来说，为客户提供信托服务时会伴随一定余额，这对业务本身及其盈利能力都十分关键。再如大家熟悉的资金服务，往往通过账户余额而非费用来获得报酬。这些案例在我的演示中都已展示，后续同事也会逐项说明。

Cash appears across the board in what we do. It's extraordinarily important. And so what's important to us is, we think the NII is valuable here, because it's attached to our core services. The majority of the NII that we produce is attached to those core services. And you could sit there and say, well, there is risk in it and well, there's risk and opportunity, NII can go up or go down with rates and the rate of movement. But the same thing is true with fees, right?

现金在我们的业务中无处不在，极其重要。NII 的价值在于它紧密绑定核心服务；我们产生的大部分 NII 都来源于此。有人可能会说，这其中存在利率波动带来的风险与机会——NII 会随利率水平升降。但费用收入同样受市场估值、交易量波动影响，并非没有风险。

In fees, you've got market values that can go up and down. And you've got transaction volumes that can go up and down. So we're going to show you some slides later and over a period of time -- not period of time, when we get towards the end of the first quarter, we're actually going to start showing you more line-of-business information, which is inclusive of both fees and revenues so you can see the business the way we see it.

费用收入受市场价值与交易量变动影响。稍后，当第一季度临近结束时，我们将展示更多分业务信息，涵盖费用与利息收入，让大家从我们的视角了解业务表现。

So listen, when you add all these things together, while fees are 75% of our revenue stream, the way we think about it is, well over 80% is fee-like in nature and has a lot of value to it. I do want to point out at the bottom, it looks like a very small number.

综上，尽管费用占收入流的 75%，但在我们看来，超过 80% 的收入具有“类费用”特征，价值巨大。我想特别指出，底部有个看似不大的数字。

Foreign exchange and other trading \$700 million relative to everything else. It doesn't look like a big number. We like that in some respects, because of the recurring nature of what we do, but we love the revenue that we get from here. It's extremely profitable. It's very, very valuable to the relationships. And as you'll hear as we go throughout the day, lots of opportunities continue to build that business in a way that makes sense for us as an entity.

外汇及其他交易收入为 7 亿美元，与整体规模相比不算庞大。某种程度上，我们乐于见到这种经常性收入；同时，这部分收入极具盈利性，对客户关系价值重大。今天你们将听到更多信息——我们仍有大量机会以符合公司策略的方式扩展这项业务。

We have very strong margins. And they're growing. And as we look out into the future, we don't expect that to stop. The progress is extraordinarily impressive. And I just -- you've just got to look at this, and you've all have covered us so you know what the management team has done, including my predecessor, Gerald, who is not here but it's just -- when you look at the financial performance of the company before 2014 versus what happened after 2014, it's extraordinarily impressive. And Gerald and the entire management team just -- I just look at what they've done and are just -- feel so proud to be able to work with the team that delivered those results.

我们的利润率十分强劲且仍在增长，展望未来也不会停滞。这一进步令人瞩目。各位都研究过我们，了解管理层（包括我的前任 Gerald，尽管他今天不在场）所做的工作；比较 2014 年前后的财务表现，差异极其显著。Gerald 及整个团队的成就让我深感自豪，也很荣幸能与他们共事。

And so you can see, strong growing margins. And it's true in each of the businesses, and it's something we're not going to lose focus on. And the business model allows us to increase the margins but at the same time, increase our earnings per share, which you can see in 2017, we're up about 13% on an operating basis, up 11% in '16, with strong and growing returns on tangible common equity as well. And we do this, we produce these returns and we've been able to produce this trend in the underlying positive results with a very, very different risk profile than most of the other banks out there.

由此可见，各业务板块都维持着稳健且上升的利润率，我们绝不会忽视这一点。我们的商业模式不仅提升利润率，还同步推高每股收益——2017 年经营层面增长约 13%，2016 年增长 11%，有形普通股权益回报率同样强劲且递增。与多数银行相比，我们在取得这些积极成果的同时承担的风险大不相同。

I'm not going to go through this in detail. Mike's going to cover in a little bit more detail. But it's just extraordinarily important. When we think about the opportunities in front of us and when we think about what we're going to do, it's not about changing the risk profile to do it. We will take risk where it's in support of the other things that we do. When we think we do it well, we're willing to do it but it's going to be -- it's going to continue to be very, very focused as it's been in the past.

我不会在这里详细展开，Mike 稍后会更深入说明。但这点极其重要。当我们思考眼前的机遇以及我们的行动方案时，并不是要通过改变风险状况来实现目标。只要风险能够支持我们开展其他业务，我们就会承担；如果自信可以把控，我们也愿意承担，但未来仍会像过去一样保持高度聚焦。

And ultimately, when you add this all together, we produce just a consistent -- consistently we've been in a position to be able to return the majority of capital that we generate to our shareholders. So in 2017, you can see that we returned 23% in the form of dividends, another 69% in the form of buybacks, so 92% overall. Over those past 3 years, it's about \$10.3 billion while we've been increasing the dividends. And so again, we'll talk a little bit more about this as well, and Mike will cover it, but obviously subject to the appropriate approvals. Just because of what our business model is and how we run the company, we don't see this way of being in a position to return capital as changing out into the future.

归根结底，把所有因素综合起来，我们始终能够将大部分所创造的资本回馈股东。以 2017 年为例，我们通过股息返还 23%，通过回购返还 69%，合计 92%。过去三年累计回馈约 103 亿美元，同时股息不断提升。稍后我们会再谈这点，Mike 也会阐述，当然一切仍需监管批准。但鉴于我们的商业模式和运营方式，未来继续以这种方式回馈资本的做法不会改变。

And I just want to just look for a second that the way we think this all adds up in terms of what it means in terms of yield as an investor. It's a slightly different way of looking at it, not just kind of marginally slightly, but obviously, when you look at 2017 numbers, we have the yield on the stock because the dividend 1.7%. But when you look at the share repurchases, that effectively has added a little over 5% returns back to shareholders. So just when you look at our capital actions alone, forget about earnings for a second, just capital actions, again, which we think are very structural in terms of what we are and who we are as a company, we've been able to return almost 7% in the form of yields just based on these capital actions. And that's before what we've done in terms of growing net income, which you can see in 2017 was 9%.

再从投资者收益率角度快速看一下整体回报。2017 年股息收益率为 1.7%，回购则为股东额外贡献逾 5% 的回报。仅仅考虑资本回馈，不计净利润增长，这部分“结构性”行动就带来了近 7% 的收益率。而若加上 2017 年 9% 的净利润增长，回报更为可观。

So this is just a way of just saying, listen, you add this all up, I talked about the quality of the businesses, I talked about our market positions but when you just look at the financial dynamics of who we are and what we are, to me, it's just extremely attractive. And the question is, how do we just build on it from here? But I -- not everything is as peachy as you all point out and as we point out to ourselves. But I do think it's important to understand when you look at all of those results and everything that we've been able to achieve, it's been with disappointing revenue growth.

综上所述，无论是业务质量、市场地位还是财务表现，我们的整体吸引力都极高。关键在于如何在此基础上再接再厉。当然，如你们和我们自己所指出的一样，情况并非完美——在取得这些成绩的同时，收入增长令人失望。

And so we can beat ourselves up and we can talk about, well, we haven't been able to get it and we haven't been able to achieve the kind of revenue growth rates that we had hoped for at the time of Investor Day. But again, I look at the model in terms of what we've been able to generate and the way we think it looks going forward. And to me, it's opportunity.

我们可以自责，承认没有达到投资者日期望的收入增速目标。但从商业模式和未来前景来看，这里蕴含着机遇。

Now I can also look at it and say, well, when you look at our performance 2007 to 2016, it's improving. But when we look at the numbers, we're trying to be very intellectually honest about it. And so the reality is, the majority of that is actually market-driven. And so when we think about what our job is we don't discount the market. The market drives a lot of what we do. We're beneficiaries of rising markets and market volumes over a long period of time and we should make the right strategic decisions of businesses that we're in and not and to make sure that's maximized.

从 2007 至 2016 年的表现看，公司确实在改善。但若诚实分析，大部分增量源自市场因素。市场走势对我们影响深远，我们长期受益于市场上涨和交易量增加，因此必须在业务选择上做出正确战略决策，充分放大市场驱动力。

But when we look at what we deliver year in and year out, it is about growing that business-driven or that organic-driven number, and that's obviously, we're going to spend a lot of the day talking about.

然而，我们年度业绩的核心在于提升由业务本身驱动、自然增长的收入，这将是今天讨论的重点之一。

And just as a reminder, the leverage in this business is extraordinary. And so depending on what you think of in terms of what the incremental margins are, our view is roughly a 1% increase in revenue should translate to 2% to 3% in EPS growth. So yes, we haven't performed relative to our expeditions. You're going to see, we have revenue growth in some parts of the business, some of it's very good. Others, it's good but we could do better. And so when we think about what the future of the company is, to me, it's an opportunity and it's all about our focus and discipline in terms of driving towards that.

请记住，本业务的杠杆效应极大。按照我们的估算，收入每增加 1%，每股收益应能增长约 2% 至 3%。因此，虽未达到预期，但部分业务仍实现了不俗的收入增长，其他业务虽有提升但仍有进步空间。展望未来，这正是机遇所在，需要我们保持聚焦与纪律，推动目标实现。

Let me talk for a second about expenses and efficiency. Here too, you can look at our progress from '14 to '17 and you can see just the extraordinary job that everyone here has done. And just as a reminder, our expenses are down, which is what you see on the page. But the reminder is this has been down while our volumes have gone up in every business that drives the majority of these costs. And it's in an environment where we've had to continue to increase the amount that we spent because of our regulatory cost.

接下来谈谈成本与效率。观察 2014 至 2017 年的进展，可以看到全体同仁取得的卓越成效。页面显示费用下降，但别忘了，在驱动这些成本的大部分业务中，交易量却在上升；同时我们还必须应对不断上升的监管开支。

So just as an example, in terms of how we've been able to do it, a big part of it is just operating efficiency. So just -- I put this slide up just to tell you how the management team, Doug Shulman is here today, runs the whole bunch of the stuff for us in our operations areas. But it's business by business, operating area by operating area, to say how do we get more efficient? So here you can see some of our most important functions: USTA, accounting and our core securities processing, volumes are increasing with a very, very strong control on expenses. And that's something that just is what we need to do constantly in these businesses. That's the reality of what we do.

举个例子，我们通过提升运营效率来实现这一目标。幻灯片展示了管理团队（Doug Shulman 今日亦在现场）如何在各运营领域逐项提升效率。例如 USTA、会计以及核心证券处理等关键职能，业务量持续增长，而成本控制依旧严格。这正是这些业务所需的常态，也是我们的日常现实。

So we often -- not we often, in terms of when I read your reports and we have some of these conversations, people say, "Well, is all the juice out of it?" And people are like, "Have you gotten all the saves that you can get? Are you done and now, does it get much harder from that?" And so what I'd say is, listen, I think, just by the very nature of things, \[ generally ], people do the easiest things first.

当我读到你们的报告、与大家交流时，经常听到有人说：“这块柠檬是不是已经被榨干了？你们还能再省钱吗？节约潜力是不是用完了，接下来会不会更难？”对此我的看法是，人们一般都会先做最容易的事情，这很自然。

And so yes, there might be some truth in that, but getting to efficiency, getting to the core of the expense base, it is like an onion. You just peel it back and you see things you didn't see. And very often when you get good at things and you learn how to do things well, there's opportunities to do even more of it. So you can see on this page some of the things that we've worked on so far, pretty basic but very, very impactful things. And I do want to point out that our opportunities for those things aren't done. And real estate is a great example.

的确，这话有几分道理，但提升效率、削减成本就像剥洋葱，一层层剥开就会发现先前看不到的问题。通常当你在某件事上熟练之后，还会出现进一步改进的机会。幻灯片列举了我们迄今为止做过的一些看似基础却极具成效的举措，而这些举措仍有进一步空间。以房产为例就是个好说明。

I mentioned before this is going to become our new headquarters. We're going to vacate 225 Liberty Street. That's going to save us starting in 2019 about \$20 million a year. We have opportunities across the world in terms of consolidating space in big cities, in smaller cities. And so -- and we've got a team that knows how to do this. And because we've done it, we're in a position to say, okay, what's next.

我之前提到过，这里将成为我们的新总部，我们将搬离 225 Liberty Street，每年自 2019 年起可节省约 2,000 万美元。全球范围内，无论大城市还是小城市，我们都有整合办公空间的机会，并且拥有擅长此道的团队，因此能继续推进下一步。

But there are other areas. And you can see the areas that we're actively talking about, and actively working on, it's making sure that we're capturing everything on a digital basis and then processing things on a straight-through basis. The number of faxes we see -- we receive is extraordinary manual reconciliations. And the tool is available to help us automate today, there are certainly more today than there ever have been and it's something that we're very, very focused on.

此外还有其他方向。我们正积极推进的一项重点是全面数字化采集信息，并实现端到端自动处理。如今仍有大量传真、人工对账，这些都可通过现有工具实现自动化；相关工具比以往任何时候都丰富，这是我们极为关注的。

So when we think about what the opportunity is for us in terms of expenses, there is still plenty, plenty more to go. And so our ability to continue invest where we want to in new products and technology, our ability to drive more efficiency \[ out of place ], should be an important part of helping fund the tremendous part of that.

因此，就费用端的机会而言，空间仍然很大。持续在新产品与技术上投入、进一步提升效率，将为这些重大投入提供重要资金支持。

So I'm going to just turn now and just start and talk a little bit about some of the things that we're actually doing to grow our platform and invest for growth. I want to start with technology. As I mentioned before, we spent about \$2.4 billion a year in 2017 on technology. That number is going to move to about \$2.7 billion in 2018.

接下来我想谈谈我们为扩展平台、实现增长所做的工作，首先是技术。正如之前所说，2017 年我们在技术上的投入约为 24 亿美元，2018 年将增至约 27 亿美元。

And again, I just want to just address, I've read in some people's reports and people have said this, well, is this -- all of a sudden is a new way of thinking about expenses? Has the company lost expense discipline? It's not even close. That's not true at all. We're very, very focused on going through everything that we do and saying, how much should we spend? What's the right amount to spend? And we want to spend less on other things and keep those things in tight control. But here, we did look at it and say, we should be spending at a higher level. This gets us to that high level and we feel great about it.

有些报告质疑这是否代表我们突然改变了成本观念、丢失了费用纪律？绝非如此。我们非常审慎地评估每项支出，力求花在刀刃上，并对其他开销保持严格控制。在技术上加大投入是经过充分论证的决定，我们对此感到非常满意。

When you look at this page, which is important to note is when you say just generically, just across a couple of basic categories, we think that there is development, which is supporting the platforms, adding on new features to it, building new products and features into what we do. But there's also the investment in the operating platform and cyber security. And so you can actually see here the incremental \$300 million, roughly 3/4, and this is -- these are estimates, are going towards the operating platform in cyber.

从分类来看，投入包括平台开发（为现有平台增添新功能、打造新产品）以及运营平台与网络安全。新增的 3 亿美元预算中，约四分之三将投向运营平台和网络安全（数据为估算）。

And people might sit there and go, well, that's not digital, that's not electronic, we'd be more excited if we were directed towards these things which sounded better and we had a whole bunch of demo setup for you all. But what I would just encourage you to do when you think about this is many of your companies are clients of ours. And ask them, how did they want us to invest their money?

有些人可能觉得这不够“数字化”“电子化”，更愿意看到炫目的项目演示。我希望大家从客户角度思考：贵公司若是我们的客户，更希望我们把钱投向哪里？

And the most impactful thing that we can do in the next 2, 3, 4 years is do everything that we can to have the best operating platform in the business. And so that to me is priority #1, but it's not in lieu of doing other things.

未来两三四年里，对业务最具影响力的事情就是打造行业最佳运营平台，这对我来说是头号优先事项，但并不意味着放弃其他方向。

And so yes, we could have invested into the operating platform and driven down the development number. If we did that, and we show -- most companies probably wouldn't have showed the slide, and then we would talk about it, and you'd feel that we're disciplined about expenses. We'll think about it differently. We have to invest in the operating platform and we have to invest in new solutions, which will help drive the company's progress in the future.

当然，我们也可以只投运营平台、压缩开发预算，然后不把这张幻灯拿出来，你们会觉得我们更节俭。但我们的思路不同：既要投运营平台，也要投新解决方案，为公司未来发展铺路。

So we're spending a tremendous amount of money on development and a tremendous amount of money on the operating platform. And I would just say as a closing statement on this, if we ever talk too much about one versus the other, you should question it. Because we need to do both, to both deliver in the short-term but also deliver in the long-term.

因此，我们同时在开发和运营平台上投入巨资。最后想强调一句：如果我们未来过度偏重其中任何一方，你们都应对此提出质疑，因为唯有“两手抓”，才能兼顾短期交付和长期发展。

And so when you think about that and when you look at just the way -- well, what are you doing in the near term and what are you doing in the longer term, our spend is across the different time horizons. So when we look at where we're spending money both the full dollars as well as the incremental dollars, we're spending on things that we think will benefit us in the shorter term but we're also spending on things that we think will benefit us in the longer term. And here are just some examples of the way we're spending the money.

因此，当你思考这一点，并且看看——那么，在短期内我们做什么，在长期内我们做什么——我们的支出分布在不同的时间维度上。所以，当我们检视总支出和新增支出时，我们既投向能在短期内带来收益的项目，也投向能在长期内带来收益的项目。下面仅列举一些我们资金使用方式的示例。

So in the near-term, we're doing work on our data centers, we've been working on network architecture and we'll continue doing the platform consolidations. Many, many of them have been done, but part of our road map is to continue to \[do the work] and complete the process on that.

在短期内，我们正对数据中心进行改造，着手网络架构，并将继续推进平台整合。许多整合已完成，但我们的路线图还包括继续开展相关工作并最终完成整个流程。

But we're also doing things in the digital space today. And just a couple of examples, we've got some neat things going on in our markets business on the electronic side. We have APIs in the marketplace today, we continue to add new ones. So the work that's been done within development is both in terms of the shorter term, both infrastructure and new things.

同时，我们今天也在数字领域开展工作。举几个例子，我们在市场业务的电子化方面做了些很酷的事情；目前市场上已有我们的 API，我们还在不断新增。因此，开发团队的工作既涵盖短期的基础设施，也涵盖新的创新。

But we also have a lot of things that are going on in the technology space. And we just have a short list of them here. You can hear more of them throughout the day. They do relate to blockchain. I've talked about digital markets, opportunities to leverage the Eagle data platform, data analytics across the company and some neat things that we're doing within real-time payments.

我们在技术领域还有很多项目正在进行，这里只列出一小部分。今天你们会听到更多。这些项目与区块链相关；我谈到的数字化市场、利用 Eagle 数据平台的机会、全公司的数据分析，以及我们在实时支付领域开展的一些有趣工作都包括在内。

So the list is significant. It's short-term and it's long-term. Some of it's table stakes, just things that you have to do to be as good as you want to be. But a significant number of them are things which we think will differentiate us in the marketplace over time.

这份清单相当庞大，既有短期项目，也有长期项目。其中一些属于“入场筹码”，是想达到理想水准必须完成的事项；但相当多的项目是我们认为能随着时间推移让我们在市场中脱颖而出的。

And then, looking beyond technology, you say, well, we're also investing, because when we think about growth, growth is not one thing. Growth is not, okay, we're going to go spend a whole bunch of money in technology and that's going to increase our rate of growth. Growth is about a series of initiatives that are linked together. It's adding services. It's adding products. It's adding technology. It's adding markets. It's doing a better job focusing on growth. It's all of those things.

再看技术之外，你会发现我们也在其他方面投资。因为当我们思考增长时，增长并非单一动作；并不是说“在技术上大手笔投入”就能提升增长率。增长是一系列相互关联的举措：增加服务、增加产品、增加技术、扩展市场、更加专注于增长——所有这些共同作用。

And I love to say, there is no silver bullet here. So you need to do a series of things that are coordinated. And together as a package, you got to look at it and say, are they all the right things to help drive incremental revenue growth? And we obviously, believe that it is.

我常说，没有灵丹妙药。所以必须协调开展一系列举措，把它们作为整体来审视，问自己：这些是否都是推动额外收入增长的正确行动？显然，我们相信答案是肯定的。

So what you see here, just some examples, again, you're going to hear about some of those things, fund launches, opportunities and Wealth Management, things we're doing in alternatives and ETFs and our servicing side of the business. I mentioned the data platforms, e-platforms. It's a series of things. And it's business by business. It's something that we're highly focused on.

你在这里看到的只是一些例子，你们还将听到更多：基金发行、财富管理机会、我们在另类投资和 ETF 以及服务业务方面所做的事情。我提到了数据平台、电子平台。这是一系列举措，且逐个业务展开，我们对此高度关注。

And I would be remiss if I didn't talk about how we do business. This is less tangible. Hard to look at this and say, well, what will this exactly do to drive growth. But I think it's just extraordinarily important. I've talken -- I've not talken -- I've spoken about the wonderful client relationships that we have. But I've also talked about we have -- I think, we've got an opportunity to do even better. Todd's going to cover it, so I'm not going to talk much about it. But I think this is a strength we can get even stronger and it just creates more opportunities for us to do a better job for our clients and grow revenues.

如果不谈谈我们的经营方式，那就失职了。这一点不太易于量化，很难直接说明它会如何推动增长。但我认为这极其重要。我提到过我们与客户的卓越关系，也认为我们还有机会做得更好。Todd 会详细介绍，我就不多说了。我认为这是我们的优势，并且可以进一步强化，从而为更好地服务客户、提升收入创造更多机会。

And we are, with all the work that's going on in technology continued to evolve our platform. And you've heard a lot about NEXEN in the past. The work continues to go on. The work is really focused around the things that are here on the right, gateway, APIs, Digital Pulse and some of the work that goes on within our private cloud. But that too is one part of this bigger picture that we have, albeit an important one.

随着各项技术工作的推进，我们的平台也在持续演进。过去你们听过很多关于 NEXEN 的内容，这项工作仍在进行，重点聚焦于右侧列出的项目：网关、API、Digital Pulse 以及私有云中的部分工作。尽管这只是宏大蓝图中的一环，但同样十分关键。

So kind of add all these things up and you put it altogether, and you say, well, what are we doing and how do we feel about our opportunity to increase the rate of revenue growth across the company? And we feel good about it. I always like to remind ourselves, as I said before, no silver bullet, long lead times and long sales cycles for the things that we do. But with the coordinated set of things, these are the types of things that great companies do to build their revenue stream.

将所有这些因素汇总起来，你会问：我们正在做什么？对于提升公司收入增长率的机会，我们感觉如何？我们对此很有信心。我常提醒自己，如前所述，没有灵丹妙药；我们的业务具有较长的前置期和销售周期。但通过协调一致的举措，这正是卓越企业构建收入流的方式。

So you have to have strong operating platforms and you get better and better about it and it become -- it turns into not just a commodity that everyone has, but you want to be viewed as the best and the strongest operating platform out there.

因此，你必须拥有强大的运营平台，并不断提升，使其不再只是人人具备的“大众商品”，而是被视为业内最佳、最强的运营平台。

Consistent client solutions, we've spoken about. We do have to be thinking about the future. A lot of it is digital. A lot of it are product extensions that are really based upon digital capabilities. You're going to hear about work, again, that we're doing both internally to build those capabilities, but we're also doing a bunch of things with outside partners and are completely open to continuing to build those relationships and do more things with outside partners.

关于“一致的客户解决方案”我们已谈过。我们必须着眼未来，其中很大一部分是数字化；许多延伸的产品都基于数字能力。你们将再次听到我们在内部构建这些能力的工作，同时我们也在与外部伙伴展开多项合作，并完全开放于继续巩固这些关系，与外部伙伴开展更多合作。

But I do just want to stress this -- that last bullet point on the left-hand side here, which is, it's management focus. And I think when you look at what we've done and what our focus has been over the past bunch of years, we have had great focus on just improving the financial discipline across the company. A big part of that has been focused on expenses. It's been done in a way that has preserved these great relationships that we have. That now has become much more within the DNA of the company.

但我确实想强调一点——就是左侧最后一个要点，即“管理层聚焦”。回顾过去这些年的工作与重心，我们非常专注于提升公司的财务纪律，其中很大一部分聚焦于成本控制，并且在保持与客户良好关系的前提下完成。这一点如今已深深融入公司的 DNA。

And so from my perspective, I think, we've got an opportunity now to add -- introducing revenue growth as a meaningful priority across everything that we do. And you say, well, what does that mean? That means managing the company to that base. That means when we sit in a room, every single month and do business reviews with every single business, people walk in with their financial statements, they walk in with their operating metrics. And if the business is doing well, you just don't feel good about it and leave the room. You look at it and say, well, how much of it's market driven? How much of it is based upon organic actions? How many of this is based upon things that you as a management team are doing to drive those things?

因此，在我看来，我们现在有机会把“收入增长”作为所有工作的核心优先事项。那意味着以此为基础来管理公司。每个月我们与各业务单元开会时，大家带来财务报表和运营指标。如果业务表现良好，不能就此满足离开，而要分析其中多少由市场驱动，多少源于有机举措，又有多少得益于管理团队主动推动的措施。

Then you start talking about, what those things are. You come up with ideas, you come up with plans. We across the company have a way of, as you've seen before, stitching things together to layer on ideas to it, and then what do you do? You come back the next week, the next month and we have the same conversation. And if we've got the right people in the room, I personally believe we have all the right assets here to be able to do that. And so I would just -- to me, managing the company and making revenue growth as a priority and revenue growth at the same time we focus on our operating margin without taking outsized risk or anything like that, that's what we're going to do as a management team.

接着讨论该做什么，提出想法和计划，公司一向擅长把这些想法串联并深化。然后下一周、下个月，我们再做同样的讨论。只要把合适的人聚在一起，我相信我们拥有推动这一切所需的全部资源。因此，作为管理团队，我们将在确保风险可控、运营利润率优先的同时，把收入增长列为首要目标来管理公司。

And the last thing I'll mention, just that we've done here is we've just changed the compensation plans for the executive committee. So when you look at how the executive committee has been paid historically, it looks very much like the way most other companies pay their people. You have targets. It's based on earnings per share. If you do better, you get paid more. If you do worse, you get paid less. And in our case that factor is through the performance share calculations. We love the fact that our earnings per share as a metric, ultimately, that's how you all get paid. And so we get the importance of that. But what we did for the executive committee as we went into the year is we significantly reduced the ability for just the markets to impact that results.

最后要提的是，我们已调整执行委员会的薪酬方案。过去其薪酬模式与大多数公司类似：设定目标，以每股收益（EPS）为基准，多劳多得、少劳少得，通过绩效股份来体现。我们重视 EPS 这一指标，因为它最终决定股东回报。但今年我们大幅降低了市场因素对绩效结果的影响权重。

So instead of having a 100% of the market flow-through those results, only 25% of any market impact will be able to impact those results, as opposed to organic changes which will be 100%. So our incentive to intelligently grow the company organically, because this is based on earnings per share, not revenues, is just -- is what's going to drive our ability to get paid as a management team.

市场变动对结果的影响从 100% 降至 25%，而有机变化仍按 100% 计入。因此，智能地促进公司有机增长（考核基于 EPS 而非收入）将直接决定管理团队的报酬。

And when we look at the performance share plan, we've made significant changes there as well. So as opposed to having the performance share based upon just earnings per share, we're moving to a matrix, where it's based upon organic growth and operating margin.

在绩效股份计划方面，我们也做了重大调整；不再仅以 EPS 为考核，而是采用一个矩阵，将有机增长与运营利润率结合考量。

And so you have to drive both. You can't do one of the expense to the other. And so again, you add these things together, do we have the initiatives? Do we have the management focused on it? Is it going to reflect how we're all are going to get paid? Those are the things that as a company -- when you put the whole place together, this is how we rally around and we start making the improvements, some of which you've seen and you're going to hear about them through the day, but it just becomes another way of life for us.

因此，两者必须同时驱动，不能以牺牲其一为代价。综合来看，我们是否拥有相应的举措？管理层是否专注于此？计划是否体现到薪酬上？公司通过这些机制把大家凝聚在一起并推动改进，这已经、也将继续成为我们的工作常态。

So we're not picking 1 or 2 things, which are going to drive revenue growth. I just think that's kind of a strange thing. It is these coordinated set of things. But I do think ultimately when you look at who we are and what we do, we have the franchises. Our businesses do have competitive advantages. We're very focused on it and we're going to manage the place to it. And we're going to do this all in the context of having appreciation for the strong financial fundamentals and ensuring that we continue to produce those strong fundamentals for all of you.

因此，我们并不是挑选一两件事来驱动收入增长；那种想法太片面。真正起作用的是一整套协调举措。归根结底，凭借我们的业务基础与竞争优势，我们将保持专注并以此方式管理公司，同时珍视并延续强劲的财务基本面，为各位持续创造价值。

So I will be back up at the end just to do a little summary and also talk a little bit about some more specificity in terms of what we think financially for the outlook. But I'm going to turn over to Mike now to walk us through for more detail. Thank you.

我稍后会回来做简要总结，并更具体地说明我们对财务前景的看法。现在把时间交给 Mike，为大家进行更详细的介绍。谢谢。

Michael Santomassimo   Former CFO

Great. Thanks, Charlie. Good morning, everyone. Thanks for braving the storm. My wife is happy that I'm here and now being out in the 2-feet of snow they have at home in New Jersey. So I'm sure I'm going to hear about that this afternoon. So why don't we jump right in.

Michael Santomassimo  前首席财务官

非常感谢，Charlie。各位早上好，感谢大家在暴风雪中前来。新泽西家里已经下了两英尺厚的雪，我太太很高兴我此刻人在这里而不是在家里铲雪，我猜今天下午她肯定会跟我好好聊聊这件事。那我们就直奔主题吧。

So I just want to build on some of Charlie's comments. We'll talk more about the business model. We'll talk about the profile in a little more detail, financial profile. We'll talk how we've executed since our last Investor Day and the targets we put out there. And then I'm sure no one has looked at the outlook pages yet. So we will cover those in a little bit of detail as we get to those.

我想在 Charlie 的发言基础上再展开一下。我们会更深入地讨论业务模式，详细介绍公司的整体状况和财务概况，并回顾上一次投资者日以来的执行情况及既定目标。至于展望部分，我想大家可能还没来得及看，我们稍后也会详细说明。

So first, why BNY Mellon? So Charlie, covered a lot of it, but it's the business model we've got. We've got a great set of critical services that we provide a wide breadth of clients. The recurring nature of the revenue stream, both in fees and net interest revenue, the intentional low risk-weighted asset model that we've got, that has delivered great returns over the last few years. And has also helped drive the strong EPS growth, and we think that will position us well to keep doing that in the future.

首先，为什么选择 BNY Mellon？Charlie 已经谈到很多，本质上是因为我们的业务模式。我们为广泛的客户群体提供关键服务，收入具有高度经常性，包括费用和净利息收入两方面；同时采用有意控制的低风险加权资产模式，这些年来带来了优异回报并推动了强劲的每股收益增长，我们相信未来还能继续维持。

So as we look at investment services, we're not just the largest custodian bank out there. We've got a wide range of services that we think enables -- gives our clients a multiple entry points to build upon. So I'm not going to try to cover every one of them in detail, nor are the bullets meant to cover the exhaustive list of services on each of these, but I'll just kind of walk you through a couple as we go through.

谈到投资服务，我们不仅仅是全球最大的托管银行。我们还提供广泛的服务，为客户提供多重切入点。因此我不会逐项深入介绍，也不会在要点里穷尽所有服务，只挑几项重点说明。

So obviously, Asset Servicing is a biggest piece of what we do. Hani is going to bring you through that in detail. So Custody, accounting, ETF services as well as the whole range of alternative services are sort of the core of what we do. But you'll see that it's becoming much more than that across the data management capabilities that we've got as well as the other analytics that we can provide our clients.

显而易见，资产服务是我们的核心业务，Hani 稍后会详细介绍。托管、基金会计、ETF 服务以及多元替代资产服务构成了我们的核心，但凭借数据管理和分析能力，这些服务的外延正在不断扩大。

Pershing, probably one of the businesses we haven't talked a lot about in detail. You will hear from Lisa. But it's a great business that's performing really well, has a great market position here in the U.S. and has evolved over a long period of time in providing a number of key services for its clients.

Pershing 业务我们之前提及不多，Lisa 会做介绍。这是一项表现卓越、在美国市场占据重要地位的业务，长期以来为客户提供多项关键服务并持续演进。

Clearance and collateral is one of the places that differentiates us versus many -- most others. Our position in the U.S. government clearing business is at the core of that, but it's much more than that in terms of really providing global collateral management capabilities and allowing clients to optimize their collateral across a wider swath of the globe than most others can do.

清算与抵押品服务是我们区别于多数同行的另一大亮点。我们在美国政府证券清算领域的领先地位只是核心的一部分，更重要的是我们具备全球抵押品管理能力，能让客户在全球范围内优化抵押资产，这是大多数机构难以匹敌的。

Our markets business as Charlie mentioned, is really built to service the rest of the businesses. So whether it's through foreign exchange, the trading capabilities, security, finance and the capital markets activity that we've got there. And it's a bit of a hotbed of where we're doing some interesting things across fintech and other -- partnering with some other outside providers to do that. We're not going to try to compete with the big bulge bracket firms, that's just not who we are.

正如 Charlie 所说，我们的市场业务是为了支持其他板块而设。无论是外汇、交易能力、证券融资还是资本市场活动，都在此展开；同时也是我们与金融科技等外部伙伴合作、试水新项目的热土。我们无意与大型投行同台竞争，那不是我们的定位。

Treasury Services. We've got a really strong position there, #5 U.S. dollar clearer. It's something that not only provides great services to our clients but also is a backbone for a lot of things that we need to do internally. Has a good strong position across trade finance and the payments capabilities that it's got. And there are some interesting things in the commercial payments space that you'll see more of over time there.

资金服务方面，我们是全球第五大美元清算行，不仅为客户提供优质服务，也支撑着公司内部诸多业务。我们在贸易融资和支付能力上具有坚实地位，在商业支付领域也有一些有趣的进展，未来大家会看到更多。

Issuer services. We're not going to go into much detail here today. So I'll just give you a couple thoughts to sort of think about it. In corporate trust, globally we do have a very strong #1 position there, but we have lost market share over the years in a couple of key products, particularly on our structured finance servicing. And so we've been more focused on those items over the last year or so. And the results have been better as a result of that.

至于发行人服务，今天不会展开。简单说，在全球企业信托领域我们保持第一的领先地位，但过去几年在一些关键产品上（尤其是结构性融资服务）份额有所流失，因此过去一年我们更加聚焦这些领域，取得了明显改善。

You see new management team, Charlie highlighted Frank, he has been in the job a little over 6 or 7 months at this point. We continue to invest more in our sales team, our client relationships folks as well as improving our client reporting and the capabilities in the structured products space. And then most importantly, trying to get a better coordination across and get the benefit of the relationships we have across the rest of the firm and bringing them to bear in that business.

新任管理团队已经到位，正如 Charlie 提到的，Frank 上任仅 6、7 个月。我们持续加大对销售和客户关系团队的投入，同时改进客户报告和结构性产品服务能力；更重要的是加强跨部门协同，充分利用公司其他板块的客户关系资源，反哺该业务。

Depository receipts. We've talked a bit about that over the last couple of quarters. We've got a strong position there as well, #1, when you at it by number of sponsored programs. We've got a great management team, very experienced, high quality but the business has struggled as competitors have been much more competitive in terms of pricing and the structure they put around these deals. So we're being very disciplined about how we approach that business and managing it as much for profitability as we are for growth where it makes sense.

