Operator

主持人

Good morning, and welcome to the 2025 Second Quarter Earnings Conference Call hosted by BNY. \[Operator Instructions] Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY's consent.

早上好，欢迎参加由BNY主持的2025年第二季度业绩电话会议。\[Operator Instructions] 请注意，本次电话会议及网络直播将被录音，并包含受版权保护的材料。未经BNY许可，您不得录制或重新播出这些材料。

I will now turn the call over to Marius Merz, BNY Head of Investor Relations. Please go ahead.

现在我将电话转交给BNY投资者关系负责人Marius Merz，请开始。

Marius Merz

Thank you, operator. Good morning, everyone. Welcome to our second quarter earnings call. I'm here with Robin Vince, our Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer. We will reference the quarterly update presentation, which can be found on the Investor Relations page of our website at bny.com. And I'll note that our remarks will contain forward-looking statements and non-GAAP measures. Actual results may differ materially from those projected in the forward-looking statements. Information about these statements and non-GAAP measures is available in the earnings press release, financial supplement and quarterly update presentation, all of which can be found on the Investor Relations page of our website. Forward-looking statements made on this call speak only as of today, July 15, 2025, and would not be updated.

谢谢，主持人。大家早上好。欢迎参加我们的第二季度业绩电话会议。我与首席执行官Robin Vince及首席财务官Dermot McDonogh一同出席。我们将参考季度更新演示文稿，可在我们网站 bny.com 的投资者关系页面找到。我需要指出，我们的发言将包含前瞻性声明和非GAAP指标。实际结果可能与这些前瞻性声明中预计的结果存在重大差异。有关这些声明和非GAAP指标的信息，请参见盈利新闻稿、财务补充资料以及季度更新演示文稿，均可在我们网站的投资者关系页面获取。本次电话会议中的前瞻性声明仅截至今天，即2025年7月15日，之后不会更新。

With that, I will turn it over to Robin.

接下来，我将把话筒交给Robin。

Robin Antony Vince

Thanks, Marius. Good morning, everyone. Thank you for joining us. Before Dermot takes you through the financials in greater detail, I'll start with a few summary remarks on our strong performance in the second quarter and a couple of reflections on the first half of the year.

感谢你，Marius。大家早上好。感谢各位拨冗参加。在Dermot更详细地介绍财务数据之前，我先简要概述一下我们在第二季度取得的强劲业绩，并就上半年的表现分享几点思考。

Stepping back for a moment to look at the operating environment. We began the quarter in April with elevated market volatility, record U.S. equity trading activity and increased treasury market volumes. Through the quarter, we saw shifts in global policy with elevated risks from geopolitical tensions and conflicts as well as uncertainty around trade, fiscal and other policies. Periods of volatility and active markets give BNY the opportunity to deepen the connection with our clients, helping them grow while navigating an evolving business landscape. Our unique position as a financial services platforms company at the heart of the world's capital markets, combined with our diversified business model, allowed us to once again demonstrate our resilience and commercial strength against this backdrop.

稍作回顾当前经营环境。我们在4月进入本季度时，市场波动加剧，美国股票交易活动创下纪录，国债市场成交量亦大幅增加。整个季度我们看到全球政策出现变化，地缘政治紧张和冲突带来的风险上升，贸易、财政及其他政策亦存在不确定性。波动期和活跃市场为BNY提供了加深客户联结的机会，帮助他们在瞬息万变的商业环境中成长。作为一家位于全球资本市场核心的金融服务平台公司，配合多元化的业务模式，我们再次展现了在此背景下的韧性与商业实力。

Turning to the results of the second quarter and referring to Page 2 of the quarterly update presentation. BNY delivered a strong performance. Earnings per share of \$1.93 were up 27% year-over-year on a reported basis and up 28% excluding notable items. Total revenue was up 9% year-over-year, and for the first time, exceeded \$5 billion in a quarter. In combination with expense growth of 4%, BNY generated another quarter of significant positive operating leverage, roughly 500 basis points on both a reported and operating basis. And in what is seasonally our strongest quarter, our pretax margin improved to 37% and our return on tangible common equity improved to 28%. These are clear outputs from our multiyear transformation and robust indicators of BNY's potential.

下面谈谈第二季度业绩，参见季度更新演示文稿第2页。BNY交出强劲成绩。按报告口径，每股收益1.93美元，同比增长27%；剔除特殊项目后同比增长28%。总收入同比增长9%，并首次在单季突破50亿美元。费用仅增长4%，使BNY再度实现显著的正营业杠杆，按报告和经营口径均约为500个基点。在季节性最强的这一季度，我们的税前利润率提升至37%，有形普通股股本回报率提升至28%。这些都彰显了我们多年转型的成果，并有力证明了BNY的潜力。

Turning to Page 3. Over the past few years, we have been laying the foundations for our future. In our January update, we outlined how BNY is well positioned to capture market beta and capitalize on evolving market trends as we work hard to generate alpha through the continued transformation of our company. We entered 2025 with good momentum. Midway through the year, we are seeing results from our consistent execution and continuous delivery that add to our confidence for the medium to long term. Our strategy is simple but powerful: to be more for our clients by running our company better, all powered by our culture. I'll briefly touch on each.

请翻到第3页。过去几年，我们一直在为未来奠基。在1月的更新中，我们阐述了BNY如何凭借持续转型，在努力创造α收益的同时，充分捕捉市场β并利用不断演变的市场趋势。我们以良好的势头进入2025年。到年中，我们已看到持续执行和不断交付带来的成果，进一步增强了我们对中长期前景的信心。我们的战略朴素而有力：通过更卓越的企业运营为客户创造更多价值，而这一切由我们的文化驱动。我将简要说明。

First, our commercial model enables BNY to be more for our clients, helping them achieve their goals using the full breadth and depth of our platforms. As we mark the model's 1-year anniversary, early signs point to the growing effectiveness of our commercial organization with significant runway ahead.

首先，我们的商业模式使BNY能够为客户提供更多支持，借助我们平台的广度与深度帮助他们实现目标。该模式运行已满一年，初步迹象显示商业团队的效能日益提升，未来发展空间广阔。

We achieved a second consecutive quarter of record sales. The number of multiproduct relationships continues to grow, and we continue to broaden and deepen our engagement with clients. For example, in June, we expanded our relationship with specialist active U.K. asset manager, Liontrust. In addition to utilizing our Data Vault and middle-office operating capabilities, Liontrust is fully outsourcing its trading to our buy-side trading solutions team, which delivers 24-hour global trade execution and reaches 100 markets globally across all major asset classes.

我们连续第二个季度实现创纪录的销售额。多产品合作关系的数量持续增加，我们与客户的互动也在不断拓宽和深化。例如，今年6月，我们与英国主动型资产管理公司Liontrust进一步扩大合作。除继续使用我们的Data Vault和中后台运营能力外，Liontrust还将全面把其交易业务外包给我们的买方交易解决方案团队，该团队提供24小时全球交易执行服务，覆盖所有主要资产类别的100个市场。

Another important way for us to be more for our clients is to deliver innovative solutions to the market that come from the powerful combination of capabilities we have at BNY. As I've said before, we're not just in the product sales business, we're in the solutions delivery business. BNY enjoys a suite of highly adjacent platforms that when delivered together create powerful solutions for clients. Our commercial model, combined with our platform's operating model, are intentionally designed to encourage more of this type of innovation.

为客户做得更多的另一项重要方式，是将BNY强大综合能力带来的创新解决方案推向市场。正如我之前所说，我们不仅仅从事产品销售业务，更专注于解决方案交付业务。BNY拥有一系列高度互补的平台，当这些平台协同交付时，能够为客户创造强大的解决方案。我们的商业模式与平台运营模式相结合，旨在刻意鼓励更多此类创新。

An example of this solutions mindset is our work to build the financial infrastructure of the future by bridging traditional and digital financial ecosystems to enable clients to unlock new capabilities securely and at scale. Early and continuous investments in our digital assets platform have positioned us to meet increasing institutional interest and adoption. Last month, Societe Generale selected BNY to act as reserve custodian for their first USD stablecoin in Europe. And last week, Ripple announced that BNY will act as primary custodian of Ripple's USD stablecoin reserves. Today, BNY is a leader in servicing the growing stablecoin market, enabling companies to create and use stablecoins by providing wide-ranging services, from issuance to ongoing operations.

这种解决方案思维的一个实例，是我们致力于构建未来金融基础设施，通过连接传统和数字金融生态系统，使客户能够安全且大规模地解锁新能力。我们对数字资产平台的早期且持续投资，使我们能够满足机构不断增长的兴趣和采用需求。上个月，Societe Generale 选择 BNY 作为其欧洲首个美元稳定币的储备托管人。上周，Ripple 宣布 BNY 将担任其美元稳定币储备的主托管人。如今，BNY 在服务不断壮大的稳定币市场方面处于领先地位，通过提供从发行到后续运营的广泛服务，帮助企业创建并使用稳定币。

Our advancements in the digital assets ecosystem are just one example of continual innovation, but there are many others: flexible financing and global clearing, the integration of CollateralOne into LiquidityDirect, FX hedge direct for private markets, agency lending in Saudi Arabia, depository receipts in Canada, to name just a few. This is an important theme for us, not just periodic higher- profile product launches, but product-level micro innovations week by week, month by month that drive our organic growth.