存托凭证业务。过去几个季度我们已经谈到过这一点。在按赞助计划数量计算时，我们同样保持行业第一的强势地位。团队经验丰富、素质出色。然而，由于竞争对手在定价及交易结构上更具攻击性，该业务的表现仍面临挑战。因此，我们在开展存托凭证业务时保持高度克制，既关注增长，也同样强调盈利能力。

Mitchell's going to come right up -- come up here right after me so I won't steal too much of his thunder on investment management. But it is a bit of a differentiated group relative to most of our peers. In terms of the capabilities that it brings to bear for his clients and Charlie talked a bit about the wealth management business here in the U.S., a very comprehensive strong business that should provide a good foundation for us to grow over time.

Mitchell 马上就会上台，我不想抢他关于投资管理部分的风头。不过，相较大多数同行，我们的投资管理团队具有差异化优势。该团队为客户提供的能力，以及 Charlie 方才提到的美国本土财富管理业务，都十分全面且实力雄厚，为我们长期增长打下良好基础。

So let's dig into the revenue stream a bit. So total company about 75% of the fees, 21% is the NIR as Charlie said, I think, we love -- I forgot, I was counting the number of times you said fees, but I'll try to beat it as we go through this here. But it is -- but 75% -- whether it's asset fee -- on the fee side, whether it's asset-based transaction fees. It's a mix of different ways we get paid in that fee line. But a lot it is very predictable based on the underlying operational services businesses that we have. And that will go up and down. But as long as we've got strong capabilities and services we think that'll be pretty predictable over time.

接下来深入看一下收入结构。正如 Charlie 所说，全公司约 75% 来自费用，21% 来自净利息收入。我想，费用……我都忘了你说了多少次“费用”，待会我会试着说得更多。无论是资产计费还是交易计费，75% 的费用收入由多种计价方式构成，而这主要依托我们的运营服务业务，因此表现高度可预测，虽然会随市场波动，但只要我们的服务能力保持强劲，其波动总体上是可预见的。

The net interest revenue is biggest driver of that is our operational deposits that clients leave with us that are part of those services as well. And whether you look across Asset Management or wealth management or issuer services, clearance and collateral, they share the same characteristics, high percentage of their revenues are fees, net interest revenue adds on to that. And so when you look at the aggregate, it will be pretty predictable and recurring over time. You're going to start to see us talk about the businesses more like this starting in the first quarter. So we'll give you sort of total revenues by business, so you get a flavor of what's really happening there as we look forward.

净利息收入的最大来源是客户在我们这里留存的运营性存款，这与服务挂钩。无论是资产管理、财富管理、发行人服务还是清算与抵押品，各业务都具有相同特征：费用收入占比高，净利息收入作为附加。因此，整体收入在长期内同样具备可预测性和经常性。从第一季度开始，我们将以这种方式披露业务数据——按业务线给出总收入，以便各位更直观地了解发展动向。

And as you think about the non-U.S. piece, it is a very global business, Pershing and wealth are the only ones that are really focused on the U.S. market. They've got strong positions both here in the U.S. And in their industries that the operate -- the services that we provide to clients outside the U.S., can be very different than the U.S. So we're very happy with our position and focus here in the U.S. But the rest of the businesses have a very strong presence outside the U.S. led by Asset Management with little over 40% of their revenue outside.

再看非美国部分，我们的业务高度全球化，真正专注美国市场的只有 Pershing 和财富管理。它们在美国及所在行业都处于强势地位。我们为海外客户提供的服务与在美业务可能截然不同。我们对在美市场的定位和专注度十分满意；同时，其余业务在美国以外也拥有强劲布局，尤其是资产管理，海外收入占比逾 40%。

There are significant synergies across these businesses. There's a lot on the page but I'm just going to try to highlight a few of the things that we see across there as we sort of look at the whole firm. First, they serve common clients. You're going to hear a lot of about that from Todd and as well as the other speakers this morning.

这些业务之间存在显著协同效应。尽管内容很多，我只想强调几项全公司层面观察到的关键点。首先，各业务共享同一批核心客户——Todd 以及今天其他演讲者将多次提及这一点。

But even across investment management and investment services, the largest institutions are clients of both sides of the house. And there are starting to become more and more synergies as we sort of look to combine and leverage the coverage that we've got across those institutions.

即便在投资管理与投资服务之间，许多大型机构同时是双方客户。随着我们整合及利用对这些机构的覆盖，协同效应日益显现。

Second, they serve each other quite a bit. So investment management supports investment services in the securities lending reinvestment activities that we've got. Investment services supports investment management, so investment management is kind of the top 5 clients of investment services. And we're continuing to do more and more of the servicing within Asset Servicing for Mitchell's businesses.

其次，各业务相互支持。投资管理在证券借贷再投资方面支持投资服务；投资服务也反哺投资管理，后者是投资服务的前五大客户之一。我们正持续在资产服务板块为 Mitchell 负责的业务提供更多支持。

But interestingly enough, investment services provides a platform for the clients to get access to the Investment Management products. So over about \$100 billion of assets get swept into our cash -- principally our cash products from our investment services clients. So it's a big portal to provide access to those products.

有趣的是，投资服务还为客户接触投资管理产品提供平台：目前约有 1,000 亿美元资产由投资服务客户自动转入我们的现金产品，可见其作为产品入口的重要性。

Treasury services supports the whole company as I mentioned, \[ in terms of a lot of ] capability -- payment capabilities that it provides. You'll hear from Lisa about Pershing touches almost every piece of the business in some way, whether it's markets or wealth management in terms of the banking services that it provides. And I can go on and on and on in terms of the details in terms of each of the places.

如前所述，资金服务通过支付等功能支持全公司；Pershing 通过其银行服务几乎触及市场业务、财富管理等每个板块——Lisa 将阐述更多细节。各业务间的协同举不胜举，我就不一一赘述。

But lastly what I will highlight is the cost synergy. And you'll see this as we make investments, particularly in Asset Servicing that's sort of the clearest example. As we continue to invest in the operating platform and the capabilities that we have in Asset Servicing, we invest once for our clients and Mitchell's business gets the benefits of us continuing to do that. And we'll be able to do that in a much bigger way than he would be able to do on his own. And he'll get the benefit increasingly over time.

最后要强调的是成本协同，其中最明显的例子来自资产服务。我们在运营平台及相关能力上持续投入，一旦建设完成，客户与 Mitchell 的业务都能同步受益，而且投入规模远超他单独投入所能达到的效果；随着时间推移，他获得的益处将持续增加。

We talked -- Charlie gave you a good sense of the technology spend and how we're spending it at a high level. Where I want to focus is a little bit more in detail in terms of where we're partnering with third parties outside. Whether they are small fintech or bigger partners, it's sort of a range of things that we're doing.

我们谈到——Charlie 已经让大家对我们的技术支出及其总体分配有了直观了解。我想进一步聚焦的，是我们与外部第三方合作的具体领域。无论对象是小型金融科技公司还是大型合作伙伴，我们都在开展多种形式的合作。

We’ve set some clear priorities, there is 5 of them on the left side of the page, whether it's from operating -- continuing to optimize our operational processes to sort of the core custody, safekeeping that we do, all the way down to collateral and liquidity.

我们已设定了几项明确的优先事项，页面左侧列出了 5 条：从持续优化运营流程，到我们开展的核心托管与保管业务，再到抵押品与流动性管理，涵盖全链条。

So let me just highlight a couple of examples that are on the right-hand side of the page. First is, Hazeltree within our collateral management space. So Hazeltree provides a service that allows treasurers across really any kind of company, corporates, it doesn't matter, to integrate their cash -- their banking relationships and their cash accounts across all of the providers that they've got. So they're allowed -- they sort of integrate it into one screen so they get better visibility into what's going on. We then coupled our custodies capability, our cash investing capability and liquidity capability to the back of that. So treasurers now can have a much easier solution, integrated solution not only to see what's going on but help them optimize the cash reinvestment and what they're earning on that as well as the hedging provide some streamlined hedging capabilities that go along with it. So an interesting solution that we're able to put together with Hazeltree.

下面挑右侧的两个案例。首先是抵押品管理领域的 Hazeltree。Hazeltree 提供一项服务，使各类企业的司库能够把分散在不同机构的银行关系与现金账户整合到同一界面，从而实时洞悉资金状况。我们将自身的托管、现金投资与流动性能力嵌入其后端，为司库提供一体化解决方案，既可直观查看资金流，又能优化现金再投资收益，并辅以简化的对冲功能。这是我们与 Hazeltree 携手打造的颇具吸引力的方案。

Now Symphony is the second one. Most people -- there's probably a lot of people in the room that use Symphony, most people use it as a chat capability across -- principally across financial services. But what we've been able to do now is, introduce operational process management into Symphony. So we're actually using bots to help us automate processes and we're using Symphony as the channel to sort of communicate with our clients. And so you can now like eliminate the flurry of e-mails that would have happened as a result of some these processes. You automate it through the bot and the secured chat room capabilities that come with the capability like Symphony allows real-time transparency for both sides of the relationship, our people and their people to communicate real-time and see what's happening.

第二个例子是 Symphony。很多在座同仁可能都在用——它通常被视为金融行业的聊天平台。但我们在其中嵌入了运营流程管理：利用机器人自动化处理流程，并以 Symphony 作为与客户沟通的渠道。这样一来，以往需要大量电子邮件往返的流程被自动化和安全聊天室取代，实现双方实时透明沟通，让我们的团队与客户同步掌握进度。

So it's still early days in terms of being able to get it -- using it across the clients, but sort of an interesting capability that we think will help improve the client experience quite a bit. We think we're the first ones using Symphony in that way, but there's more to come there.

该方案目前仍处于早期推广阶段，但我们相信这项有趣的能力将显著提升客户体验。我们可能是首家以此方式使用 Symphony 的机构，未来还有更多拓展空间。

Lastly, we couldn't get off fintech page without talking about Blockchain or distributed ledger initiatives. So we'll do that. There is a whole series of things that we're doing across the Blockchain space. First, we've talked a bunch about BDS 360 in other forums. But what we're using is distributed ledger technology as a tertiary backup for our government clearing system. So we've got a whole set of a resiliency initiatives that sort of work every day. We're using Blockchain to take a snap of all the transactions and positions really almost constantly throughout the day so that -- so if something did happen in a catastrophic way, we've got a -- we have this as a tertiary backup. So it's real, it's live, it's in production. So it's given us some experience of how to maybe replicate this in other ways internally.

最后，提到金融科技离不开区块链或分布式账本。我们在这一领域正开展多项工作。首先，在其他场合我们介绍过 BDS 360：我们将分布式账本技术用作政府证券清算系统的第三层备份。在日常韧性措施之外，我们几乎全天候为所有交易与头寸拍快照，一旦发生极端状况，可凭此进行恢复。该系统已投入实际生产，帮助我们积累了在内部其他场景复制的经验。

We're working with other banks to figure out how to digitize fiat cash held at Central Banks, which could speed up payment and settlement cycles. This what they call Utility Settlement Coin, so that was obviously developed by a good marketing department somewhere. But again, this has been going on now for -- it's got to be 18 months, 2 years and it's sort of different phases of work. But we think that could be interesting applications of some -- of this as we sort of look forward.

我们还与其他银行合作，探索如何将央行持有的法定货币数字化，以加速支付与结算周期——业内称之为“实用结算币”（Utility Settlement Coin，名字显然出自营销高手）。该项目已推进约一年半至两年，分阶段开展。展望未来，我们认为这种模式具有颇具潜力的应用场景。

We're also working with other partners to see how to play a role in the custody of cryptocurrencies. Very early days there, but I know everyone's sort of talking about that. And so are we with a whole series of different third parties, where we think there could be some interesting things to do there over time. But we're sort of cautious about how we sort of go about that.

我们亦在与多方伙伴探讨加密货币托管的角色。此领域仍处早期，市场讨论热烈，我们也不例外——正与多家第三方研究潜在合作，但会保持审慎步伐。

So as you can see there's a number of initiatives across the space. But there are a few key things that need to really come into place for this, for Blockchain or distributed ledger initiatives to really scale across providers. First is standardization. So we really need to sort of standardize the protocols that go along with these things. And that's why we're engaged in many of these consortium that you see on the page plus others.

如你所见，我们在该领域布局广泛。但要想让区块链或分布式账本在行业内大规模落地，仍需满足几项关键条件。首先是标准化——必须统一相关协议，这也是我们积极参与页面列出的多个联盟及其他组织的原因。

Second is regulatory acceptance and guidelines. And so there is more -- there's a lot of engagement with regulators on how this will work. And lastly, which may be the most important is we continue to make sure we try to find strong business cases where real problems are being solved so that -- so these things will actually catch fire and provide a benefit for everyone.

第二是监管的认可与指引——我们正与监管机构密切沟通，探讨实施路径。最后、也可能是最重要的一点，我们必须确保找到切实解决痛点的强劲商业场景，只有这样，这些技术才能真正普及并惠及各方。

And so as you look across this page, there is a whole series of things we're doing. None of these are going to transform the business in the short run. But the aggregate impact of these and the other investments we're making should keep us at the forefront of these initiatives.

综观整页，我们正在推进多项举措，它们不会在短期内颠覆业务，但与其他投资叠加，其总体效应将持续令我们处于行业前沿。

So let's switch to the regulatory environment. If you think back to 2014 when probably many of you were here, it was a time where there was still a lot of uncertainty. Certainly some of the rules hadn't been solidified or finalized yet. And many of the banks, including ourselves, were still working towards meeting many of the capital, liquidity, resolution planning, and you can go on and on in terms of requirements. So it was still very much a work-in- process back then. I think if you fast-forward to now, many of the rules particularly in the U.S. are done. We and many other banks have -- are at the place where we feel comfortable with our capital and liquidity profile. We are -- we've implemented or submitted our seconds of the big -- recovery resolution plans last year and we talked about that. So there's a number of initiatives that were sort of much more advanced.

让我们转到监管环境。如果你回想 2014 年，那时许多人可能都在现场，当时仍存在大量不确定性。显然，有些规则尚未定型或最终敲定，包括我们在内的许多银行仍在努力满足资本、流动性、解决方案规划等各种要求，清单可以列很长。当时一切都处于进行中。快进到今天，尤其在美国，大多数规则已经落地。我们和其他许多银行一样，对自身的资本和流动性状况感到安心。去年我们提交了第二份大型恢复与处置计划并已落实，我们之前谈到过这一点。因此，多项举措现在已经大幅推进。

We're focused on implementing -- finishing the implementation of a lot of the -- many of the regulations that were implemented in the EU. Some of those came a little after the U.S. so that's really where the work is for this year to sort of finish some of that stuff, whether it's a data privacy issues or the last pieces of MiFID II and other items. We feel very well positioned for the outcomes related to Brexit given the legal entity structure and other items that we've got in Europe. And the aggregate of all these things we do feel have made the industry and us more resilient and have positioned us well going forward.

我们目前专注于完成欧盟出台的大量监管规则的落地实施，其中一些规则晚于美国推出，因此今年的工作重点就是收尾，比如数据隐私问题、MiFID II 的最后环节以及其他项目。鉴于我们在欧洲的法律实体架构等因素，对于英国脱欧带来的结果我们感到准备充分。综合来看，这些措施增强了行业和我们的韧性，也为未来奠定了坚实基础。

And there is a lot of news around refinements of these -- some of these regulations as early as today. And so we're optimistic that as things get a refined that'll be constructive for us and helpful for us as we go forward.

今天就有不少关于这些监管细则调整的新闻。我们对此持乐观态度，相信随着规定进一步优化，将对我们未来发展产生积极影响。

So Charlie talked a bit about the profile that we've got on our balance sheet and the risk profile that we've got more specifically. And so when you look at our interest-earning assets, they are down from 2014, and I'll come back to that in just a second. But when you look at the composition of the assets, about 80% of them are either in cash or our securities portfolio.

Charlie 已经简要谈过我们的资产负债表构成，尤其是风险状况。先说我们的生息资产，相较 2014 年有所下降，稍后我会回到这一点。从资产构成看，大约 80% 为现金或证券投资组合。

So I think cash kind of speaks for itself. And when you look at our securities portfolio, over 90% of that is AAA or AA-. If you add A it gets you even higher. So we've been very cautious about the profile there. And then within that, 2/3 of these are either treasuries, agencies or sovereigns. So we're not reaching for a little extra return by taking a lot of risk.

The next biggest piece is our loan portfolio, which is a little under \$60 billion. It's really 4 big chunks of items that drive that. First is our wealth management business where we're providing mainly mortgages and some other securities based lending to those clients. So you can imagine very good LTVs on our mortgage book and the securities based loans are well collateralized.

第二大部分是贷款组合，规模略低于 600 亿美元，主要由四个板块构成。首先是财富管理业务，我们向该业务客户提供主要以抵押贷款及部分证券质押贷款为主，可想而知，我们的按揭贷款贷款价值比（LTV）非常健康，证券质押贷款也有充足抵押。

We do some regular way lending to corporates and other financial institutions, where about 90% of that is investment grade. We have some traditional margin loans principally in our Pershing business, which make up another about 1/4 of it. Again, very well collateralized in terms of the exposures. And the rest of it is a couple buckets, some of it is very focused lending to some real estate developers in some key places. And then overdraft that are tied to our operational business.

我们还向企业及其他金融机构提供常规贷款，其中约 90% 为投资级。Pershing 业务下有部分传统保证金贷款，占贷款组合约四分之一，同样抵押充分。剩余部分包括对特定地区房地产开发商的定向贷款，以及与日常运营相关的透支额度。

So I think when you sum it up across the loan book though, it's very -- we're very cautious and the quality of what we do is pretty high quality.

总体来看，我们对贷款组合管理十分谨慎，资产质量相当优秀。

And the last thing I'll sort of highlight in the page is the smallest number on the page, which is the trading securities. And that's not -- that is by intention, right. So we take very little market risk, have very low trading assets. You can see that both in the composition of the balance sheet as well as our value at risk, which is the sort of the single million -- single-digit million-dollar range.

页面上最小的数字是交易类证券，这完全是有意为之。我们承担的市场风险极低，交易资产规模也非常小，无论从资产负债表结构还是风险价值（VaR）来看，风险都控制在数百万美元的个位数范围。

And as Charlie said, we're not going to change our strategy. This is who we are and this is what our clients expect and they really want us to be a trusted counterparty as they think about the custody and safekeeping of their assets. So you'll see this continue as we go.

If you switch to the other side of the balance sheet, as I said, since 2014, the balance sheet has come down. The biggest driver of our balance sheet is our client deposits. So they go up, it goes up. They go down, it goes down. So what happened between 2014 and 2017 is we proactively moved off our least valuable -- least stable deposits and worked with our clients to do that so we could meet our \[ SLR ] and other requirements.

再看负债端，自 2014 年以来，我们的资产负债表规模有所收缩。其最大驱动因素是客户存款，存款增则规模增，存款降则规模降。2014 至 2017 年间，我们主动剥离价值最低、稳定性最差的存款，并与客户协作，以满足补充杠杆率（SLR）等监管要求。

There is good diversity of sources of those deposits, with just over half of them coming from our Asset Servicing business, the rest coming from the other businesses, you can see on the page. About 2/3 of those are interest-bearing, about 1/3 of those -- at least as of last year are noninterest-bearing, which is a little higher than some of our peers. And that's really driven by the mix of our businesses.

这些存款来源多元：稍超一半来自资产服务业务，其余来自其他板块（见页面数据）。约三分之二为计息存款，剩余三分之一为非计息存款（截至去年），该比例略高于同行，主要由我们的业务组合决定。

So about half of our noninterest bearing deposits are either from corporate trust or our Treasury Services business. Treasury Services, as Charlie said, a lot of clients pay us that way in lieu of fees. And in our corporate trust business, a lot of it's contractual in terms of the way these trusts are put together. So while our percentage is higher than some of our peers, we do expect that to come down as we've said a number of times over the last year or so, to probably closer to where it was pre-crisis, which was a little below 30%.

我们的非计息存款中，大约一半来自企业信托或资金服务业务。正如 Charlie 所说，许多资金服务客户以此方式给付服务费；而企业信托业务中，许多存款属于合同规定。因此，尽管我们非计息存款比例高于部分同行，但正如过去一年多我们多次提到的，预计该比例将逐步回落，接近危机前略低于 30% 的水平。

So we take the recurring nature of our revenue, you take the market -- the low market risk, the high quality of our balance sheet and you sort of wrap that all together in the business model. It really performs well in stress. And so when you use the CCAR results from last year as the measure, we have the lowest reduction in our Tier 1 leverage ratio across all of our peers. And we think that sort of a good way to show or illustrate our business model and the profile that we've got, and why we may be a bit different than others.

结合我们的经常性收入、低市场风险、优质资产负债表，这一商业模式在压力情景下表现出色。以去年的 CCAR 结果衡量，我们的一级杠杆率降幅在同业中最低，充分说明了我们的业务模式和风险特征，也解释了为何我们与众不同。

But I'm sure none of you remember any of the targets we put out in 2014, so this would be a quick section we can run through. But we did put some very public targets out there across both earnings, profitability, capital return and so forth. And so, as you look at the results, we achieved the upper end of our earnings per share targets, but revenue was below the range, and we'll come back to that in a sec.

我相信大家已经不记得我们在 2014 年公布的目标了，所以这一部分我会快速带过。当时我们在盈利、利润率、资本回馈等方面设定了公开目标。结果显示，每股收益达到目标上限，但收入低于目标区间，稍后我会详细说明原因。

Strong expense control and efficiency initiatives enabled us to sort of exceed our margin goals. We are now focused on continuing to grow -- or grow organically, while continuing to drive more operational efficiencies. The risk-adjusted returns were strong and you can see those. And we're in full compliance with all of our capital ratios, including the SLR. And lastly, on the liquidity side, we've got a very strong balance sheet and our LCR was well above where it needed to be.

得益于严格的成本控制与效率提升，我们的利润率超预期。当前我们专注于有机增长，并持续挖掘运营效率。风险调整后回报依然强劲，各项资本指标（含 SLR）均已达标。流动性方面，资产负债表稳健，LCR 远超监管要求。

So I just wanted to dig into the segments and the results in little bit more detail. As I said, we underperformed on revenue, you can see that pretty clearly. But both the combination of strong expense discipline, a little bit of a lower effective tax rates and capital actions really helped drive strong EPS growth over this time period. And on the revenue side, if you really dig into investment management, that's where we saw the underperformance. So I would say in hindsight the 8% to 10% probably just wasn't a reasonable target for where our business was at that point. So and 1/3 -- if you break down the reasons as to why, about 1/3 of it was really driven by FX rates. So foreign currency translations. So as I mentioned, there was a large percentage of the revenue within Investment Management outside the U.S. That drove about 1/3 of the miss. But about 2/3 of it is was really business driven.

下面分板块看一下。正如之前提到的，我们的收入不达标，但凭借严格控费、较低的有效税率及资本回购，EPS 依旧保持强劲增长。收入落差集中在投资管理板块，回头看 8%–10% 的目标对当时的业务体量而言并不现实。拆分原因，大约三分之一来自汇率影响——投资管理收入有很大比例来自美国以外；剩余三分之二则是业务层面的挑战。

Mitchell will cover it in detail but at the high-level, we did continue to invest in number of strategies, which we do think will position us for growth. But we did underperform the industry and overall market. And I think that was driven by -- we saw -- additional outflows in our active equity products. And you'll see we also have much lower exposure to equities than some of our peers, so that was an impact.

Mitchell 稍后会详细说明。概括而言，我们持续投入多项策略以支持未来增长，但整体表现不及行业和大盘，主要因主动股票产品进一步流出，且我们的股票敞口本就低于部分同业。

We exited a number of initiatives to really focus our energies on the things we thought were going to drive over time. And Mitchell will bring you through that in a little bit more detail.

我们退出了若干项目，将资源集中于长期驱动增长的领域，Mitchell 会进一步介绍。

On the Investment Services side, revenue was sort of way at the low end of the targets and pretax income was at the high-end of the targets driven by the efficiency items that we've sort of talked about already.

投资服务板块收入位于目标下限，而得益于效率提升，税前利润达到目标上限。

Now let's dig into 2017 performance a little bit because I think that may be a better view into our current profile than the averages over the last 3 years. And we're going to walk through some details around our operating results relative to our reported results and how we did versus 2016. So on an operating basis, revenue was up 4%, expenses were up 2%, generated good operating leverage for last year. Net income was up 9% and EPS was up 13% when you take into account the impact of the capital return through share repurchases.

再来看 2017 年表现，这比三年平均更能反映现状。按经营口径，收入同比增 4%，费用增 2%，实现良好经营杠杆；净利润增 9%，考虑回购影响后 EPS 增 13%。

So if you focus now on the operating adjustments, so hopefully this will help you a bit as you think about the way we measure our performance and the way you may model it, we've excluded merger and integration costs, litigation costs, restructuring charges as well as the significant items that we talked a lot about in January that impacted the fourth quarter of 2017. So all of these items are in our operating adjustments that you can see on the slide.

再说经营调整：为便于各位建模，我们剔除了并购整合、诉讼、重组费用，以及 2017 年第四季度的一次性重大项目，具体见幻灯片。

And when we report operating results going forward, just a small detail. We are going to include intangible amortization in our expenses and operating margins, so if that's helpful in the way you model, we should do that. But we do think that the operating results of \$3.57 is the base on which we're sort of measuring our performance as we look forward.

未来披露经营业绩时，我们将把无形资产摊销计入费用及经营利润率，这一点供建模参考。我们认为 3.57 美元的经营 EPS 将作为评估未来表现的基准。

Charlie covered the pretty significant increase in the margin from 2014 to '17. It is a pretty good feat that started obviously well before I joined the firm. So the team deserves a lot of credit for getting it there. We've spent a lot of time optimizing our geographic footprint not just from a real estate point of view but from a headcount point of view.

Charlie 已提到 2014–2017 年利润率的大幅提升，这一成就早在我加入前就已启动，团队功不可没。我们花了大量时间优化全球布局，不仅是房产，还包括人员配置。

We've moved thousands of jobs to lower cost locations across the globe. We've streamlined and flattened the organization, you saw the last iteration of that in November across the senior management team. And we've been sort of rethinking how we operate the place in almost everything we do. And as you can imagine, based on what you just heard, that has only accelerated just a little bit over the last 6-months or July 11 or whenever Charlie started, which we think will be a good barometer as we sort of think forward.

我们将数千个岗位迁往低成本地区，精简扁平化组织结构——11 月高管团队的调整正是一例。几乎在所有事务上，我们都在重新思考运营方式。过去六个月（亦即 Charlie 任职以来），这一进程有所加速，未来可视作重要晴雨表。

So we do feel, although we've accomplished a lot over the last number of years, we do think that there is a lot of opportunity for us to continue to do that. And I think we've all sort of very much believe that it's not one silver bullet that's going to drive it. It's going to be a whole series of initiatives that we're going to need to work on to continue to drive operating margin expansion.

尽管过去数年已取得诸多成果，我们仍认为提升空间巨大。大家一致认为，推动利润率提升并非靠某一“银弹”，而是一系列举措，需要我们持续努力、协同推进。

We generated a significant amount of capital during that time period since last Investor Day. We gave about 80% of that back to shareholders either through dividends or share repurchases. We kept a little under 20% of it to help us meet our SLR requirements. You've seen the risk-adjusted returns and we think we are well positioned at or above any of our regulatory minimums with reasonable buffers. So as we sort of think forward, we should be able to continue to pay out a substantial amount to investors.

自上一次投资者日以来，我们在此期间积累了大量资本。公司通过分红或股票回购将其中约 80% 返还给股东，保留不足 20% 以满足补充杠杆率（SLR）要求。您已经看到风险调整后回报，我们相信自身资本水平处于或高于所有监管最低要求，并保有适当缓冲。因此，展望未来，我们应能继续向投资者大量回馈资本。

That results in a 16% reduction in the shares outstanding for us, which is a good result relative to peers. And you've seen the shift in our payout, as Charlie kind of walked you through last years, but it sort of shifted over the last few years. Pre-Investor Day we sort of underperformed relative to our peers. Since Investor Day, we've outperformed relative to our peers. And if you would – one interesting point in 2017, if you adjust for the impact of the tax reform act in the fourth quarter, 2017 would have been little bit above a 100% payout as well.

这使我们的流通股减少了 16%，在同业中表现不俗。如 Charlie 去年所述，公司派息结构在过去几年发生变化：投资者日前，我们回馈水平略低于同行；自投资者日以来，则超越同行。有趣的是，如果剔除 2017 年第四季度税改法案的影响，2017 年的派息率也会略高于 100%。

As we think looking forward in terms of how we're going to use of our capital going forward, so first, we do continue to see the profile consistent with the way we've seen it in the past in terms of generating substantial capital. Our first priority will always be to maintain appropriate capital base for the company. But, again, we feel pretty comfortable with our position at this point. We'll prioritize investing in our operating platform and organic growth initiatives first. We'll continue to look at any acquisitions that would make sense that fit the strategy, if we feel like we can execute and the math will work – math works. And then we'll return the capital to shareholders. We would expect our payout to be 100-plus percent over time.

展望未来的资本运用，首先，公司仍将保持强劲的资本创造能力。我们的首要任务始终是维持适当的资本基础；对当前资本状况我们颇感安心。接下来将优先投资运营平台和有机增长项目；若出现契合战略、可执行且财务可行的收购机会，我们也会考虑。随后将多余资本返还股东；长期来看，我们预计派息率将保持在 100% 以上。

So now I'd like to give you some thoughts on our expectations looking forward. We'll first start with deposits. As I mentioned earlier, we did see a reduction in our balance sheet in our client deposits over the last few years, which was an intentional move to move our least valuable deposits. But as you sort of think forward, we do expect there to be a bit of volatility in our deposit base, as the rates continue to rise, reduction in the Fed balance sheet. Hopefully that'll be offset. The consensus is that'll be offset by economic activity and growth in our client franchise.

下面谈谈未来展望，先说存款。如前所述，过去几年我们主动缩减资产负债表中的客户存款，剔除价值最低、稳定性最差的部分。展望未来，随着利率持续上升及美联储缩表，存款基数预计会出现一定波动，但普遍共识认为，经济活动和客户业务增长将抵消这一影响。

Our deposit betas are acting as we expected and we continue to expect them to rise as rates rise. Our noninterest bearing deposits, as I said before, we expect to continue to decline a little relative to a percentage of the total and probably get back to more like pre-crisis levels. But when you sum this all up, the net-net of it is, we do expect an interest – revenue continue to grow and we do expect more expansion in our NIM, which we would expect to normalize somewhere between 125 and 140 basis points over time.

存款贝塔表现符合预期，并将在加息过程中继续上升。如先前所述，非付息存款占比预计仍会小幅下降，逐步回到危机前水平。综合来看，我们预计利息收入将继续增长，净息差（NIM）将进一步扩张，并最终在 125 至 140 个基点之间趋于稳定。

So now, I know when we came out of our January earnings call. There were no questions on expenses that we got. So I'm sure nobody is interested. But as I mentioned before, our operating expense -- or you saw on the slide before, we have \$10.6 billion of operating expenses in 2017. We would expect technology investment to grow by \$300 million. We think all other expenses will be growing less than 1%, so you can see what that equals from our overall operating expense.

所以，现在我知道在一月份财报电话会议之后，我们没有收到任何关于费用的问题，所以我肯定大家对此并不感兴趣。但正如我之前提到的，或者你们在幻灯片上看到过，我们 2017 年的运营费用为 106 亿美元。我们预计技术投资将增加 3 亿美元，其他所有费用增幅都将低于 1%，从而可以看出对整体运营费用的影响。

We do expect foreign exchange translation to impact both revenue and expense growth rates. So based on what we know now it's about 1.5% and the impact on earnings is pretty minimal. And then, we do expect to have a charge in the fourth quarter related to the move of our headquarters to this building that Charlie talked about, which should be about plus or minus sort of 1%.

我们预计外汇折算将同时影响收入和费用的增速。目前来看，影响大约为 1.5%，对盈利的影响相当有限。此外，关于 Charlie 提到的公司总部搬迁，我们预计在第四季度会产生一笔费用，约为正负 1% 左右。

As we think about the first quarter of 2018, here is some additional inputs to help you sort of model the quarter. Net interest revenue we would expect to up between 12% and 14%, driven by higher rates and higher deposits.

谈到 2018 年第一季度，以下是一些额外信息，供大家建模参考：净利息收入预计将增长 12% 至 14%，受益于利率上升和存款增加。

Deposits -- deposit balances are a little higher than what we expected them to be as we came into the year, particularly in January. We've seen those moderate over the last few weeks and come closer to what we expected them to be for the full quarter. But NIR will be up.

存款方面——年初尤其是一月份，存款余额略高于我们的预期；过去几周余额已回落，趋近于我们对整季度的预估。但净利息收入仍会上升。

Investment in other income as we said before will be between \$60 million and \$70 million really driven by closing of the divestiture of CenterSquare. And the rest of the year, we expect to be between \$40 million and \$60 million per quarter. We'll have a \$50 million securities loss in the quarter due to a modest repositioning of our securities portfolio. And we expect expenses to be up between 4% and 5% with about 2% of that the result of foreign currency translation. And our tax rate for the quarter will be between 19% to 20% but again, the full year we still expect to be closer to 21%. The first quarter is typically a little lower given the stock-based comp that comes in to it.

正如之前所说，投资与其他收入将介于 6,000 万至 7,000 万美元之间，主要源于完成 CenterSquare 剥离；剩余三个季度预计每季度为 4,000 万至 6,000 万美元。本季度我们将因适度调整证券组合产生 5,000 万美元的证券亏损。预计费用增长 4% 至 5%，其中约 2% 由外汇折算造成。本季度税率将在 19% 至 20% 之间，但全年仍预计接近 21%；第一季度通常较低，因为会计入基于股票的薪酬。

So we sum that all up for 2018. As I mentioned, we do -- we're using \$3.50 of earnings as sort of the base to look forward. The bulk of the increase in technology expense is offset by a lower tax rate. And we would expect that given what we know today, the earnings per share or the EPS growth is about -- would look similar to what we saw in 2017, despite the headwinds that we have in a number of areas, particularly in our investment and other income line.

综上所述，展望 2018 年，我们以 3.50 美元的每股收益作为基准。技术费用的大幅增加被较低的税率所抵消。根据目前信息，我们预计每股收益增速大体与 2017 年相当，尽管在多个领域（尤其是投资与其他收入）面临逆风。

So with that, I'll stop where I started. We like the business model. We like the mix of businesses we have. We like the nature of the revenue stream and the risk-weighted -- and risk we take. We think it's generated high-risk adjusted returns over the last few years and should continue to help us drive a strong EPS growth for the next few years.

就说到这里吧。我们认可自身的商业模式，满意现有的业务组合，欣赏收入流的性质及所承担的风险与风险加权资产水平。过去几年，这些因素为我们带来了高风险调整回报，并将在未来几年继续助力实现强劲的每股收益增长。

With that, I will hand it over to Mitchell who will bring you through investment management.

接下来请 Mitchell 继续介绍投资管理业务。

Mitchell Harris   Former CEO of Investment Management

Mitchell Harris 前投资管理业务首席执行官

Thank you, Mike. Good morning, everyone. I'd like to cover a few things with you today, an overview of the business, a recap of our progress to date and our strategy of -- for growth for the future here.