我们在数字资产生态系统中的进展只是持续创新的一个例子，此外还有许多：灵活融资与全球清算、将 CollateralOne 整合到 LiquidityDirect、面向私募市场的 FX hedge direct、在沙特阿拉伯开展代理出借业务、在加拿大推出存托凭证，等等。这是我们的重要主题，不只是周期性的高调产品发布，更是每周、每月在产品层面进行的微创新，以推动我们的有机增长。

Next, on running our company better with purpose. 2025 will be a milestone year for BNY's transition into our platform's operating model, which realigns how we work and organize ourselves across the entire company. As a reminder, running our company better is not just about expenses, it's about better. Yes, we are driving efficiency but we're also enabling commercial opportunities, enhancing client journeys and accelerating speed to market. With more than half of our people at BNY working in the model today, we remain on track to complete our phased transition into the platform's operating model by this time next year. Already, we are starting to see the impact of this new way of working, enabling our people to launch more new solutions, deploy more code releases and come together better than ever before to support our clients.

接下来，谈谈以目标为导向地更好运营公司。2025 年将成为 BNY 过渡到平台运营模式的里程碑，这一模式重新调整了我们在全公司范围内的工作和组织方式。提醒一句，更好运营公司不仅关乎削减费用，而是力求“更好”。我们确实在提升效率，但同时也在创造商业机会、优化客户旅程并加快产品上市速度。目前已有超过一半的 BNY 员工在该模式下工作，我们仍按计划在明年此时完成分阶段过渡。我们已开始看到这种新工作方式的影响，使员工能够推出更多新解决方案、部署更多代码发布，并以前所未有的方式协同支持客户。

Finally, on culture. Culture is about generating a collective will to make our company achieve its full potential, harnessing the breadth of our talent to be there for clients and to help the company hum. This includes so many things, but one part of that enablement is our embrace of AI. It's an exciting moment for AI at BNY. Nearly all of our employees are using our multi-agentic enterprise AI platform, Eliza, and we have started to introduce digital employees into our workforce. It's early days, but we are beginning to see the benefit of some of these agents and digital employees, and we expect that to accelerate in the quarters and years ahead.

最后谈文化。文化旨在激发集体意志，使公司充分发挥潜力，汇聚广泛人才，服务客户并推动公司高效运转。这涵盖诸多方面，其中之一就是我们对 AI 的拥抱。BNY 的 AI 时刻令人振奋。几乎所有员工都在使用我们的多代理企业级 AI 平台 Eliza，我们也开始将数字员工引入团队。尽管仍处于早期阶段，但我们已开始看到部分代理和数字员工带来的收益，并预计在未来几个季度及数年间加速。

To wrap up, against the backdrop of a busy operating environment, our priorities are clear, and we remain relentlessly focused on execution. BNY is showing strong momentum, and we are determined to deliver further value for our clients, our shareholders and our people. At this midpoint of the year, we are pleased to see the initial work of our multiyear transformation bearing fruit. I'd like to thank our teams around the world for delivering strong results and for their continued commitment to the work ahead. We have a lot of opportunity in front of us, but the strategy to unlock it is working.

总结来说，在繁忙的经营环境下，我们的优先事项十分清晰，我们仍专注执行。BNY 展现出强劲势头，我们决心为客户、股东和员工创造更多价值。年中时点，我们很高兴看到多年转型初见成效。我要感谢全球团队交出的优异成绩，并感谢他们对未来工作的持续承诺。我们面前机遇众多，而释放这些机遇的战略正在奏效。

And with that, over to you, Dermot.

Dermot，接下来交给你。

Dermot William McDonogh

Thank you, Robin, and good morning, everyone. I'm starting with our consolidated financial results for the second quarter on Page 4 of the presentation.

谢谢你，Robin，大家早上好。我将从演示文稿第 4 页开始介绍我们第二季度的合并财务业绩。

Total revenue of \$5 billion was up 9% year-over-year. Fee revenue was up 7%. That included 9% growth in investment services fees from our Securities Services and Market and Wealth Services segment, driven by net new business, client activity and higher market values. Investment Management and performance fees were flat. Growth from higher market values and the impact of a weaker U.S. dollar was offset by the mix of AUM flows and the adjustment for certain rebates that we discussed on our last earnings call.

总收入为 50 亿美元，同比增长 9%。费用收入增长 7%，其中证券服务以及市场与财富服务板块的投资服务费用增长 9%，受新增净业务、客户活动和更高的市场价值驱动。投资管理及业绩费用保持不变。较高的市场价值和美元走弱的积极影响，被资产管理规模（AUM）流入结构及我们上一季度电话会议中提到的某些返还调整所抵消。

While not on the page, I will note that firm-wide AUC/A of \$55.8 trillion were up 13% year-over-year, reflecting client inflows, higher market values and the impact of the weaker dollar. Assets under management of \$2.1 trillion were up 3% year-over-year, reflecting higher market values and the impact of the weaker dollar, partially offset by cumulative net outflows. Foreign exchange revenue was up 16% year-over-year on the back of elevated volatility and higher volumes, partially offset by the impact of corporate treasury activity.

虽然未列于页面，我想指出，公司范围内的托管及/或管理资产（AUC/A）达 55.8 万亿美元，同比增长 13%，反映出客户净流入、更高的市场价值以及美元走弱的影响。管理资产（AUM）为 2.1 万亿美元，同比增长 3%，受市场价值上升和美元走弱影响，部分被累计净流出抵消。外汇收入同比增长 16%，因波动率走高、成交量增加，部分被企业财资活动的影响抵消。

Investment and other revenue was \$184 million, including \$35 million of net losses from investment securities sales, partially offset by favorable seed capital and other investments results. Net interest income was up 17% year-over-year, driven by continued reinvestment of maturing investment securities at higher yields as well as balance sheet growth, partially offset by changes in deposit mix. Provision for credit losses was a benefit of \$17 million in the quarter, driven by property-specific reserve releases in our commercial real estate portfolio.

投资及其他收入为 1.84 亿美元，其中包括售出投资证券的净亏损 3500 万美元，部分被种子资本及其他投资的良好表现抵消。净利息收入同比增长 17%，主要得益于以更高收益率再投资到期投资证券以及资产负债表扩张，部分被存款结构变化抵消。本季度信贷损失准备带来 1700 万美元收益，主要由于商业地产投资组合中特定物业准备金的释放。

Expenses of \$3.2 billion were up 4% year-over-year, both on a reported basis and excluding notable items. The variance, excluding notable items, reflects higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker dollar, partially offset by efficiency savings. Taken together, we reported earnings per share of \$1.93 on a reported basis, up 27% year-over-year. Excluding the impact of notable items, earnings per share were \$1.94, up 28% year-over-year. Our pretax margin was 37% and our return on tangible common equity was 28% in the quarter.

费用为 32 亿美元，同比增长 4%，在报告口径和剔除特殊项目口径下均如此。剔除特殊项目后，费用变动反映了更高的投资支出、员工晋升加薪、更高的与收入相关的费用以及美元走弱的不利影响，部分被效率提升节省所抵消。综合来看，我们报告口径的每股收益为 1.93 美元，同比增长 27%；若剔除特殊项目影响，每股收益为 1.94 美元，同比增长 28%。本季度税前利润率为 37%，有形普通股股本回报率为 28%。

Turning to capital and liquidity on Page 5. At the end of June, the Federal Reserve released the results of its 2025 bank stress test, which once again underscored BNY's resilient business model and our strong balance sheet. The results also confirmed that our stress capital buffer remains unchanged at the regulatory floor of 2.5%. With regards to our second quarter results, our Tier 1 leverage ratio was 6.1%, down 17 basis points sequentially. Tier 1 capital increased by \$689 million, primarily reflecting capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returns through common stock repurchases and dividends. Average assets increased primarily driven by deposit growth.

翻到第 5 页，关于资本和流动性。6 月底，美联储公布了 2025 年银行压力测试结果，再次强调了 BNY 具有韧性的商业模式和强劲的资产负债表。结果亦确认我们的压力资本缓冲维持在 2.5% 的监管下限不变。就第二季度业绩而言，我们的一类杠杆率为 6.1%，环比下降 17 个基点。一类资本增加 6.89 亿美元，主要反映盈利产生的资本和其他综合收益累计余额的净增加，部分被普通股回购及分红带来的资本返还抵消。平均资产的增加主要由存款增长推动。

Our CET1 ratio at the end of the quarter was 11.5%, unchanged from the prior quarter. Over the course of the second quarter, we returned approximately \$1.2 billion of capital to our common shareholders, resulting in a 92% total payout ratio year-to-date. With regards to liquidity, the consolidated liquidity coverage ratio was 112%, down 4 percentage points sequentially, reflecting elevated deposit balances, which were largely nonoperational in early parts of the quarter. The consolidated net stable funding ratio was 131%, down 1 percentage point sequentially.

季度末我们的普通股一级资本充足率（CET1）为 11.5%，与上一季度持平。第二季度期间，我们向普通股股东返还了约 12 亿美元资本，年初至今总派息率为 92%。在流动性方面，合并流动性覆盖率（LCR）为 112%，环比下降 4 个百分点，反映出本季度早期大量非运营性质的存款余额。合并净稳定资金率（NSFR）为 131%，环比下降 1 个百分点。

Next, net interest income and balance sheet trends on Page 6. Consistent with the backdrop of elevated volatility and active trading in capital markets, we saw our clients seek the strength of BNY's balance sheet and leverage our platforms for execution and settlement. Net interest income of \$1.2 billion was up 17% year-over-year and up 4% quarter-over-quarter. Both the year-over-year and sequential increase primarily reflect the continued reinvestment of maturing investment securities at higher yields as well as balance sheet growth, partially offset by changes in deposit mix. Average deposit balances grew by 6% sequentially. Noninterest-bearing deposits grew by 3% in the quarter and interest-bearing deposits grew by 7%. Accordingly, average interest-earning assets increased by 6% sequentially. Cash and reverse repo balances increased by 9%. Investment securities balances increased by 4% and loans increased by 2%.