谢谢你，Mike。大家早上好。今天我想与各位分享几方面内容：业务概览、迄今取得的进展回顾，以及面向未来的增长战略。

To be successful in today's environment clearly requires scale and diversification. Scale we have, it does drive down costs and allows us to deliver services competitively. But we also have differentiation, which I do think differentiates us from many of our peers. It provides consistency of earnings. It provides multiple revenue streams. It gives us an ability to shift easily as clients' needs change. And we are diversified as you can see by product, by geography and by client segments.

在当今环境下取得成功显然需要规模与多元化。我们拥有规模优势，这有助于降低成本并提升服务竞争力。但我们同样具备差异化优势，这使我们与众多同行区分开来。差异化带来收益稳定性、收入多元性，也让我们能随客户需求变化轻松调整。正如所见，我们在产品、地域及客户群体等方面均实现多元化。

Our products range from cash and passive all the way up to alternatives, such as farmland and private equity and we cover the entire risk spectrum, which allows us to deliver a broad array of solutions to our clients globally. Each client base and each geography has different needs, which we can meet in this very diversified construct.

我们的产品从现金与被动策略一直拓展到另类投资，如农地和私募股权，覆盖完整风险谱，从而能向全球客户提供多样化解决方案。不同客户群体和不同地区需求各异，而我们的多元化架构足以满足这些需求。

This is the model. And I think this is important to understand. The model is not a one-size-fits-all model. And I think trying to consolidate everything we do into one thing just creates mediocrity. We have a very sophisticated client base, and they have very sophisticated needs. Clients like that we can deliver bespoke approaches to their problems. And we do have the best of both worlds here, it's scale, efficiency and it's customization. And I liken it to an assembly line, trading, operations, technology, legal and finance, all could be delivered at scale, but investment styles, research, portfolio management, client engagement distribution can be customized to meet our clients' specific needs.

这就是我们的模式，理解其要义非常重要。它并非“一刀切”模式，若将所有业务强行整合成单一体系，只会导致平庸。我们的客户群高度专业化，需求亦极其复杂，他们希望得到“量身定制”的解决方案。我们的模式兼具规模、效率与定制化优势。我把它比作装配线：交易、运营、技术、法律及财务可批量化处理；而投资风格、研究、投资组合管理、客户互动与分销则可针对客户具体需求进行定制。

Clients like the focus, the customization and accountability of each of these businesses. We like the cost efficiencies of delivering common services, the diversification benefits and the deep bench of leaders Abdallah Nauphal runs our Insight business, Jane Henderson, Walter Scott, David Forbes-Nixon runs Alcentra, these people have been in place running these businesses for 10 years. Des MacIntyre ran Pareto Partners, Standish went to Bridgewater and came back to run our U.S. business, Hanneke Smits who we brought in 1.5 years ago was the CIO of Adams Street Partners, a private equity firm. It's a great bench of leaders.

客户欣赏各业务线的专注、定制化及明确问责。我们则受益于共通服务带来的成本效率、多元化优势及深厚的管理团队：Abdallah Nauphal 主管 Insight，Jane Henderson 主管 Walter Scott，David Forbes-Nixon 主管 Alcentra，他们均已领导业务十年之久；Des MacIntyre 曾任 Pareto Partners 负责人，后来在 Bridgewater 任职后回归负责美国业务；我们在 1 年半前引入的 Hanneke Smits 曾任私募股权公司 Adams Street Partners 的 CIO。可见我们拥有卓越的领导班子。

In terms of the staff, what I think is important as well is, I don't know how many of you remember Victor Kiam. He ran Remington razors, he had a great commercial in 1978 and I'm going to date myself here. He liked the company so much, he bought it.

谈到员工，我想举个例子，不知各位是否记得 Victor Kiam，他经营雷明顿剃须刀，1978 年打出一则著名广告——他如此喜爱该公司，以至于把它买了下来。

I liked the company so much, I ran Pareto Partners. I sold it to Mellon because it had such a great model. I liked the autonomy we would get. I liked the ownership that we would get through shadow equity. I liked access to global distribution. We have the availability of seed capital, which is a great differentiator. We put \$900 million out to our businesses to date for new product development. And we also have the ability to use these common services that can be delivered at a lower price than we can do individually.

我也如此喜爱这家公司。我曾领导 Pareto Partners，并将其出售给 Mellon，原因就在于其卓越的模式：高度自主、通过影子股权实现的所有权、全球分销网络，以及可用的启动资本——这是一大差异化优势。迄今我们已向旗下业务投入 9 亿美元用于新产品开发；同时还能以低于单独运作的成本，使用共通服务。

We've come a long way in the past 2 years. The journey started in 2007, but really accelerated in 2017. We can execute and move more quickly. Our journey has been to focus and simplify our model, strengthen the core businesses that we have, but customize them to meet the institutional client needs. And in the past 2 years, we've closed, merged or sold 10 of our businesses and initiatives, that's resulted in better scale, deepening our resources and differentiating our product set.

过去两年我们取得长足进展。这一旅程始于 2007 年，但真正加速是在 2017 年。我们执行更快、行动更迅速。我们的目标是聚焦并简化模式，强化核心业务，同时根据机构客户需求进行定制。过去两年里，我们关闭、合并或出售了 10 家业务和项目，实现规模优化、资源深化及产品差异化。

We've realigned orphan products in our businesses, so we've moved all of our LDI strategies into Insight. We've taken our social responsible investing strategies and moved them to Newton and NewCo. We've taken our high yield businesses and consolidated them within Alcentra, our distressed credit business.

我们对“孤儿产品”进行了重新布局：将所有负债驱动投资（LDI）策略整合到 Insight，将社会责任投资策略并入 Newton 与 NewCo，将高收益及困境债务业务整合至 Alcentra。

We've also closed and merged 64 products over the past 2 years. I think we've taken a lot of tough decisions. And I think they are the right decisions for our clients, for our business and for the shareholders. We've also repositioned our portfolio so it is well diversified, balanced and positioned to where the client demand is moving to. But I would note that the revenues are more balanced than the assets under management would indicate here. So it's a fairly balanced revenue picture.

过去两年我们还关闭或合并了 64 只产品。我们做出了诸多艰难但正确的决定——对客户、对业务、对股东都最为有利。此外，我们重新定位投资组合，使之更为多元、平衡，并顺应客户需求迁移。但需指出，收入分布比资产管理规模更均衡，因此整体收入结构相当平衡。

The results of our repositioning and consolidation I think are pretty evident here. We've achieved top quartile performance in terms of margin improvement, we've achieved solid earnings growth and despite the greater diversification that's resulted in lower exposure to equities than some of our peers in a rising market.

我认为，重新定位与整合的成果显而易见：利润率提升跻身行业前四分之一，盈利实现稳健增长；虽然较高的多元化导致我们在牛市中的股票敞口低于部分同行，但整体表现依然优秀。

Secondly, as you can see, the international net fee revenue was impacted by the strengthening dollar, which we talked about by 20% between 2014 and '17. That was one of the contributing factors as Mike brought out in terms of our miss on 2014 to '17 Investor Day results.

其次，如图所示，国际净费用收入受美元走强影响，2014 至 2017 年间下降 20%，正如 Mike 提到的，这是我们未达 2014–2017 投资者日目标的原因之一。

The other thing I would mention and you can see it in what I've just talked about, another miss was the number of initiatives that we were trying to develop organically that pulled a lot of resources to the center. I've reversed that and said, the center is not going to develop things, the businesses are. They have the infrastructure. They have know-how. They are the ones that should be doing the development, it shouldn't be done at the center. These are some of the things that helped us miss our targets over the last couple of years.

还要提到另一项失误：过去几年我们试图在总部层面孵化众多项目，消耗了大量资源。我已扭转这一做法——总部不再主导孵化，具体业务单元才是应当承担开发职责的主体，它们拥有基础设施和专业知识，应由它们来做，而非总部。过去几年造成目标落空的部分原因就在于此。

From a performance perspective, I think, against the industry data on the 1-, 3- and 5-year basis we look pretty good. Where it stands out a little bit is on the multi-asset piece where we did exceed the industry on a 1 and 5-year but had a miss on the 3-year. And really that's more related to -- many of the products in this category clients bought to protect against the bear market, and they expected these products to underperform in certain market conditions.

从业绩角度看，按 1 年、3 年和 5 年期行业数据比较，我们整体表现不错。稍显差异的是多资产板块：1 年和 5 年期跑赢行业，但 3 年期落后。这主要是因为该类别中许多产品被客户用于对冲熊市，他们本就预期在某些市场环境下表现会落后。

And that kind of brings me to another way we think about performance. I think it's more complex -- complicated than just using benchmarks. Clients buy things for a lot of reasons. They do buy it for alpha generation but they buy it for style diversification, they buy it for a hedge against falling markets, they buy it for outcomes against specific liabilities and needs. And what we do is actually measure that more accurately to see what the client retention and client satisfaction looks like. And from our own internal measurements looking at a lens through what the client behavior and motivation is in buying a product, we think that we're performing at a very high level for them.

这也引出了我们衡量业绩的另一种思路——它比单纯对标基准更复杂。客户购买产品的动机多种多样：追求 α、实现风格多样化、对冲下跌市场、匹配特定负债或需求等。我们通过更精确的方式衡量留存率和满意度，站在客户行为与动机的角度评估表现，自认为为他们提供了高水平的服务。

However, it's still about strong performance and it is irrespective of the clients' motivations for buying it. We obviously want to outperform in all conditions. So we have a Manager Research Group. We use them as an impartial consultant to all of our businesses to look at any potential flaws in their investment process. We've strengthened our portfolio manager alignment by insisting that they put more of their own money in the products that they're managing. We've installed equity programs, shadow equity programs, in almost all of our businesses to align them not only to the short-term but to the long-term results and to the client as well as to our shareholders.

当然，无论客户初衷如何，关键仍在于取得强劲业绩，我们希望在任何市场环境下都能跑赢。因此，我们设有经理研究小组，为各业务提供独立咨询，审视投资流程潜在缺陷；强化组合经理激励，要求他们增加自有资金投入；在几乎所有业务中引入股权及影子股权计划，使其关注短期与长期结果，对客户与股东的利益保持一致。

We put in CEO scorecards in the last year, which reinforce to the CEO that we're expecting them to focus on performance. And we've put more sophisticated measurements of performance in, in looking at risk-adjusted returns and the like to make sure they're looking at performance at a very broad-based basis. And finally, performance fees. We have put in more than we've ever had performance fee elements, because that clearly aligns the client and the manager.

去年我们引入了 CEO 评分卡，强调对业绩的聚焦；同时采用更复杂的指标（如风险调整后回报）以全面衡量表现。最后是绩效报酬——我们设立了比以往更多的业绩提成条款，以确保客户与管理人利益真正一致。

What I'd like to do now is just go into a little bit of our strategy. We've talked a bit about execution. But let's -- this will help set up where we are going in the future. You all know about sustained low return environment that we've had. You know about the historically low interest rates. 17% of sovereign debt today is still in negative territory. The industry's general equity performance has been poor and it's been with very high fees. So all of this has triggered what's happening today, the shift from active to passive, but it's also because of the low return environment. Clients are taking more risk. They want higher returns. And we call this the barbell.

接下来谈谈战略。执行层面已述略，这里帮助大家了解未来方向。大家都熟悉长期低回报环境、历史低利率：目前仍有 17% 的主权债收益率为负；股票整体表现偏弱且费率高。这一切促成了当前的主动向被动迁移；低回报环境也令客户愿承担更高风险、追求更高收益，我们称之为“杠铃形”配置。

Clients are either moving to get some of their beta coverage on the passive side, and they're looking at alternative and multi-asset strategies and moving out of the traditional high fee active space.

客户一方面通过被动产品获取 β 曝险，另一方面转向另类投资及多资产策略，退出传统高费率的主动领域。

In addition to that, we've touched on regulations. While they may be easing up a little bit, they've had a significant impact on the industry. Money market reform, you've seen how money has moved from higher margin prime products all into treasury and government. The RDR, MiFID II, even DOL, it's put a lot of money in motion. And what it's done is, it's increased our costs and it's also put pressure on fees.

此外，监管因素亦不可忽视。尽管近期略有放松，但对行业影响深远：货币市场改革使资金从高利润的优质基金流向国债和政府基金；RDR、MiFID II 乃至 DOL 规则都使资金迁移，加大成本、压缩费率。

And then to add to the uplifting story is, the organic pie itself. Defined benefit plans have been closing for the better part of 8 years. And now over the last 2 years, you've seen a shift in the 401k moving to net redemptions as the baby boomer generation is moving rapidly into retirement.

更具挑战的是市场自然增量。过去 8 年来确定给付（DB）计划持续关闭；近两年，随着婴儿潮一代加速退休，401(k) 资金出现净赎回。

Our response to these market shifts has been to develop product strategies by channel. It's again, not one product strategy for every channel, and that's something we hadn't really done in the past. Distribution. We're continuing to build out in global areas. And specifically, because the trends in the U.S. while they are moving into Europe and Asia are not quite there yet. It's slower. We are continuing to build out our intermediary and wealth. We are repricing. We are merging. And we're looking at performance fees. And we're filling in product gaps, such as emerging markets, real assets and as we talk about a little bit passives. And we are redoubling our efforts in the areas that have been very successful, LDI, credit and alternatives.

我们针对市场变动采取的做法是按渠道制定产品策略，依旧不是“一刀切”——过去我们也未真正做到这一点。在分销方面，我们继续拓展全球市场；尤其是美国出现的趋势在欧洲、亚洲尚未充分显现，节奏更慢。我们继续加强中介及财富渠道，进行重新定价、整合，关注业绩提成，并补齐新兴市场、实物资产及被动产品等空白；同时加倍投入已取得成功的 LDI、信用和另类领域。

This chart's a little busy, but what I really want to focus here your attention on here is how we've been -- I've talked to you about how we repositioned the business, this is about how we are repositioning products. And this chart on the left -- left, right, okay says a couple of things. There is trends from 2014 to '16, and then 2017. And if you look at it in that perspective, the equity outflows have been slowing in 2017.

这张图信息量大，我想强调的是产品再定位。左侧图显示 2014–2016 年与 2017 年的趋势：2017 年股票资金流出速度已放缓。

Credit, fixed-income and cash continued to dramatically improve in terms of our positive flows. Multi-asset has been consistent for us and we're looking to obviously increase that. Index is a bit of an anomaly for us. It's highly concentrated in a couple of index products with sovereign wealth funds that have been looking to repatriate. So we've been very concentrated in that area. And we think with our broadening it out and having a broader client base, that outflow will significantly abate if not move positive as we go forward.

信用、固定收益及现金产品的净流入持续大幅改善；多资产保持稳定，我们将努力扩大规模。指数业务对我们而言有些特殊——高度集中在几只主权财富基金即将回流的产品上，导致集中度较高。我们正通过拓宽产品线、扩展客户基础来改善这一点，预计相关流出将大幅减缓，甚至转为净流入。

On the right side is the more important thing, really, and this comes to our strategy both from execution and future what we're intending to do. On the multi-asset alternative side, we have aggressively launched new products. On the active equity with more traditional side, we have aggressively merged, closed or repositioned products.

真正更重要的是右侧内容，这既关乎执行，也阐明了我们的未来战略。在多资产与另类投资领域，我们积极推出新产品；在传统主动股票领域，我们大力合并、关闭或重新定位产品。

Now we just developed a product, a mobility fund. This is about how energy impacts the transportation sector. We put that product out in January and we've raised \$2 billion already in that product. The Internet of Things about cloud-based technologies like Nest we launched that in April of last year, that's already brought in \$1.2 billion.

举例来说，我们刚推出一只“出行基金”，关注能源如何影响交通行业。今年 1 月发行以来已筹集 20 亿美元。另一只聚焦云端技术（如 Nest）的“物联网基金”于去年 4 月发行，现已募得 12 亿美元。

So we are taking -- we are shifting away from some of the traditional and what clients are looking for are sector specific, high conviction -- high conviction type strategies and they're looking for income type strategies. So if we are moving into the equity space, it's in more specific areas, it's not in global equities. Those are the areas that clients are moving into the passive space for. In addition to that, as I've said on the index side and I'll go into that right now, we are launching more passive type products.

因此，我们正逐步远离部分传统领域，转而满足客户对特定行业、高信念策略以及收益型策略的需求。如果进入股票领域，我们也会聚焦更具体板块，而非全球股票；后者正是客户通过被动产品进行配置的部分。另外，正如我将要谈到的，我们也在指数方向推出更多被动型产品。

Everyone wants to know what are we going to do on the passive side. Well, we're going to do something but we're not going to compete with the top 3 players. That game is over, and margins have been pretty significantly driven down in those products. But what we are doing is we are continually developing a range of differentiated strategies. We recently launched a high yield beta fund, a negative duration, high yield beta bond fund and an interest-rate hedged high-yield bond fund, so we will continue to differentiate.

We also plan to customize passive products as building blocks for multi-asset solutions, particularly in our U.S. business. So passive is critical for developing multi-asset in a cost-effective way. And we are accelerating customized passive solutions as I said for existing client base. We have a great client base and we should be able to offer our existing clients more passive capabilities than we have today.

我们还计划将定制化被动产品作为多资产方案的基石，尤其在美国业务中如此。被动策略对于低成本构建多资产至关重要。正如前面所述，我们正在为现有客户群加速开发定制化被动解决方案；凭借庞大的客户基础，我们理应向他们提供比如今更多的被动配置能力。

Let's talk about one of our successes and that's Insight. Most businesses have established themselves by developing products and then selling it as part of the solution to a client. Insight was established completely differently. It really was established to analyze the clients' needs first and then develop a comprehensive toolkit of capabilities to address them.

接下来谈谈我们的成功案例——Insight。大多数公司是先开发产品，再将其作为解决方案出售给客户；Insight 则完全相反——它首先分析客户需求，然后构建一整套能力工具包来满足这些需求。

It's built out its toolkit using fixed income, derivatives, real assets and alternative strategies. It's continuing to build out strategies in secured finance and solutions for longevity and retirement, which are trends that are continually accelerating in our industry. And we -- a lot of questions have been asked about, can we maintain the momentum of this business. And I believe we can. Its global expansion has made good progress in Europe, in Asia and in the United States and we do continue to build out its product capabilities.

该工具包涵盖固定收益、衍生品、实物资产和另类策略，并持续扩展至担保融资、长寿风险和退休解决方案——这些趋势在行业中正不断加速。许多人问我们能否保持这项业务的动能，我相信可以。Insight 在欧洲、亚洲和美国的全球扩张进展顺利，我们也在不断增强其产品能力。

But I think the secret sauce here that's going to allow us to continue with the momentum is just the philosophy resonates around the world. It's efficiently differentiated for them to continue that momentum because of that. The world is in de-accumulation mode and you need to address things through the lens of de-accumulation. And the industry has always looked at it as an accumulating world, and it's not. And it's a solutions-driven business. So I think its philosophy will allow it to continue to develop globally.

我认为保持动能的秘诀在于其理念能在全球产生共鸣，并因此实现高效差异化。世界正处于“去积累”阶段，需要以“去积累”的视角解决问题，而行业过去总将世界视作“积累”模式。Insight 是一个以解决方案为驱动的业务，这一理念将助其在全球继续发展。

In the U.S. as I think many of you know, we have started to consolidate almost all of our U.S. business activities. And the reason is, those are the businesses that have experienced the majority of our outflows. They have been older businesses that haven't strategically caught up to the fact that the traditional active equity and fixed-income businesses have been in outflow. So in order to reposition them, from a traditional to that barbell where they're focused on passives and multi-assets, we've done several things.

如诸位所知，在美国我们已开始整合几乎所有本土业务，因为这些业务出现了最多的资金流出。它们较为陈旧，尚未在战略上跟上主动股债业务持续流出的现实。为了将它们从传统模式转型到聚焦被动与多资产的“杠铃”模式，我们采取了多项措施。

We have already eliminated most of the duplication in management trading, ops, technology and support functions. And we're taking a lot of that benefit and repositioning them in the multi-asset and passive space. And we're using that to reinvest in product development, portfolio management, client service and technology.

我们已消除管理、交易、运营、技术及支持职能中的大部分重复，将由此取得的优势重新投入多资产与被动领域，并用于产品开发、投资组合管理、客户服务及技术再投资。

This is lowering our cost. It will improve asset flows. It will take some time. And it will improve margins. It is bringing the very best from all the 3 firms to our clients, and I have to say, we are very pleasantly relieved that clients and the staff have accepted it very well. It's been very positively received. Again, this is a tough thing to do, but I think, in this environment, it's the right thing for us to do.

此举正在降低成本、改善资金流动，并将在一段时间后提升利润率。它把三家公司的优势资源带给客户。令人欣慰的是，客户和员工都非常认可，反馈积极。这确实是一项艰难的工作，但在当前环境下，这是正确的选择。

In terms of a differentiated model, our distribution model, I think is the most differentiated. And I think it's a key opportunity for us. Our businesses do their own distribution today, but we supplement it in a number of different ways. We cover all retail distribution for them. So all mutual funds, all UCITS funds, all onshore, all offshore, we, at the center, can do better at scale.

在差异化模式方面，我认为我们的分销模式最具特色，这也是关键机遇。目前各业务自行负责分销，而总部通过多种方式进行补充：我们承担所有零售渠道分销，包括所有共同基金、UCITS 基金、在岸及离岸产品，总部可以凭借规模优势做得更好。

We cover international distribution for those that are in the United States. So we have 8 offices in Europe, the Middle East. We have 6 offices in Asia. We have 1 in South America. They clearly provide the local language, understand the customs and regulations and have market expertise. And it provides us again scale that each of these businesses don't have to replicate on their own.

对于美国业务，我们也承担其国际分销职能。在欧洲及中东设有 8 个办事处，在亚洲 6 个，在南美 1 个，这些办事处提供本地语言服务，熟悉当地习俗与监管，并具备市场专业知识，从而为公司带来业务单元无需自行重复建设的规模优势。

We also cover Canada and Taft-Hartley, and then we have Investment Services, our colleagues' custody, as you've heard, 1/4 of the world's assets. They touch 77% of the S\&P 500. They have access to the world's clients and that is a great opportunity for us to leverage and we do. We also have something Todd will talk about, Global Client Management, which looks at our biggest clients from a bank-wide perspective that helps us as well as access points. And then we have wealth management, which is a completely different distribution source for us that's very helpful as well.

我们还覆盖加拿大和 Taft-Hartley 计划，并拥有投资服务部门——正如您所听到的，我们的同事托管着全球四分之一的资产，触及 77% 的标普 500 指数公司，能够接触到全球客户，这为我们提供了巨大的杠杆机会，而我们也确实加以利用。Todd 稍后会介绍全球客户管理（Global Client Management），该团队从全行角度服务于我们的最大客户，为我们提供更多触点。除此之外，我们还有财富管理渠道，这是完全不同、且同样非常有用的分销来源。

The key is that, this model provides clients and prospects with a variety of ways to access us and for us to access them. And I think it's been extremely helpful. In terms of sales, so it's not just about access in the markets, it's -- and our salespeople love to tell us, they can't be successful without good product, good performance. And what we're doing there is, as I've said, we are developing product strategies by channel. We have focused our businesses as you know on consistently good performance. We are working very heavily on sales analytics to better understand client behaviors and our own.

关键在于，这一模式为现有客户和潜在客户提供了多种与我们互动的方式，同样也让我们能够多途径触达他们，我认为这非常有帮助。就销售而言，渠道不仅仅是进入市场——正如我们的销售人员常说，没有优质产品和良好业绩就不会成功。为此，我们正如前述按渠道制定产品策略，专注于让各业务持续取得优异表现，并大力开展销售分析，以更好地了解客户行为及自身行为。

We understand -- and this is something I'll jump to, because we haven't done exceptionally well in our Dreyfus platform. Part of that is, we constantly have put institutional products on a retail platform. Retail clients have different needs. They have different liquidity needs. They have different risk needs. So while it sounds good to put an institutional product on the retail, it has to be retailized quite frankly. And we are doing that aggressively. Secondly, one of the flaws we had in our Dreyfus platform was that, we allowed the businesses to put on any product that they wanted as opposed to what does the market want? And is Dreyfus driving the client need and putting it on the platform? So it was inverted and we've sorted that out.

我们也明白——这里先插一句——我们在 Dreyfus 平台上的表现并不突出，其中一部分原因是我们不断把机构产品放到零售平台。零售客户有不同的需求、流动性要求和风险偏好，简单把机构产品搬过来并不合适，必须进行“零售化”改造，对此我们正积极推进。其次，Dreyfus 平台的另一个缺陷在于，我们允许各业务随意上架产品，而不是从市场需求出发，由 Dreyfus 根据客户需求驱动并选择产品，逻辑倒置。对此我们已完成整改。

Repricing, we've talked about. We have been aggressively repricing products that are too competitive in the market in the traditional space. Client support is important and clarifying and simplifying our brand, as we move to 10 key businesses, and really 6, which cover 94% of our revenues, it's going to be easier for clients to understand who we are and have the bank be a better halo effect to those businesses by cleaning up some of our branding architecture.

关于重新定价，我们已多次提及，正积极为传统领域过于竞争的产品进行价格调整。客户支持至关重要，我们也在理顺并简化品牌架构；随着业务整合为 10 大关键板块（其中 6 大板块贡献 94% 收入），客户将更容易了解我们的定位，而清晰的品牌体系也将使银行品牌对各业务形成更佳“光环”效应。

The fact is, today, while I may be talking about challenges to it, we are #1 in the Taft-Hartley market. We are the third-largest provider of institutional managers in Europe, and we are the third-largest alternative provider in the U.K. So we are building a stable set of resources. We're retailizing our products on the Dreyfus side, as I said, and clarifying our products by channel.

尽管我提到了诸多挑战，但事实上我们在 Taft-Hartley 市场排名第一，是欧洲第三大机构管理人供应商、英国第三大另类投资提供商。我们正构建稳固的资源组合，在 Dreyfus 方面推进产品零售化，并按渠道梳理产品线。

On to wealth. This is a great business, and obviously different than some of the things we are doing in Asset Management. And I think as Charlie mentioned, we will be providing more data as we go forward in earnings on our wealth business. I think here there are a couple of things I just want to point out. It has scale. It works very well with the rest of the company. I actually think it's a poster child for that. We do performance reporting. We do custody. We do hedge fund administration. We obviously do Asset Management. We do a lot of different things with the company and with our wealth business. It's also a great growing market, unlike the challenges in the growth in the Asset Management market.

接下来说财富管理。这是一项出色且与资产管理中部分内容截然不同的业务。正如 Charlie 所言，未来我们会在财报中披露更多财富管理数据。需要强调的几点：其具备规模效应，与公司其他板块协同极佳，可谓典范。我们提供业绩报告、托管、对冲基金管理服务，也开展资产管理，与公司及财富业务协同开展多项服务。与资产管理市场的增长挑战不同，财富管理市场本身仍在快速扩张。

The wealth in the U.S. is growing. It's also, I think, a strong legacy of being a fiduciary business, and I think that's an important differentiator for us. We don't sell products, and we don't pick stocks. It's a team-based approach. And we look at our clients' holistic needs. So we are looking at their needs in a range of services that we provide: Asset Management, inheritance and tax planning, trust and estates, private banking. And what's growing, interestingly, is business owners solutions and family law. There are over 6 million business owners in the United States today, and they make up a significant part of the GDP of our economy.

美国的财富总量仍在上升；作为受托人业务的传统优势，这也是我们的重要差异点。我们不卖单一产品、不做择股，而是团队协作，关注客户的整体需求，如资产管理、遗产与税务规划、信托与遗产管理、私人银行服务。值得关注的是，企业主解决方案及家族法律服务需求正在增长——美国现有 600 多万企业主，他们对 GDP 贡献显著。

In terms of how we've performed. We've had a consistent 10% pretax CAGR growth since 2010. And I think we can continue with that by -- in a number of ways. The weakest part we have right now is improving our client experience. It's kind of table stakes. It's not going to bring us new business. But if you don't have a very strong digital capability with broad access points, it will hurt your client satisfaction in the long run. Our digital capabilities, as I said, we will continue to build. We are deepening and expanding in markets we haven't been strong in. The South, the Southwest and the West are clearly the growing markets. Our traditional strengths have been more in the Northeast and in the Mid-east and South. But -- so we are deepening and expanding our offices in D.C., Atlanta, Chicago. We acquired a couple of years ago Atherton and RIA in Silicon Valley, Houston. Those are the areas we are spending time and developing our footprint.

在业绩方面，自 2010 年以来，我们的税前复合年增长率保持在 10%；我们相信仍可通过多种方式维持这一增速。当前最薄弱之处是提升客户体验——这是准入门槛，不会直接带来新业务，但缺乏强大的数字化能力和广泛的触点，长期会损害客户满意度。正如所述，我们将继续建设数字能力，并在此前较弱的南部、西南部和西部市场加深布局，这些地区正快速增长；传统优势区域在东北、中东部及南部。为此，我们正扩张华盛顿、亚特兰大、芝加哥办事处，并于数年前收购硅谷的 Atherton RIA 及休斯敦业务，持续拓展版图。

We are focused on client segmentation and customization as well. As you know, as data becomes more important, our world is more segmented. So we need to think about the growth of wealth, in women, in Hispanics, in other types of client segments as opposed to, again, a one-size-fits-all wealth model.

我们也聚焦客户细分与定制化。随着数据愈加重要，市场将更加分层，因此我们需关注女性、西班牙裔等不同群体的财富增长，而非“一刀切”的财富模式。

And finally, access to more innovative investment strategies. We have a model portfolio that suggests somewhere 15% to 20% in alternative type of strategies. And today, we have about 6% to 8% that we actually have utilized in that. And we have to do a better job for our clients in offering them access to unique and differentiated types of strategies.

最后是获取更具创新性的投资策略。模型组合建议将 15%–20% 投入另类策略，而目前实际比例仅 6%–8%。我们需要为客户提供更多独特、差异化的策略选择，提升服务水平。

I've touched on this with wealth, but let me talk about a little bit more broadly. We -- BNY Mellon clearly touches all aspects of the global financial cycle. We create, we custody, and we manage financial assets. Because of that, we benefit from a variety of opportunities for us to work together. I think Charlie showed you the big one of cash -- all of our businesses touch cash in one form or another. We benefit through our money market funds by receiving through those cash portals about \$100 billion of our \$235 billion or so of cash in our money market funds.

我已经在财富管理部分提到过这点，但让我更宏观地谈一谈。BNY Mellon 显然涉及全球金融周期的方方面面——我们创造、托管并管理金融资产。正因如此，我们拥有多种协同共赢的机会。我想 Charlie 展示了现金这一重头戏——我们的所有业务或多或少都与现金相关。通过货币市场基金这一现金入口，我们目前约 2,350 亿美元货币基金中约有 1,000 亿美元正是以此方式流入，为我们带来可观收益。

We benefit by utilizing custody operations, our hedge fund administration, performance attribution. We are looking to shift more of our middle and back-office to Doug Shulman and the other side of the bank. They have the scale. They have the knowledge. They should be doing that for us. And it's our intent to get it there. We have fund accounting and Dreyfus moving over in the next few months over to Doug's operation as well.

我们还通过托管运营、对冲基金行政管理及业绩归因等服务受益匪浅。我们计划把更多中后台职能转移至 Doug Shulman 领导的银行另一侧团队——他们具备规模与专业知识，理应替我们承担这部分工作，而我们也确有此意。基金会计职能及 Dreyfus 相关业务也将在未来数月迁入 Doug 的团队。

We benefit, as I said, from the bank's distribution network. We have \$5 billion in outstanding loans with Pershing clients. We access our balance sheet, as I mentioned, for product development, a key differentiator. We have \$900 million out in product development. We manage some of our treasury book and pension fund. We worked with our markets group on FX and derivative strategies. And we do leverage much of the bank's infrastructure and technology, and we will continue to do so to drive efficiencies and take advantage of the capabilities that we have across our platform.

正如我所说，我们也受益于银行的分销网络；与 Pershing 客户对应的未偿贷款余额达 50 亿美元。我们利用自身资产负债表开展产品开发——这是一大差异化优势，目前已投出 9 亿美元。我们还管理部分自有资金及养老金投资组合，并与市场业务团队合作执行外汇及衍生品策略。此外，我们广泛借助银行的基础设施与技术，未来也将继续这样做，以提升效率并充分发挥全平台能力。

So just to briefly recap for you. I think we've done a very good job in executing and maintaining a relentless cost discipline. We understand the macro environment we are operating in. And we are developing new sources of revenue, and we are addressing and curtailing our outflows. Product strategy is key to a lot of this. We repositioned a lot of our businesses. We are repositioning our products. We are making sure they are competitively priced. And we are focusing on the areas that we have been successful in, in LDI, in cash, in fixed income, in distressed credit and the like.

简要回顾一下。我认为我们在执行计划并保持严格成本控制方面做得非常出色。我们了解所处的宏观环境，并正在开发新的收入来源，同时着力解决并减少资金流出。在这其中，产品战略至关重要。我们已重新定位了许多业务，也正在重新定位我们的产品，确保它们具有竞争力的定价，并专注于我们已经取得成功的领域，例如 LDI、现金、固定收益和困境信贷等。

Our distribution model works. Our platform works well. We have to fix our Dreyfus, and we have been doing that. And we are expanding in APAC where there is obvious growth in the industry as well as in Europe. Wealth management has been a great opportunity for us. And we will continue to build out our client segments and broaden our geographies. The synergies are there, and we will continue to leverage them. And all of this is underpinned by technology. We have -- we are doing a lot of work on data science to enhance the investment process as well as to understand our clients' behavior and our sales capabilities better.

我们的分销模式行之有效，平台运行良好。我们必须修复 Dreyfus，而我们一直在这么做。同时，我们正在亚太以及欧洲这两个在行业中显现出显著增长的地区扩张。财富管理为我们提供了绝佳机遇，我们将继续细分客户群并扩大地域覆盖。协同效应已经存在，我们将持续加以利用；所有这一切都以技术为支撑，我们在数据科学方面投入大量工作，以提升投资流程，并更好地理解客户行为和销售能力。

We are looking at the U.S. consolidation. I only touched on it, but the trade -- the consolidation of trading is going to be very powerful. We have underleveraged our abilities by allowing each of the businesses to go individually, but as a collective, we are the top 5 trader to counterparties in almost all categories. So the consolidation will bring us benefits as well and technology will help deliver it there. So thank you very much. And with that, I'd like to hand over to Lisa to talk about one of our great businesses, Pershing.

我们正在推进美国业务整合。我之前只简单提到过，但交易整合将极具威力。过去让各业务单独运作导致我们的能力未被充分发挥，而作为整体，我们在几乎所有类别中都是对手方的前五大交易商。因此，整合将为我们带来益处，技术也将助力实现。非常感谢。接下来我想把话筒交给 Lisa，让她介绍我们的卓越业务之一——Pershing。

Lisa Dolly   Former Chairman of Pershing LLC

Lisa Dolly   Pershing LLC 前董事长

Thank you, Mitchell.

谢谢你，Mitchell。

Mitchell Harris   Former CEO of Investment Management

Mitchell Harris   前投资管理首席执行官

My pleasure.

我很荣幸。

Lisa Dolly   Former Chairman of Pershing LLC

Lisa Dolly   Pershing LLC 前董事长

Thank you. Thank you. Even though I think I've realized that I may be the only thing standing between you and your next cup of caffeine, I'm still really, really happy to be here this morning to talk about Pershing and the Pershing story because it is an absolutely fantastic story. We've developed a truly versatile business that is market leading, and it continues to succeed and is well positioned for future success. And I'm going to begin the story today -- I'll begin the story today with just a little bit of a basics on our business model. And then I'll explain how over time we've been able to add value to remain relevant and really vital to our client success. And then I'll speak a little bit to the environmental trends that are influencing our business and really powering what we anticipate going forward and powering our success.

谢谢，谢谢。虽然我意识到，也许我就是阻挡你们去喝下一杯咖啡的唯一障碍，但今天早上能在这里与大家分享 Pershing 的历程，我依然感到非常非常高兴，因为这确实是一个精彩绝伦的故事。我们打造了一个真正多元、行业领先的业务，并且持续取得成功，未来前景也十分光明。今天我会先从我们的商业模式基础谈起，然后说明我们如何在时间推移中增加价值，保持相关性并成为客户成功的关键。最后，我会谈到影响我们业务、推动我们未来发展的环境趋势。

So I'll start with something that might surprise you, and that is the size and scale of Pershing's business. We serve 1,400 clients today, and we touch the lives of investors through more than 7 million accounts on our platform. And we are the dominant provider in every market in which we choose to operate. But importantly, we are the preferred provider for large complex financial services organizations and professionally minded registered investment advisers.

让我先说一件可能令你们惊讶的事——Pershing 业务的规模与体量。如今我们服务 1,400 家客户，通过平台上的 700 多万个账户触及投资者的生活。我们在所选择进入的每一个市场都是主导服务商，更重要的是，我们还是大型复杂金融机构和专业导向注册投资顾问（RIA）的首选合作伙伴。

We are privileged to count among our clients 26 of the top 30 independent broker-dealers, 11 of the top bank broker-dealers. And we serve over 15% of the largest RIAs in the United States. And while these intermediary firms are considered our clients, we really look at ourselves as a B2B2C organization because we provide clearance and recordkeeping and financing and technology to the advisers and investors who are affiliated with those firms.

我们的客户中有 30 大独立经纪自营商里的 26 家，以及 11 家顶级银行经纪自营商。我们服务美国规模最大的 RIA 中逾 15%。虽然这些中介机构被视为我们的直接客户，但我们更视自己为 B2B2C 机构，因为我们向这些机构所关联的顾问和投资者提供清算、记录保存、融资及技术支持。

If we take a look at the drivers of our revenue, we have 3 drivers, primarily in the clearing model. Clearance and settlement, which, of course, is dependent on the number of trades that our clients make. Positions, assets and numbers of accounts or number of accounts on our platform, for which we are able to charge fees that are completely nondependent on trading volumes, and then of course, the size and the size of our credit and debit balances impacting the revenue that we earned from interest. And while we certainly benefit from trade volumes and interest rates, adding positions, assets and accounts on our platform is really an important driver to our revenue, and it makes us resilient from external forces.

从收入来源看，我们主要有三大驱动，均归属于清算模式：第一是清算与结算，显然取决于客户的交易数量；第二是头寸、资产及平台上的账户数量，我们可就此收取完全不受交易量影响的费用；第三则是客户信贷与借贷余额的规模，影响我们赚取的利息收入。尽管交易量和利率会带来好处，但将更多头寸、资产和账户引入平台才是我们的关键收入推动力，也让我们抵御外部冲击。

So today, 60% of all of the revenue that we earn is in that category of positions, assets and accounts. And so how do we get positions, assets and accounts onto our platform? We do that by becoming valuable to our clients. And over time, we have layered on solutions to our core clearance and custody model, solving for our clients' needs and differentiating us in the marketplace. We've made continual improvements in our technology and -- in technology and financial planning tools, including managed investment solutions, retirement -- comprehensive retirement plan solutions. And all of this is designed to help investors meet their financial goals by working with their financial adviser. As the world becomes more complex, our clients need to better understand their own business.

目前，我们 60% 的收入来自头寸、资产及账户这一类别。那么，我们如何吸引这些头寸、资产和账户？答案是为客户创造价值。多年下来，我们在核心清算与托管模式之上不断叠加解决方案，满足客户需求并形成差异化。我们持续改进技术和财务规划工具，包括托管投资方案和全面退休计划方案，旨在帮助投资者通过与理财顾问合作实现财务目标。随着世界愈加复杂，我们的客户也需要更深入了解自身业务。

So those intermediary firms need to better understand, the business metrics around their own business, their own performance and investor behavior. And so to that end, we've added data analytics and aggregation tools and consolidated wealth and performance reporting. And it really gives the adviser a 360-degree view of their investors' portfolio.

这些中介机构需要更清晰地掌握自身业务的指标、绩效以及投资者行为。为此，我们新增了数据分析与聚合工具，以及整合的财富和绩效报告，真正为顾问提供 360 度投资组合视图。

And if you move up this chain, what we've learned as we've matured as an organization is that our clients truly understand -- truly appreciate a partner that understands their business that can act as an expert and offer guidance and counsel. And that's a great place to be when your clients feel that you are expert because it makes you indispensable.

随着我们日渐成熟，我们认识到：客户真正欣赏的是一个了解他们业务、能够提供专业指导和建议的合作伙伴。当客户认为你是专家时，你就成了不可或缺的存在。

So at the top of this chain, you'll see that we have -- we've offered award-winning adviser and marketing programs, thought leadership and business and practice management solutions that our clients truly find valuable and helpful in helping them to manage their own businesses more effectively.

在链条顶端，我们提供屡获殊荣的顾问和市场推广项目、思想领导力以及业务与实践管理方案，客户认为这些对他们更高效地管理业务极为有价值且切实有用。

Layering on these services along this line has also allowed us to be more attractive to a wider spectrum of clients. And specifically, as I mentioned before, being the preferred provider to the largest and most complex financial organization. So I'll give you an example of what I mean by this. A large multistate regional bank broker-dealer needed help with a lot -- with multiple solutions. Their capital markets division needed help in outsourcing solutions from a financing perspective and a trade settlement and clearance service.

沿着这条价值链不断叠加服务，也让我们对更广泛的客户群更具吸引力。正如先前所说，我们成为最大、最复杂金融机构的首选提供商。举个例子：一家跨州区域性大型银行经纪自营商需要多重解决方案支持。他们的资本市场部门在融资、交易结算和清算外包方面寻求帮助，而我们正好能够提供这些服务。

Their investment services business needed things like aggregation tools and performance reporting and managed investments for the advisers operating in their branch network. This firm selected Pershing because along this value chain we have been adding these solutions over time. And so we were a provider that could meet all of their needs in a single location.

他们的投资服务业务需要汇总工具、绩效报告以及托管投资方案，以支持其分支网络中的顾问运营。该公司之所以选择 Pershing，是因为在整个价值链中，我们一直不断地增加这些解决方案，因此能够在一个平台上满足他们的所有需求。

Let's move on to our numbers. The underlying metrics of our business is evidence of our ability to perform -- to grow our revenue and statistics organically. And this slide shows our performance over the last 5 years. Security positions on our platform have grown by 43%, from \$35 million to \$49 million. And in 2017 alone, we were able to add nearly 1 million net new mutual fund positions to the platform. Assets have grown by more than 50% from \$1.2 trillion to \$1.8 trillion. And we've added more than 0.5 million investor accounts on our platform in the U.S. These drivers have really helped us to grow our revenue during that same time period. And on average, we were able to grow revenue 4.9% annually each of those years. And while revenue is only one side of the coin, we've also managed our expenses quite well, and we've managed our expense growth rate at 1.2% over that same time frame.

接下来让我们看看数据。业务的基础指标证明了我们能够在有机增长中提升收入和各项统计数据。本页展示了过去五年的业绩：我们平台上的证券头寸增长 43%，从 3,500 万增至 4,900 万；仅 2017 年就新增了近 100 万只净新的共同基金头寸。资产规模增长逾 50%，从 1.2 万亿美元增至 1.8 万亿美元；我们在美国平台上新增了超过 50 万个投资者账户。这些驱动因素帮助我们在同期增加了收入，平均每年收入增长 4.9%。虽然收入只是硬币的一面，但我们同样很好地控制了费用，将费用增长率保持在 1.2%。

So I would like to give you just a little bit more detail about the value that I mentioned and the value that we create for our clients. Because it's an important way to understand why we are attractive in the marketplace today and why we will continue to be attractive in the future. And one reason is the size of our platform. We connect product manufacturers to clients and clients to product manufacturers in one of the largest meeting places in the market.

我想进一步说明我们为客户创造的价值，因为这有助于理解为何我们今天具有市场吸引力，也解释了未来为何仍会保持吸引力。其中一个原因是我们的平台规模：我们在市场上最大的“会面场所”之一，将产品制造商与客户、客户与产品制造商连接起来。

In addition to equities and options and fixed income products, clients have available to them access to more than 800 fund families, 50 insurance carriers and 130 ETF providers being a part of our platform. And this creates choice for them, an investments choice, that can't be met in most other places in the market.

除了股票、期权和固定收益产品外，客户还可通过我们的平台接触到 800 多个基金家族、50 家保险公司和 130 家 ETF 提供商，为他们提供市场其他多数平台难以满足的投资选择。

Product manufacturers on the other hand are acutely interested in our platform, simply because we have these 1,400 clients and 100,000 professional users on the platform. So our size and scale becomes a true differentiator in the market, to both clients on one end and product manufacturers on the other. And in fact, the more people who join our platform and the more who use it, the more valuable our platform becomes.

另一方面，产品制造商也高度关注我们的平台，因为平台拥有 1,400 家客户和 10 万名专业用户。因此，我们的体量在市场上对客户和产品制造商两端都形成了真正的差异化；加入和使用平台的人越多，平台价值就越大。

Another reason that we are valuable to our clients is the combined capabilities of BNY Mellon. And this allows us to create a unique set of solutions that is both costly and difficult to replicate in the marketplace. So I will highlight 3 solutions here quickly, and then Todd will get into a little bit more detail on some of the others. Our high-net-worth investors, in general, need help and guidance, not just managing their assets but also managing their liabilities. And so through BNY Mellon Private Bank, we've been able to offer financing solutions like jumbo mortgages, insurance premium financing and investor credit lines that really speak to the needs of high-net-worth investors in the market.

我们对客户具有价值的另一原因是 BNY Mellon 的综合能力，让我们能够打造出市场上成本高昂且难以复制的独特方案。我将快速介绍三项解决方案，Todd 稍后会更详细阐述其他内容。总体而言，高净值投资者不仅需要资产管理方面的帮助与指导，也需要负债管理的支持。因此，通过 BNY Mellon 私人银行，我们提供了巨额按揭、保费融资和投资者信用额度等融资方案，以满足高净值客户的需求。

And today, we've extended more than \$5 billion in loan facilities to investors through our platform. And this really allows the adviser who is servicing these premier clients, the high-net-worth clients to more holistically be able to solve for all their needs. The loans on our platform also help our own performance, as they drive assets to the platform. And as I mentioned before, adding assets, accounts and positions is an important driver of our performance.

截至目前，我们已通过平台向投资者提供了逾 50 亿美元的贷款额度，使为这些高端客户服务的顾问能够更全面地满足他们的需求。这些贷款也提升了我们的业绩，因为它们将资产带到平台上。正如前面所说，增加资产、账户和头寸是推动我们业绩的重要因素。

For every dollar and securities-backed loans that investors have opened on our platform, they have typically deposited twice that amount in securities that are used for collateral, adding to the positions on our accounts.

投资者在平台开立每一美元证券抵押贷款时，通常会存入两倍金额的证券作为抵押品，从而增加了我们账户中的头寸。

Investors holding cash awaiting investment in their brokerage account, sometimes before cash gets invested into a security, is held in a brokerage account. And clients want to keep that money working for them. They need to keep that money working for them.

投资者在经纪账户中持有等待投资的现金时，在资金投入证券之前，这些现金会暂时停留在经纪账户里。客户希望这笔资金能持续发挥作用并产生收益。

So our affiliation with Dreyfus allows us to sweep that idle cash that clients have in their account to a variety of money funds, including treasuries, prime and municipal offerings. And today investors have \$25 billion in cash invested with Dreyfus funds, and they tell us that they really appreciate the convenience of this connected solution.

因此，我们与 Dreyfus 的合作可将客户账户中的闲置现金自动划转至多种货币基金，包括国债、优质及市政基金。目前投资者通过 Dreyfus 基金投资了 250 亿美元现金，他们表示非常欣赏这一一体化解决方案带来的便利。

And then finally, from an efficiency perspective, the collective suite of BNY Mellon solutions allow us to serve clients in ways that might not be readily apparent to them.

最后，从效率角度看，BNY Mellon 的整体方案套件使我们能够以客户未必立即察觉的方式为其提供服务。

Asset Servicing provide subaccounting services for 19 million fund positions that are held on our platform today. And by integrating the technology from Asset Servicing, with Pershing, we are able to provide consolidated recordkeeping, the ability to trade from a single location as well as a consolidated tax report and a consolidated monthly statement for the investor, all from the single platform.

Asset Servicing 为我们平台上持有的 1,900 万只基金头寸提供子账户记账服务。通过将 Asset Servicing 的技术与 Pershing 集成，我们能够在单一平台上为投资者提供合并的记录保存、集中交易功能，以及合并的税务报告和月度对账单。

The third reason that we continue to be attractive in the marketplace is that we deliver all these solutions that I just mentioned through technology that really brings it to life. Our technology is an important delivery for our organization, and it's used by over 100,000 professionals and 3 million investors in the U.S.

我们在市场上持续保持吸引力的第三个原因是，我们通过能够真正落地这些解决方案的技术来交付所有服务。我们的技术是公司交付的重要组成部分，目前已被美国超过 10 万名专业人士和 300 万名投资者使用。

And let me just describe it. For our advisers, they use our technology for virtually everything that they do: for their client relationship management tools, for their financial planning tools, for asset aggregation, to be able to transact, to be able to look at reports. Investors predominantly use our technology in order to look at -- to view their account balances, to trade and to look at statements and tax documents.

让我来解释一下。我们的顾问几乎在所有工作中都使用我们的技术：客户关系管理工具、财务规划工具、资产汇总、执行交易以及查看报告。投资者主要使用我们的技术来查看账户余额、进行交易以及查看对账单和税务文件。

And it's not really surprising that the standard for technology today has been set by the best retail firms. They are creating a user expectation and demand for digital experience that's both convenient and easy to use. If you think about your phone today, that has changed your expectation about how you're going to get information and how you're going to be able to conduct your life.

如今技术标准由最优秀的零售公司树立，这并不奇怪。他们在塑造用户对便捷易用数字体验的期望和需求。想想今天的手机，它已经改变了你获取信息和管理生活的方式。

And so our technology is no different. It's designed to be on-the-go, anytime, anywhere. And it needs to be available from computers, tablets and mobile devices, and we do exactly that. And our technology has -- within our own market segment, has received awards and accolades from management from wealthmanagement.com, Analytics 50, and we were named the Best Tech Organization by the New Jersey Tech Council this year.

因此，我们的技术也不例外。它被设计成随时随地可用，并且能够在电脑、平板和移动设备上运行，而我们正是这样做的。在我们所处的细分市场中，我们的技术已荣获 wealthmanagement.com、Analytics 50 的表彰，并在今年被新泽西科技委员会评为“最佳科技组织”。

Clients use our technology in 3 ways. The majority of clients use our technology in -- take the core of our technology and use it in its entirety. Some clients develop their own technology. Some intermediary firms develop their own technology, and they need to connect it to ours. While others, and this is mostly the RIA community, assemble third-party solutions and need our help in connecting them.

客户以三种方式使用我们的技术：大多数客户直接完整使用我们的核心技术；部分客户自行开发技术；一些中介机构也开发自有技术并需与我们的系统对接；而其他客户——主要是 RIA 群体——则整合第三方解决方案，需要我们协助连接。

We are seamlessly connected today to more than 300 third-party providers, and the logos that you see up on the screen here are just some of the premier partners that we connect with. And our goal is to be the most flexible and integrated set of solutions in the marketplace, so that our clients can create that experience that they want to deliver to their clients and their investors.

目前我们已与 300 多家第三方供应商实现无缝连接，屏幕上展示的徽标只是其中一些顶级合作伙伴。我们的目标是在市场上提供最灵活、最集成的解决方案组合，以便客户为其顾问和投资者打造理想体验。

I'm going to pivot here to talk a little bit about the structural trends that are influencing our business and actually the business of providing advice. And why I think that we are in a great position to take advantage of these going forward. The first is the global growth of wealth, \$10.9 million -- high-net-worth individuals, those with more than \$1 million in assets in 2010. In 2016, that had grown to \$16.5 million. And while -- as investors' wealth grows, the need and demand for advice grows, and we are at the epicenter of providing services and solutions that support advice.

接下来我想谈谈影响我们业务以及整个咨询行业的一些结构性趋势，以及为什么我认为我们处于充分利用这些趋势的有利位置。首先是全球财富增长：2010 年，高净值人士（资产超过 100 万美元）的数量为 1,090 万；到 2016 年，这一数字增至 1,650 万。随着投资者财富增长，他们对咨询的需求也在增加，而我们正处于为咨询提供服务和解决方案的中心。

The second structural change in the market is a 20-year transition that's happened where financial representatives are moving from professional product sellers earning a commission to professional providers of advice on which they earn a fee. Today, 50% approximately of all the assets on our platform are considered advisory, and we have invested heavily in this new model. And we have developed and refined our tools and technology and capabilities in this market segment.

And then finally, for a variety of reasons, including regulatory increase cost, the pace and change of technology, all these factors are pushing firms to really rethink their own business models. And specifically, they are looking to outsource the very core services that we offer at BNY Mellon.

最后，由于监管成本上升、技术变化加速等多种原因，公司正被迫重新审视自身商业模式，尤其希望将 BNY Mellon 提供的核心服务进行外包。

And so while these trends are pretty structural in nature, let me just share with you what we are doing in 2018 in order to respond. We are launching our very next generation of our wealth management platform. This is the primary technology that's used by our advisers and will be our next-generation release.

虽然这些趋势具有明显的结构性特征，但让我分享一下我们在 2018 年的应对措施。我们将推出下一代财富管理平台，这是顾问使用的主要技术，也将是我们的下一版本。

We are extending third-party investment management modeling to RIAs. This is a new market for us. Even though we serve RIAs, we are delivering out new tools to that market. We are integrating, as I said, third-party technology organizations. This year, we are expanding that to include financial planning tools. And then finally, we are tightly connecting our own proprietary managed investments in asset aggregation and brokerage platforms more tightly together to continually improve that experience of our clients.

我们正将第三方投资管理模型扩展至 RIA，这是我们的新市场。虽然我们一直服务 RIA，但如今我们为该市场提供全新工具。如前所述，我们正在整合第三方技术机构，今年将范围扩展到财务规划工具。最后，我们将自有的托管投资、资产汇总和经纪平台进一步紧密连接，以持续提升客户体验。

And so we have an 80-year history of successfully adapting through multiple industry trends. And the demand for advice, the need for complex solutions and the rising costs of doing it yourself really are powering a continued demand for our services, and specifically, the unique set of solutions that can only be offered by BNY Mellon.

在过去 80 年里，我们成功地适应了多次行业变革。对咨询的需求、对复杂解决方案的需求以及自行操作成本的上升，共同推动了对我们服务的持续需求，尤其是 BNY Mellon 独有的解决方案组合。

Thank you for listening today -- to the Pershing story. And what I'd like you to walk away from this presentation with is, a few things: first, we are not simply a clearing firm. We are business solutions provider, and we add value to our clients; second, our platform is important in the marketplace and relevant and attractive to both clients and manufacturers; third, we are not dependent or reliant on trading volumes to drive our revenue as 60% of our revenues are driven by the number of assets, positions and accounts on our platform; fourth, our organization is uniquely -- can create a unique set of capabilities that are both costly and hard to replicate in the market place and finally, we are well positioned to take advantage of the macro trends that are powering our future growth.

感谢各位今天聆听 Pershing 的故事。我希望大家记住几点：第一，我们不仅仅是一家清算公司，而是一家业务解决方案提供商，并为客户创造价值；第二，我们的平台在市场中地位重要，对客户和产品制造商都具有吸引力和相关性；第三，我们的收入并不依赖交易量，因为平台上 60% 的收入来自资产、头寸和账户数量；第四，我们能够打造市场上成本高且难以复制的独特能力组合；最后，我们已做好准备把握推动未来增长的宏观趋势。

So thank you again. I've now brought you right to your caffeine break. So if you take 15 minutes and return back promptly, we would appreciate it. Thank you.

再次感谢各位。我现在恰好把大家带到了咖啡休息时间。如果大家能在 15 分钟后准时返回，我们将不胜感激。谢谢。

\[Break]

\[休息]

Hani Kablawi   Senior Executive VP & Head of International

Hani Kablawi   高级执行副总裁兼国际业务负责人

Good morning. I'm Hani Kablawi, and I run the Asset Servicing business and also chair the EMEA region here at BNY Mellon. And my key message for the day is that the Asset Servicing business has strong fundamentals and is positioned for growth. I'm going to cover 3 things: first, who we are and what we do for our clients; second, a little perspective on how we've done over the past 3 years; and third, I'll share some of our focus areas, looking forward over the next 3 years.

大家早上好。我是 Hani Kablawi，负责 BNY Mellon 的资产服务业务，并担任 EMEA 区域主席。今天我要传达的核心信息是：资产服务业务基本面稳健，正处于增长有利位置。我将讨论三点：第一，我们是谁以及为客户提供什么服务；第二，回顾过去三年的业绩；第三，展望未来三年的重点领域。

Let me begin with who we are and what we do for our clients. So we're a leading asset servicer with a global client franchise. We help clients manage their securities, their cash and their data. And we do all of those things at scale. So as Charlie said earlier, we have \$33 trillion of assets under custody and administration; over \$1 trillion of cash, both on balance sheet and off balance sheet and over \$24 trillion in data assets. Now that's clients' assets under management on our data management platforms.

先介绍我们是谁以及为客户做什么。我们是一家领先的资产服务机构，拥有全球客户群。我们帮助客户管理证券、现金及数据，并以规模化方式完成这些工作。正如 Charlie 早前提到的，我们的托管及管理资产规模达 33 万亿美元；账上与账外现金超过 1 万亿美元；数据资产超过 24 万亿美元，这些都是客户在我们数据管理平台上的管理资产。

The slide shows our revenue by region. We like our revenue in the U.S., and we think that will continue to grow. But we also like our revenue in EMEA and the rest of the world. And we are investing and will continue to invest to continue to push those numbers up on an absolute and also hopefully relative basis.

幻灯片展示了我们的分区域收入。我们满意美国市场的收入，并认为其将继续增长；同时我们也看好 EMEA 及其他地区的收入，并正持续投资，力争在绝对值和相对值上进一步提升这些数字。

We're very proud of our client franchise. We have some of the leading clients -- 5,000 clients across the Asset Servicing franchise, but really some of the leaders within their segments in the buy side. And the denominators on this slide are where the bulk of the assets are across in -- every one of these segments. So the top 100 investment managers, the top 20 hedge funds and the top 10 sovereign funds control or own the bulk of the assets in each of these respective segments. So we're very proud of that.

我们对客户群非常自豪。资产服务业务拥有 5,000 家客户，其中许多是买方领域的行业领军者。幻灯片中的分母显示了各细分领域资产的大部分集中情况：前 100 大投资管理机构、前 20 大对冲基金和前 10 大主权基金在各自领域掌握或拥有绝大多数资产，这一点令我们倍感自豪。

Let me turn to what we do for our clients. Now our solutions address the needs of the entire C-Suite. At the core, we provide all the services that you'd expect of a traditional trust bank as they provide services that extend the ability of a chief operations officer to do more with less. But increasingly, we do a lot more than that.

接下来谈谈我们为客户做什么。我们的解决方案覆盖整个高管层的需求。核心层面上，我们提供传统信托银行应有的所有服务，帮助首席运营官提升以少胜多的能力。但如今，我们的服务已远不止于此。

We are helping the chief risk officer as they navigate regulatory change and they need better, faster access to data. And we're helping the head of distribution serve their investor base and the CIO of a client's organization gain more efficient access to markets by helping them finance their securities, manage their cash and trade their positions.

我们协助首席风险官应对监管变化，提供更好、更快速的数据获取；协助分销负责人服务其投资者群体；并帮助客户机构的 CIO 通过为其证券融资、现金管理和头寸交易，实现更高效的市场准入。

There's 2 key takeaways from this slide that I'd like you to take away. One is that because we serve more of the C-Suite, we are more relevant, and our relationships are broader and deeper with our client organization. That's a big deal, and we're going to get a little more from Todd about that. And the second is because we have invested in the profitability of every one of these products and solutions, we're very happy to start anywhere and grow from there and pretty much in any direction. That's different from where we were 3 years ago. And I'll speak a little bit more about that.

这一页有两大要点：其一，由于我们服务了更多高管层角色，因此与客户的关系更为紧密、覆盖更广、深度更大，这一点意义重大，稍后 Todd 会进一步说明；其二，鉴于我们已在每一项产品和解决方案上投入盈利能力，我们乐于从任何切入点开始合作，并可向几乎任何方向扩展，这与三年前大不相同，稍后我会详细阐述。

Let me turn to how we make money. So most of our revenue come in the form of fees, and the rest is interest income from LCR-friendly client deposits. And the fees are either structural, so that's by number of accounts, or they're market driven, either value, volume or volatility. And these 3 Vs often offset each other, creating, as Mike said earlier, a highly predictable revenue stream, which we really like.

下面谈谈我们的盈利方式。我们的大部分收入来自费用，其余来自符合流动性覆盖率（LCR）的客户存款带来的利息收入。费用可分为结构性（按账户数量计）和市场驱动型（按价值、交易量或波动性计）。这“三 V”往往相互抵消，从而如 Mike 先前所说，形成高度可预测的收入流，这一点我们非常看重。

Now we'll usually start with a core offering like data or custody and cash. And as Charlie said earlier, that comes with a bundle that includes often foreign exchange, securities lending, and we'll move up the value chain into collateral management and collateral optimization. And for investment managers, that bundle might often include fund accounting, fund administration and transfer agency services, and again, we'll move up the value chain with them with our clients.

通常我们会以数据或托管及现金等核心产品为起点，正如 Charlie 早前指出的，这会搭配外汇、证券借贷等服务，并进一步延伸到抵押品管理与优化；对于投资管理人，该组合还可能包括基金会计、基金行政和注册代理服务，我们也将伴随客户在价值链上持续提升。

And then our product development strategy, we've taken and are taking bespoke solutions or products, like middle-office outsourcing, and increasingly investing in turning those into component solutions that our clients can pick and choose from and giving therefore our clients the ability to partner with us a lot more flexibly than they might have been able to previously. And again, because we've invested in the profitability of every one of these products and component solutions, we're happy to start anywhere, and we'll grow from there.

在产品开发策略方面，我们已将、并将继续把诸如中台外包等定制化产品解决方案转化为模块化组件，让客户按需选择，从而比以往更灵活地与我们合作。再强调一次，由于我们已投资确保这些产品及组件方案的盈利能力，我们愿意从任何节点起步并由此扩展。

Let me turn to how we've done over the past 3 years. We've executed successfully. Our -- within this business, our PTI growth over the past 3 years was 14.9%. We controlled expenses. Expenses are down 1% in the business, and that's while absorbing new business as well as regulatory change costs and, in some of these years, quite significant regulatory change costs.

最后回顾过去三年的表现。我们执行有力，过去三年本业务税前利润增长 14.9%。我们控制了成本，费用下降 1%，同时还承担了新增业务以及监管变化带来的成本，其中某些年度的监管成本相当可观。

So how have we done that? A few ways. We've exited lower-margin businesses. My favorite example and one that we've just finalized actually and moved on from is the exit of the highly manual retail component of the U.K. transfer agency business. That program alone, which was a 3.5-year program, resulted in a run rate save of \$40 million, straight to the bottom line of this business.

那么，我们是如何做到这一点的？主要有几种方式。我们退出了利润率较低的业务。我最喜欢、也是刚刚完成并退出的一个案例，是撤出英国转移代理业务中高度人工化的零售部分。仅这一项历时三年半的计划，就为本业务实现了 4,000 万美元的年度成本节省，直接增厚了利润。

There are other businesses that we've exited. And by the way, in retail TA, as we've exited the manual part of it, we've now been winning institutional transfer agency business in the U.K., often bundled with fund accounting and custody. And that, to us, proves out the decisions that we made a few years ago, and we're very excited about the wins that we're adding to that platform. We've also consolidated our footprint in higher-cost locations, and we've leveraged talent in lower-cost locations. So that's 2 positives here or 2 run rate saves: one is on the real estate, and the other's on salaries and benefits. And we've consolidated a lot of our platforms.

我们还退出了其他业务。顺带一提，在零售转移代理方面，随着我们退出人工环节，目前我们在英国不断赢得机构转移代理业务，通常与基金会计及托管服务打包提供。这验证了几年前我们所做决策的正确性，我们对这些新客户感到非常振奋。我们还整合了高成本地区的办公点，并在低成本地区充分利用人才，这带来了两项利好或两类年度节省：一是地产成本，二是薪酬和福利。此外，我们已整合了大量的平台。

Most -- and this is key, most of our -- the vast majority of our clients are now on our end-state custody platform. That was a significant program, and we're very proud of the work that we've done there. And in EMEA, we've gone from 3 transfer agency platforms down to 1. Consolidating onto an end-state platform makes a lot of sense for many reasons, not least because it reduces your cost of running a business and maintenance and investment in regulatory change and other change that hit the business.

最重要的是，我们绝大多数客户如今已迁移至我们的终态托管平台。这是一个重要项目，我们为所取得的成就深感自豪。在 EMEA 地区，我们也已将三套转移代理平台整合为一套。整合至终态平台意义重大，其中最显著的原因是能够降低运营、维护以及应对监管和其他变化所需的成本和投入。

Commercially, we're a lot more disciplined in what business we will pursue and how we will price it and, I think, very importantly, what contractual commitments we will make to win business. We're very disciplined, and we think that discipline is an important part of what differentiates BNY Mellon from a strength and solidity perspective.

在商业层面，我们在选择业务、定价方式以及为赢得业务所作的合同承诺方面更加自律。这种严谨的纪律性非常关键，也是 BNY Mellon 在稳健性和实力方面区别于其他机构的重要因素。

We are also now delivering better tools to our clients for oversight. I mentioned earlier that we serve the chief operations officer of a client organization, providing custody, fund administration, transfer agency. We're now giving them tools to oversee the work that we do for them on a much more real-time basis. And we're delivering those tools to them more digitally that they can consume either via APIs on our -- or on our portals. And we continue to invest in those.

我们现在还为客户提供更好的监督工具。此前我提到我们为客户机构的首席运营官提供托管、基金管理、转移代理等服务。如今，我们为他们提供可实时监督我们工作的工具，并以更加数字化的方式交付这些工具，让他们既可通过 API，也可通过门户网站来使用。我们将持续在这些工具上加大投入。

The result of all of this is reduced cost, lower risk and improved client experience and, as the slide says, more than 630 basis points of higher margin in this business. And that's important because it enables us to compete more effectively for our clients' business going forward.

所有这些举措的结果是成本降低、风险下降、客户体验提升，并且正如幻灯片所示，本业务的利润率提高了 630 多个基点。这一点至关重要，因为它使我们未来在争取客户业务时更具竞争力。

Our revenue -- revenue growth rates have been more modest. We've grown the business by 3.2% CAGR over the past 3 years, mainly off the back of new wins in assets under custody, administration and data management but also in investing and adding capacity and capability in higher-growth segments. Again, I'll come back and speak about those.

我们的收入增长则相对温和。过去三年，我们的复合年增长率为 3.2%，主要得益于托管资产、行政管理和数据管理方面的新客户获胜，以及在高增长领域增加产能和能力的投资。我稍后将进一步阐述这一点。

Let's look forward. And as we look forward, we are always conscious of what our clients are saying to us. And speaking of clients, I've reproduced Mitchell's slide here because it does a very good job explaining what are the trends that are impacting our clients' businesses. And Mitchell and his Investment Management business, as he said, is one of our largest clients. And that's a really good relationship because in addition to being a client, they're also a beta client because they're internally our beta client telling us or helping us be better at what we deliver back to them. And what's good for them, it's good for the entire book of business that we have in Asset Servicing.

展望未来，我们时刻关注客户的声音。说到客户，我在这里复用了 Mitchell 的幻灯片，因为它很好地阐释了影响客户业务的趋势。正如他所说，Mitchell 的投资管理业务是我们的最大客户之一。这种关系非常理想，因为他们不仅是客户，还是我们的内部测试客户，向我们反馈、帮助我们改进服务。对他们有利的改进，也将惠及我们资产服务业务的整体客户群。

So based on the feedback that we get from Mitchell and his team but also from our client advisory boards, our clients are saying to us they want more digital solutions, more cost efficiency, more risk management and controls and more regulatory compliance. And when I say regulatory compliance, that's ours but, clearly, also helping them achieve regulatory compliance.

根据 Mitchell 团队以及客户顾问委员会的反馈，客户希望获得更多数字化方案、更高的成本效率、更完善的风险管理与控制，以及更强的监管合规能力。提到监管合规，不仅包括我们自身的合规，也包括帮助客户达成合规目标。

So here is how we're responding. First, as you'd expect, we're continuing to invest in strengthening the core and improving operating efficiency. We think those things are table stakes in this business. And in a business that has continued pressure on pricing, the right way to react is always to invest in making sure that you're: one, is operationally efficient, continually striving to achieve more operational efficiency and driving transparency.

对此我们的应对措施如下：首先，正如大家预期的那样，我们持续投资于核心业务，加强运营效率。我们认为，这是这一行业的基本要求。在面临持续价格压力的业务环境中，正确的反应始终是投资于确保自身运营高效，并不断提高效率和透明度。

Those are table stakes, and we'll continue to do that. More particularly, we're driving automation by enhancing workflow, increasing digital intake of data and deploying machine learning. This is a multiyear program, we've kicked it off, and we are already delivering.

这些都是基本要求，我们会持续推进。更具体地说，我们通过改进工作流程、增加数据数字化输入，并部署机器学习来推动自动化。这是一项多年计划，我们已启动并开始交付成果。

We're providing more operational transparency to our clients. They expect it. They'd like to make sure that we continue to deliver on our promises. And they want to be able to see how we're delivering on those promises much more real-time than they might have been able to see previously.

我们为客户提供更高的运营透明度，这是他们的期望。他们希望确信我们持续履行承诺，并能够比以往更实时地看到我们如何兑现这些承诺。

And we're continuing to focus on strengthening our operating platform. And I'll just give the example of more platform consolidation in other parts of our business as we complete the transfer agency and the custody programs.

我们还将继续致力于强化运营平台。例如，在完成转移代理和托管项目后，我们将进一步整合其他业务领域的平台。

So all of those things help us reduce costs, mitigate risk and improve client experience, which in turn helps us win and retain business and focus more on growth.

所有这些举措都有助于降低成本、减轻风险并改善客户体验，从而帮助我们赢得并留住业务，并将精力更多地集中在增长上。

I could talk about a number of opportunities from a growth perspective. The team in Asset Servicing picked 5 that we're particularly excited about in terms of sharing with you today. First is in competing more effectively in our core business. So as I said earlier, we have a very strong client franchise. We have strong and deep relationships with our clients, as you'll hear from Todd a little later.

从增长的角度来看，我可以谈到许多机会。资产服务团队挑选了 5 个我们今天特别想与各位分享的重点机会。首先是在核心业务中更有效地竞争。正如我之前所说，我们拥有非常强大的客户基础，与客户保持着牢固而深入的关系，稍后 Todd 会进一步说明。

Many of our clients are rethinking and adapting their business models. And as they do that, they are often reducing the number of service providers that they will work with. And as they do that, they're often looking for scale and capacity. And because of that, they will often invite us. In fact, we're always invited to the table when they are looking for scale and capacity. And we are often chosen as the preferred provider or one of 2 or 3 providers in a split-provider model.