接下来是第 6 页的净利息收入和资产负债表趋势。与资本市场持续高波动和活跃交易的背景一致，我们看到客户依托 BNY 强大的资产负债表，并利用我们的平台进行执行与结算。净利息收入为 12 亿美元，同比增长 17%，环比增长 4%。这两项增长主要反映以更高收益率对到期投资证券进行持续再投资以及资产负债表扩张，部分被存款结构变化所抵消。平均存款余额环比增长 6%；其中非计息存款增长 3%，计息存款增长 7%。由此，平均生息资产环比增长 6%。现金及逆回购余额增长 9%；投资证券余额增长 4%；贷款余额增长 2%。

Turning to our business segments, starting on Page 7. Securities Services reported total revenue of \$2.5 billion, up 10% year-over-year. Total investment services fees were up 10% year-over-year. In Asset Servicing, investment services fees grew by 7%, reflecting higher market values and client activity. And in Issuer Services, investment services fees were up 17%, driven by exceptionally strong client activity in our Depositary Receipts business. In this segment, foreign exchange revenue was up 22% year-over-year on the back of elevated volatility and higher volumes. Net interest income for the segment was up 13% year-over-year. Segment expenses of \$1.6 billion were up 4% year-over-year, driven by higher investments, employee merit increases, revenue-related expenses and the unfavorable impact of the weaker dollar, partially offset by efficiency savings. Securities Services reported pretax income of \$867 million, up 26% year-over-year and a pretax margin of 35%.

接下来进入业务分部，先看第 7 页。证券服务板块报告总收入 25 亿美元，同比增长 10%。投资服务费用总计同比增长 10%。在资产服务业务中，投资服务费用增长 7%，反映更高的市场价值和客户活动；在发行人服务业务中，投资服务费用增长 17%，主要受存托凭证业务客户活动异常强劲的推动。本板块外汇收入同比增长 22%，得益于波动率上升和成交量增加。分部净利息收入同比增长 13%。分部费用为 16 亿美元，同比增长 4%，由更高的投资支出、员工晋升加薪、与收入相关费用及美元走弱的不利影响推动，部分被效率节省抵消。证券服务板块报告税前利润 8.67 亿美元，同比增长 26%，税前利润率为 35%。

On to Market and Wealth Services on Page 8. In our Market and Wealth Services segment, we reported total revenue of \$1.7 billion, up 13% year-over-year. Total investment services fees were up 9% year-over-year. In Pershing, investment services fees were up 8%, reflecting client activity and higher market values. Net new assets were a negative \$10 billion in the quarter, reflecting the deconversion of a client that was acquired by a self-clearing competitor.

再看第 8 页的市场与财富服务板块。该板块报告总收入 17 亿美元，同比增长 13%。投资服务费用总计同比增长 9%。在 Pershing，投资服务费用增长 8%，反映客户活动和市场价值提高。本季度净新增资产为负 100 亿美元，原因是一家被自清算竞争对手收购的客户退出托管。

In Clearance and Collateral Management, investment services fees were up 14%, driven by broad-based growth in collateral balances and clearance volumes. And in Treasury Services, investment services fees were up 3%, reflecting net new business. Net interest income for the segment was up 21% year-over-year. Segment expenses of \$897 million were up 8% year-over-year, driven by higher investment and litigation reserves, employee merit increases and higher revenue-related expenses, partially offset by efficiency savings. Taken together, our Market and Wealth Services segment reported pretax income of \$851 million, up 21% year-over-year and a pretax margin of 49%.

在交收与抵押管理业务中，投资服务费用同比增长 14%，受抵押品余额和清算量全面增长推动；在资金服务业务中，投资服务费用同比增长 3%，反映新增净业务。该分部净利息收入同比增长 21%。分部费用为 8.97 亿美元，同比增长 8%，由更高的投资与诉讼准备金、员工晋升加薪及与收入相关费用增加推动，部分被效率节省抵消。综合来看，市场与财富服务板块报告税前利润 8.51 亿美元，同比增长 21%，税前利润率为 49%。

Turning to Investment and Wealth Management on Page 9. Our Investment and Wealth Management segment reported total revenue of \$801 million, down 2% year-over-year. Investment management fees were down 1% year-over-year, driven by the mix of AUM flows and the adjustment for certain rebates, partially offset by higher market values and the favorable impact of the weaker dollar.

翻至第 9 页的投资与财富管理板块。本分部报告总收入 8.01 亿美元，同比下降 2%。投资管理费用同比下降 1%，主要受 AUM 流动组合及某些返还调整的影响，部分被更高的市场价值和美元走弱的有利影响抵消。

Segment expenses of \$653 million were down 2% year-over-year, driven by lower revenue-related expenses and efficiency savings, partially offset by higher severance expense and the unfavorable impact of the weaker dollar. Investment and Wealth Management reported pretax income of \$148 million, down 1% year-over-year and a pretax margin of 19%. As I described earlier, assets under management of \$2.1 trillion were up 3% year-over-year. In the second quarter, we saw \$17 billion of net outflows driven by index, multi-asset and equity strategies, partially offset by net inflows into cash and fixed income strategies. Wealth Management client assets of \$339 billion increased by 10% year-over-year, largely driven by higher market values.

分部费用为 6.53 亿美元，同比下降 2%，受与收入相关费用减少和效率节省推动，部分被更高的遣散费以及美元走弱的不利影响抵消。投资与财富管理板块报告税前利润 1.48 亿美元，同比下降 1%，税前利润率为 19%。如前所述，管理资产为 2.1 万亿美元，同比增长 3%。第二季度出现 170 亿美元的净流出，主要来自指数、多资产及股票策略，部分被现金和固定收益策略的净流入抵消。财富管理客户资产为 3,390 亿美元，同比增长 10%，主要得益于更高的市场价值。

Page 10 shows the results of the Other segment. For this segment, I'll just note that the sequential decrease in revenue primarily reflects the net losses from investment securities activity I mentioned earlier, while the sequential decrease in expenses reflects lower litigation reserves and severance.

第10页展示了其他业务板块的业绩。对于该板块，我只想指出，收入环比下降主要反映了我之前提到的投资证券活动净亏损，而费用的环比下降则反映了诉讼准备金和遣散费的减少。

Turning to Page 11. I'll close with a midyear update of the financial outlook for 2025 that we provided on our earnings call in January. As you can see on the slide, BNY is entering the second half of the year with great momentum, while we remain cognizant of the economic outlook amid elevated geopolitical and policy uncertainty. Based on where we sit today, looking out to the balance of the year, we now expect full year 2025 net interest income to be up high single-digit percentage points year-over-year. And we continue to expect solid fee revenue growth in 2025, of course, market dependent. We now expect expenses, excluding notable items for the year to be up approximately 3% year-over-year. We continue to expect our effective tax rate for the full year to be in the 22% to 23% range. Considering our 21% tax rate in the first half, that means approximately 23% for the second half of the year. And we continue to expect to return roughly 100% plus or minus of 2025 earnings through common dividends and buybacks over the course of the year.

转到第11页。我将以我们在一月份财报电话会议上提供的2025年财务前景的年中更新作为结束。正如幻灯片所示，BNY正以强劲的势头进入下半年，同时我们仍然关注在地缘政治和政策不确定性加剧的背景下的经济前景。根据我们目前的判断，展望今年余下时间，我们现在预计2025年全年净利息收入将同比增长高个位数百分点。我们继续预计2025年费用收入将实现稳健增长，当然取决于市场状况。我们现在预计全年不含特殊项目的费用将同比增长约3%。我们继续预计全年有效税率将在22%至23%之间。考虑到上半年21%的税率，这意味着下半年约23%。我们还预计全年将通过普通股股息和回购返还大约100%上下的2025年利润。

Following the release of the Federal Reserve's annual bank stress test, our Board of Directors declared a 13% increase of our quarterly common stock dividend, and we plan to continue repurchasing common shares under our existing share repurchase program. As always, we consider macroeconomic and interest rate environments, balance sheet growth and many other factors with a conservative bias in managing the pace of our buybacks.

在美联储年度银行压力测试结果发布后，我们的董事会宣布将季度普通股股息提高13%，并计划在现有普通股回购计划下继续回购股票。一如既往，我们在管理回购节奏时，会以审慎的态度考虑宏观经济与利率环境、资产负债表增长以及其他诸多因素。

To wrap up, BNY posted very strong results in the second quarter, demonstrating the impact of consistent execution and delivery amid a complex but yet, for BNY, constructive operating environment. The momentum of our multiyear transformation continues to build and progress to date gives us incremental confidence in BNY's great potential for the medium and long term. With that, operator, can you please open the line for Q\&A?

总而言之，BNY在第二季度取得了非常强劲的业绩，证明了在复杂但对BNY而言具有建设性的经营环境中，持续执行和交付的成效。我们多年的转型势头持续增强，迄今取得的进展进一步提升了我们对BNY中长期巨大潜力的信心。主持人，请开启问答环节。

Question-and-Answer Session

问答环节

Operator

主持人

\[Operator Instructions] We'll take our first question from Ebrahim Poonawala with Bank of America.

\[Operator Instructions] 首个提问来自 Bank of America 的 Ebrahim Poonawala。

Ebrahim Huseini Poonawala

Maybe, Robin, for you, so the call in terms of the transformation efforts, digital assets, AI, just sounds like significant runway on all things organic. But address for us how you're thinking about capital deployment relative to where the stock is trading at today. And I'm sure this is not news to you in terms of news around BNY pursuing a merger with a competitor, your interview in Barron. So give us a sense of when we think about capital deployment as shareholders, how should we think what the priority is outside of funding the business, be it buybacks versus M\&A?

Robin，这个问题给你。从电话会议中关于转型举措、数字资产和 AI 的讨论来看，公司的有机增长空间似乎非常广阔。但请谈谈在当前股价水平下，你们如何考虑资本部署。我相信关于 BNY 可能与竞争对手合并的新闻，以及你在《Barron’s》的采访，对你来说并不陌生。因此，作为股东，在思考资本配置时，除了支持业务发展，我们应如何看待优先顺序——是股票回购还是并购？

Robin Antony Vince

Sure. So look, the beginning point of what you said is actually the most important thing. We have got strong momentum. We really see the pathway to be able to generate value over the medium and long term. Obviously, you're seeing some of the early signs of that, and we're pleased with it. And that is our biggest focus because at the end of the day, at the top of the capital waterfall is that ability to invest in the business. Now look, the good news is that we're a pretty capital-light business. You can see it in the 28% ROTCE that we generated in the quarter. We're pleased with that. That's another sign of the transition and transformation of the company towards this more platforms orientation because that is the sort of feature that you'd expect of a company in terms of the direction of travel that we've got going.

当然。首先，你提到的最关键的一点是我们目前拥有强劲的增长势头。我们确实看到了在中长期创造价值的清晰路径，显然你已经看到了初步成果，对此我们非常满意。这是我们最关注的核心，因为在资本金字塔的最顶端，是能够为业务持续投资的能力。好消息是，我们的业务相当轻资本化，本季度 28% 的 ROTCE 就能说明这一点，我们对此很满意。这也是公司向平台化转型的另一个标志，因为这正符合我们发展方向应具备的特征。

Now in terms of the sort of the inorganic stuff, look, our broad approach hasn't changed, which is M\&A done well can be a powerful tool in the tool kit. It's not our custom to comment on any specific rumor or speculation. But I think we demonstrated last year with the Archer acquisition that we've got the ability to make M\&A work for us in a sensible way. Having said that, I just really want to underscore this point: it's a very high bar for us for M\&A, especially a larger transaction. It would have to make a ton of sense. We'd need to have a lot of conviction in execution. We're focused on ongoing alignment with our strategic priorities. Strong cultural fit matters. And of course, the financials really have to work. And our M\&A story is a two-sided story as well because you saw that last year, we bought Archer but we sold our Corporate Trust Canada business. So the punchline I'll leave you with is we are focused on our organic growth. That is working. We are beginning the process of a multiyear journey on that, and we're going to be open because we should be open to sensible things inorganically if they make sense, but I'll underline again, if they make sense.

至于非有机增长方面，我们的整体思路并未改变——如果运作得当，收并购可以成为强有力的工具。我们一贯不会对任何具体的传闻或猜测置评。但去年的 Archer 收购已经证明，我们有能力以理性的方式利用并购。不过我想强调的是：对我们而言，并购尤其是大型交易的门槛非常高，必须极其合理，我们还需要对执行充满信心，并确保与战略重点保持一致，文化契合也非常关键，当然财务回报必须说得通。我们的并购故事具有双面性，去年我们既收购了 Archer，也出售了 Corporate Trust Canada 业务。所以我要留下的结论是，我们专注于有机增长，这一策略行之有效，且已踏上多年旅程的起点；与此同时，如果出现真正合理的并购机会，我们也会保持开放态度——我再次强调，前提是它确实合理。

Ebrahim Huseini Poonawala

That's very clear. And I guess maybe just following up on that. You referenced the 27% ROTCE this quarter. I get it's a seasonally strong quarter. But as we think about, again, relative to new investors trying to put money to work in the stock, is structurally based on all the work you've done so far over the last few years and where things are going, is it safe for investors, shareholders, the Street to assume that this is becoming a high 20s ROTCE institution, which should then support a very different multiple than we've been used to for the last several years.

非常清楚。顺着这个话题继续。你提到本季度的 27% ROTCE。我理解这是季节性强劲的季度。但对于新投资者考虑是否买入该股而言，鉴于过去几年你们所做的努力以及未来的发展方向，从结构上看，投资者、股东和华尔街是否可以认为这正成为一家 ROTCE 高达 20% 以上的机构，这应该会支撑起与过去几年截然不同的估值倍数。

Robin Antony Vince

So look, I'll blend sort of two things together here. One is the broader medium-term targets as we think about them. We have not put a ceiling on any of our medium-term targets. We viewed them as milestones on a longer journey. At the time that we first communicated them, people understandably thought about them as ambitious based on where we had been in the past. But we are on a journey here, and we are making important steps forward. And so on ROTCE specifically, we don't see a ceiling on that number because as a more platforms-oriented company, remember, NII is only 25% of our revenues, view that as broadly a proxy for the balance sheet, which means 3/4 of our business is largely a pretty capital-light business that's driving forward in terms of fee growth. And so I would just look generally at our medium-term targets, and I would throw ROTCE, your question into that as well and say we have a lot of ambition. We think we're relatively early in our journey, and we're absolutely going to be moving the bar higher on ourselves which, frankly, we do every single day in terms of how we run the company.

让我把两件事结合起来谈。第一是更广泛的中期目标。我们对任何中期目标都没有设上限，而是把它们视为更长征程中的里程碑。在最初公布这些目标时，人们基于我们过去的表现，理所当然地认为它们雄心勃勃。但我们正在这段旅程中稳步前进，并取得关键进展。因此，就 ROTCE 而言，我们并未设定上限。作为一家更偏平台化的公司，请记住，NII 只占我们收入的 25%，可以大体视为资产负债表的代理，这意味着我们 3/4 的业务基本都是轻资本并依赖费用增长驱动。因此，放眼我们的中期目标，也包括你关于 ROTCE 的提问，我们有很高的抱负。我们认为自己仍处于旅程的早期阶段，并且会不断提高对自身的要求——坦白说，这也是我们每天运营公司时一直在做的。

Operator

We'll move to our next question from Ken Usdin with Autonomous Research.

主持人

我们将进行下一个提问，来自 Autonomous Research 的 Ken Usdin。

Ebrahim Huseini Poonawala

I wanted to ask about just the evolution of -- as the year goes on of just overall top-of-the-house performance because, obviously, you're taking up your NII guide, but NII is only 25% of revenues. And while the cost guide is up, I think maybe misses the point that on the fee side, your guide is only just for year-over-year. And here we are plus 6% in the second quarter and plus 7% for the year-to-date. So I'm just wondering on the fee side, are fees better than your original expectations, too? And is that informing as much as the NII upside the slight drip up on the overall cost guide as the total is coming in better?

我想了解一下随着年度进程推进，整体公司层面的表现如何演变。显然，你们上调了 NII 指引，但 NII 只占收入的 25%。同时成本指引有所上调，可我觉得可能忽略了一点：在费用方面，你们的指引只是同比增长，但第二季度费用增长 6%，年初至今增长 7%。所以我想问，在费用这一块，实际表现是否也超出你们最初的预期？这是否同 NII 上行一样，也促成了整体成本指引的微幅上调，因为总收入表现更好？

Dermot William McDonogh

Ken, I'll start with that. Look, the way I kind of think about the firm is I start with overall positive operating leverage. And I guess the key message I would leave you there, both on operating and reported basis, I think it was roughly 500 basis points of operating leverage. And so since Robin took over as CEO, we've kind of made the positive operating leverage our North Star. And so consistently delivering that to the market has been our kind of the core strategy around how we think about the financials. So you have 3 components to that. You've got fees, you've got NII and you've got expenses. And you'll see from the financials, yes, revenue up 9%, expenses up 4%, delivering that positive operating leverage.

Ken，我先回答。看公司整体，我首先关注的是正营业杠杆。本季度无论按经营口径还是报告口径，我们大约实现了 500 个基点的营业杠杆。自从 Robin 成为 CEO 以来，我们将正营业杠杆视为北极星，并始终向市场稳定交付。这背后有三大要素：费用、NII 和支出。从财报可以看到，收入增长 9%，费用增长 4%，从而带来正营业杠杆。

Within the revenue, you've got fees, you've got NII. Really solid performance on NII, which gives us comfort around for the balance of the year, giving a higher guide to kind of high single digits. And on the revenue side, I think the strength in fees really underscores the commercial model that we launched about a year ago, 2 consecutive quarters of kind of record sales. Notwithstanding that, the second quarter is a seasonally strong quarter. So we would expect some strong sales, but that was on the back of Q1. And we see going into Q3, although it is a kind of seasonally slower quarter for us given the vacations, et cetera, we see kind of strong momentum continuing. So you see a picture on Page 3 of the midyear update where we kind of show you a little pictorial about how we think about organic growth, and we have high conviction around that beginning to build and grow.