我们的许多客户正在重新思考并调整其商业模式。在此过程中，他们往往会减少合作服务商的数量，并寻找具备规模和能力的伙伴。正因如此，他们经常邀请我们参与讨论。实际上，只要客户在寻求规模和能力，我们总能进入候选名单，并常被选为首选供应商，或在拆分供应模式中成为两三家供应商之一。

Now 2017 was a good year for us. That's why Charlie, at the fourth quarter earnings call, spoke about the Asset Servicing business picking up \$575 billion in new business. Our pipeline is showing the opportunity ahead. We think this is an important and continuing trend going forward.

2017 年对我们来说是丰收之年。这就是为什么 Charlie 在第四季度财报电话会上提到资产服务业务获得了 5,750 亿美元的新业务。我们的潜在项目管线也显示出未来的机会，我们认为这将是一个重要且持续的发展趋势。

And we think we are -- our cost structure enables us to compete a lot more effectively than we might have been able to 3 years ago.

我们认为，现在的成本结构使我们比三年前更具竞争优势。

The second opportunity is in serving faster-growing alternatives and ETF managers. There's a couple of trends here, and Mitchell spoke about the barbell. We believe in the power of the barbell assets in alternatives, and ETFs are growing faster than the rest of the industry, generally at the expense of active management. And more alternatives are outsourcing more of their middle and back-office functions. Both of these things are good for our business model. We've invested in many of the platforms our clients need. And those investments are paying off.

第二个机会是服务增长更快的另类资产和 ETF 管理人。这里有几个趋势，Mitchell 提到了杠铃策略。我们相信另类资产中“杠铃”式资产配置的力量，而 ETF 的增速超过行业其他部分，通常是以主动管理规模为代价。同时，越来越多的另类管理人将其中后台职能外包。这两点都有利于我们的商业模式。我们已在客户所需的多个平台上进行了投资，而这些投资正在带来回报。

So let me get into each of those segments. In real estate, back in 2014, we acquired the platform and brought on the people from one of the leading real estate investment managers globally. And that was a global footprint, global capability that we've -- that we acquired there. And having then created that scalability and capacity, we are now winning more real estate business off the back of it. So today, we're serving 7 of the top 20 real estate managers, and we fully expect that we will grow this business as more real estate managers look to outsource.

让我来分别谈谈这些细分领域。在房地产方面，早在 2014 年，我们收购了全球领先房地产投资管理公司之一的平台并吸纳了其团队，由此获得了全球布局和全球能力。凭借这一规模化与产能，我们现在正赢得越来越多的房地产业务。目前我们已为全球前 20 大房地产管理机构中的 7 家提供服务，并完全有信心随着更多房地产管理机构寻求外包，这一业务将继续增长。

Hedge funds have been added for a little longer. Today, we serve 16 of the top 20, primarily back office, but the opportunity is in hedge funds outsourcing more of their middle office going forward as they decide to focus more on their core competencies.

对冲基金业务开展时间更久一些。目前，我们为前 20 大对冲基金中的 16 家提供服务，主要是后台服务，但随着对冲基金决定更加专注于核心能力，未来将有更多中台职能外包的机会。

Back in 2016, we won a new fund range from one of our largest hedge fund clients. And that business, as complex as it was, took us into the middle-office space. And off the back of that capacity and capability, we're winning more hedge fund business, middle-office servicing business from our clients. And they're expecting that we continue to service more of their middle offices going forward.

2016 年，我们从一家最大的对冲基金客户那里赢得了一批新的基金系列。这项业务虽极其复杂，却将我们带入了中台领域。凭借由此获得的能力与产能，我们正从客户那里获得更多对冲基金的中台服务业务，他们也期望我们未来继续为其更多中台部门提供服务。

Private equity is large and growing as macro and market forces create an opportunity for private capital to replace bank financing and public capital. And only 30% to 40% of private equity companies today are outsourced. So we think the upside in private equity is quite significant. Today, we serve 5 of the top 20 private equity managers. We think there's a good opportunity here to invest in this space and to grow it organically and potentially inorganically. So I'd say watch this space.

随着宏观和市场因素为私人资本取代银行融资和公共资本创造机会，私募股权领域规模庞大且仍在增长。目前仅有 30% 至 40% 的私募股权公司进行外包，因此我们认为私募股权增长潜力十分可观。目前我们为前 20 大私募股权管理机构中的 5 家提供服务，我们看到在这一领域通过内生及潜在外延方式投资并扩大业务的良好机会，请拭目以待。

And ETFs, we're excited about ETFs. We think that there will be more flows there. And it's a lot of our existing active investment managers that are launching ETF fund ranges today. And we can serve them on the same platforms that we're serving them in the active space. But the unique value proposition for BNY Mellon is not only in what Asset Servicing can do for ETF managers, it's in what Investment Management can do in sub-advising, in what the Markets business can do in terms of trading, basket creation and market-making and in terms of what Pershing, as you've heard from Lisa, can do in terms of giving access to distribution on their platform and also giving access to RIAs in terms of thought leadership to help ETFs think about how RIAs construct portfolios and think about asset allocation.

至于 ETF，我们对这一领域感到十分振奋，预计将有更多资金流入。当前推出 ETF 产品系列的，正是我们众多现有的主动型投资管理客户，而且我们可以在为其主动管理业务服务的同一平台上服务他们的 ETF。但 BNY Mellon 的独特价值不仅在于资产服务部门能为 ETF 管理者做什么，还在于投资管理部门可提供的分管顾问服务，市场业务可在交易、篮子创建及做市方面提供的支持，以及正如 Lisa 所介绍的 Pershing 能通过其平台分销渠道及向 RIA 提供思想领导力，帮助 ETF 了解 RIA 如何构建投资组合和进行资产配置。

So in summary, we like the growth in these segments. We think there's more assets being allocated to them. We think asset owners, both through investment managers and, in some cases, actually directly, and we can serve those asset owners as they access those segments directly, that's growing. And more of the investment managers are outsourcing. And we have the capabilities and continue to build them and acquire them.

总而言之，我们看好这些细分领域的增长，认为将会有更多资产配置到这些领域。无论资产所有者是通过投资管理人还是在某些情况下直接进入这些领域，我们都能为其提供服务，而这一需求正在增长。越来越多的投资管理人选择外包，我们具备相应的能力，并将持续建设和获取这些能力。

The third opportunity I wanted to touch on today is in delivering data solutions to our clients. And I'm not talking about Big Data here. This is the data that our clients need to manage their investments every day. Our data solutions come in the -- come from BNY Mellon Eagle.

我今天想探讨的第三个机遇，是为客户提供数据解决方案。这里并非指“大数据”，而是客户日常管理投资所需的核心数据。我们的数据解决方案来自 BNY Mellon Eagle。

Eagle is a company that we acquired back in 2001 and that we've been investing in ever since. And they started by delivering software that created a single version of the truth to help our clients manage their investments. And on top of that, they built a flexible rules-based accounting engine that's since been adapted in support of fund accounting and insurance accounting as well. We're incorporating Eagle now into the technology that Asset Servicing solutions, core solutions use like fund accounting and middle-office outsourcing.

Eagle 是我们在 2001 年收购的公司，此后持续投入。公司最初提供的软件可创建“单一真实版本”，帮助客户管理投资。在此基础上，他们又构建了灵活的规则引擎，会计系统现已支持基金会计和保险会计。我们正将 Eagle 深度整合进资产服务的核心技术，如基金会计和中台外包。

Eagle today, by the way, is the data backbone, as Charlie said earlier, for more than \$24 trillion in assets under management. We think that's a big number obviously, a major opportunity for us. And I'll tell you why. But that includes serving 16 of the top 25 and 62 of the top 200 investment managers globally. It's a global footprint. They have a concentrate -- more of a concentration with the larger asset managers and asset owners. And we think the opportunity is threefold: first, introducing more of our Asset Servicing capabilities to the Eagle clients that aren't using them today; introducing Eagle's data solutions to the Asset Servicing clients that aren't exposed to Eagle today or aren't using Eagle as their data backbone today; and importantly, in replacing third-party vendor technology with Eagle's at the core of what BNY Mellon Asset Servicing does in terms of fund accounting and middle-office outsourcing. So in short, we believe data is a critical client requirement, and with Eagle, we can help.

正如 Charlie 先前提到的，目前 Eagle 已成为管理逾 24 万亿美元资产的数据骨干。这一数字巨大，蕴含重大机遇。Eagle 服务的客户包括全球前 25 家投资管理公司中的 16 家、前 200 家中的 62 家，足迹遍布全球，尤其集中于大型资产管理人和资产所有者。我们的机会有三：一是向尚未使用资产服务功能的 Eagle 客户推广这些能力；二是将 Eagle 的数据解决方案引入尚未采用或未以其为数据核心的资产服务客户；三是用 Eagle 替换第三方技术，成为 BNY Mellon 资产服务在基金会计和中台外包中的核心。因此，我们认为数据是客户的关键需求，而 Eagle 能助我们一臂之力。

The fourth opportunity is in creating markets capabilities that enhance client outcomes. So market solutions have always been at the center of what we deliver to our clients in Asset Servicing. And while we might have traditionally focused on Custody FX and securities lending, changing market dynamics have really driven us to be a full-service foreign exchange provider, including risk management and risk solutions derivatives and FX prime, which I think, combined with collateral management, makes us a strong contender for intermediation and liquidity provision.

第四个机遇是构建市场能力，以提升客户成效。市场解决方案一直是我们资产服务价值主张的核心。虽然以往重点在托管外汇和证券借贷，但市场格局变化促使我们成为全方位外汇服务商，涵盖风险管理、衍生品风险解决方案和外汇主经纪业务，与抵押品管理结合后，使我们在撮合和流动性供给方面颇具竞争力。

We're also today and have been but have added to our agency lending at primacy. So we've added some key wins in 2017 to our securities lending business, especially in the sovereign space.

此外，我们不断强化代理借贷的主导地位。2017 年在证券借贷业务中取得关键进展，尤以主权客户领域为甚。

Also and as the slide would suggest, going forward, we see a lot of upside in collateral management. So collateral has always been a key sell-side solution, and you'll know us for serving 130 dealers on our clearing and collateral management platforms. But the buy side is rising quickly in their use of those same collateral solutions as they look for enhanced yields and are looking to post margin courtesy of regulatory requirements. And they're increasingly willing to take either side of a trade.

正如幻灯片所示，抵押品管理前景广阔。抵押品一直是卖方的关键方案，我们的清算与抵押品管理平台服务 130 家交易商。如今，买方因追求更高收益及监管保证金要求，迅速采用同类抵押品方案，并日益愿意在交易中扮演双边角色。

Now BNY Mellon provides the ecosystem that brings the buy side and the sell side together and, in some cases and increasingly, actually, buy side and buy side together on both sides of a collateral trade. So in all of this, I think the theme is that our buy-side clients' needs are becoming more sophisticated, and we have the sell-side solutions to bring over to the buy side to serve their needs.

BNY Mellon 现已构建生态系统，将买方与卖方结合，甚至日益支持买方与买方在抵押品交易中的双边对接。总体而言，买方客户需求愈发复杂，而我们能够将卖方级方案引入买方领域以满足其需求。

And finally, the fifth opportunity is in helping our clients service their investor base. So there's a lot of history here. And the team is actually eager to make sure I say this: we made this history happen. It's a history of declining investor records at the investment manager, transfer agency and rising investment -- investor records at the distributor, so subaccounting.

最后，第五个机遇是协助客户服务其投资者群体。这里有一段值得骄傲的历史，团队特别希望我强调：这段历史因我们而生。随着投资经理和转移代理端的投资者记录下降，分销渠道——即子账户记账——的投资者记录在持续上升。

And here's why I say we helped make it happen. 20 years ago, we created subaccounting for third parties. And today, we're serving 8 of the top 10 distributors and have over 70% market share in subaccounting. Take subaccounting and transfer agency together, we have more than 50% market share, certainly here in the U.S. And we think some of these trends will go global as well.

我之所以说我们促成了这一切，有以下原因。20 年前，我们为第三方开发了子账户记账服务。如今，我们为前十大全国分销商中的八家提供服务，子账户记账市场份额超过 70%。如果将子账户记账和转移代理合并计算，我们的市场份额在美国超过 50%。我们认为，这些趋势也将逐步走向全球。

So we're in a very good position here to help our investment manager clients in a number of ways. First, we provide our clients with the tools and the data that they need to enable them to gather more assets. We provide them with the data that they need to monitor and oversee the activities of their distribution partners. And I think importantly, we also provide and have provided and will continue to provide the recordkeeping solutions to help them serve their retail investors, whether that's direct sold on transfer agency platforms, hopefully bundled with custody and fund accounting, very importantly, or through a third-party distributed platform.

因此，我们在多个方面都处于非常有利的位置，能够帮助投资管理客户。首先，我们向客户提供必要的工具和数据，帮助他们吸引更多资产；同时提供用于监控和监督分销伙伴活动的数据。更为关键的是，我们还持续为他们提供记录保存解决方案，帮助其服务零售投资者——无论是通过转移代理平台直接销售（并与托管、基金会计打包），还是通过第三方分销平台。

Also, as the slide suggests on the right side here, we're now extending our investor recordkeeping capabilities through a digital front-end solution that's really extending or expanding our ability to reach new channels and new clients, like health savings accounts, state-sponsored plans and investment managers actually in direct sold accounts. And we think, again, there's things about this trend that also will go global as more assets fall in the hands or go back to -- and investors to make decisions on DB to DC and RIA fee-based models versus commission-based models and other trends that we think are very positive both for the Pershing business as well as for the Asset Servicing business and Investor Solutions business that we sit on here in Asset Servicing.

正如幻灯片右侧所示，我们正通过数字化前端解决方案延伸投资者记录保存能力，进一步拓展对新渠道与新客户的覆盖，例如健康储蓄账户、州政府计划，以及直接售卖账户中的投资管理人等。随着更多资产回到投资者手中，由投资者在确定给付型（DB）向确定缴费型（DC）以及 RIA 费率模式与佣金模式等转换时作出决策，我们认为这一趋势同样会走向全球。对此，Pershing 业务、资产服务业务及旗下投资者解决方案业务都将受益匪浅。

So as I said earlier, I think the foundations, the fundamentals of the Asset Servicing business are better than they've been in a very long time, enabling us to really compete more effectively in the market.

正如我先前所说，资产服务业务的基本面比过去很长一段时间都更加稳健，使我们能够在市场中更具竞争力。

And we have some of the leading clients in their respective segments. We're very proud of our client franchise. And here is what our clients say to us. They say they like our scale and strength, and they like the breadth and depth of capabilities that we deliver. And that's both within Asset Servicing but across the franchise as well importantly. And they like the fact that we're one of very few providers that can help them manage and move securities, cash as well as data. And hopefully, we've been able to show that the focus going forward and the tools that we have at our use will really help this business grow sustainably going forward, including our focus on investing further in alternatives and ETFs, the data management tools that we can deliver to our clients, some of the markets capabilities I spoke to especially around collateral management and our unique investor services proposition, with a very strong position serving distributors and having that help us continue to serve the investor manager space.

我们拥有各自细分领域的顶级客户，对此深感自豪。客户反馈称，他们欣赏我们的规模与实力，以及我们提供的广度与深度兼具的服务能力，这不仅体现在资产服务内部，也贯穿整个集团。他们同样看重我们能为其同时管理与流转证券、现金和数据，而这类供应商屈指可数。希望通过上述内容，大家已看到我们未来的重点及现有工具，如何帮助业务实现可持续增长——包括进一步投资于另类资产和 ETF、为客户提供数据管理工具、我提到的市场能力（尤其是抵押品管理），以及独特的投资者服务优势：在分销商领域占据强势地位，从而持续服务投资管理客户。

We think that combination of things is a positive one, helping us consistently grow, growing revenues and earnings and really doing that by partnering with our clients to deliver the capabilities that they need from us today and the solutions that they will be needing from us going forward.

我们认为，这些因素的结合将持续推动我们增长，提升收入与盈利。我们将与客户携手合作，既满足他们当下所需，也提供其未来所需的解决方案。

Thank you very much. And with that, I'd like to bring Todd Gibbons up here to talk to you about the Markets business, the Clearing business and how we partner with our clients to create strong, enduring and long-term relationships. Todd?

非常感谢。接下来，请允许我邀请 Todd Gibbons 上台，为大家介绍市场业务、清算业务，以及我们如何与客户合作，建立稳固、持久的长期关系。Todd？

Thomas Gibbons   Former CEO & Director

Thomas Gibbons   前首席执行官兼董事

Thank you, Hani. Good morning, everybody. It's great to see so many familiar faces. I'm particularly excited to be representing you not as the finance officer but as the leader of some of our really great businesses as well as our client management function. I am going through a little bit of withdraw here because, as you'll see, I have one slide that has numbers in it, but I think Mike very ably handled those.

谢谢你，Hani。各位早上好，很高兴见到这么多熟悉的面孔。我尤其欣喜的是，今天我是以几项重要业务及客户管理职能的负责人，而非财务官身份与大家见面。虽然我略感“戒断反应”，因为接下来我只有一张包含数字的幻灯片，但我想 Mike 已出色地处理了相关数据。

Let me get started by just introducing and kind of following up on what Hani and Mitchell and my colleagues have demonstrated, and I think this slide illustrates. As you can see, our business model is quite a bit different than the traditional trust model. We all have Investment Management, Investment Services as well as some markets capabilities. Some of the universal banks extend a little bit beyond that. They have Treasury Services. That's our cash management, our payments as well as our -- as well as a couple of other services that we've got, including trade finance.

让我从介绍开始，接着衔接 Hani、Mitchell 以及我的同事们所展示的内容——我认为这张幻灯片也能说明问题。如你所见，我们的商业模式与传统信托模式有很大不同。我们同时拥有投资管理、投资服务以及部分市场业务能力。一些综合性银行在此基础上更进一步，拥有现金管理、支付以及其他若干服务——包括贸易融资——所组成的“全球资金服务”业务。

We also have issuer services. Fewer of the universal banks do that, especially corporate trust, which I think gives us some pretty interesting capabilities. And I think Lisa really demonstrated what a strong asset Persing can be for us and how that fits into the organization. And I think another real differentiator for us is the Clearing and the collateral management business.

我们同样具备发行人服务。具备此项能力的综合性银行并不多，尤其是企业信托，这赋予了我们颇具特色的服务能力。我认为 Lisa 已经充分展现了 Pershing 对我们的巨大价值及其在集团中的定位。而清算与抵押品管理业务，则是我们的另一项关键差异化优势。

So what is this? So what about all that? We've got a -- we do a lot of things, but so what? Well, I think as a result of that, as you look to the right here, you can see that we serve a broader set of clients. And these are clients, and you'll hear us -- and you've heard us reiterate this a number of times, they're not only on the buy side, but they're also on the sell side, and they're even the issuers themselves. So I think what you see from this is that we've got an expertise that some of our competitors don't.

那么这些究竟意味着什么？我们业务门类繁多，但价值何在？正因如此，如图右所示，我们服务的客户范围更为广泛——他们不仅是买方，也包括卖方，甚至包括发行人本身。由此可见，我们拥有一些竞争对手所不具备的专业能力。

And if you also look down the businesses that we've got, we've got significant more ways to enter a relationship. So it's not just the Investment Management or the Investment Services, but Treasury Services can be foundational to a relationship, and then we can build off of that. We've also got the capability of combining the different things that we're able to do, and what that's been able to do for us is build deeper and more durable relationships.

纵观我们的各项业务，我们拥有更多“切入口”与客户建立关系：不只是投资管理或投资服务，资金服务也可成为关系的基石，而我们可以据此进一步拓展合作。通过整合多样化能力，我们能够与客户建立更深层、更持久的合作关系。

So let's discuss for a moment how we actually deliver and oftentimes connect all of these capabilities across the company. We have -- in each business we have, obviously, they have deep subject matter experts. But at the top of the house, we have something that we call Global Client Management. And Global Client Management are teams of senior bankers that are -- have deep expertise in their segments. So the way to think about this, at the top, we have segment information, and then throughout the business, we have deep product knowledge.

下面谈谈我们如何真正交付并串联这些能力。每条业务线都拥有深厚的专业团队，而在集团层面，我们设立了“全球客户管理”（GCM）。GCM 由经验丰富的资深银行家组成，深耕各自细分行业；顶层掌握行业洞察，业务前中后台则具备深度产品知识。

So the Global Client Management, they represent about 50% of our total revenues. So their clients represent 50% of total revenues. It's a much smaller percentage of the total population of clients. Hani indicated just in Asset Servicing, we have over 7,000 clients. But the top 50% generate about 700 -- or the -- so 50% of our revenues are coming from about 700 clients that are represented here.

GCM 所覆盖的客户为我们贡献约 50% 的总收入，却仅占客户总量的一小部分——Hani 提到，仅资产服务业务就拥有逾 7,000 名客户，而贡献这 50% 收入的大约只有 700 家。

They tend to be long-term relationships. They often have quite a bit of upside to them. And they're on, as you'll see, both the buy and sell side of the equation. And on average, they take up over 6 of our different businesses. We've got a global footprint, so we've located this team where the businesses are.

这些客户通常与我们保持长期合作，且具有相当的增长潜力，涵盖买方和卖方。平均而言，每家此类客户会使用我们 6 项以上的不同服务。我们在全球布局了相应团队，以贴近各业务重点地区。

I think the combination of segment knowledge and product knowledge from the businesses enable these guys to do some real problem-solving. And I'm going to share with you what I think are a couple of cool examples in a minute.

细分行业知识与产品专长的结合，使团队能够为客户解决实际难题。稍后我会分享几个精彩案例。

Now as Charlie has worked to intensify our focus on the -- on clients, I think the stature of this group has actually risen in the organization. What I've seen over the past couple of years, I think they have made some good progress. I think they've improved their communications. I think they're presenting themselves better to our clients. But I do see continued opportunity for improvement. So what we're doing here is we're investing in tools to enhance effectiveness. We're increasing training. And ultimately, I'm confident the team will expand the whole list of opportunities that we've got.

随着 Charlie 加强“以客户为中心”的战略，这支团队在公司内部的地位显著提升。过去几年，他们取得了长足进步：沟通更顺畅、客户呈现更专业。当然，仍有提升空间。对此，我们正投入工具提升效率，增加培训，深信他们将进一步拓展机遇清单。

Now let's take a look in this next slide on how the team is actually delivering our company. This is my one slide with numbers. It's a little bit complicated, so I got one slide with numbers, so I guess I made it complicated. But let me first explain how the table works.

接着，请看下一张幻灯片，展示团队如何交付集团能力。这是我唯一一张包含数字的幻灯片，可能稍显复杂，但先让我说明表格结构。

Down the left-hand side of the segments are our key segments. And remember, our enterprise client -- this Global Client Management team is aligned by those segments. Across the top are the businesses that we've been talking about today, all 7 of them. And again, there's deep product knowledge within those businesses, and they coordinate with the segment heads.

表格左列列出关键细分行业，对应 GCM 的分段设置；上方则是今天讨论的七大业务线。各业务团队具备深度产品知识，并与分段负责人协调合作。

The percentages that you see in the rows and the columns reflect the percentage of the Global Client Management of those 700, the ones that fall in that particular area and the percentage that use that particular service. So 67% of the Global Client Management, if you look at the upper left-hand corner, of our Global Client Management clients in that segment, banks and broker-dealers use Asset Servicing.

行列中的百分比表示 700 家 GCM 客户中，属于该行业且使用该项服务的比例。例如左上角显示：在“银行与经纪交易商”这一细分中，67% 的 GCM 客户使用资产服务。

And I'd like to make a couple of noteworthy observations here. So if you look down the Asset Servicing column, as you can see, it looks like we've got pretty good penetration, 67%, 76%, 87%, 83%, that's true. The thing I've noticed here, in many instances, our wallet share is actually kind of light or in many cases, it's not necessarily the asset classes that are the most valuable to us. So I think there is room for growth here. As we continue to provide the services and make the investments that Hani has discussed and we expand and give good service, I think we'll expand these numbers.

我想在这里提出几个值得注意的观察点。如果你往资产服务这一列向下看，可以看到我们的渗透率似乎相当不错，67%、76%、87%、83%，这些都没错。但我注意到，在很多情况下，我们的“钱包份额”其实相对有限，或者说并不一定集中在对我们最具价值的资产类别。因此，这里仍有增长空间。随着我们继续提供服务并进行 Hani 所谈到的投资，扩大规模并保持优质服务，我认为这些数字会进一步提升。

Another observation is, if you look at Treasury Services, obviously, it's very well penetrated. It's very integrated into the rest of our enterprise. Many relationships have actually been founded with Treasury Services. So it's a great way to enter a developing market, so we'll go in, we'll build a correspondent relationship, we'll provide some trade services. As the region develops and assets grow, it then becomes -- we've got a brand, we're known, and we become positioned to deliver our other capabilities.

另一个观察是，如果你看看资金服务，很明显其渗透率非常高，并且与我们企业的其余部分高度整合。实际上，很多客户关系最初就是由资金服务奠定的。进入一个新兴市场的好方法，就是先建立代理行关系，提供一些贸易服务；随着该地区发展、资产增长，我们已经拥有品牌知名度，自然而然就能够进一步提供其他能力。

I think the third item of note here, and Hani brought this up as well, is look how little we've actually penetrated the buy side for collateral management. On the -- on insurance, it's only 2%, and on Investment Management, it's 9%. So I've circled those numbers. We would expect to see that grow for a couple of reasons.

我认为第三点需要注意的是，正如 Hani 也提到的，看看我们在买方抵押品管理领域的渗透率有多低。在保险领域仅为 2%，在投资管理领域也只有 9%。我已经把这些数字圈出来。出于几个原因，我们预计这两个数字会增长。

Number one, on the investment side, managers are becoming much more sophisticated, and they need to drive their short-term yields higher, and we can help them with that. And also, in both cases, they need to segregate collateral to manage their derivatives position. So I think we're well positioned to see grow there. I think you'll have to stay tuned to see it, but over the next couple of years, I'm confident we will.

第一，在投资端，管理人愈发专业化，他们需要提高短期收益率，而我们可以协助他们实现这一目标。同时，在两种情况下，他们都需要隔离抵押品来管理衍生品头寸。因此，我们在这一领域具备良好的增长条件。我想你们需要持续关注，但在未来几年内，我有信心我们会实现增长。

Finally, and this is something that Mitchell suggested, you can see that it's apparent that the deep relationships that we have on -- in the rest of our Investment Services businesses is helping us open doors for Investment Management.

最后，正如 Mitchell 所指出的，你可以看到，我们在投资服务其他业务中建立的深厚关系，显然帮助我们为投资管理业务打开了大门。

So look at this, governments, corporates and not-for-profits, 52% of our Global Client Management does business with our investment managers. And if we carry that out to insurance, it's a good-sized number of 70%. So those relationships really do open doors.

看看这里：政府、企业及非盈利机构中，有 52% 的全球客户管理客户与我们的投资管理人合作；如果扩展到保险客户，这一比例达到 70%。这些关系的确为我们敞开了大门。

So in summary, as I look at what we've done over the past couple of years, I think we're doing a pretty good job of connecting. I don't think we're doing a great job. I think there's more we can do. I think there's plenty of room for improvement even within these clients. And I think what you will see us do is increase wallet share as well as develop some new market opportunities.

总的来说，回顾过去几年所做的工作，我认为我们在连接资源方面做得相当不错，但还称不上优秀。我们仍有许多可提升之处，即便在现有客户群体内部仍有巨大改进空间。我认为你们将看到我们扩大钱包份额并开发新的市场机会。

Now every company says that they're innovative, that they're solution providers, that they're problem solvers. You've heard us say it. You've heard others say it. Frankly, it sounds a little bit trite. So what I'm going to share with you right now are some case studies to prove, at least for us, that this is not just marketing hype, that we have the capabilities, the expertise as well as the enterprise clients that will innovate with us, so we -- they build solutions with us. That's how we created tri-party, and so we had 2.7 -- \$2.6 trillion or \$2.7 trillion of tri-party outstanding, developed with one of our particular clients.

如今，每家公司都声称自己具有创新能力，是解决方案提供者，是问题解决者。你们听我们这么说过，也听别家公司这么说过。坦白讲，这听起来多少有些陈词滥调。因此，我现在将与大家分享一些案例研究，至少证明对我们而言，这不仅仅是市场宣传；我们确实具备能力和专业知识，也拥有愿意与我们共同创新的企业级客户——他们与我们一起构建解决方案。我们就是这样与某客户共同开发了三方回购，而现今三方回购未平仓余额已达 2.6 万亿或 2.7 万亿美元。

We identify needs, we work together with them, and we solve problems. And in many instances, those solutions, as I just suggested with tri-party, become scalable. In some instances, they become only moderately scalable. But they do build deeper relationships because we've solved the problem that couldn't be done elsewhere.

我们识别需求，与客户携手合作，解决问题。在许多情况下，这些解决方案，如同三方回购一样，最终实现规模化；有时只能部分规模化。但它们确实加深了关系，因为我们解决了其他地方无法解决的问题。

So let me share an example. This is a real client, and all the clients I'm about to go through, they do exist, but I've redacted names. The client here is an institutional regional broker-dealer. They currently self-clear. So they've got some problems facing them in that they need enhanced trading platforms, but they really don't have the scale to make the kind of CapEx that they're going to continue to make to compete, but they've got to keep up with regulatory and compliance issues. So that's issue number one, and they'll need to modernize those tools.

下面分享一个案例。这是真实客户，我将隐去名称。该客户是一家区域性机构经纪自营商，目前自营清算。他们面临一些问题：需要更先进的交易平台，但缺乏持续投入资本开支的规模；同时必须跟上监管和合规要求。这是第一个问题，他们需要升级这些工具。

The second issue is they need to -- they also need to -- like most broker-dealers, anything we can do to reduce costs and variabilize those costs would be welcome.

第二个问题是，他们同大多数经纪自营商一样，需要尽一切可能降低成本并将成本变动化。

So they came to us, and we suggested, "Maybe we ought to move from self-clearing." They ought to move from self-clearing and clear through Pershing. "So here is your solution." So Pershing solves most of their problems. It takes care of the operational leads as they -- needs as they've outsourced things. They're more efficient, they run a variable cost model and enhance their trading platforms and reduce their costs.

于是他们找到我们，我们建议“也许应该从自营清算转为通过 Pershing 清算”。“这就是你的解决方案。”Pershing 解决了他们的大部分难题：在外包运营需求的同时提高效率，采用可变成本模式，提升交易平台并降低成本。

However, they're left with another problem. In the past, they had a diversified portfolio of funding of providers for the inventory that they would typically have. Now that the assets are on the Pershing platform, there's a problem for both Pershing and the client. So the way to think about this, Pershing would have to be the financier of those assets unless they do something else. And that creates a problem for us because we're going to have to commit a significant amount of balance sheet. And it creates a problem for our clients because they're going to have to -- they're not going to have a diversified funding source; they've got one. So it's not an ideal solution for either of us.

然而，这又带来另一个问题：过去他们拥有多元化的库存融资来源；现在资产落到 Pershing 平台上，Pershing 和客户都面临问题。换言之，如果不采取其他措施，Pershing 必须为这些资产提供融资，这会占用我们大量资产负债表，而客户则失去多元化融资来源，只剩一家。这对双方都不是理想方案。

So what do we do? We look elsewhere in the institution, and we provide another solution called tri-party. So we've talked about tri-party a little bit, but I'll give you a little bit of background on it. It's where BK effectively acts as a custodian on a repo transaction. It's really not a whole lot more complicated than that, but it is fairly sophisticated beyond that. So we'll collateralize the collateral -- or we'll custodize the collateral for the benefit of the investor. We act as an agent here, not a principal, so there's no balance sheet implication to us. And investors in tri-party get the credit -- they take on the credit of the borrower, but they do in a secured fashion. And they actually establish the terms that they can agree to, so we make sure those terms are met, where are the margins on the collateral and so forth.

那么我们该怎么办？我们在机构内部另辟蹊径，提供另一种称为三方回购的解决方案。之前我们稍微谈到过三方回购，但我再补充一点背景：在这种模式下，BK 实质上充当回购交易中的托管人。本质上并不复杂，但操作层面相当精细。我们为投资者的利益托管抵押品，作为代理而非做市方，因此对我们的资产负债表没有影响。三方回购中的投资者承担借款方的信用风险，但这是以有担保的方式进行。他们自行设定可接受的条款，我们确保这些条款得到满足，包括抵押品的保证金水平等。

It's seamless. There are many, many investors that can come through it, so it's operationally simple. And our regional broker-dealer ends up with exactly what they need: operationally convenient, low-cost, diversified funding sources. And BK is not exposed to the risks nor does it have to commit significant balance sheet. So that's a true win-win. We end up with a durable relationship and a new service we can offer to similar clients, a service, I think, that will be very difficult for competitors to actually replicate.

这一流程无缝衔接，可容纳众多投资者，操作简单。最终，我们的区域经纪自营商获得了他们所需的一切：操作便捷、成本低廉且资金来源多元化。而 BK 既不暴露于风险，也无需动用大量资产负债表资源，可谓双赢。我们与客户建立了长期关系，并开发出可为类似客户提供的新服务——我认为竞争对手极难复制。

Here is another pretty cool one. This is a large asset manager who wants to offer their clients seamless bank and brokerage custody. Now some clients prefer the perceived safety of bank custody where they may need bank trustee services. So we're beginning to get more and more inquiries to see if we can help do -- provide some level of integration here.

再来看另一个很棒的案例。某大型资产管理公司希望为其客户提供无缝衔接的银行托管与经纪托管。有些客户更青睐银行托管的安全性，同时可能需要银行受托服务。于是，越来越多客户咨询我们能否在这方面提供某种整合方案。

The client also needs to enhance the adviser efficiency. So there's 2 -- really 2 reasons for that: number one, they want them to be more efficient; and number two, they want their platform to be attractive to advisers to come on to it. And if it's clunky, they're going to have trouble recruiting.

客户还需要提升顾问的工作效率，原因主要有两个：其一，他们希望顾问更高效；其二，他们希望平台对顾问更具吸引力。如果系统笨重，招募顾问就会困难重重。

So if you think about -- just imagine with me, if you will, if an adviser is trying to gather the assets of their client and trying to make some decisions -- some portfolio decisions, we call it the swivel chair problem. They're swinging from one system to another. They're screen-scraping. They're building spreadsheets, and they're spending their time on the administrative work rather than figuring out how they want to allocate their clients' portfolio and trading decisions they want to make and ultimately going after additional clients and building assets. So that's the problem.

设想一下，当顾问试图整合客户资产并做投资组合决策时，会出现所谓“转椅问题”：他们需要在不同系统之间来回切换，手动截取屏幕信息，制作电子表格，把时间都花在行政事务上，而不是思考如何配置客户的投资组合、执行交易决策，以及开发新客户、扩大资产规模——这就是问题所在。

Well, we now have the solution. BNY Mellon steps in, the private bank, as Lisa had indicated, offer the custody capabilities, and the brokerage capabilities are offered by Pershing. So now you've got -- not yet play integrated until you deliver the Pershing NetX360 capabilities.

如今，我们有了解决方案。正如 Lisa 所示，BNY Mellon 私人银行提供银行托管功能，而 Pershing 提供经纪托管功能。当 Pershing 的 NetX360 平台接入后，两种托管将实现真正整合。

Here, on a single platform, the adviser can trade both bank and brokerage. They get a single statement, so the client actually just gets a single statement, so they see all of their securities on a single statement. They know what's in the bank, and they know what's in the brokerage. The client gets the tax reporting, account management, custody, everything in a single location. So it's a single sign-on.

在同一平台上，顾问即可操作银行和经纪两类账户，客户只收到一张对账单，能够一览所有证券：银行托管和经纪托管资产一目了然。税务报告、账户管理、托管服务等全部集中在一个界面，单点登录即可完成。

Our -- and our client, as you would expect, is happy now. They're not in the screen-scraping business, they're actually in the financial advisory business. And the client's client is getting a single statement, much cleaner, and they're thrilled. It's another win-win.

不出所料，我们的客户现在很满意：他们再也不用截屏抄数据，而是专注于理财顾问业务；而终端客户获得简洁的一体化对账单，也十分高兴。这又是一次双赢。

We also think this is another one that's going to be hard to replicate. I know that people will try to imitate this. I'm kind of getting a sense of that right now. But no one else has all of the pieces that we have to do it under a single roof. So actually integrating it like we can, I don't think it'll quite get there.

我们认为这同样难以复制。我知道业内有人会尝试模仿，但没有哪家公司能像我们这样，拥有所有环节并在同一屋檐下整合。因此，他们难以达到我们这种整合深度。

So I've shared a couple of examples of client solutions. Now I'd like to share how we bring it all together for a couple of clients. These are actual clients, as I mentioned earlier. So the first is a large insurance client. And typical of many insurance companies, they basically have 3 or 4 segments. In this case, they've got a fairly sizable investment management business. They also have an insurance business, of course, a corporate -- and a corporate treasury function as well as some retirement services. All of those segments actually provide pretty good opportunities for our business model.

分享完解决方案案例后，我想再说明我们如何为部分客户整合服务。以下皆为真实客户。第一个是一家大型保险公司，与许多保险公司类似，其业务可分为三四个板块：相当规模的投资管理业务、保险业务、本部资金管理，以及部分退休金服务。这些板块都为我们的商业模式提供了良好机遇。

Now as I click through these next slides, these are the services we are actually currently providing. It's not -- this is not -- this is actual; it's not aspirational. So let's start with the investment manager. As with all of them, it has a need for safekeeping. And so Hani walked you through our Asset Servicing team here provides custody, fund administration and transfer agency. In addition, we've talked about Eagle and the need for performance analytics. So they are users of that system. They need our corporate trust capabilities for various aspects.

接下来几页展示的是我们当前提供的实际服务，非理想蓝图。先谈投资管理业务，同其他客户一样，他们需要资产保管，因此由 Hani 介绍的资产服务团队提供托管、基金管理和转移代理服务。此外，我们提到的 Eagle 及其绩效分析功能也被采用；他们还需要我们的公司信托服务来满足多方面需求。

The asset manager needs an FX trading counterparty. We've invested over the last couple of years in our trading capabilities. We've invested in the technology behind it. And also, we're a very -- from what Mike just walked you through, given the credit nature of our company, one of the highest-rated financial institutions. We're an attractive counterparty to them.

该资产管理人需要外汇交易对手方。过去几年里，我们大力投资交易能力及其技术基础；正如 Mike 所述，凭借公司信用状况，我们是评级最高的金融机构之一，因此对他们来说极具吸引力。

Now Hani also talked about one of our targeted areas for growth. And that's the real estate administration. This particular insurance company had a large portfolio of direct investment in real estate. It's -- they're using our scalable platforms to deal with something that's pretty operationally intensive. And this is part of the alternative space that we expect to grow as we're beginning to see more and more of these managers looking to outsource.

Hani 还提到我们的重点增长领域之一——房地产管理。该保险公司直接投资房地产的规模庞大，他们利用我们可扩展的平台处理这一操作密集型业务。随着越来越多管理人寻求外包，这将成为我们在另类资产领域的增长点。

And finally, near and dear to every manager is actually access to investors. So if you look at the far right here, Lisa talked about that platform. She might have even undersold it. I mean, there are 7 million investors in Pershing's operations, 6 million domestically. So when you get on that platform, you have access to 6 million end investors. This -- when you help an asset manager develop AUM, you build relationships.

最后，对每位管理人至关重要的是获取投资者渠道。看看最右侧，Lisa 提到了那个平台，甚至可能低估了它的价值：Pershing 平台拥有 700 万名投资者，其中 600 万在美国。接入该平台即可触达 600 万终端投资者。帮助资产管理人提升管理规模，即是巩固关系。

Now let's take a look at the insurance and corporate sector. We provide a great channel for short-term investors, and Charlie talked about how important cash was to us. Well, one of the things that we've built is this Liquidity DIRECT. It's an open architected meaning our own asset managers on it but as well as our clients. And it enables the -- our clients to invest, in this case, the insurance company, to invest any excess cash very efficiently at the best rates possible.

再来看保险及企业板块。我们为短期投资者提供优质渠道，Charlie 强调了现金的重要性。我们打造了 Liquidity DIRECT 开放式架构平台，既有自家资产管理人，也向客户开放，使得如该保险公司般的客户能以最佳利率高效投资闲置现金。

We also offer Treasury Services and cash management to help manage some of the beneficiary payments. And what this does, it also helps retain their long-standing relationships. And finally, we provide credit and liquidity through our credit services function now. As many of you know, credit's really not a product -- typically a lead product for us, but it's something that we will provide to enhance critical relationships.

我们同样提供资金服务和现金管理，以协助处理部分受益人付款，这也有助于维系长期合作关系。最后，我们通过信贷服务部门提供信贷与流动性支持。众所周知，信贷并非我们的核心主导产品，但我们会为关键客户关系提供此服务。

As to the third segment, we now have a relationship around the retirement activities here. In this case, certain retirement products actually create 2 types of risk: they create longevity risk, and they create investment risk. In this particular instance, our client did not want to. They wanted to actually reinsure the longevity risk and hold the investment risk. So they entered into a swap, but that swap created the need to actually move collateral to the party at risk. So that operates seamlessly on our books, another area for our Asset Servicing capabilities.

关于第三个板块，我们在退休金业务领域建立了合作。某些退休产品会产生两类风险：长寿风险和投资风险。该客户选择再保险转移长寿风险，自留投资风险，因此签订了一份掉期合约，这又要求按风险方转移抵押品。一切在我们账上无缝运转，充分体现资产服务能力。

When you put it all together, we have a relationship, I think, that goes well beyond what you would think of, of a typical vendor. It's really a partnership. And as our client grows, and we think they are going to be winners in a couple of these -- in a number of these areas, we get to grow with them. In addition, I think we'll see more services like alts and other things that we develop if we can continue to perform well. So we're not done here.

综合来看，我们与客户的合作远超传统供应商关系，是真正的伙伴关系。随着客户在多个领域持续获胜并发展壮大，我们也将随之成长。此外，只要我们保持优秀表现，未来还会在另类资产等领域推出更多服务，故事仍在续写。

And I think this final slide, what I've done is I've just highlighted some of the differentiators. These are things that we do that others don't.

在最后一张幻灯片中，我概括了我们的部分差异化优势——这是我们独有、他人无法复制的能力。

So I'm going to go through one more example. In many ways, this one actually is a universal bank. So it actually -- in one entity, we're dealing with both the buy and the sell side. So as is typical of any universal bank, I would say there are probably about 50 institutions in the world that carry this particular profile. These are really big G-SIB-like institutions. So this particular one, like any universal bank, they have an investment bank and a corporate bank. They also have a corporate treasury. They have an asset management function and a private bank.

下面再举一个例子。在很多方面，这是一家典型的全能银行，我们在同一个实体里同时服务买方和卖方。全球大约有 50 家此类大型 G-SIB 级机构。该行设有投行和公司银行部，也有资金管理部、资产管理部及私人银行。

So looking at what they need in terms of the investment bank, since they're primarily a dealer, they need government securities clearance, a service where obviously, we're the leader. They also trade derivatives and need to seg assets to meet the requirements around the OTC trading. Years ago, we actually developed something we call Margin DIRECT, and those clients that had that during the crisis were saved many, many millions of dollars. And that's where we seg assets on our books, reducing the counterexposure for our client as well as our client's client.

投行方面，由于其主要角色是做市商，首先需要政府证券清算服务，而我们在此领域处于领先地位。他们还交易衍生品，需要隔离资产以满足场外交易要求。多年前我们开发了 Margin DIRECT，在金融危机期间为使用该工具的客户节省了数千万美元——我们在账上隔离资产，降低客户及其对手方的敞口风险。

The investment bank also needs the ability to cover shorts. BK has the largest book of lendable assets of any securities lending agent. So we're an important lender to them through our agency program. Of course, our client needs to fund their inventory, their trading operations. We can give them 2 sources there. Tri-party is a very critical funding source for them globally. But in addition to that, from time to time, we'll offer term financing, which, given our excess liquidity and their need for some liquidity to meet LCR and other things, we'll step up -- step in and provide that.

投行还需要回补空头的能力。BK 作为证券借贷代理，拥有行业最大的可出借资产池，通过代理计划为其提供重要借贷来源。当然，客户还需为库存和交易业务融资，我们可提供两类资金来源：全球范围内至关重要的三方回购融资，以及适时提供的定期融资，以利用我们的流动性余量，满足他们的 LCR 等流动性需求。

Moving on to -- actually, let me go back. There was 1 or 2 things that quickly I missed. When we also talk about tri-party, one of the other things you might hear us say is we will help them optimize their collateral. So we've literally worked with our clients, taking their collaterals on into our -- collateral into our models, run algorithms and showed them just how much money we could save them through optimization. That might be through lower funding or netting down capital benefits through additional netting. And we're starting to see some traction take-up in that additional add-on service to tri-party.

再补充一点，谈到三方回购时，你们可能听我们提到抵押品优化。我们与客户合作，将其抵押品输入模型，运行算法，向其展示通过优化可节省的成本——可能是降低融资成本，或通过额外净额抵销降低资本占用。我们已开始看到这一三方回购附加服务获得客户青睐。

And then from time to time, we will -- we have a payments requirement here. And also, as the investment bank underwrites securities, it sometimes needs to establish a corporate trust relationship. And I think we've done a good job here of, for example, capturing some of the structured finance capabilities. I'd like to see us get more. It's one of the things that we talked about earlier.

此外，我们不时会遇到支付需求。当投行承销证券时，有时需要建立企业信托关系。我认为在这方面我们做得不错，例如成功承接了一些结构性融资业务。我希望我们能取得更多进展，这也是我们之前讨论过的目标之一。

Moving to corporate treasury function. Looks like anywhere else. We'll give them credit. We'll help them -- provide Corporate Trust services for their own debt issuance. And then the payments capabilities are a nice add-on.

再来看公司财务职能，这与其他地方大同小异。我们会向他们提供授信，并在其自身债务发行方面提供企业信托服务，支付功能则是锦上添花。

Now let's take this -- and I know it's getting little bit exhaustive now. I know I've gone through a lot of these, so I'll go through this one particularly quickly. But this is the Asset Manager. So this really the sweet spot obviously in the organization for us.

接下来这一点——我知道内容有些冗长，我已经讲了很多，因此这一部分我会讲得更快——就是资产管理人。这显然是我们组织中的核心优势领域。

So a lot of these are consistent with what you saw at the insurance company. But if you look over to the left, Hani talked about our interest in building our ETF servicing and also the execution that goes around with. So building those baskets and providing liquidity to those baskets is something that's called an authorized participant. So when you take the capabilities around the company, we do think we can start to pick up some share here. And certainly, I mean, it's tough to break the couple of large ones, but certainly, we'll -- we expect to see some growth here.

其中许多内容与保险公司的情况类似。但如同 Hani 提到的，我们有意发展 ETF 服务及相关执行能力：构建基金篮子并为其提供流动性，这就涉及“授权参与者”角色。凭借集团的整体能力，我们认为可以开始在这一领域抢占份额。虽然撼动少数巨头并不容易，但我们预计仍将实现增长。

We got the foundational, the typical things, another trading party. It's interesting, they're also using agency lending, but they're on the other side of the agency transaction. So they're looking to -- from what we just saw on the covering shorts, here, they're trying to build yield on their portfolio. So they've custodized assets with us. By putting them out on loan, they can generate a few basis points of additional yield.

基础服务方面与往常一样，另有一方作为交易对手。有趣的是，他们也在使用代理借贷，但位于代理交易的另一端。正如我们刚才在回补空头中看到的情形，他们希望提高投资组合收益。因此，他们将资产托管在我们这里，通过出借资产可额外获得几个基点的收益。

They're also beginning to use things -- to use our tri-party. This is where we're talking about investment managers now moving into tri-party and seeing that -- actually driving it, seeing that as a means of managing their cash.

他们也开始使用我们的三方回购功能。现在，越来越多投资管理人正转向三方回购，并将其视为管理现金的一种方式；他们的积极参与也在推动这一业务的发展。

And I'll end -- one other thing I wanted to mention around short-term investments. If you look at cleared repo, this is something that we've introduced relatively recently. So this is an opportunity for us to provide competitive pricing on, again, short-term cash where we will act as principal, but we will sponsor the client into DTCC's clearance -- repo clearance system, which effectively nets the transactions for us. So it's little -- it's limited balance sheet consumption for us. And as a result of that, the low capital, low risk and low balance sheet, we're able to give very competitive prices. So it's another source where we are actually seeing some real growth opportunity.

最后我想补充一句关于短期投资的话题。如果您看看清算回购（cleared repo），那是我们近期推出的一项新服务。我们以自营方身份参与，为客户进入 DTCC 的回购清算系统提供担保，从而将交易净额化。这几乎不占用我们的资产负债表，资本占用低、风险低、资产负债表消耗低，因此我们可以提供极具竞争力的定价。这也是我们看到实质增长机会的另一资金来源。

And finally, we talked about access to investors. We talked about the Pershing platform, but they're also on that Liquidity DIRECT platform that we talked about. So they garner many billions of dollars' worth of assets as we -- as our clients choose them on their -- in the money market portfolios. So if you think through that, gaining access to this powerful platform, there's a significant increase of their AUM. And just as I had mentioned, with the insurance company, it's an obvious benefit to our relationship.

最后，我们谈到如何触达投资者。除了 Pershing 平台，他们也接入了我们提到的 Liquidity DIRECT 平台。当客户在货币市场投资组合中选择他们的产品时，他们便能吸引数十亿美元的资产。借助这一强大的平台，他们的管理资产规模显著提升；正如我在保险公司案例中提到的，这对双方合作具有明显的裨益。

So the last segment is the Private Bank. We're a little less penetrated here. We are providing Asset Servicing, safekeeping and custody. And they have chosen to use Eagle data analytics. I do think there are probably going to be opportunities here. And I think someday, they're going to need our services, and there are opportunities for us both to grow together.

最后一个板块是私人银行。我们在这一领域的渗透率相对较低，目前为其提供资产服务、保管及托管，并且他们已选择使用 Eagle 数据分析。我认为这一领域未来仍有机会，某一天他们会需要更多我们的服务，双方也将拥有共同成长的空间。

So when we put it all together, I think it's a pretty impressive relationship. And if you look at the areas where we differentiate, they are significant, and they account for about half of the revenue here.

综上所述，这是一个颇具规模且令人瞩目的合作关系。我们的差异化优势显著，并贡献了约一半的相关收入。

Although the relationship is large and deep, but it also leaves -- and this is about as deep as we get right now, it also has significant upside. Not only as our client grows, which I'm confident they will, these guys are winners, but we are underrepresented in places like Asset Servicing, as we discussed. And I think we will provide more innovative solutions in various segments of their businesses.

尽管合作规模庞大且深入，但仍存在显著的上升空间。目前我们的渗透深度已达新高，但在资产服务等领域仍有不足。我相信随着客户的发展（他们注定会成功），我们可在其多个业务板块提供更多创新解决方案。

Also, this is only one of 50 such clients. So as we run a heat map across all 50 of them, we're spotting areas where I think we can build out further. And hopefully, we'll see quite a few more that looks something like this.

此外，这只是 50 家此类客户中的一家。我们对所有 50 家客户进行热图分析，正在发现更多可进一步拓展的领域。希望未来能有更多合作关系达到类似深度。

So before I turn it over to Charlie, let me just end with this. I'm certainly proud of who we are. The model is distinctive, and I think it's giving us real problem-solving capabilities. And what we do, as you can see, is important to our clients. If we execute well, I think we will build deep and enduring relationships. We have, and I think we can continue to do that, and I think there's a portfolio of them available to us. I think after just a couple of months in this role, what's apparent to me is we've done okay, but I think we can do a lot better. I think we can take all of these -- all these capabilities. I think we can collaborate more across the businesses. And with that, I think we can bump up our revenue growth and sustain it.

在交给 Charlie 之前，我想以此作结。我为我们所取得的成就感到自豪；我们的商业模式独具特色，为客户真正解决问题。从客户反响来看，我们的服务至关重要。如果执行到位，我们将建立深厚而持久的合作关系，并将继续拓展这类客户组合。在担任此职仅几个月的时间里，我意识到我们做得不错，但仍有巨大提升空间。通过充分整合所有能力、加强跨业务协作，我们完全有机会进一步提升收入并保持增长。

So with that, let me turn it back to Charlie.

好了，接下来请让 Charlie 接棒。

Charles Scharf   Former Chairman & CEO

Charles Scharf   前董事长兼首席执行官

Thank you, Todd. You guys hear me? Is this thing on?

谢谢你，Todd。各位能听到我吗？麦克风开了吗？

Valerie Haertel   Former Global Head of Investor Relations

Valerie Haertel   前全球投资者关系主管

Yes.

能听到。

Charles Scharf   Former Chairman & CEO

Charles Scharf   前董事长兼首席执行官

Excellent. Yes, thank you. Again, as we sit here and we talk about our business, what you -- what Todd just put up on these slides, that is what we do. And it -- the only thing I'd say to this is it's -- what we do is -- it's complex, it's multifaceted.

太好了。谢谢。再说一次，当我们坐在这里讨论业务时，Todd 刚刚展示在幻灯片上的内容，就是我们的工作。而且我要说的是，我们所做的事情非常复杂，涵盖多方面。

So number one, to try and explain it in a very simple way isn't the easiest thing. But I think when you see these things visually, it just does point out just the nature of the relationships that we have, the extent of the things that we do. And in these cases, it's a theme we've heard really throughout the morning, where we think we've got distinctive capabilities, some of which we've executed \[ both in the ] marketplace, others where we think we have opportunities.

首先，要用非常简单的方式来解释并不容易。但当你以可视化方式看到这些内容时，它确实揭示了我们所拥有的关系的本质以及业务范围。在这些案例中，我们整上午都听到一个主题：我们拥有独特的能力，其中一些已在市场上落地执行，另外一些仍是我们认为存在机会的领域。

So I just really have about 5 minutes or so of additional comments, and then -- you all have been very patient. We'll give you a chance to ask whatever you want.

接下来我还有大约五分钟补充说明。各位一直很耐心，之后我们会留时间让大家提问。

So let me start with just a couple of comments about 2019. And before I actually comment on anything on this page, I just want to remind everyone of something, which is we don't know what our results are going to be for 2018. So if we don't know what our results are going to be for 2018, we don't know what our results are going to be for 2019. What we tell you is what we think based upon a series of assumptions, based upon a series of models, and it's about the way we're thinking about it.

让我先简单谈谈 2019 年。在评论这一页内容之前，我想提醒大家：我们尚不知道 2018 年的最终业绩。如果连 2018 年结果都未知，也就无法确定 2019 年的结果。我们提供的仅是基于一系列假设和模型的看法，代表我们目前的思考方式。

And so as we sit here and do the same for 2019, I just wanted to make sure that we have -- we frame it in the right context. So it's important that we understand what we're assuming in terms of equity markets, in terms of what we're assuming for rates.

因此，在讨论 2019 年时，我希望大家明白我们是在什么背景下进行预测。关键是要清楚我们对股市、利率等的假设。

But I think the most important piece, when you actually go line by line and think about this, is we're showing this versus 2017. These are growth rates. And so obviously, the growth would be versus the actual 2018 operating numbers. But just in terms of the way we think about the rate of growth, all of the work, all of the things that you've heard, we're doing all this because we want to and we think we can increase the rate of growth.

最重要的是，当你逐行思考这些数据时，会发现我们展示的是相对 2017 年的增长率。当然，实际增长应与 2018 年经营数据相比。不过，就增长速度的思考而言，所有工作、所有你们听到的内容，我们之所以这样做，是因为我们希望也相信能够提高增长率。

I've said a whole bunch of times, no silver bullet. There's a whole series of things that we have to do to do that, and it takes time. But as we think about 2019, we're obviously focused on it. And so we certainly would like to see some increase in the rate of growth, albeit we're -- we can't sit here today and tell you exactly what that would be.

我多次强调，没有灵丹妙药。要实现这一目标，需要做一系列事情，并且需要时间。但展望 2019 年，我们显然对此高度关注，也希望看到增长率有所提升，只是今天无法给出确切数字。

When we think about expenses and you kind of put it all together, we're focused on continuing to invest in the place for sure. But we do think that there are meaningful opportunities to continue to drive efficiencies inside the company. So as we think about it here, we said revenues would be -- growth rate would be slightly above 2017 for both revenue and expenses. But very importantly, we're very mindful of the financial model. And we're very, very focused and we believe we can continue to drive operating margin. As so as we think about what that actual expense number would look like, we very much intend to pace it with what we see in terms of the way revenue growth is panning out.

在考虑整体费用时，我们当然仍将持续投入，但我们也认为公司内部还有显著的效率提升空间。因此，我们的设想是，收入和支出的增长率都会略高于 2017 年。更重要的是，我们十分关注公司的财务模型，并且高度聚焦并有信心继续提升运营利润率。因此在确定最终费用水平时，我们计划让支出增速与收入增速保持同步。

All in all, when you add that all together, we would expect to have what we would consider reasonably strong to strong EPS growth and growth in operating margin. And so while we don't know where the number starts in terms of that overall revenue growth number, the way we run the company and what the financial model of the company is leads us to feel good about the prospects that we have as we get through 2018 and go through 2019.

综合来看，我们预计每股收益将实现相当稳健甚至强劲的增长，运营利润率也将提高。尽管我们目前无法确定总体收入增长的起点，但公司的运营方式和财务模型让我们对 2018 年末至 2019 年的前景充满信心。

Just a couple of comments. I want to go back and talk about revenue growth for a second. I've been talking about the fact that we think about things on a more granular basis. We look at businesses one by one. This is something like we are going to start to disclose as we go forward, not exactly this way but something like this. And we just did this because as we think about revenue growth, everyone likes to talk about Bank of New York Mellon, Bank of New York Mellon. The way we obviously think about this when we get in the room is we look business by business and say, how are we actually performing?

再补充几句，回到收入增长的话题。我之前提到，我们更关注细分层面，会逐一审视各项业务。未来我们会开始披露类似的数据，不一定完全按这种格式，但大致如此。之所以这样做，是因为谈到收入增长时，人们总是笼统地提“纽约梅隆银行”。而我们在内部讨论时，会逐项业务地问：实际表现如何？

So here, we've taken our businesses one by one and just shown you from -- really from high to low, what those revenue growth rates look like in 2017. So you can see -- and it's based upon just 2 themes that I've touched on, right? One is business by business is important, but two, you got to look at NII in combination with fees because it is a hugely meaningful part of the business.

因此，这里我们逐项列出了各业务在 2017 年的收入增速，从高到低排列。背后有两条核心思路：第一，要逐条业务分析；第二，必须把净利息收入与手续费收入合并来看，因为它们在业务中非常重要。

So when you look at the top, you can see that 35% of the revenues come from businesses which have reasonable growth rates. It's Pershing, Treasury Services, it is clearance and collateral management and the wealth management business. Not that we don't have opportunities to continue to grow those businesses, and we talked about some of them today. But you just look at those growth rates, and it's not a bad place to be starting.

在增速最高的区段，有 35% 的收入来自表现良好的业务，例如 Pershing、资金服务、清算与抵押管理以及财富管理。并非说这些业务没有继续增长的空间——今天我们也提到了一些机会——但就增长率而言，这已经是颇好的起点。

Then in the middle, we have businesses that are growing, Corporate Trust, Asset Management, Asset Servicing, but we think -- they're obviously meaningful at 61% of the revenues of the company, and those should be growing faster. And again, we've talked about a bunch of things that we hope to do to make that happen.

中间部分包括企业信托、资产管理、资产服务等仍在增长的业务，它们占公司收入的 61%，规模显著，但我们认为增速还应更高。为此我们已探讨了多项计划，希望推动其提速。

And then, we've got 2 things, which are actually hurting the growth rate of the company: Depositary Receipts, which is part of our issuer services segment. We've talked about that on almost every single earnings call, at least -- well, I know, we talked about it on the 2 since I've been here. And we have the other segment, which has security gains and things like that. And those 2 things together are over 1 point drag on our 2017 growth rate. Eventually, they won't be. They likely will continue to be in 2018.

最后，有两块业务实际上拖慢了公司的整体增速：托管凭证（属于发行人服务板块，我们几乎在每次财报电话会上都会提到）、以及包含证券收益等项目的“其他”板块。这两项合计对 2017 年增长率造成逾 1 个百分点的拖累。未来它们的影响将会消散，但在 2018 年大概率仍将持续。

So when we just think about all the different parts of the company, we feel good about some in terms of how we're performing, and we feel less good about others. And so, obviously, when we sit in a room, we're more focused on those where we think they're lagging and have more room for improvement.

当我们审视公司各个板块时，对某些业务的表现感到满意，对另一些则不甚满意。因此，当我们开会讨论时，我们显然会把注意力更多放在那些落后、仍有改进空间的领域。

This is the summary here. Again, we've talked about almost everything on here in terms of the way we think about what the opportunities are business by business. I do want to say that we've gone through a whole series of things today. We feel good about the things that are on the list. These are good things. We do think they can move the needle and the things that our clients want from us. But at the same time, we don't think we have all the answers. And this journey of continuing to build out our capabilities, it's something that's living, it's breathing, it's ongoing. I think about it very much as a work in progress, but it's -- I feel good about where we are in terms of the start.

这就是我们的总结。再强调一次，我们几乎已逐一讨论过各业务的机会点。今天我们梳理了许多事项，对清单上的内容颇感欣慰——这些都是好事情，能够产生实质影响，也是客户所需。不过，我们并不认为自己已经掌握全部答案。持续增强能力是一段不断变化、持续演进的旅程，我将其视为进行中的工作；就起点而言，我对当前所处的位置感到乐观。

So overall, I think this slide pretty well summarizes how we feel about where we are and what our opportunity is. We do think we've got a very strong company, and the franchises are unique. We believe that having a clearly defined business model, and one, which is very, very financially attractive is something that we prize, and we're going to work hard to continue to make sure we preserve and grow.

总的来说，这张幻灯片很好地概括了我们对自身现状和机遇的看法。我们认为公司实力雄厚，业务组合独一无二。我们珍视清晰且极具财务吸引力的商业模式，并将努力确保其持续稳固并实现增长。

We're going to do all this, while maintaining the risk profile that I think people expect of us, maintaining our shareholder-friendly capital strategies. Obviously, something, which is something which we think we can continue to do given the nature of the business and the way we're going to run it. And we're going to continue to invest in the business, whether it's in technology or other things at the same time, we believe that we can increase margins.

在开展所有工作的同时，我们将保持外界对我们的风险定位，并延续对股东友好的资本战略。鉴于业务性质和运营方式，我们有信心继续做到这一点。我们也将持续投入业务——无论是技术还是其他方面——同时提升利润率。

And so, hopefully, over a period of time, we'll be smart about where that happens. We'll see this gradual increase in organic revenue growth. And those things add up to, hopefully, what we think is something, which is even more attractive than what we have today.

因此，希望随着时间推移，我们能明智地把握增长契机，实现内生收入的逐步提升。所有这些因素叠加起来，将使我们的业务前景比今天更加诱人。

So we feel very good about the platform that we have. We feel very good about the work that's in progress, and now we just have to do the work. And as I tell people, that's why they call it work, but we enjoy doing it, and we love what we do every single day.

我们对现有平台充满信心，也对正在进行的工作感到满意。接下来就是脚踏实地去完成它们。正如我常说的，这就是“工作”的意义，但我们乐在其中，热爱每天所做的事情。

So thank you all for being so patient. And with that, I'd love to invite my partners back on to the stage. We think we're going to bring some chairs up and take whatever questions you all have.

感谢大家的耐心聆听。接下来，我想邀请几位伙伴上台，我们会搬来几把椅子，乐意回答各位的任何问题。

Charles Scharf   Former Chairman & CEO

Charles Scharf   前董事长兼首席执行官

All right. And we do have microphones, so that the people on the web \[indiscernible].

好的。我们确实有麦克风，这样网上的听众也能听到 \[听不清]。

Michael Santomassimo   Former CFO

Michael Santomassimo   前首席财务官

\[indiscernible] back here. Go ahead, \[ Daniel ]. Sure.

\[听不清] 在后面。请吧，\[Daniel]。好的。

Geoffrey Elliott   Bernstein Autonomous LLP

Geoff Elliott, from Autonomous. Charlie, it's great to hear you talk about accelerating organic growth, about improving pretax margins, but can you help us think a bit more about what a -- an aspirational, but still realistic organic growth rate and pretax margin would look like? Where do you think you can get these metrics?

我是 Autonomous 的 Geoff Elliott。Charlie，很高兴听到你谈加速有机增长、提高税前利润率，但你能否进一步帮助我们思考一下，一个具有抱负但仍现实的有机增长率和税前利润率应是什么水平？你认为这些指标可以达到哪里？

Charles Scharf   Former Chairman & CEO

If we knew the answer to that, we'd probably put it on a sheet of paper for you. Listen, I think -- and I'm not trying to be glib, I think the reality is, what we -- we don't know sitting here today exactly what the revenue growth number should look like over cycles. What we do think is that all of these things that we've talked about should increase the rate of organic growth. And again, as we talked about all of our business -- we basically covered all of the businesses, with the exception of Depositary Receipts, which is really a business that we're running for profitability. And where that comes out, I don't think we know, but I think we feel good that there's opportunity across the board. And in terms of margins, there's no reason -- again, there, too. I don't think we know where it ends. The world isn't infinite in this case, but I think there is no reason why we shouldn't continue to be able to invest and do the things that we need to do for quite a while, and continue to grow the operating margin line. That's my own point of view. Mike's right over there.

如果我们知道答案，大概会把它写在纸上给你。实话说——我并不是敷衍——事实是我们现在并不清楚在不同周期中收入增长应达到什么水平。我们所确信的是，所有这些举措都应当提高有机增长率。再次强调，我们已讨论了几乎所有业务——除了托管凭证，这其实是一项按盈利性运营的业务。结果如何我们尚未可知，但整体机会良多。至于利润率，同样没有理由停止提升；尽管世界并非无限，但毫无理由不能在相当长时间内继续投资并做必要的事情，同时持续扩大运营利润率。这是我的观点。Mike 就在那边。

Michael Mayo   Wells Fargo Securities

So you guys have incredible -- it's Mike Mayo with Wells Fargo Securities. You guys have incredible scale, but still lack a lot of pricing power. And you acknowledged that today. I mean, that's why you're part of the world worst oligopoly, one could say. And so can you talk about the trade-off between returns and growth? And 3 letters you didn't mention today would be ROE, and whether for the compensation or in the slides. So maybe do you intend to use the balance sheet and capital to gain more business, get more of that revenue growth? So maybe if each one of you could talk about the trade-off between getting returns, curtailing some of that pricing erosions that's been taking place for 2 decades with getting additional growth?

你们拥有惊人的规模——我是富国银行证券的 Mike Mayo——但仍然缺乏足够的定价能力，而你们今天也对此表示认可。这就是为什么有人会说你们属于全球最糟糕的寡头垄断之一。那么，你们能谈谈收益与增长之间的权衡吗？今天没有提到的三个字母是 ROE，无论是在薪酬还是在幻灯片中。你们是否打算利用资产负债表和资本来赢得更多业务、实现更高收入增长？也许你们每人都可以谈谈，在获取回报、遏制过去 20 年定价侵蚀的同时实现额外增长的权衡？

Charles Scharf   Former Chairman & CEO

I guess, I'll start. Now I did use 4 letters -- 5, ROTCE, which would have the same trends as ROE for a company like ours.

我先说吧。我确实用了 4 个字母——不对，是 5 个，ROTCE——对于我们这样的公司，它与 ROE 的趋势相同。

Michael Mayo   Wells Fargo Securities

Well I may have missed -- I just saw the one slide, but you really didn't talk too much about it...

也许我错过了——我只看到那张幻灯片，但你们确实没有多谈……

Charles Scharf   Former Chairman & CEO

Yes. And listen, because I think the reality is -- again, I think, if you look at our business model, what we've shown is, and what we've talked about is, we think we have the ability to continue to grow and not just the revenue line, but in this case, the EPS line. We think what we said is that we can do it without significant additional amounts of capital. And so do your own math in terms of -- but it clearly continues to drive those numbers upward because we are not a heavily capital-intensive business. So over a period -- so where does that end? Not clear, but that's certainly the case. In terms of your -- the first part of the question, one party doesn't control pricing out there, right? There's a market. There are multiple competitors. We certainly, as a team, we never sit around and say, let's walk into a client's office and try and win something on price. That's not the approach that we take. The conversations that we have are really all about understanding the capabilities that we have, but there is a market out there. And so what we're focused on is ensuring that we're delivering as much as we possibly can. And then, we make our decisions and it's case-by-case, whether or not we think we actually think we need to do something different than we've done, historically, in terms of price. Very rarely, and you guys can comment about this more than I can, but very rarely is it a decision, which is really driven by ROEs in this case. And because you can kid yourself because there's so little E that's embedded in what it is that we do. We have to worry about pricing across the markets. We've got to worry about whether we're getting paid for all the different things that we do. We've got to worry about the impact that pricing has on other clients. And so not all that dissimilar from our last job, but it's a little bit more nuanced the way we think about where pricing should be. But ultimately, when we add it all together, and I made these remarks when we're talking before is, if the market, over a long period of time, continues to decrease in terms of price, number one is, not a surprise for us because we've been dealing with it for a long time. We have to plan for it, and which is why we have to continue to be so focused on our operating margin numbers and ensuring that the -- we're being as aggressive as we can on expenses. And over a period of time, the only way that we're going to change the trajectory on the overall revenue number per client is to either continue to provide additional services, which support the price or to -- or do other things where we leverage that relationship, which is a lot of what we've spoken about. So there's the individual price on a certain product, but then there's the total revenue that we are able to extract from a client with all the additional things that we do. And again, in terms of all the things that we've spoken about, that's what we're trying to do in order to build that revenue flow. Todd or Mike, you guys deal with this all the time.

Charles Scharf  前董事长兼首席执行官

是的。请听我说，现实情况是——再说一次——如果你审视我们的商业模式，就会发现并且正如我们所讨论的，我们不仅有能力持续提升收入，也能提升每股收益。我们认为自己可以在无需显著额外资本投入的情况下做到这一点。你可以自行计算，但显而易见，这仍能推动相关数字上升，因为我们的业务并不依赖重资本。至于最终极限在哪里？目前尚不清楚，但事实如此。关于你问题的第一部分，市场上的定价并非由单一方控制——这是个多竞争者的市场。我们团队从不会只靠价格去赢取客户，这不是我们的策略。我们在对话中始终关注的是理解自身能力，同时承认市场存在。因此，我们专注于尽可能交付最优价值，随后逐案决定是否需要在定价上与过去不同。极少情况下——你们比我更清楚——会有决策完全由 ROE 驱动，因为我们的业务所需资本极小。我们必须关注市场整体定价，确保所有服务都获得合理报酬，也要考虑价格对其他客户的影响。这与我们之前的工作类似，只是对定价的思考更为细致。归根结底，如我之前所说，若市场长期价格下行，对我们并不意外——我们早已应对多年。我们必须规划，持续专注于运营利润率，并在费用上尽可能积极管控。要想改变单个客户的总体收入轨迹，唯一方法要么是持续提供支撑价格的新增服务，要么是在现有关系上做文章，这也是我们讨论的重点。某一产品可以有单独价格，但我们还关注通过额外服务从客户获得的整体收入。总之，我们的目标就是构建这样的收入流。Todd 或 Mike，你们经常处理这些问题。

Thomas Gibbons   Former CEO & Director

I would just add one thing to it, as clients grow with us, so you start a fund in Asset Servicing and you present a price, is not all that profitable. As you -- but as clients grow and that portfolio grows and you get the real scale benefits, the margin's increasing and increasing, and the client is getting in a better and better position to get more competitive pricing, and they should. And so that's an element it as well, Mike.