在收入中，有费用，也有 NII。NII 表现非常强劲，让我们有信心将全年指引上调至高个位数增幅。在收入方面，费用的强劲表现凸显了我们大约一年前推出的商业模式，已连续两个季度创下销售纪录。尽管第二季度通常是季节性强势季度，我们原本就预期销售会好，但这是在 Q1 表现强劲的基础上实现的。展望第三季度，尽管因假期等因素通常是季节性较淡的季度，我们仍看到势头强劲。你在年中更新第 3 页可以看到我们展示的有机增长示意图，我们对其正在形成并扩大的势头抱有高度信心。

Robin Antony Vince

And Ken, let me just build on a couple of things that Dermot said. So first of all, yes, it was a constructive environment in the second quarter, but I'll bring you back to our comments in January when we talked about the various different things that drive our business. We've intentionally been repositioning the company gradually to be able to take advantage of more different types of environments. So I think the punchline is while there are always amazing environments that you could have for a business or potentially environments which just don't have any element of being particularly constructive, we think we're broadening out the probabilities of any given environment actually working reasonably well for us because equity markets up, fixed income markets up, equity volumes up, fixed income volumes up, transaction volumes and GDP up, issuance up, asset management activity, wealth management activity, there are a lot of cylinders in this particular engine. And so the second quarter was constructive, but we have been positioning the company to be able to take advantage of more and more environment as constructive. And I think that plus the point that Dermot made around our commercial model is allowing us to grind organic growth higher. So we want to take advantage of the beta, we want to be able to participate in whatever the quarter happens to bring, but this constant focus on alpha generation in terms of how we're running the company and positioning the company is an important part of the story. And we do think that this is a quarter where you're starting to see that. But again, the early innings point that Dermot and I have made many times before, there's a lot of runway here in our estimation.

Ken，我想在Dermot提到的几点基础上再补充一下。首先，的确，第二季度的环境具有建设性，但我想让你回想我们一月时的评论，当时我们讨论了驱动业务的各种因素。我们一直有意地逐步重新定位公司，以便能够利用更多不同类型的环境。我认为要点在于，虽然总会有极其有利的环境，也可能有几乎毫无建设性的环境，但我们正在扩大任何给定环境对我们而言都可能运转良好的概率，因为股市上涨、债市上涨、股票成交量增加、债券成交量增加、交易量和GDP增长、发行量增加、资产管理和财富管理活动活跃——这个引擎中有很多汽缸。因此，第二季度环境是建设性的，但我们一直在将公司定位为能够利用更多建设性环境。我认为，再加上Dermot关于商业模式的观点，使我们能够不断提升有机增长。我们希望抓住β，参与每个季度带来的机遇，但在公司运营与定位中持续专注于α生成也是故事的重要部分。我们确实认为本季度你开始看到这一点。但正如Dermot和我多次强调的那样，这只是早期阶段，在我们看来还有很长的跑道。

Kenneth Michael Usdin

Understood. That's great color, and I do like that upper right chart on Page 3. Just one thing on the environment then. Can you -- you've talked previously about just the stickiness of deposits and obviously, that's informing the better-than-expected NII outlook. Does anything change in the environment at that point? Because I think Robin will bring back in your point about like tools in the kit and arsenal to just continue to add deposits. But maybe you could just help us understand the environmental side a little bit.

明白了，这些信息非常有价值，我也很喜欢第3页右上角的图表。那么关于环境还有一点疑问。你们之前谈到过存款的黏性，显然这也支撑了好于预期的NII展望。在这方面，环境有什么变化吗？我想Robin会再次提到你们的“工具箱”和武器库，用以持续增加存款。但也许你们能帮助我们更好地理解环境层面的情况。

Dermot William McDonogh

So I think point number one here that I would make, Ken, is as a matter of strategy, we don't really lead with deposits. So when you see deposits being a little bit higher, the mix of IB, NIB a little bit higher, it really speaks to the breadth and the depth of the franchise and doing more with clients, and doing more with clients attracts deposits. And specifically around second quarter, in our Corporate Trust business, we had higher levels of activity, and we were able to kind of help clients with unique specific situations that attracted deposits into the system, particularly on the NIB side. And that was able for us to kind of have a good NII print this quarter. And when we look out for the balance of the year and run our various scenarios, we really have reduced the tails with respect to interest rate sensitivity, and that was really on the back of a ton of work done towards the back end of last year when the Fed made the pivot after Jackson Hole around the forward rate curve. And so that gives us now a lot of confidence to be able to kind of provide that higher NII growth against what is a constructive backdrop for us.

Ken，我想说的第一点是，从战略角度来看，我们并不会以吸收存款为先导。所以当你看到存款略有增加，IB 和 NIB 的组合略有提升时，这真正反映了我们业务的广度与深度，以及与客户合作更多；与客户合作多了，自然会吸引存款。尤其在第二季度，我们的 Corporate Trust 业务活动更为频繁，我们能够帮助客户处理一些独特的具体情况，从而吸引存款流入系统，尤其是 NIB 端。这让我们本季度实现了良好的 NII 表现。当我们展望全年并运行各种情景时，我们确实降低了对利率敏感性的尾部风险，这主要得益于去年下半年美联储在 Jackson Hole 后对远期利率曲线转向时，我们所做的大量工作。因此，这让我们现在对在一个建设性的背景下实现更高的 NII 增长充满信心。

Operator

主持人

Our next question comes from Glenn Schorr with Evercore ISI.

接下来提问的是 Evercore ISI 的 Glenn Schorr。

Glenn Paul Schorr

With so much going well, forgive me, I'm going to pick on the one area that wasn't as good as everything else in Investment Management. So fees down a little bit, flows out, margins down in that 19% range so -- despite the good market. So the question is, if we step back a little bit and we talk about -- can we talk a little bit about what investments you're making to improve the business? And like what's high on your to-do list to help drive better performance as we move forward in Investment Management?

眼下大多数业务表现优异，请允许我关注 Investment Management 中唯一表现不如人意的领域。费用略有下降、资金流出，利润率降至约 19%，尽管市况良好。我的问题是，如果我们稍微退一步，能否谈谈你们正在进行哪些投资以改善该业务？在推进 Investment Management 的下一阶段时，你们待办事项中有哪些优先级最高的工作，以推动更好的业绩？

Dermot William McDonogh

Thanks for the question, Glenn. I would say investment #1 was Robin appointing Jose as the leader of that business, and he started last September. And you can see between the first quarter where we had a margin of 8% to this quarter, we're about 19%, you can see that step-up in margin. And you can see Jose is beginning to work the opportunity and making some decisions to rightsize it from an efficiency standpoint. And I'm very pleased with what Jose has done.

感谢提问，Glenn。我认为首要的投资是 Robin 任命 Jose 担任该业务负责人，他从去年九月开始履新。你可以看到利润率从第一季度的 8% 提升到本季度的约 19%，这种跃升非常明显。Jose 正在抓住机会，并从效率角度作出调整规模的决定。我对 Jose 所做的工作感到非常满意。

What I also think he's doing very, very effectively, and look, both Robin and myself will have talked about this on prior quarters, the 1BNY approach in terms of de-siloing the firm, you kind of have to go that extra mile as it relates to our investment in wealth management strategy and bringing the boutiques closer to the firm. And I think Jose sees a lot of opportunity for us to cross-sell within the firm both within our Asset Servicing business and within our Pershing business. So bringing the strength of our manufacturing capabilities to our Pershing clients and our Asset Servicing clients is kind of a key forward strategy that we can see we can do well at and also bringing in leadership and product development. So I think you're going to see more positive stories coming from this particular segment. But as with all transformations, it takes a little bit time and Jose is getting that time to make the decisions that he needs to.

我还认为他在另一件事上做得非常到位——Robin 和我在此前几个季度都谈到过，以 1BNY 方法打破公司的壁垒。在 Investment and Wealth Management 战略方面，需要付出额外努力，将旗下精品业务与公司联系得更紧密。我认为 Jose 看到了在公司内部进行交叉销售的巨大机会，包括在我们的 Asset Servicing 业务以及 Pershing 业务中。因此，将我们强大的制造能力带给 Pershing 客户和 Asset Servicing 客户，是我们面向未来的关键战略，同时也在引入领导力和产品开发。我相信你们将会看到这一板块越来越多的积极动态。但像所有转型一样，这需要一些时间，而 Jose 正在获得他完成决策所需的时间。

And Glenn, let me just build on one particular point that Dermot just made. One of Jose's early observations about the business was we have a terrific, to use Dermot's term, manufacturing base. If you look under the hood of our \$2.1 trillion of AUM, you have some real market-leading franchises. We have Insight, which is #1 in its market. That's \$1 trillion of it right there. You have Walter Scott, which is a terrific, long-only, long-dated equity manager. You have a terrific business in the form of Dreyfus as money markets. And we have, in Mellon, a direct indexer that's capable of being able to create product that our Asset Servicing clients are very interested in. Obviously, it also has a lot of relevance for the \$3 trillion of wealth distribution that we have in Pershing. So if you think about the manufacturing base, let's give ourselves a check that we have a pretty good set of businesses that are actually performing pretty well.