Thomas Gibbons  前首席执行官兼董事

我补充一点：当客户与我们共同成长时，最初在资产服务中启动一只基金时定价可能利润不高；但随着客户及其组合规模扩大，规模效益显现，利润率不断提高，客户也会获得更具竞争力的定价，这是理所应当的。这也是其中一个因素，Mike。

Mitchell Harris   Former CEO of Investment Management

I would also just add to it. Things even on the Investment Management side, where we're looking at alternatives and differentiated strategies, when we think about the pricing differences in other geographies, we can maintain pricing in differentiated areas. Clearly, we're going to struggle in more traditional areas, but you also have that scale element, where if we do drive some of the scale and the things we do well, the margin will improve, and we will get better efficiencies out of it. So I think there are other ways to replace some of the headwinds on pricing.

Mitchell Harris  前投资管理首席执行官

我也想补充一点。在投资管理端，我们专注另类及差异化策略时，会考虑各地区的定价差异。在差异化领域我们能够维持价格；在传统领域显然会面临压力。但如果通过规模效应发挥我们的优势，利润率依旧会提升，效率也会更高。因此，我们有其他方式来抵消部分价格压力。

Charles Scharf   Former Chairman & CEO

Steve?

Steven Wharton

I have 2 questions. Is this on?

我有两个问题。麦克风开了吗？

Charles Scharf   Former Chairman & CEO

No. The mic -- make sure the mic's on.

没有，麦克风——请确认麦克风已打开。

Steven Wharton

I have 2 questions. Steve Wharton, JPMorgan. The first one was, if I'm not mistaken, you said that for 2018, you expect EPS growth to be similar on an operating basis to 2017...

我是摩根大通的 Steve Wharton。我有两个问题。第一个，如果我没记错的话，你提到 2018 年的经常性每股收益增速预计与 2017 年类似……

Charles Scharf   Former Chairman & CEO

Right.

没错。

Steven Wharton

Which I calculated as 13%. And does that include intangible amortization expense, which I think you said you were going to add back to the expenses?

我计算的结果是 13%。请问这是否包括无形资产摊销费用？我记得您说过要把这部分费用加回到支出里。

Michael Santomassimo   Former CFO

EPS -- it was always in EPS. So the EPS growth included in amortization already. So the earnings growth...

每股收益——无形资产摊销本来就包含在每股收益中。因此每股收益的增长已经计入了摊销费用。所以盈利增长……

Charles Scharf   Former Chairman & CEO

It includes everything, except the real estate charge.

它包含所有项目，除了房地产相关费用。

Michael Santomassimo   Former CFO

Yes. For '18.

对，指 2018 年。

Charles Scharf   Former Chairman & CEO

For '18.

指 2018 年。

Steven Wharton

Okay. And then, the second question was, again, not to beat a dead horse, but -- so the 2019 guidance of growth rate slightly above '17, where you had 4% revenue growth. You assumed 5% markets normalization of rates, which I know the balance sheet's hard to predict, but that would imply to me a fairly good trajectory on a net interest income. It doesn't seem like you're assuming a lot of organic growth, on the surface, from what we can divine, without you being specific. Can you explain a little bit why? Are you just being cautious?

好的。第二个问题，同样不想反复追问——关于 2019 年增长率指导略高于 2017 年，当时收入增长 4%。你们假设利率正常化 5%，我知道资产负债表难以预测，但这意味着净利息收入走势应当不错。表面上看，你们似乎并未预期大量的有机增长——从你们尚未具体说明的内容推断。能否解释一下原因？是不是你们只是比较谨慎？

Charles Scharf   Former Chairman & CEO

Yes. So let me take a shot. First of all, it's not guidance. I want to be clear. It's not guidance. We're not giving you guidance. If we're giving you guidance, we'd be making it up. Okay? So -- and that's what you should say because again, for all those reasons, we don't know what revenues are going to be in the second quarter, let alone next year. And again, you're all smart. So I presume you all understand that. So what we're trying to do is paint the picture of in a -- in different environments what it could look like, and that's the way, sitting here today, we would hope things would pan out to be. As far as additional organic revenue growth, again, this is just the reality of our businesses. They are long sales cycles, right? Very often, business that we have are on contracts that we have in many cases they're, I don't know 2-, 3-, 5-year contracts. Lisa, what's an average contract in Pershing, what would you say?

好的，我来回答。首先，那并不是指导。我要澄清，这不是指导。我们没有给出指导。如果那是指导，那也是我们凭空编造的，对吧？原因大家都清楚，我们连第二季度的收入都无法准确预测，更别提明年了。你们都是聪明人，我相信大家能理解。所以我们现在只是描绘在不同环境下可能出现的情形，这是我们今天的期望。至于额外的有机收入增长，这就是我们业务的现实：销售周期很长。很多业务受制于合同，通常是 2 年、3 年或 5 年期。Lisa，在 Pershing，平均合同周期是多少？

Lisa Dolly   Former Chairman of Pershing LLC

Average contract? For a large firm, it would be a 3-year sales cycle...

平均合同？对大型公司来说，销售周期大约 3 年……

Charles Scharf   Former Chairman & CEO

Three years.

三年。

Lisa Dolly   Former Chairman of Pershing LLC

And 10-year sales contract.

而销售合同期限是 10 年。

Charles Scharf   Former Chairman & CEO

In Asset Servicing?

在资产服务方面呢？

Mitchell Harris   Former CEO of Investment Management

5 to 7.

5 到 7 年。

Charles Scharf   Former Chairman & CEO

5 to 7. And so these are -- so these things are -- they're incumbents, they exist. When you're the biggest, it's a benefit, because it's hard to move these things. But as you're trying to take some business, it just takes time to develop. And so that's why, I come back, I'm not trying to be glib about it, we really don't know how it's going to play itself out, when we will be able to attract additional business. But from our standpoint, if we're doing the right things, if we're doing what clients want, if we're talking to them about it slowly over a period of time, that will result in wins eventually. But to put a specific number on it and a specific quarter and year at this point, it's a level of precision that we don't have and I don't think anyone can have.

查尔斯·沙弗   前董事长兼首席执行官

5 到 7 年。这些业务都是既有的、已存在的。当你是行业最大玩家时，这是优势，因为客户很难迁移。但如果你想抢占部分业务，就需要时间去培育。因此我反复强调，并不是敷衍，我们确实无法预知结果会如何、何时能吸引到更多业务。从我们的角度看，只要做对的事、满足客户需求，并在较长时间内与客户持续沟通，最终就会赢得合作。但要此刻给出具体数字、季度或年份的精确预测，我们并不具备那样的精度，我想任何人都做不到。

Michael Santomassimo   Former CFO

Brian?

Brian Bedell   Deutsche Bank AG

Brian Bedell, Deutsche Bank. Just to circle back on the organic growth question, again, sorry about that. But maybe to tackle it from a different angle, compared to the last couple of years, \[ about ] 2, 3 years, it looks like a couple of the big swing factors could be, one, the global client management effort, Todd, that you talked about, and also, Mitch in the asset management business, in terms of the initiatives you're doing there. Can you guys both talk about sort of where you've been in the last 2, 3 years, maybe your confidence level of improving organic growth to those efforts, just specifically on the Global Client Management? You've got the 700 clients, deepening the penetration of the wallet share so to speak within that, and maybe some plans on how large is that staffed, and how much more do you want to add to that staff? And then, of course, in asset management, maybe your sort of confidence in organic revenue growth, AUM growth is always hard to predict, given index and LDI. How do you think about the organic revenue growth \[ and in it ] when you really get everything into place like you kind of want to be?

布赖恩·贝德尔   德意志银行

我是德意志银行的布赖恩·贝德尔。再次回到有机增长的问题，抱歉再提一次。也许换个角度，相比过去两三年，有几个重要因素可能带来较大变化：其一是 Todd 提到的全球客户管理工作；其二是 Mitch 在资产管理业务中的各项举措。能否请你们两位谈谈过去两三年的进展，以及你们对这些努力提升有机增长的信心？特别是在全球客户管理方面，你们拥有 700 家客户，如何深化在这些客户中的“钱包份额”，团队规模目前多大，还计划再增多少人？另外在资产管理方面，鉴于指数化和 LDI，AUM 增长总是难以预测，你们对实现有机收入增长的信心如何？当一切按理想状态就位时，你们认为有机收入增长会是什么水平？

Thomas Gibbons   Former CEO & Director

You want me to start?

需要我先说吗？

Mitchell Harris   Former CEO of Investment Management

Sure.

好的。

Thomas Gibbons Former CEO & Director

And just as you think through the organic growth, remember, we've had some tailwinds over the past couple of years that are significant. So those are abating. So we've had a very strong markets impact. We've had the benefit of fee waivers. We have had other operating income in the form of lease residuals, and those are all going away. And we're saying, despite those headwinds, we're going to grow. And we're going to continue to grow at or slightly better than where we were. So if you put that together, Steve (sic) [ Brian ], there's really is organic -- there has to be organic growth in there for us to achieve that. In terms of the client -- Global Client Management function, the executives, typically, they'll have anywhere from 2 to 4 relationships. And so the question is, do we want to expand that function? And right now, my answer, I'm kind of assessing that, but my answer is probably not. I don't think that we need to. I think we need to increase their stature in the organization, and I think that's working. I think we need to present ourselves better. I think that's working. I think now that Charlie has flattened the organization, it's much easier to connect across the businesses, and they think that's working. And so -- I think some of the evidence of that was in some of the Asset Servicing wins and other things that Hani had described. I think in those client relationships below that, they can become meaningful. And I think we've got to use better data mining internally. So I think we can -- I think if we do a better job, we can find a lot of leads out of relationships that are embedded in the product areas. And it's difficult for the product area to necessarily connect another product area, but I think we can do that with data and not people. And so that's one of the things that we're investing in this year. I don't have any assessment of what that will yield. I'll have to actually do it to determine that, but I actually look forward to watching that happen over the next year or so. Mitchell?

托马斯·吉本斯 前首席执行官兼董事

在思考有机增长时，要记住过去几年我们遇到过一些显著顺风，而这些顺风正在消退。市场表现曾非常有利，我们享受过费用减免的好处，也有租赁残值等其他经营收入，这些都在逐步消失。即便面临这些逆风，我们仍计划增长，并且增速将与过去相当或略高。因此，布赖恩，要实现这一目标，必然需要有机增长。至于全球客户管理职能，每位高管通常负责 2 到 4 个关系。问题是我们是否要扩张该团队？目前看来，我觉得大概不需要。我认为需要提升他们在组织中的地位，这已见成效；我们需要更好地展示自己，这也在改进。Charlie 扁平化组织后，跨业务协作更容易，他们认为这行之有效。这从 Hani 提到的资产服务获胜案例等可见一斑。我认为在更深层次的客户关系中仍有潜力，我们要内部更好地利用数据挖掘。如果做好这点，可在各产品领域的现有关系中发现大量线索。产品部门之间直接连接并不容易，但可以通过数据而非增加人手来实现。这正是我们今年投资的方向之一。目前我尚无法评估成果，需要实际执行后再说，但我期待未来一年看到成效。Mitch？

Mitchell Harris Former CEO of Investment Management

I'm confident we'll have more revenue growth. I'm not confident when. And the reason I say it that way is we are in the midst of a U.S. consolidation. We had projected internally a 5% risk of attrition when you're merging a lot of firms together. We haven't realized that attrition rate yet, and I hope we don't. But I don't see a lot of growth in the U.S. franchise because consultants and clients and prospects are all going to wait and see how does it work? Do we destabilize staff -- investment staff? Does performance blip? So people are just going to watch us this year on that front. But I do see, as I said, the flows have dramatically changed if you take '14 to '16, compare it to what's happened in '17, there's been a pretty big turnaround. I do think that turnaround will continue. So I think the momentum that was created in '17 will continue into '18 and beyond. Alcentra, our credit businesses, if you look around the industry, even private equity firms are moving into distressed credit. They don't have enough to deploy in the private equity side. It's a very hot area, and we've been beautifully positioned in it. And we're really the only European-based distressed credit manager, which gives us another differentiation. We're doubling up on that business. The Insight business, as I mentioned, is doing well and has tremendous momentum. Things like performance fees, a year ago, I said, would start to come back to a more normalized basis and they have. And I think that presents opportunity to us, especially, as we're developing more things with performance-related activities. On the other side, you have product development that I've talked about where we've raised some very good revenues and fees, but a lot of these track records, people will still require a 3-year track record as opposed to it's new and differentiated and we'll invest in it immediately. So you kind of have a balance of both of them: some of the things that we'll feed in on a longer term, some things we're hitting on right away. So I just think it's -- and then you have the markets. We've been in a bull market run for 9 years. You're starting to see volatility come into it. Will that benefit us, will that hurt us in terms of momentum? A little bit hard to tell. But overall, because of that diversification, I think, at the end of the day, we're heading in the right direction. And I think we'll continue to positively progress.

米切尔·哈里斯 前投资管理首席执行官

我对收入增长有信心，但无法确定时间点。原因是我们正在美国进行整合。当合并多家公司时，我们内部预计会有 5% 的客户流失风险，但目前尚未出现，并且我希望不会出现。我认为美国业务难以快速增长，因为顾问、客户及潜在客户都在观望：整合效果如何？是否会动摇投资团队？业绩会否波动？今年大家会对此保持观望。但如我所说，如果将 2014-2016 年与 2017 年相比，资金流向已出现明显逆转，我认为这种改善会持续。因此 2017 年形成的动能将延续至 2018 年及以后。Alcentra 的信贷业务——放眼行业，甚至私募股权公司都在进军困境信贷，因为在私募股权领域难以找到足够的投资机会。这是一个炙手可热的领域，而我们在其中占据优越位置，我们实际上是唯一总部设在欧洲的困境信贷管理人，这又让我们进一步差异化。我们正在加码这项业务。正如我提到的，Insight 业务表现良好，势头强劲。至于业绩报酬，一年前我说过会逐步回归正常水平，如今确实如此，这为我们带来机会，尤其是在开发更多绩效相关产品时。另一方面，在产品开发方面，我们已获得相当不错的收入和费用，但许多产品仍需 3 年业绩记录，客户才愿意投资，而不是立刻投入差异化的新产品。所以两方面并存：一些是长期培育，另一些则立即见效。再加上市场因素，我们已在牛市中运行 9 年，波动性开始显现。这会带来利好还是拖累动能？目前难以判断。但总体而言，凭借业务多元化，最终我们正朝着正确方向前进，并将继续取得正向进展。

Kenneth Usdin Jefferies

Ken Usdin, from Jefferies. Just to follow on the point about the pipelines. You made a couple of good comments throughout about how pipelines kind of ended '17 better. And I wanted to just ask you guys for a little bit more -- Mitch just hit a little bit of it in asset management. But especially in Asset Servicing, you mentioned just before the long sales cycles, but that should mean that there should still be some closings. So I just wondered if you can just elaborate if we take out the pricing part of the equation, can you just talk to us about pipelines, and how you feel about those in the near to intermediate term? And also, your point, Charlie, on the last page about reducing attrition. So even win/loss rates within that would be really helpful.

肯·尤斯丁 杰富瑞

我是杰富瑞的肯·尤斯丁，想继续追问一下关于管线的问题。你们此前多次提到 2017 年末管线状况有所改善，我想了解更多细节——Mitch 刚刚在资产管理领域稍微提到了一些。但在资产服务方面，你们之前提到销售周期很长，可这也意味着会有一些项目结案。我想请你们阐述一下，如果剔除价格因素，能否谈谈管线在近期至中期的情况，以及你们的感受？还有 Charlie，你在最后一页提到减少客户流失，若能提供赢/输率的数据也会很有帮助。

Charles Scharf   Former Chairman & CEO

Do you want to start?

你想先开始吗？

Hani Kablawi   Senior Executive VP & Head of International

Yes. Sure. Happy to start. Yes. The pipeline is up year-on-year, and our close rate is quite similar so 2017 to 2016. It's a similar close rate. Picked up a little bit towards the end of the year. I think we see a bit of an increase in the pipeline going into 2018 and a fairly uniform decision rate arriving quarter-to-quarter. So I'd say it's a -- if we continue to close at the same rate that we closed at the fourth quarter of 2017, we think there's a little bit of upside going into 2018. Hard to measure, but a little bit of upside going into 2018, given the size of the pipeline.

好的，当然，我很乐意开始。是的，项目储备同比上升，而我们的成交率在 2017 年与 2016 年基本相当。年末时成交率略有提升。我认为进入 2018 年后，项目储备会再度小幅增加，季度间的决策速度也相当均衡。如果我们能保持 2017 年第四季度的成交率，2018 年应该还有一些上行空间。虽然难以量化，但考虑到管线规模，2018 年仍存在一定上行潜力。

Lisa Dolly   Former Chairman of Pershing LLC

And from the clearing perspective, we are seeing more and more firms who as I mentioned during my discussion, are looking to outsource. So these are self-clearing organizations that, for a variety of reasons, including cost pressures and increased regulatory requirements are looking to outsource. And so our pipeline might be a little bit lumpier because these are very large firms that are sitting in our pipeline. And for them, the cycle is 2 to 3 years rather than a typical year-long sales cycle.

从清算的角度来看，正如我演讲时提到的，我们发现越来越多公司考虑外包。这些自清算机构因成本压力、监管要求增加等多重原因寻求外包。因此，我们的项目储备可能会更具波动性，因为其中都是体量庞大的公司。对他们而言，销售周期是 2 至 3 年，而非典型的 1 年。

Mitchell Harris   Former CEO of Investment Management

Just briefly, on the pipeline, I don't see any material change in the Investment Management. It's been pretty steady and pretty constant at this point.

简单说一句，就项目储备而言，我在投资管理板块没有看到显著变化，当前保持相当稳定、持续。

Glenn Schorr   Evercore ISI Institutional Equities

Glenn Schorr, Evercore ISI. A quick one. An earlier slide in your comments talked about how 1% of revenue growth has led to around 2% to 3% EPS growth expecting kind of more or the same over the next year or 2, which is great. Two-parter, one, does it matter in the overall model fees versus NII? And two, how do you think about it in reverse on the way down if markets aren't as cooperative, given the importance of the investments you're making?

我是 Evercore ISI 的格伦·肖尔。简短提问：你们先前的幻灯片提到，1% 的收入增长可带来约 2% 至 3% 的每股收益增长，并预计未来一两年仍将维持或更好，这很不错。问题分两部分：第一，在整体模型中，手续费收入与净利息收入的构成重要吗？第二，若市场不那么配合，在下行过程中你们如何看待这一杠杆效应，尤其考虑到你们正在进行的重要投资？

Michael Santomassimo   Former CFO

Yes. I think in terms of fees or NII, it doesn't matter in terms of leverage, right? So I think either sort of provides the same sort of leverage on earnings and maybe NII might be a little bit more, to be honest, depending on how the fees are coming in. I think the -- and on the second part of the question, which -- what was second part of the question, again?

好的。我认为就杠杆效应而言，手续费收入和净利息收入差别不大，两者对收益的驱动基本相同；坦率说，视手续费流入情况，净利息收入的杠杆或许稍高一点。至于第二部分问题——咱们再重复一下？

Glenn Schorr   Evercore ISI Institutional Equities

If markets aren't as cooperative as it were...

如果市场不像现在这样配合……

Michael Santomassimo   Former CFO

Markets are on the way down, they're on the way down. So obviously, we have more levers we can pull if revenue starts coming in lower than we think it should or would come in. So obviously, we can pull more levers on the expense side to calibrate our expenses with where we expect, where we think revenue will be. So I think you won't see the same leverage on the way down.

如果市场走低，就是走低。显然，一旦收入低于预期，我们还有多种杠杆可用。我们可以在费用端采取更多措施，使支出与预期收入相匹配。因此，在下行阶段，你不会看到与上行阶段相同的杠杆效应。

Charles Scharf   Former Chairman & CEO

查尔斯·沙弗   前董事长兼首席执行官

And the only thing that I want to -- just to add to that point, it's one of the reasons why it's hard -- it's sort of danger -- I think it's very dangerous to put specificity on every one of these numbers, is because, so even for our own budget, right? We do a budget for the year. We project out what revenue growth is going to be. We have a series of expense assumptions, but it's based upon that environment, based upon those numbers. The reality is, is you're reassessing that all the time. And we have some things which are truly available. And if the world starts to change, then, we've got the option to take actions, which might be very different that -- than what's embedded in the budget. And so that's why, at least from my perspective, understanding growth rates and putting numbers on it are hard to do. But the way we're thinking about preserving the profitability, preserving the margin is a better way for us to think -- I think better way for you to understand. That's the way we're thinking about it because we're making those decisions in real-time.

我想补充的一点是——这也是为什么给所有数字都下具体指标会很危险的原因之一——即便在我们自己的年度预算中，我们也只是基于当时环境和数字去预测收入增长、设定一系列费用假设。现实情况是，我们必须不断重新评估，因为外部条件随时可能变化；一旦情况有变，我们可以采取与预算中完全不同的措施。因此，从我的角度看，仅用数字来界定增速是很难的；相比之下，关注如何保持盈利能力、保持利润率，是更好的思考方式，也更便于你们理解，因为这些决策都是实时做出的。

Alexander Blostein   Goldman Sachs Group, Inc.

亚历山大·布罗斯坦   高盛集团

Alex Blostein, Goldman. Again, another one around the whole organic growth initiatives, but I want to take a little bit of the efficiency, I guess, angle to it. So I guess, one, understand that it's difficult to predict with precision what the targets are, what the organic growth for you guys could be, but I guess, looking back over the last 3 years, markets were very helpful, but FX wasn't. There were some points of volatility, sometimes helpful, sometimes not. So what was your organic growth over the last 3 years, just to help us think on the right jumping off point? That's part one. And then, part two, given the efficiencies that you're putting into the business, just try be more productive of what you're working with, are we -- can we ever get to a point where your organic growth rate on revenues will essentially match your organic expense growth to kind of let the benefits of volatility markets' rates flow down to the bottom line at a higher incremental margin?

亚历克斯·布罗斯坦，高盛。再次关于有机增长举措的问题，但我想从效率角度切入。首先，我理解要精确预测目标和有机增长并不容易，但回顾过去三年，市场表现非常有利，而汇率却不尽如人意，波动有时帮助我们，有时则相反。那么，过去三年的有机增长是多少？这有助于我们找到正确的起点。这是第一部分。第二部分，考虑到你们正在提升效率，让现有业务更具生产力，是否有可能实现收入的有机增速基本与费用的有机增速匹配，让市场波动和利率带来的收益以更高的边际贡献率流入净利润？

Michael Santomassimo   Former CFO

迈克尔·桑托马西莫   前首席财务官

Well, I mean, I think on the last part, I mean, I think that would be the goal, right, is that you're sort of calibrating your expenses to sort of how you think organic growth is going to play out. And I think that's sort of what we're focused on. I think I'll just point you back to one of the slides Charlie had on your question -- in the first part of the question, which I think is pretty gives you a sense, and it's probably, directionally, sort of the right way to think about it for the last 3 years, but from 2016 to '17, call it, 2/3 of the growth was from market-oriented items and a 1/3 of it was from organic growth. This probably gives you a good sense. And just to be -- take it as a directional number, I mean, understanding exactly what's market line-by-line. Again, that's not something that we spend a lot of time doing here, historically. So it's something that we're continuing to refine and work through. But yes, listen, just I don't think I would add -- just back on the first part of the question is -- oh, and by the way, I would also just in terms of when you look at those numbers and you think about us versus other people is just do a lot of digging. That's the only thing I would suggest to understand what other people's numbers are versus ours ourselves. And I think, yes, I mean, we would -- there's no reason why -- again, this is -- let me say this differently, we are -- we've got a lot of things going on in 2018, right? We have a big -- a relatively big step up in technology spend. Even though it's only 12% of technology expenses, it's significant. We are relooking at a whole series of things. We've got new leadership in a lot of jobs. So just internally, there's -- there are a lot of moving pieces, which is why we're being a little bit less than specific about how these things pan out because we're a new management team, and a lot of dynamics in play here, and we need to see how it plays out ourselves before we get the confidence to actually talk to you all about it. But given the businesses that we're in, there's -- I mean, we should be able to. We just don't know when it's going to be. Absolutely, should be able to grow the business organically faster than we grow the expenses of the company. That should -- that is, just in terms of a business model, that should be possible. I absolutely -- and Todd, you've been here...

关于最后一点，我认为目标确实是让费用增速与预期的有机增长相匹配，这正是我们的关注重点。至于第一部分问题，Charlie 的一张幻灯片已经提供了方向性答案：从 2016 到 2017，大约三分之二的收入增长来自市场因素，三分之一来自有机增长。这可以作为大体参考。要精确分辨每一行哪些是市场驱动，我们历史上并未投入大量精力，未来会持续完善。顺便提醒一句，比较我们与其他公司的数据时需要深入分析，弄清楚彼此口径差异。再强调，2018 年我们内部有许多变动：技术投入大幅提升，虽只占技术费用的 12%，但绝对值不小；我们正在重新审视一系列事项，许多岗位换了新领导……因此我们暂时不提供更具体预测。等到这些动态明朗，我们才会更有信心向各位沟通。但从商业模式看，我们完全应该、也有能力让业务有机增速快于费用增速，只是时间点尚不确定。Todd，你一直在这里……

Thomas Gibbons   Former CEO & Director

Yes. I agree with you. Yes.

好的。我同意你的观点。是的。

Charles Scharf   Former Chairman & CEO

So we -- as a team, that's the way we're thinking about what should be possible. And then, yes, to the extent, as I said, market growth is real. It's part of the business. Everyone should be the beneficiary of that, but the business model should allow us to get that kind of organic leverage.

因此，我们作为一个团队，就是这样思考可实现的目标的。正如我所说，市场增长是真实存在的，它是业务的一部分，每个人都应该从中受益，但我们的商业模式应该让我们获得那种有机杠杆效应。

Brennan Hawken   UBS Investment Bank

Brennan Hawken, UBS. Charlie, I know automation is a big theme, but applying robotics to your left arm, I just think you took it too far here today.

我是瑞银的布伦南·霍金。Charlie，我知道自动化是重要主题，但把机器人装到你的左臂上，我觉得你今天有点过头了。

Charles Scharf   Former Chairman & CEO

You don't know how that happened.

你不知道这是怎么发生的。

Brennan Hawken   UBS Investment Bank

In all seriousness, if you could help us -- I know that, obviously, you guys -- there's all sorts of market assumptions in all of this, but if we understand how you've calibrated, then, we can adjust it as things go on. So could you talk a little bit about what your assumptions were for interest rates, beta that go into and feed into part of your revenue assumptions? And then, also, you guys spoke to noninterest-bearing deposits getting back to the pre-crisis level. How should we think about the timing of that? How do you guys think about that, and how do you manage as it goes on?

说正经的，如果你能帮我们说明一下——显然，你们在所有这些预测中都基于各种市场假设，如果我们了解了你们的校准方法，就能在后续进行调整。能否谈谈你们对利率的假设，以及计入收入假设中的存款 β？此外，你们提到非息存款将回到危机前水平，我们应如何看待其时点？你们如何判断并加以管理？

Michael Santomassimo   Former CFO

Sure. Yes, I mean, I think in terms of normalization of rates, right, we don't know any better than you do in terms of exactly how that's going to sort of play out, but we -- it assumes sort of a continual, gradual increase of rates. And we'll all find out exactly what time that sort of -- what time line that sort of plays out in, but it's looking like it's on a path, and increasingly sort of certain path. I think on the betas, the betas, as I said, sort of -- we're probably no different than what you're hearing across the rest of the banks that have similar types of businesses. We're seeing betas continually sort of increase as rates rise. I mean, we expect that to sort of continue, and we're sort of getting towards the 50% sort of range over the next couple rate rises.

当然。关于利率正常化，我们对其具体演变并不比你们了解得更多，但我们的假设是利率会持续、逐步上升。具体时间轴还需边走边看，但这一进程正渐趋明朗。至于 β，与其他拥有类似业务的银行相比，我们情况差不多——随着利率上升，β 不断攀升。我们预计这一趋势将持续，接下来几次加息后，β 大约会升至 50% 左右。

Brennan Hawken   UBS Investment Bank

Noninterest-bearing timing?

非息存款的时点呢？

Michael Santomassimo   Former CFO

Timing of noninterest-bearing? Well, I think, we'll see. Like, I think, noninterest-bearing deposits will sort of be a little volatile depending on how things sort of play out across the economy as well as the Fed and rates. And so I think our expectation is still that that's going to gradually sort of decline.

非息存款的时点？这要视经济以及美联储和利率的变化而定，非息存款会有些波动。我们的预期仍是它们会逐步下降。

Brennan Hawken   UBS Investment Bank

In similar cases, it has been?

在类似情况下也是这样吗？

Michael Santomassimo   Former CFO

Yes. That would be the baseline expectation. But as I said earlier, in the first part of the quarter, they were higher -- all deposits, including noninterest-bearing were higher than we expected them to be, and they've come down as the quarter's gone on.

是的，那将是基线预期。但正如我之前提到的，本季度初所有存款——包括非息存款——都高于我们的预估，随着季度推进，它们已开始回落。

Gerard Cassidy   RBC Capital Markets

Gerard Cassidy, RBC Capital Markets. Todd, can you give us a little more detail in the GCM segments. You broke them out in the 4 segments. How do the revenues fall into place for those 4 segments? Is banks, broker-dealers 1/3, and insurance is 15%? Could you give us some color there? And then, second, on the collateral management column that you had, you circled the 2 opportunities in insurance and Investment Management. How do you expect to get those numbers higher? I mean, why do they differ so much from the banks at 32%?

杰拉德·卡西迪，加拿大皇家资本市场。Todd，您能否更详细介绍一下 GCM 的板块划分？您把它们分成了四大板块，各板块的收入占比如何？银行与经纪交易商大约占三分之一，保险占 15% 吗？能否就此提供更多信息？其次，在您展示的抵押品管理栏中，您圈出了保险和投资管理的两个机会。您打算如何提升这些数字？为什么它们与银行的 32% 差距那么大？

Thomas Gibbons   Former CEO & Director

Yes. So I'll answer the last question first. So the question is around why is collateral management starting to creep into the buy side away from the sell side? Well, historically, it's been purely sell side business. So tri-party repo was built to help broker-dealers finance their inventories. The buy side participated, but they didn't lead, and the payer for the service was the sell side. That's starting now to transition. The buy side is starting to recognize it in a couple of locations. One, they see it as an investment alternative. And one, if managed properly, they can get a little better yield in some of their money-market mutual funds or other cash needs. The other requirement is, with — and a lot of this is stemming off of regulatory requirements, with the need to provide collateral around derivatives transactions. They need to start managing their collateral better as well. So they're coming to us and we're providing solutions for them around that where we act as the custodian on that collateral. If you look through the business segments, it is almost — it should be pretty evident to you just by looking at where the revenues were being driven off with insurance companies. When you look at a corporate, for example, a corporate or not-for-profit, it's a smaller wallet. I mean, it just is. They may still — we may still — they may be sponsoring a pension plan and we may be appointed from the corporate. So there is some Asset Servicing, but it's going to be nothing what looks like an investment manager. They will use the corporate functions of our company. But if you look at — and then, when I showed you somebody that's both an investment bank as well as an asset manager, that's going to be the deepest pocket for what we can deliver. So there will be a concentration in that banks, broker-dealers as well as in the investment managers. That's going to be, by far, the largest source. Some of the not-for-profits and the sovereign wealth and so forth are some opportunities there, but it's going to be — it's just going to be a much smaller portfolio.

我先回答第二个问题：为什么抵押品管理业务正从卖方逐渐渗透到买方？过去这项业务几乎完全属于卖方；三方回购最初是为帮助经纪交易商融资而建立，买方只是参与者而非主导方，且费用由卖方承担。如今情况开始变化，买方在若干方面意识到其价值：其一，作为投资替代工具；其二，若管理得当，可在货币市场基金等现金需求中获得更高收益。同时，监管要求衍生品交易必须提供抵押品，买方也需要更好地管理这些抵押品。因此他们找到我们，由我们担任抵押品托管人并提供解决方案。若按业务板块分析，仅看保险公司就能明显看出收入来源的差异。至于企业或非营利组织，其“钱包”规模要小得多；他们可能为养老金计划指派我们提供资产服务，但规模远不及投资管理人。相反，兼具投资银行和资产管理职能的机构对我们来说潜力最大，因此银行、经纪交易商及投资管理人会是主要收入来源。不少非营利组织、主权基金亦有机会，但整体体量要小得多。

Betsy Graseck   Morgan Stanley

Betsy Graseck, Morgan Stanley. Could you just give us some color as to how you're thinking about benefiting from the likely upcoming change to the SLR ratio that you have to \[ deal with ] today? Just not only from the perspective of whether or not you're going to be aligning press down to deal with that, but how each of the business units are going to able to take advantage of that rule change?

贝琪·格拉塞克，摩根士丹利。关于即将可能调整的补充杠杆率（SLR），你们预计如何受益？不仅是是否会相应压降资产，更想了解各业务单元将如何利用这项规则变化？

Michael Santomassimo   Former CFO

Well, I mean, I think — I mean, there's a number of ways that could potentially change, right. And I think we need to sort of let that play out a bit. I think the bill that's in Congress right now would be helpful for us on the margin in terms of our spot ratios. But as I think we've said a number of times, we still need to take into account CCAR and the leverage ratio and the impacts there. So I don't think you'll see us change — make any substantial sort of changes in our approach once the SLR — if the SLR changes.

确实，SLR 的调整可能有多种方案，我们需要观察最终结果。目前国会的法案若通过，将在一定程度上改善我们的即期杠杆率。但正如我们多次强调的，我们仍需考虑 CCAR 及其对整体杠杆率的影响。因此，即使 SLR 改动，你们也不会看到我们在策略上做出重大调整。

Betsy Graseck Morgan Stanley

Okay. On the press side, but then, within the business units, there's capital that is freed up that you could potentially use to your advantage, either in the prime services business that you've got going or in some of the collateral management businesses that you've got now? I would think that...

好的。就监管层面而言，随着规则调整，各业务单元可能会释放出部分资本，你们也许能借机受益——无论是在现有的主经纪业务，还是在你们目前开展的一些抵押品管理业务中。我想……

Thomas Gibbons Former CEO & Director

No. Those are mine. I'll take that. So Betsy, that maybe the case. It really depends on how ultimately whether there are changes that are made to the CCAR. So CCAR as it's currently constructed, will be the binding constraint for -- because of some of the onerous impacts it has on things like prime services and prime brokerage. So even if we get a little bit of relief, which is helpful, that's kind of in the BAU normal course for the SLR. If there is no change in the way the leverage ratio itself is computed, and there is still this onerous requirement to fail your largest secured finance transaction counter-party along with other things, that really becomes the kind of the determinant of the real value. If we see -- if we could see the logic of CCAR change over the next couple of years, which would have a greater impact. But until that actually happens, it's a nice to have, but it's not a deal changer.

不，这个问题由我回答。Betsy，情况可能如你所说，但关键取决于 CCAR 是否会调整。按当前构架，CCAR 对主经纪等业务施加了最严格的约束。即便 SLR 得到一些常规性缓解，对我们也只是“日常运维”层面的帮助。如果杠杆率计算方式不变，同时仍要求在压力情景下对最大的有抵押融资对手方违约进行测试，那么真正的价值就有限。如果未来几年 CCAR 的逻辑有所改变，影响会更大。但在此之前，这些改动固然可喜，却难以成为游戏规则的改变者。

Betsy Graseck Morgan Stanley

Just last question, please, on the prime services business that you have. You indicated that buy side to buy side is an increasing opportunity for you. Could size that relative to the business that you've got on the books today?

最后一个问题，关于你们的主经纪业务。你们提到买方对买方的机会在增加。相对于目前账面的业务规模，这块潜在业务大约有多大？

Thomas Gibbons Former CEO & Director

Well, we have a couple of things that are developing now. One of them is a peer-to-peer, actually, repo capability that we call [DB-DX]. It's just starting to get some traction. It's either going to be a winner or it's not because you need to have the network effect to make that really work. We think we're getting interest, but it's too early to call to say whether that's going to be a real mover. As we build out the margining capabilities, it's -- again, it's not a huge mover, but it will help. It will add some more organic revenues. Is there a third part to the question? That was it? Okay.

目前我们正在推进几项业务。其中之一是我们称为 [DB-DX] 的点对点回购平台，刚刚开始获得一些关注。这类业务要想成功必须形成网络效应，否则就难以做大。市场兴趣在增加，但现在判断其能否成为真正的增长引擎还为时尚早。随着我们扩展追加保证金能力，该平台虽不会带来巨量增量，却能贡献一些有机收入。还有第三个问题吗？没有的话就到这里。

James Mitchell Buckingham Research Group Incorporated

Jim Mitchell from Buckingham Research. I think I'm continuously surprised for the amount of manual processes that are involved at your firm and your peers. I think, Charlie, you mentioned 20,000 faxes a day. I guess, 2-part question. How do you accelerate the digital capture and self-service component of your interaction with your clients? And I guess, two, how do you help -- can you help us frame the size from an expense perspective that opportunity and kind of what time frame?

我是 Buckingham Research 的 Jim Mitchell。令我持续惊讶的是，你们公司及同行仍有大量人工流程。Charlie，你提到每天有 2 万份传真。我有两个问题：第一，你们如何加速数字化采集和客户自助服务？第二，从成本角度看，这项机会的规模和时间框架大致如何？

Charles Scharf Former Chairman & CEO

I'm just going to do the first piece, which is, listen, I think there are couple of things, right, which is -- and Mike had a piece of it on the slide. When you look at just basic faxes coming in, today, there is a tremendous amount of physical reentry that we do for those actual faxes. So there's a bunch of work going on today to go convert that from physical entry to OCR, which over a period of time, will get better and better with machine learning and so take a bunch of the manual processes out of it. I think the bigger picture and why some of these things are actually more complex for us, is let's just say, well, why don't the faxes just stop coming in? And that's a question that we have to go ask our clients. Why don't you please stop sending us faxes? And you'd think that if we were sitting here today, we'd say, of course, they'd want to stop doing that. But honestly, most clients sit there and say I've got a lot going on. If that's something that's going to change your life, I'm not sure why I need to worry about thinking about doing something differently than that. And I think the important point for us is and we talk about this quite a bit is, that the -- what we need to do is make sure that we're painting the picture for clients in terms of what all of these things look like. How making changes to their processes, not only helps us, they're not doing it just because it makes our life easier, but it's because it's not just about driving the expenses down in what we do, it really is about quality. It's about increasing strength in processing and making a bunch of broader and honestly, more senior level conversation, inside our clients, and those take some time. Those take some time because, again, everyone's got their own priorities, especially in the asset management space today.

我先回答第一个部分：正如 Mike 在幻灯片里展示的，针对每天收到的传真，我们现在仍需大量人工重新录入。我们正在进行一系列工作，将人工录入转为 OCR 识别，并通过机器学习不断改进，从而逐步消除这些手工流程。更宏观的问题在于：为什么传真不能彻底消失？这需要去问客户：能否不要再给我们发传真？理论上客户应乐于停止，但实际上多数客户会说，他们事务繁忙，如果改变流程主要是为了让我们的工作更轻松，他们未必愿意配合。因此，我们必须向客户清晰展示变革的整体效果——不仅帮我们降低成本，更能提升处理质量和稳健性。这需要与客户进行更广泛、更高层次的对话，而这需要时间，因为每位客户都有各自的优先事项，特别是在当今的资产管理行业中。

Unknown Attendee

Mike. I just want -- can you hear me? Yes. I'll just clarify something you said earlier. Are you expecting 2018 EPS to be similar to 2017 or the growth?

Mike。我只是想——你能听到我吗？可以。我想澄清你先前说过的话。你们预计2018年的每股收益会与2017年持平，还是会增长？

Michael Santomassimo   Former CFO

Growth. It's growth.

增长。是增长。

Unknown Attendee

Growth. Okay. And then, the double-digit growth that you're showing from '19 to '17, so that's including that '18 growth so...

增长。好的。那么你们展示的从’19到’17的两位数增长，是把’18年的增长也算进去，对吗……

Michael Santomassimo   Former CFO

Yes Can I try to say? It's overlooking -- this is comparing growth rates. but '19 -- '18 will be off the \$3.57 a share. So as we talk about what we think for '18, that's what we're thinking about in terms of our base. That's our operating number. And then, '19 growth rates, will be off of the 2018 numbers.

是的，我能这么说吗？这实际上是在比较增长率。但’19——’18将以每股3.57美元为基准。当我们讨论对’18年的看法时，这就是我们的基数，也是我们的经营数字。而’19的增长率将以2018年的数字为基础。

Unknown Attendee

Okay. So the comment you made about the low-to-mid whatever double-digit, that's off '18?

好的。那么你提到的“低双位数到中双位数”的增长，是以’18年为基准吗？

Michael Santomassimo   Former CFO

Off '18. Yes.

基于’18年。对。

Unknown Attendee

Okay. Okay. And so if you walk us through how much of that are you expecting to come out of revenue side versus just high level. I know it's -- there's a lot of moving parts.

好的，好的。那么能否给我们说明一下，你们预计其中有多少将来自收入端，而不仅仅是宏观层面？我知道——这里面牵涉很多变动因素。

Michael Santomassimo   Former CFO

Well, I think, we painted the expenses pretty clearly. So I think you just have to make some assumptions on the revenue side, and it will come out pretty close. Right in the middle there, before we go back to Steve.

嗯，我想我们已经把费用方面讲得很清楚了。所以你只需要对收入端做些假设，结果会相当接近。就在那中间数值附近，然后我们再回到Steve那边。

James Hanna

This is Jimmy Hanna. So 2 questions. First one, a little bit technical. I just want to make sure we're getting the right answer here. So if I go back to 2014 Investor Day goals, revenue growth, I think it was 6% to 8%. Clearly, the environment -- we did not produce 6% to 8%. But you did produce 4% revenue growth in 2017. The questions about organic revenue growth going forward, a lot of people are apologizing to keep asking about. I'm not sorry, I'm going to keep asking about it. I think there's a message I want to make sure it's clear. The organic revenue growth that you guys are looking for over the next few years is higher than the organic revenue growth you've had the past few years, is that correct?

我是Jimmy Hanna。有两个问题。第一个有点技术性，我想确认我们得到的是正确答案。如果回到2014年投资者日的目标，收入增长应为6%到8%。显然，环境原因——我们未能实现6%到8%。但你们在2017年实现了4%的收入增长。关于未来有机收入增长的问题，很多人不停道歉说还要继续问。我不道歉，我会继续问。我想传递一个明确的信息：你们在接下来几年寻求的有机收入增长，将高于过去几年的水平，对吗？

Michael Santomassimo   Former CFO

Yes.

对。

James Hanna

Okay. And can you help me with the magnitude -- level of magnitude, is it 100 basis points, it's 200 basis points? I've got this goalpost of a little bit better than 4% in 2019, but what would the organic look like?

好的。那么在具体幅度上，能不能帮我了解一下，是100个基点还是200个基点？我将2019年的目标定在略高于4%，那么有机增长大概会是多少？

Thomas Gibbons   Former CEO & Director

Do you want me to do it?

需要我来回答吗？

Michael Santomassimo   Former CFO

Go ahead. You start.

请，你先说。

Thomas Gibbons   Former CEO & Director

No. Listen, I think, again, when you look at '17 to '16, 4 points of growth. So around the numbers, call it, 3 of market, 1 of organic. When you look at some of the headwinds that we have in mutual fund waivers and whatnot, so that number might be up 0.5% or something like that. And then, beyond that, it might be the same type of growth. I mean, it just in terms of the way I'd think about or the way it could play itself out, it could be better than that. It could be that's where we're not sure about.

不用。我想，再次强调一下，当你把’17与’16进行比较时，增幅为4个百分点。其中约3个百分点来自市场，1个百分点来自有机增长。如果考虑到我们在共同基金费用减免等方面面临的一些逆风，那么那个数字可能会再提高0.5个百分点左右。再往后，可能还是同样的增长类型。我的意思是，就我思考的方式或者说结果可能的发展方式来看，它也可能更高，只是我们对此还不确定。

James Hanna

Okay. Fair enough. Second question, this is more of the curiosity side. So data and analytics, I haven't heard that much of that message today. Maybe there was parts that I just missed. But it feels like your clients where Bank of New York is today, you're already in a mission-critical position with your clients. I understand it's tough to win the business. There's pricing and other things, but once you win it, you are core to your clients' business. What sort of opportunities are there with data and analytics to make you more core or more mission-critical where in the future, when Mike asks about pricing power in the future, your clients might say, I'm willing to pay 2% more or 3% more on a contract renegotiation because I'm getting so much value from this relationship?

好的，可以接受。第二个问题，更多是出于好奇。关于数据与分析，今天我没听到太多相关信息，可能是我漏掉了一些内容。但就纽约梅隆目前的客户关系来看，你们已经处于客户业务的关键位置。我明白赢得业务并不容易，涉及定价等因素，但一旦你们拿下客户，你们就成为其核心。数据与分析能带来哪些机会，使你们更加核心或更加关键？以至于未来当Mike询问定价能力时，你们的客户会说：“我在合同重新谈判时愿意支付高出2%或3%的价格，因为这段合作关系给我带来了巨大的价值。”

Michael Santomassimo   Former CFO

Yes. I think that was embedded in some of the messages that Hani was talking about in terms of data management. So you want to take that?

是的。我认为这已经包含在Hani关于数据管理的一些表述中。你要来回答吗？

Hani Kablawi   Head of International & EMEA and Chairman

And Todd as well. I think some of the solutions that we are investing in right now are going to help us identify across not just within Asset Servicing, but across into Pershing, potentially, into Investment Management, and definitely, into the markets group. So I think there is opportunities, but we're vesting.

还有Todd。我认为我们目前正在投资的一些解决方案，将帮助我们不仅在资产服务内部，而且跨越至Pershing，甚至可能延伸到投资管理以及市场部门，去发现更多机会。所以我觉得这是有潜力的，但我们正在投入。

Charles Scharf   Former Chairman & CEO

You may want to bring up Eagle too, what we're doing with Eagle.

你或许也可以提一下Eagle，我们在Eagle项目上的进展。

Hani Kablawi   Head of International & EMEA and Chairman

Yes. So Eagle as a core data management solution. We have a lot of data and information. And off the back of that, are able to make sure that the client has the ability to use more of the Asset Servicing resources that we can bring to bear for them. So a big part of the opportunity from an Eagle perspective is to move into up the value chain into custody, into cash and some of the markets capabilities.

好的。Eagle是我们的核心数据管理解决方案。我们掌握大量数据和信息，借此确保客户能够更多地使用我们在资产服务方面可提供的资源。因此，从Eagle的角度看，一大机遇是沿价值链向上延伸，进入托管、现金及部分市场相关能力领域。

Lisa Dolly   Former Chairman of Pershing LLC

I can give you a specific example on the -- in the Pershing world where we're using data to move value chain to become highly relevant to our clients so that they will pay more for the services. We're connected with another organization who goes out and searches social media sites, databases and the like and collects information about the investor. And we present it to the adviser, so that the adviser has, with a fairly accurate rate of prediction, based on certain actions when the client may fire them or when the client is ready for in their life. They've got -- they're reaching some milestone that's going to demand that they need more financial advice and assistance. So they'll go out and look at buying habits. And if your client has purchased a crib. So you're going to now go and talk to them about more insurance. You're going to talk to them about investing more, opening trust accounts and 529 accounts. And so it's predictive analysis that helps them better manage their relationship with their investors. That's just one example.

我可以在Pershing领域给出一个具体示例，说明我们如何利用数据沿价值链推进，使自己与客户高度相关，从而使他们愿意为服务支付更高费用。我们与另一家机构合作，该机构会搜索社交媒体网站、数据库等渠道，收集投资者信息，然后呈现给顾问。顾问就能以相当准确的预测率，根据某些行为判断客户何时可能解约或何时在人生阶段上需要更多理财服务。他们会关注购买习惯，例如客户购买了婴儿床，你就会与其讨论更多保险需求，讨论增加投资、开设信托账户和529教育储蓄账户等。因此，这是利用预测分析帮助顾问更好地管理与投资者关系的例子之一。

Michael Santomassimo   Former CFO

And there's a whole series of other things we're doing. It was on one of my slides, we're partnering with a company called Algomi as an example, in our market space, which provide -- will allow us to -- allow our clients to provide the inventory that they may want to liquidate, over time, in corporate bonds to different marketplaces. And so there's a lot of angles that we're sort of doing that aren't sort of what you would think as sort of just data analytics. That sort of unlock the information that we've got across the different services that we do. You'll hear more and more of that over time. I guess we'll do these 3. Steve, first. You're closest to the mic.

我们还在做一系列其他事情。我在其中一张幻灯片上提到过，例如我们与Algomi公司合作，这家公司位于我们的市场领域，能让我们——也让客户——将他们可能想逐步清算的公司债券存货，向不同市场平台展示。因此，我们做的很多事情并不只是你们通常认为的数据分析，而是解锁我们在各种服务中积累的信息。未来你们会听到越来越多类似案例。我看先回答三个问题。Steve，你最近麦克风，就先来吧。

Steven Wharton

So number one, on the normalized NIM of 1.25% to 1.40%, it would be really helpful if you could give us an interest rate scenario that that's adjacent to the short end, the long end, anything, because otherwise, we're kind of driving blind when you say well, gradual increase in rates. Well, to what?

首先，关于1.25%至1.40%的正常净利差，如果你们能提供一个利率情景——短端、长端任何参考——那会非常有帮助。否则，当你们说“利率逐步上升”时，我们就像盲目驾驶一样。到底升到什么水平？

Michael Santomassimo   Former CFO

Yes. I think we'll provide some more clarity on that as we report first quarter in April.

好的。我认为等我们四月公布第一季度业绩时，会对此给出更清晰的信息。

Steven Wharton

And then, the second question on the organic revenue growth, which I have to come back to, I'm sorry, is that, so you basically just said 1% over the next couple of years, which doesn't seem particularly heroic. And earlier you said that you're linking, increasingly, your executive compensation to more of an organic growth plan, but it seems like you're setting the bar for yourself pretty low to be honest...

然后，关于有机收入增长的第二个问题，我得再问一次，抱歉。你们刚刚基本说未来几年是1%的增长，这听起来并不算高。而且此前你们说越来越多地将高管薪酬与有机增长计划挂钩，但说实话，你们似乎给自己设定的门槛很低……

Charles Scharf   Former Chairman & CEO

Well, you don't know how we've set the comp plan. So I wouldn't rush to that judgment. But again, I mean, let's be -- we can talk about this all you want. We -- I don't know how many times I can say this. We, sitting here today, are not going to tell you exactly how much revenue growth each of these things that we spoke about will add. We don't know. And if we put numbers on a sheet of paper, we would be making it up as anyone else would be. And it's not -- I don't view it as our job to tell you exactly things that we don't know. What we want to do is we want to lay the picture out and say, listen, here's the franchise that we have. We think there are a whole series of things that we can do that will drive that number upward. The reality is, over time, we will get smarter about it. So this isn't like, I'm not saying we shouldn't be able to talk about things forever, but we're into territory that we don't exactly understand. And so, yes, we feel confident that the things that we're doing will drive at the right direction. And then, as time moves forward, we should be able to come back to you and tell you here's the success that we're having or here's the lack of success that we're having. And if we don't have success, here's what we're going to do about it, make your judgment. So I don't -- just don't get me wrong, I understand the questions, I'm just -- we're telling you what we know and what we don't know. We don't know exactly the way the numbers will play out, but that's -- but that's something that we'll see over a period of time. I don't know how else to say it.

嗯，你并不知道我们如何设定薪酬方案，所以我不会急于下结论。但再次说明，我们可以随你讨论多久都行。我不知道该说多少次。我们今天坐在这里，并不会告诉你，我们提到的每项措施到底能带来多少收入增长。我们不知道。如果我们把数字写在纸上，那跟别人随便编的也没区别。我不认为我们的职责是告诉你我们并不确定的细节。我们要做的是勾勒出图景：这就是我们的业务平台，我们认为有一系列举措能推动收入增长。现实是，随着时间推移，我们会越来越了解情况。并不是说我们永远不能讨论这些事情，只是我们已进入自己并不完全理解的领域。因此，是的，我们相信正在做的事情会朝正确方向发展。随着时间推移，我们应该能回来告诉你我们取得了哪些成功，或有哪些不足。如果我们没有成功，我们会告诉你打算如何解决，让你作出判断。所以别误会，我理解这些问题，但我们所能做的就是告诉你我们知道和不知道的内容。我们不知道数字最终会如何表现，但那是需要一段时间才能看到的。我真的不知道还能怎么说。

Michael Santomassimo Former CFO

Before you end, Susan, I think hasn't asked one yet. Go ahead.

在结束之前，Susan，我想她还没提问。请吧。

Susan Katzke Crédit Suisse AG

Maybe just to clarify on that -- it's Susan Katzke from Crédit Suisse. When you give us the new business win numbers, like in Asset Servicing, I think, it was $500 billion. Is that a gross number or a net number? And so on a net basis, if we think about the win-loss ratio and we think about the 1% growth on a GAAP basis that's been realized and the 1% organic growth expectation, have you actually been net losing business?

我想澄清一下——我是瑞信的 Susan Katzke。你们在资产服务领域给出的新业务赢单数字好像是5,000亿美元。那是总量还是净额？如果按净额来看赢亏比，再考虑已实现的GAAP 1%增长和1%的有机增长预期，你们实际上是不是在净流失业务？

Hani Kablawi Senior Executive VP & Head of International

Yes. So that number was a gross number, but on a net basis, we're adding to our organic growth numbers. So in the fourth quarter, the 575 was a gross number, market added to that. And then, there were also losses, but on a net basis, organic wins and losses, it's a positive number.

是的，那是总量数字；但净额上，我们为有机增长贡献了正值。第四季度的5750亿美元是总量，市场因素又有所增加。当然也有流失，但就有机赢单与流失的净额而言，仍为正数。

Susan Katzke Crédit Suisse AG

And was that a turn in the fourth quarter, or is that -- would that be consistent full year?

这是第四季度的转折，还是全年都保持这种情况？

Hani Kablawi Head of International & EMEA and Chairman

That was across 2017 as well. Yes.

2017全年都是如此。是的。

Charles Scharf Former Chairman & CEO

Okay. Mike?

好的。Mike？

Michael Mayo Wells Fargo Securities

I'm going to try to paraphrase what I think I'm hearing, and you can correct me. I think what I'm hearing is that, you're playing the long game. You're being more intellectually honest for a firm that you said has been intellectually honest. If you do that, historical revenue growth has fallen short at only 0.5%. So if you get more growth than that, that's an uptick. You're going to try to continue to that going forward. Is that a fair summary?

我尝试概括一下我的理解，如有不当请纠正。我听到的是：你们着眼长远，对一家自称理性务实的公司来说，更加理性务实。如果这样做，过去收入增长仅落后0.5%。若未来超过这个水平，就是提升，且你们将继续推动增长。这样总结公平吗？

Charles Scharf Former Chairman & CEO

I would agree with -- well, I think, I agree with that.

我同意——嗯，我想我同意这种说法。

Michael Mayo Wells Fargo Securities

So we're going to get the proxy in the next month or so, and we're going to see the compensation. We're going to see the performance stock units. We're going to see some threshold for organic growth that determine how the executives on stage here get paid?

那么我们将在下个月左右看到委托书，届时会看到薪酬数据、绩效股票单元，以及决定台上这些高管薪酬的有机增长阈值吗？

Charles Scharf Former Chairman & CEO

Well, you'll see it next year.

嗯，你们要到明年才能看到。

Michael Mayo Wells Fargo Securities

Oh, next year? Okay.

哦，明年？好的。

Charles Scharf Former Chairman & CEO

It's because what will be in the proxy will be what drove the people's comp for '17.

因为即将发布的委托书披露的是2017年薪酬的考核指标。

Michael Mayo Wells Fargo Securities

Okay. So we'll wait a year for that. Separate question, just back to the big picture. There's a lot of fixed cost at the trust banks. I don't know if it's 75% or 80%. Just where are those fixed costs today? Where was it historically? And where do you think that can be looking ahead? And that's really asking the role of technology and the ability to transform some fixed cost into variable cost?

好的，那我们就等一年。换个大局问题：托管银行的固定成本很多，也许占75%或80%。现在固定成本占比多少？历史上是多少？未来可能怎样？这其实在问技术的作用，以及将部分固定成本转为可变成本的能力？

Michael Santomassimo Former CFO

Yes. I don't think we're going to give a percentage, Mike, but I think that's what we're focused on every day, right? With all these initiatives that we've got is to continue to bring down the fixed cost, but also reduce the marginal cost of bringing on new business and servicing our clients. And I think you've seen that -- and you've seen cost come down over the last 3 or 4 years. And a big chunk of that was taking out fixed cost and other items. And so I think that's a big focus that we're going to keep working on.

对。我想我们不会给出具体百分比，Mike，但这正是我们每天关注的重点。通过所有这些举措，我们持续降低固定成本，同时减少新增业务和服务客户的边际成本。过去三四年你们也看到成本下降，其中很大部分来自削减固定成本及其他项目。因此，这将继续是我们的重点。

Charles Scharf Former Chairman & CEO

Can I just -- and I maybe -- I'm not sure my partners would agree with this. Let me just say -- answer it slightly differently, which is, to answer your question, I'm not sure we really know. And it's a great question. I'm not sure we really understand what's really fixed and what's really variable. I think in parts of the organization where we've got high focus on efficiency in parts of the ops areas, we have a much better handle on it. We certainly understand it when we take on new business to understand exactly what the increment is. But it's part of the reason why I'm -- I think if we had a better understanding of it, we could be much clearer about where margins could get to, because you'd have a much clearer road map for that. And I think what we're in the middle of, is we're in the middle of this journey of continuing to peel back the onion and to understand what that overhead looks like, what really is fixed, what really is variable, and then, what should they actually look like.

我想补充一下，也许我的同事们未必都同意。换一种方式回答：说实话，我们可能并不完全清楚。这是个好问题，我们并不十分了解什么是真正固定、什么是真正可变。在组织中那些高度关注效率的运营领域，我们掌握得更好。我们在接收新业务时当然要弄清增量成本。但这也是为什么我认为，如果能更好地理解这些，就能更清晰地判断利润率上限，因为会有更明确的路线图。我认为我们正在这一旅程中，不断剥洋葱，弄清间接成本到底是什么样，哪些真正固定，哪些真正可变，以及它们最终应呈现何种状态。

Michael Santomassimo Former CFO

All right. I think we'll maybe take the last 3. Alex?

好的。我想我们可能再接受最后三个提问。Alex？

Alexander Blostein Goldman Sachs Group, Inc.

Just a follow-up around capital. I don't think we've touched a ton on that. But as I go back to one of the charts you guys put out, you've been retaining about 17%, 20% of capital as your, obviously, 100-ish-percent of net income, but you generated more capital than income. So now that you're kind of where you want to be on spot ratio, should we be thinking it about you trying to push the envelope a little bit more and get to 100% pay out of capital and not net income?

关于资本的后续问题。我觉得我们今天并没有深入讨论这个话题。但回顾你们展示的一张图，你们留存了大约17%到20%的资本，显然超过了大约100%的净利润，因为你们创造的资本多于盈利。现在既然即时资本比率已达到目标，你们是否考虑再进一步，把分红目标从“净利润的100%”提升到“资本生成的100%”？

Michael Santomassimo Former CFO

Well, I think we said on the slide that the target over time is to get to 100% plus.

嗯，我们在幻灯片上说过，长期目标是达到100%以上。

Charles Scharf Former Chairman & CEO

But he's asking 100% of net income or 100% of total capital generated?

但他问的是“净利润的100%”还是“所生成资本的100%”？

Alexander Blostein Goldman Sachs Group, Inc.

Because you've been paying out less than capital, right? I mean, like you've been retaining about 20% of capital generation.

因为你们目前的派息低于所生成资本，对吧？也就是说，你们大约留存了20%的资本生成。

Michael Santomassimo Former CFO

Yes. Somewhere between the 2. Somewhere between the 2.

对，介于两者之间。介于两者之间。

Michael Santomassimo Former CFO

Brian, then just pass it down.

Brian，然后把麦克风往下传。

Brian Bedell Deutsche Bank AG

It's Brian, Brian in from Deutsche Bank, again. Two part -- 2 different questions. One, I mean, in terms of the businesses that you are working on the incremental growth drivers that you're not really sure about, Charlie, that you were talking about in terms of looking at organic growth in the future, do you view -- how are you viewing the competitive -- typical competitive set of your -- of like the trust banks versus other areas that you might be targeting? So in other words, I guess, the big picture question is, do you still view the traditional custodians as your primary competitors? Or are you looking at other areas in the market that you're competing with? And actually, I have one follow-up after that.

我是Brian，再次代表德意志银行。我有两个不同的问题。第一，关于你们正在培育、但尚未完全确定的新增增长驱动因素——Charlie，你提到未来有机增长时谈到这些要素——你们如何看待竞争格局？也就是说，相比托管行这一传统竞争对手，你们或许锁定的其他领域竞争者有哪些？换句话说，你们是否仍把传统托管机构视为主要竞争者，抑或正在与市场中的其他参与者竞争？我随后还有一个跟进问题。

Charles Scharf Former Chairman & CEO

I'm not sure I understand the question.

我不太明白你的问题。

Brian Bedell Deutsche Bank AG

So as you dive into newer areas in terms of your organic growth initiatives, do you see the other custodians doing the same thing? Or do you think you're competing with new...

当你们在推进有机增长、进入新领域时，其他托管行也在做同样的事吗？还是说你们正在与新的竞争者较量……

Charles Scharf Former Chairman & CEO

Listen, I mean, it's -- I think it's a little bit of both, but I think that -- and my own -- and people might have different points of view. But I think primarily, at this point, it's still our primary competitors [ new to] the business. And so for Pershing, it's a different set of clients that they deal with. For asset managements, obviously, a different set of clients. In our Asset Servicing and other investment service business, it's primarily those people because of what we do in the relationships that we have, we're in this position to be able to talk them about other things. And yes, to the extent that we don't provide some data analytics that other people can, then you're ultimately competing against someone else. But you should have the first call on that. And the fact is, we're all doing that, and we should all be doing that because of the positions that we're in.

听着，我认为两种情况都有。但以我的看法——当然其他人可能有不同观点——现阶段我们的主要竞争者仍然是那些核心同行。比如Pershing面对的是另一群体客户；资产管理又是另一群体。在资产服务及其他投资服务业务中，主要竞争对手仍是这些机构，因为我们与他们的关系及业务定位让我们得以向客户讨论更多服务。而如果我们没能提供他人具备的数据分析能力，那么最终就会与别人竞争。但理论上，客户首先会想到我们。事实是，大家都在朝这个方向努力，我们也应该这样做，因为我们占据相应位置。

Brian Bedell Deutsche Bank AG

Okay. And then, just on, I think you mentioned a couple of quarters ago on an earnings call about looking at potentially acquisitions in the ETF space. And I think, Mitch, you outlined you don't want to compete against the big 3. Smart beta is one that's certainly -- or factor base is certainly one that came out there. Is that still an avenue you think might want to acquire? There's only a couple of players out there.

好的。接下来，上次业绩电话会上你们提到可能考虑在ETF领域进行收购。我记得Mitch曾表示，不想直接与“三巨头”竞争。智能贝塔或因子策略ETF似乎是一个方向。你们还会考虑通过收购进入该领域吗？毕竟可供收购的玩家不多。

Charles Scharf Former Chairman & CEO

Yes. I don't recall talking about acquisitions in ETF. What I recall talking about is that passives and ETFs are complicated and it's something that we were going to talk about at a later point in time. That's what I remember saying, but Mitch, you want to talk...

我不记得我们谈过在ETF领域收购。我记得当时讲的是，被动投资和ETF很复杂，我们会在稍后时间再讨论这个话题。我印象中是这样说的。Mitch，你要补充吗……

Mitchell Harris Former CEO of Investment Management

I mean, my only reaction is, the few players that are there are at such incredible multiples that every time we look at it, it's hard to justify. A lot of it is about marketing and branding than it is about we have the manufacturing. We actually manufacture for an ETF provider some 80% of their ETFs. So we have the manufacturing capability. What we don't have is the brand or the marketing of it. So I think we are better placed on the ETF front or factor based or enhance index or smart beta to continuing to develop it ourselves for our clients for multi-asset solutions and differentiated ones. I just don't think that the acquisition mode is going to be the right way to go for us.

我的观点是，那些为数不多的目标公司估值都高得惊人，每次评估都难以自圆其说。行业里很大程度上比拼的是营销和品牌，而非制造能力。实际上，我们为一家ETF发行商代工了约80%的ETF，说明我们拥有制造能力，但缺乏品牌和营销。所以在ETF、因子策略、增强指数或智能贝塔领域，我们更适合自行为客户开发多资产和差异化方案。我认为收购路径并不适合我们。

Michael Santomassimo   Former CFO

Okay. Last question. Ken?

好的。最后一个问题。Ken？

Kenneth Usdin   Jefferies

I got 2 quick things. So on the regulatory side, ex the SLR potential, where do you see potential reg reform helping the company? And do you think that, that 24% growth rate in regulatory-related expenses between '14 and '17, has that peaked? And is there a chance for relief from that as we go forward?

我有两个简短的问题。首先，在监管方面，除潜在的补充杠杆率（SLR）调整外，你们认为还有哪些监管改革可能惠及公司？其次，监管相关支出在 2014 至 2017 年间增长了 24%，你们认为这一增速是否已触顶？未来有机会减轻这部分压力吗？

Michael Santomassimo   Former CFO

Yes. I think in the short run, our current run rate has sort of where we think regulatory expenses will be for a bit. We did mention last year that it came down a little bit in the second half as the resolution plan was completed. But the -- and on the broader question, you want to -- you guys want to...

是的。我认为短期内，我们当前的支出水平大致反映了未来一段时间的监管成本。去年我们提到，随着处置计划的完成，下半年这项费用略有下降。不过……至于更广泛的问题，你们想——你们是否想……

Charles Scharf   Former Chairman & CEO

Listen, I mean, I think, on the broader question, I think, it's a -- I'm not sure that we should -- to say differently, I don't think we -- we're not planning and we're not assuming that there'll be anything material that will change how we go about doing our business. I think the reality is, is that the things which either take up a whole bunch of time or create constraints are unlikely to have any material changes. I think the Federal Reserve has been just very open-minded about having conversations about things, which could improve. I'll describe it as just how we do things, how we interact, the things that we think could potentially lead towards a stronger business environment. But it's hard to look at any one of those and say it will have any meaningful impact, even though they might be slight positives.

听着，就更宏观的问题而言，我认为……换句话说，我们并未计划、也未假设会出现任何重大变化来改动我们的经营方式。实际上，那些耗费大量时间或带来约束的事项，不太可能出现实质性变化。我认为美联储在探讨可能改进之处时持非常开放的态度——我指的是我们如何开展业务、如何互动，以及哪些做法或许能营造更健康的经营环境。但很难说其中任何单项会产生显著影响，尽管它们或许是些小的正面因素。

Mitchell Harris   Former CEO of Investment Management

I mean, even if it does in the U.S., when you look at Europe and the U.K. and even the evolution of Asia, it's getting stronger there. So if there is -- if anything, it's an offset that may end up neutralizing each other.

即便美国这边出现放松，你看看欧洲、英国，甚至亚洲的发展，监管都在收紧。所以即便有缓解，也可能被其他地区的加强所抵消，最终相互抵消掉。

Charles Scharf   Former Chairman & CEO

Yes. I mean, we haven't talked about -- I mean, there's obviously MiFID II, there's global privacy and things like that, which are significant expenses for us, significant expenses for other companies as well. And so, even while the U.S. might be flattening or coming downward, we know we've got rest of the world to deal with.

是的。再比如，我们还没有谈到《MiFID II》、全球隐私保护等议题——这些对我们乃至其他公司都是不小的支出。也就是说，即使美国监管成本趋平或下降，我们仍需应对世界其他地区的要求。

Kenneth Usdin   Jefferies

If I can ask just one more, I know we're up against time, but you made a lot of talk about organic growth. How do you guys think about acquisitive growth, just across the platform, aside from that prior one, just about ETFs or not, but just -- is acquisitional growth a part of the future strategy? Or is it just, you got what you need and it's about the deepening and product that you're talking about?

如果可以再问一个问题——时间紧张我知道——你们谈了很多有机增长。那对于收购式增长，你们怎么看？不仅仅是之前提到的ETF话题，而是整个平台层面——未来战略里是否仍包含并购，还是说现有业务已足够，重点是深化和完善产品？

Charles Scharf   Former Chairman & CEO

Yes. I think, at this point, the way we're thinking about it is, first of all, we are -- almost all of our time is focused on doing things ourselves and organic growth, because we've got to get our heads around that and we have to deliver on the things that we talked about, so we can provide the specificity that people want. You actually want to see the numbers. We do talk about outside capabilities. And the way I would describe it is, I think, at this point, we would sit here and say to the extent that we want to have a capability and something related to data or something related to these adjacencies. If we could buy something, we'd consider doing it. But at this point, just being honest, it's a much smaller part of our time. And over time, that might change.

是的。我想目前我们的思路是：首先，我们几乎把全部时间都投入到自身行动和有机增长上，因为我们得把这些事情搞明白，并兑现承诺，才能向外界提供所需的明确数据。的确，我们也会谈到外部能力。就我个人而言，现在若我们想获取某项能力，比如数据相关或业务邻域的东西，且市面上有可以收购的标的，我们会考虑。但实话说，目前这只占我们工作的一小部分，将来情况可能会变。

Listen, thank you all very much for your patience. Thank you for your time. And we will be in the room on the other side of the elevators, with the rest of the management team who wasn't speaking here today, to join you all for lunch. Take care.

感谢大家的耐心和宝贵时间。接下来，我们会和今天未在此发言的管理团队成员一起，在电梯另一侧的房间与各位共进午餐。保重。

Operator

Thank you ladies and gentlemen, this concludes today's conference call webcast. Thank you for participating.

感谢各位女士、先生，今日的电话会议及网络直播到此结束。感谢您的参与。