Glenn，让我在Dermot刚才提到的一点上再深入一下。Jose到任之初就观察到，我们拥有一个非常出色的“制造基地”（借用Dermot的说法）。如果深入研究我们2.1万亿美元的资产管理规模，就会发现其中包含一些真正的行业领先品牌。我们拥有市场排名第一的Insight，规模就占其中1万亿美元；还有Walter Scott，这是一家优秀的长期纯多头股票管理公司；另外，Dreyfus货币市场基金业务表现出色；在Mellon，我们还拥有一项指数直投业务，能够创造资产服务客户非常感兴趣的产品。当然，这对我们在Pershing所服务的3万亿美元财富分销也具有重要意义。因此，从制造基地的角度看，我们的确拥有一组运作良好的优质业务。

On the distribution, if we didn't have BNY, then you could look at asset management, and you could say there are a lot of parallels with other midsized to large asset managers and the question of distribution would be on everybody's lips. But one of Jose's observations was, wow, this investment manager at BNY is one of the reasons why I joined BNY because there's all of this distribution potential, but we just haven't fully unlocked it.

再说到分销层面，如果没有BNY这个平台，你可能会把我们的资产管理业务与其他中大型资管公司做比较，大家都会关注“分销渠道”这个问题。但Jose的一个发现是：正因为BNY具备巨大的分销潜力，这也是他加入BNY的原因之一，只是我们尚未完全释放这一潜力。

Okay. So then what sits in the middle? And that's the word that Dermot used, product, where if you take a metaphor for this for a second, imagine that you were a Coke or a Pepsi and you were making a beverage and you had the concentrate and you have all of this terrific distribution because you can sell in restaurants, you can sell in grocery stores, you can sell in a corner store as well. But in the middle of that is a critical point of product, which is are you taking the manufacturing base that you have and making cans when you want to sell it in a corner store? Because if you put bottles of concentrate in a corner store, it's not going to help you. But when you're delivering to a large fast food outlet, there you want to be able to deliver the concentrate, cans not as useful. So this piece in the middle, this product shaping that leverages the manufacturing base with an eye to the distribution channels that you have available to you is critical. And I think we haven't done as good a job on that as we could. And so that's a very big focus for us. And we think that when you take all of those things together, we think there's an interesting pathway here.

那么中间缺的是什么？正如Dermot所说，是“产品”。打个比方，如果你是可口可乐或百事可乐的生产商，你拥有浓缩液，也拥有强大的分销网络：可以卖给餐厅、杂货店，甚至街角小店。但关键在于产品形态：当你要在街角小店销售时，是否将浓缩液制成易拉罐？如果你把一瓶瓶浓缩液放进小店，根本卖不动；而当你向大型快餐连锁供货时，对方需要的却是浓缩液，易拉罐就没用了。因此，这个“中间环节”——以分销渠道为导向、基于制造能力的产品塑造——至关重要。我认为我们在这一点上还有改进空间，所以这将是我们重点关注的方向。把上述要素结合起来，我们认为这里存在一条颇具吸引力的发展路径。

Glenn Paul Schorr

Maybe I could do a tiny follow-up on the previous question. And forgive me if you said it, but the fee revenue were up 5% for the first half, and the guide is still "up" on the year. Markets are higher. Despite this conversation we just had on Investment Management, it feels like deliberately conservative, which I'm cool with. I'm just curious on how we square the up 5% for the first half. Markets are trending well, your momentum is good. Why wouldn't the fee outlook be better? I know I asked you that last quarter and you outperformed.

也许我可以就前一个问题再追问一点。如果你刚才提到请见谅：上半年费用收入增长了 5%，但全年指引仍只是“上升”。市场走势更强，尽管我们刚讨论了 Investment Management，这听起来还是有意保守，我没意见。我只是好奇，既然上半年增长 5%，市场走向良好，你们的势头也不错，为什么费用展望不会更高？我记得上季度我也问过，结果你们超预期了。

Dermot William McDonogh

So the way I would answer it is, it's like there are a lot of factors that go into the fee, a lot of external factors that we don't necessarily control, very market dependent. We kind of go back to the foundational building blocks of the platform operating model and the commercial model, which is still only a year old but it is working. You can see it. We have higher conviction about our ability to drive organic fee growth from here. But -- and we've changed a lot over the last 3 years, Glenn, about the transparency of our numbers and how we give you a lot more than we did 3 years ago. So I think as we get more conviction and as we get more kind of sales telemetry around us, we'll give you more guidance as we feel comfortable. But for now, I think the momentum is there, the upward trajectory is there, but we're not ready to yet guide on specifics around fees. And third quarter is usually a seasonally slower quarter and Q2 is a seasonally strong quarter. So it's important to be balanced in that as well.

我的回答是，费用收入涉及很多因素，其中许多外部因素我们无法完全掌控，且高度依赖市场。我们回到平台运营模式和商业模式这两个基础构件上——它们推出才一年，但已经见效，你们也看得到。我们对未来推动有机费用增长的能力更有信心。不过，Glenn，过去三年我们在信息透明度上改变很多，披露的数据比三年前丰富得多。所以随着我们获得更多信心和销售数据，我们会在适当时候提供更详细的指引。但目前来看，势头和上升趋势都在，只是我们还未准备好给出具体费用展望。再者，第三季度通常是季节性较淡的季度，而第二季度则是季节性较强，因此保持平衡也很重要。

Operator

主持人

We'll move to our next question from Betsy Graseck with Morgan Stanley.

我们将进入下一位提问者，Morgan Stanley 的 Betsy Graseck。

Betsy Lynn Graseck

I wanted to dig in a little bit on the AI commentary that you had, Robin. And starting off, the operating leverage is just so strong. almost double what consensus had baked in for you and really terrific results here. I wanted to understand your comments on AI as it relates to the forward look because you indicated that nearly all your employees are using the Eliza AI platform. And you're starting to -- you're beginning to see the benefit of this. I mean is it the benefit from AI at a level that we can see in these operating leverage results? And maybe you can help us understand, is this more revenues or expenses?

我想深入探讨一下你关于 AI 的评论，Robin。首先，公司的运营杠杆非常强劲，几乎是市场一致预期的两倍，成绩斐然。我想了解你提到的 AI 对未来的影响，因为你指出几乎所有员工都在使用 Eliza AI 平台，而且你们已经开始看到收益。我的意思是，从这些运营杠杆结果来看，AI 的收益是否已经显现？你能否帮助我们理解，这更多体现在收入端还是费用端？

Robin Antony Vince

Sure. Well, thanks for your comments about positive operating leverage. As Dermot and I have both said over time, Betsy, that is a great North Star. And going back to Glenn's question at the end there, one of the reasons why we've been always a little reluctant to guide on all of the elements underneath the hood of positive operating leverage is we recognize the composition in any quarter or any year could be a little different. And we don't want to create ceilings for ourselves. We are extremely hungry for positive operating leverage, and we see a ton of pathway.

当然。感谢你对正向运营杠杆的评价。正如我和 Dermot 一直强调的，Betsy，这是一颗伟大的北极星。回到 Glenn 最后的问题，我们之所以对正向运营杠杆下的所有细节指标总是保持谨慎指引，其中一个原因是我们知道每个季度或每年其构成可能有所不同，我们不想为自己设置上限。我们对实现正向运营杠杆抱有极大渴望，也看到了大量路径。

And when you go under the hood, one of the reasons why over the past 3 years, we've really focused on showing you all the inputs to what we're doing is because we recognize that the timing of exactly when each of these strategies starts to really hit, it varies a little bit. And so we've got several things driving the positive operating leverage. We've got a commercial engine, which is starting to now make a meaningful contribution. Output evidence, you can see it in the record sales quarters that we had in the first and second quarter. The platform's operating model, we knew there would be a longer lead time to that. We started work on it 3 years ago, and now it's starting to come into its own, but it's still very early days because only less than 10% of our people have been in the model for at least a year. And as we indicated in our prepared remarks, we see the actual value is really starting to shine through in platform's operating model after we've had people in the model for about that period of time. So that is still to come. A little bit of it now, most of it '26, '27, '28 and beyond.

进一步剖析，这三年来我们之所以着重向你们展示所有投入，是因为各项策略真正见效的时点各不相同。推动正向运营杠杆的因素有多方面：商业引擎已开始产生显著贡献，从一季度和二季度创纪录的销售额可见一斑；平台运营模式我们早在 3 年前启动，预期需要更长的前置时间，如今开始显现成效，但仍处早期阶段，目前只有不到 10% 的员工在该模式下工作达一年。正如我们在发言中所说，真正的价值预计在员工进入该模式约一年后才会充分呈现，因此，大部分效益将在 2026、2027、2028 年及以后显现，目前仅略有表现。

The next layer is the heart of your question, which is AI. We view AI as a top line story and an expense story in -- because what we're really doing is we're unlocking capacity in the company. And we want to then be able to use that capacity to do other higher-value things. That's why we've been encouraging all of our people to participate in AI because we view our AI solutions, which we put on Page 3, again, demonstrating the inputs today, and then we'll show you the outputs over time. We see those as being able to be very helpful as too will be our digital employees as essentially companions and leverage for our people to be able to go faster and create capacity for themselves that they can reinvest in doing new things, pushing forward with clients, more time in the day, all of the above. So our excitement about AI is a very medium- to long-term excitement, but we've invested heavily early on in the psychology of it in the company so that we have AI for everyone, everywhere for everything. And that's really how we think about AI. So it's early days. There's not a ton in the P\&L right now, to your point, with net investment, but we are starting to see the early signs of what we think will be an acceleration '26, '27, '28, '29 and beyond.

下一层正是你关心的 AI。我们认为 AI 既是营收故事，也是费用故事，因为它本质上在释放公司产能。释放出的产能可以投入更高价值的工作。因此，我们鼓励所有员工参与 AI。我们在第 3 页列出了 AI 解决方案，今日展示投入，未来展示产出。AI 方案和数字员工将成为员工的伙伴和杠杆，帮助他们提速、创造自身产能，并将其再投入于新项目、服务客户、延长有效工作时间等。我们对 AI 的兴奋点在中长期，早期便在心理层面投入巨大，目标是“AI for everyone, everywhere, for everything”。目前仍处早期阶段，正如你所言，对损益表贡献有限且处于净投资状态，但我们已看到加速迹象，预计将在 2026、2027、2028、2029 年及更长时间逐步体现。

Operator

主持人

We'll take our next question from Mike Mayo with Wells Fargo Securities.

接下来提问的是 Wells Fargo Securities 的 Mike Mayo。

Michael Lawrence Mayo

No good deed goes unpunished. I know you talked about organic growth...

好心难得好报。我知道你们提到了有机增长……

Robin Antony Vince

You could make that one of your punch lines, Mike. You could -- I know you've trademarked the world's worst oligopoly, but that one, you can put in trademark as well.

Mike，你可以把这句当成你的金句之一。我知道你已经注册了“世界上最差的寡头垄断”这个商标，但这句也可以注册一下。

Dermot William McDonogh

And BNY, not your parent's bank.

还有一句：BNY，不是你父母那一代的银行。

Michael Lawrence Mayo

Look, I'm the first to say you've optimized much better than I had expected these last 2 years. And -- but -- and you have these very high returns. But the organic growth, and you do it correctly ex markets, ex currency, ex deals, whether it's 2% or 3% is still not great in the scheme of the overall world. And I know you want that growth to be better. And I know you said you had record sales, but the growth is still the growth. It hasn't changed that much at an organic level. And I know you guys have thought about this, but to the degree you sacrifice the high -- very high returns to reinvest for better growth than what the company has had for the past 5, 10, 20 years, right? And so where do you stand in that trade-off of maybe having lower returns or maybe not raising your return targets and reinvesting more for growth? And where should that organic growth be in your perfect world, the way you define it?

首先我要说，你们在过去两年里的优化远超我的预期，而且你们的回报率非常高。但是谈到有机增长——你们排除了市场、汇率和并购因素——无论是 2% 还是 3%，放在全球范围里仍称不上亮眼。我知道你们希望增长更好，也知道你们说过创下销售纪录，但增长就是增长，在有机层面并没有大幅改善。我知道你们也考虑过这个问题：为了实现比过去 5、10、20 年更高的增长，你们是否愿意牺牲一部分这么高的回报、或者暂不提升回报目标，把更多资金再投资于增长？在这类权衡中，你们站在什么位置？在你们理想的定义中，有机增长应该达到什么水平？

Robin Antony Vince

Sure. So several things here, Mike. So one of the reasons why we put that chart the top right corner of Page 3 was to illustrate the fact that organic growth has been growing. I hear your point about 3% versus 2%, but 3% is still 50% more than 2% and significantly up from where it has been in the past.

好的，Mike，这里有几点。我们之所以在第3页右上角放那张图，其中一个原因就是说明有机增长正在提升。我理解你关于3%和2%的比较，但3%毕竟比2%高出50%，也明显高于过去水平。

But a few other points to note. Our growth in the past generally has been quite subject to markets. And so we are very happy to take advantage of constructive backdrops. And as I answered in a prior question, we're trying to position the company to take advantage of more types of backdrop so that we can be less handed our results by the market conditions and more in charge of our own destiny. And that's a very deliberate strategy, and we feel like we're making some progress on that. So that's sort of the next observation.

另外还有几点需要注意。以往我们的增长往往受市场影响较大，因此我们乐于利用有利环境。正如我之前回答过的，我们正努力将公司定位为能够把握更多类型的环境，以减少市场对业绩的左右，更掌握自己的命运。这是一项非常有意图的战略，我们觉得在这方面已取得一定进展。这是第二点观察。

The next thing under the hood is what are the prerequisites for the real type of organic growth that you're talking about that you've challenged us on understandably and rightly so over the course of the past 2 or 3 years? And this is where we really feel like we've set the table for the future. And to your point about how we think about investing versus harvesting, we've been very clear on this. We are taking a decade view of the transformation of BNY. And we're pleased where we are close to 3 years in, but we are far from done because much of what we have done has actually been investing for the future, and we're in the very early stages of seeing that being harvested. We talked about the commercial model. We talked about the platform's operating model. We talked about AI, which is part of the growth story as well as it is on the expenses.

接下来要深入的是，实现你在过去两三年合理且正确地要求我们的那种真正有机增长，需要哪些前提？在这方面，我们确实为未来铺好了道路。关于投资与收获的权衡，我们一直表达得很清楚。我们以十年视角来看待BNY的转型。如今我们已走过近三年，虽然取得进展，但远未完成，因为我们所做的大量工作实际上是在为未来投资，目前仍处于收获的早期阶段。我们谈到了商业模式、平台运营模式，也谈到了AI——它既是增长故事的一部分，也涉及成本。

But let me just come back to the key elements of what we've got. We've got a diversified set of platforms that is, yes, helping us to be more diversified in different environments, but it is also allowing us to better position to capitalize on these market trends and to generate alpha because it's less one business going to market by itself, it's more what's the synergy between the component parts. A client who custodies with us, who also does treasury clearing with us, who also does collateral management with us is going to be able to get better outcomes over time because of the fact that all of those things can just be book entry for us within our ecosystem. That allows us to move to 24 hour. That allows us to think and embrace digital assets maybe in a different way than somebody else can. And you're starting to see the early signs of these platforms coming together to show something where the sum is more than the individual parts. And that's what our commercial model is actually about. So we're investing in these micro innovations, the bigger things, the synergies between the platforms. We've positioned people behind this, we've positioned culture behind this, and we're organizing the company behind this. And we think it is starting to show, but we absolutely agree with you that there should be more -- a lot more gas in the tank here.

但让我回到我们所拥有的关键元素。我们拥有多元化的平台组合，这不仅帮助我们在不同环境中实现多元化，也使我们能够更好地把握市场趋势、创造α，因为这不再是单个业务单打独斗，而是各组成部分之间的协同效应。一个同时在我们这里进行托管、国库清算和抵押品管理的客户，随着时间推移将获得更佳成果，因为这些操作在我们的生态系统内都只是账本分录。这让我们可以实现24小时运作，也使我们能够以不同于他人的方式思考并拥抱数字资产。你已经开始看到这些平台合鸣的早期迹象，整体效应大于部分之和。这正是我们的商业模式所追求的。因此，我们在微创新、大型项目以及平台间协同上下了投资功夫，并在人力、文化及组织层面进行布局。我们认为这些开始显现成效，但我们完全同意你的看法：这辆车的油箱里还应有、而且确实还有更多燃料可用。

Dermot William McDonogh

Mike, I would add just a couple of more points as well. One is you asked the question sometimes about negative pricing. We just -- we haven't seen it this quarter, which really kind of goes to the efficiency point about us being able to reduce our cost to serve, which is able to help us drive the organic growth because we're able to compete more effectively to win our share of business. So that would be point number one. Point number two, to Robin's point about the commercial model, now we're in the early stages of a product model, which is joining with the commercial model, and that's been led by Carolyn Weinberg, where she's able to see in between the seams of our various businesses to create new products that clients want. So lots of opportunity to come there. .

Mike，我还想再补充几点。第一，你有时会问到负价的问题。我们本季度确实没有看到这类情况，这实际上凸显了我们的成本效率提升——通过降低服务成本，我们可以更有效地参与竞争，从而推动有机增长，这就是第一点。第二，正如Robin提到的商业模式，我们现在正处于产品模式的早期阶段，它正在与商业模式结合，由Carolyn Weinberg负责，她能够在我们各项业务之间寻找契合点，为客户打造他们需要的新产品，这里有很多机会可以挖掘。

And the third point I would make is when you look at the firm overall and you have to think about the enterprise, it's a 37% pretax margin, diversified business model. And so when you look at IWM, which is now hovering around the 19%, it's upside from here for the enterprise as we resume that path towards 25%, which is going to further fuel organic growth at the enterprise level.

第三点，站在集团层面来看，我们的税前利润率达到 37%，业务模式多元化。而IWM目前约 19% 的利润率，未来还有上升空间，随着我们重新迈向 25% 的目标，这将进一步推动集团层面的有机增长。

Michael Lawrence Mayo

And I guess just one more follow-up on the talk about acquisitions. And I heard you, it can be a powerful tool. If it makes sense, you're not going to do anything stupid, I hear you. But as you broaden the art of what's possible since you are talking about \[being] a different type of -- not your parent's BNY because you are more diverse in terms of your offerings, what's the realm of possibility for acquisition? Clearly, traditional trust businesses or sub-businesses are always possible going back to the merger, the big merger. But what other areas would you consider maybe buying?

我想再追问一下关于收购的问题。我理解收购是个强大的工具，只要合理，你们不会做愚蠢的事。我也明白你们在拓宽想象空间，成为一种“与父辈时代不同的BNY”，在产品多样化方面更进一步。那么，从收购的角度来看，你们的可能范围有多大？显然，传统信托业务或其子业务一直是可选项，回到当年的大型合并。但除此之外，你们还会考虑哪些领域的收购？

Robin Antony Vince

So it's an important question, Mike. Again, focus -- our primary focus is on driving the growth, but there are really different pathways on this thing. So 2 or 3 years ago, we said there's absolutely no way that we're going to make any acquisitions. Then we sort of warmed up to the idea of capability buys, which is how I would frame Archer. And that really does check the box of helping us to go faster to derisk because we could buy versus having to build ourselves. And we're seeing the early signs of that output, great client feedback. The integration has been going well, new client wins as a result of it. So I still think that, that is the most likely path for us when it comes to M\&A helping us to go faster. I'm going to guess, but it doesn't have to be this way, that those types of things are generally more likely to be in the bits of the business, which are a little bit more platform-like, although it's interesting that Archer was a buy-once, use-across-the-firm type of acquisition.

Mike，这是一个重要的问题。再次强调，我们的首要任务是推动增长，但实现这一目标的路径多种多样。大约两三年前，我们曾表示绝不会进行任何收购；后来我们逐渐接受了“能力型收购”的想法，我把Archer归为此类。这类收购帮助我们以更快速度、在更低风险下前进——买现成的，而不是自己从零搭建。我们已看到早期成效，客户反馈非常好，整合进展顺利，也带来了新客户。因此，我依然认为，在并购帮助我们提速方面，这种“能力型收购”最可能出现。通常此类标的更可能属于平台化程度较高的业务板块，尽管Archer很有趣，它属于“一次购买，全行通用”型收购。

So that's our expectation for the primary focus because the bar for larger transactions is super high. We'd have to have a lot of conviction in the execution of something like that because clearly, they could be quite complicated. And there, you could make a case elsewhere in some of the other segments that maybe there would be the opportunity to have even more scale, because if you're a scale player and you've got a platforms operating model-like organization, the thesis would be that you could bolt on more activity onto your existing chassis and there would be a lot of scalability associated with that. So that's a fine thesis and something that we certainly keep in mind as well. But as now, we have close to 2/3 of the company in platform-like businesses, either in MWS or in our Issuer Services business. When you look at MWS alone, it's a 49% margin. We've got choices in this space, but we're not going to let those choices get distracting for us. We are focused on building our company, to your favorite term, the organic way. And then we'll just be opportunistic and disciplined on external-related stuff.

因此，我们的主要关注点仍在于此，因为大型交易的门槛极高，我们必须对执行充满信心，因为这类交易显然非常复杂。在其他板块也可能存在通过扩大规模来带来机会的案例：如果你本身就是规模型玩家，且拥有类似平台运营模式的组织架构，那么理论上可以在现有框架上叠加更多业务，实现规模效应。这是一个不错的论点，我们也一直放在心上。不过，目前公司约三分之二的业务已具有平台化特征，分布在MWS或Issuer Services板块。仅看MWS，其利润率就达49%。在这一领域我们有多种选择，但不会让这些选择分散注意力。我们仍将专注于打造你最喜欢称之为“有机”的公司增长方式，同时在外部机会方面保持顺势而为、严谨克制的态度。

Operator

主持人

We'll take our next question from Alex Blostein with Goldman Sachs.

我们将由 Goldman Sachs 的 Alex Blostein 提出下一个问题。

Alexander Blostein

So I had a couple of questions for you guys around the new business opportunities. I know you mentioned a couple of things around the digital assets and just kind of tokenized environment, which obviously continues to be quite dynamic. I was hoping you could build on that a little more. Obviously, there's a lot of debates in the financial services industry today, perhaps more so on this topic than in the past in terms of what's a risk versus what's an opportunity. So when you think about where BNY sits in that realm, where do you see both risk to the existing businesses and some of the new revenue opportunities that could come out of this?

我有几个关于新业务机会的问题想请教。你们提到了一些关于数字资产以及代币化环境的内容，这显然仍在快速发展。我希望你们能进一步展开。如今金融服务行业对这一主题的讨论，或许比过去更关注其中的风险与机遇。当你们思考 BNY 在这一领域的定位时，怎么看待对现有业务的风险以及可能产生的新收入机会？

Robin Antony Vince

Sure. Thanks, Alex. Look, net-net, we see these advancements providing more opportunities than risks. But you're right, there are things on both sides of the ledger. If you just go back and just think about industries and big changes in technology that happen over time, they create disruption. And what disruption does is it allows for a little bit of a reorganization sometimes of the ecosystem. And it's our observation that companies that have a lot of forward-thinking innovation, that push forward, that take advantage of that as opposed to sticking their heads in the sand tend to be winners. Now we have many specific valuable attributes that help us make us a great partner to these digital assets firms. And that's one of the reasons why we've been so engaged in the space for several years because initially, it had been about providing our traditional banking services to those digital asset companies. We serve many of them with our traditional banking services. Then it's been about helping with the on-ramps, off-ramps between that traditional banking world and the on-chain world. And in the future, we think it's also going to be about more activity on-chain. We are live with Bitcoin custody today. We do it natively, and we can help clients. There's more stuff in the world. We want to -- we're in the business of looking after stuff as one of our businesses, and we're happy to do that. But we're also in the payments business. Again, there's synergy between our platforms. We're also in the Issuer Services Corporate Trustee business, there's synergy. We're in the NAV business, that's relevant; synergy, distribution business, relevant; money market fund business, relevant. And so when you take all of these things together, we're a terrific partner for some of these clients because we can do a lot of different things with a trusted brand that actually helps them to feel good.

好的，谢谢你，Alex。总体而言，我们认为这些进展带来的机遇多于风险，但正如你所说，确实两面皆有。回顾各行业的重大技术变革，它们往往引发颠覆，而颠覆有时会让生态系统得到一定程度的重组。我们的观察是，那些富有前瞻性、勇于创新并主动拥抱变革的公司通常会成为赢家。我们拥有多项独特且有价值的优势，使我们成为数字资产公司的理想伙伴。这也是我们多年来积极深耕该领域的原因之一：最初，我们主要为数字资产公司提供传统银行服务，如今仍在这样做；随后，我们帮助他们在传统银行世界与链上世界之间建立“入口”和“出口”；未来，我们认为链上活动还将进一步增加。目前我们已原生上线 Bitcoin 托管，可为客户提供帮助。市场上还会有更多资产需要托管，而托管正是我们的核心业务之一，我们乐意承担。此外，我们还从事支付业务，与其他平台之间存在协同效应；我们也提供 Issuer Services Corporate Trustee 业务，同样具有协同；我们经营 NAV 业务、分销业务、货币市场基金业务，这些都与数字资产领域密切相关并形成协同。因此，综合来看，我们能够凭借受信赖的品牌为此类客户提供多种服务，成为他们的出色合作伙伴。

So look, stablecoins particularly, it's obviously one of the topics of the day, and we're very active in that space. And that's the reason why we mentioned a couple of those recent examples, but there are many more in our prepared remarks.

至于 stablecoin 尤为热门，我们在这一领域非常活跃，这也是我们在发言中提到近期若干案例的原因，事实上还有更多实例。

Operator

主持人

\[Operator Instructions] We'll take our next question from Brian Bedell with Deutsche Bank.

\[Operator Instructions] 接下来由德意志银行的 Brian Bedell 提问。

Brian Bertram Bedell

Maybe two separate questions on the platform's operating model. So first one, maybe for you, Dermot, focusing on the cost reduction element as we have another 50% to migrate over the next, call it, 12 months. And I know obviously, expense guidance went up a little bit, which makes complete sense given the stronger revenue growth environment and also the dynamic budgeting aspect that you've talked about. But on the cost reduction side from that conversion on the platform's operating model, how should we think about framing that as a positive contributor to the expense story for the rest of this year and '26?

关于平台运营模式我有两个问题。第一个问题，大概是给 Dermot 的：未来 12 个月我们还有约 50% 的团队需要迁移，聚焦于成本削减方面。显然，由于营收增长环境更强劲以及你提到的动态预算因素，费用指引略有上调，这完全可以理解。但就平台运营模式转换带来的成本削减而言，我们应如何将其视为今年余下时间及 2026 年费用表现的正面因素？

Dermot William McDonogh

So I do go back to a little bit, Brian, what Robin said earlier about 50% of the people are in the model. We've done 3 waves over the last 15 months. The maturity level between Wave 1 and Wave 3 is quite stark. And what the Wave 1 businesses that went into the model are doing now in terms of 1BNY connectivity, automation, dynamic innovation, having an entrepreneurial spirit within their own businesses, it gives me a great sense of pride to actually see it day in, day out.

Brian，我想回到 Robin 之前提到的：目前已有 50% 的员工进入该模式。过去 15 个月我们完成了三波迁移，第一波与第三波的成熟度截然不同。第一波进入模式的业务在 1BNY 互联、自动化、动态创新以及自身业务的创业精神方面的表现，让我每天都感到非常自豪。

And while your question led with the cost reduction, we really think about it internally about running the company better and creating capacity. And we either deploy that capacity into new investments, new opportunities, or we let it flow through to positive operating leverage. And you can see in Q2 of this year, we kind of gave the market 500 basis points of positive operating leverage and the platform operating model was a contributor to that. So with 50% of the firm in the model and 10% in about 15 months, I would expect the maturity of this to kind of give us a benefit for the next few years. And so it's not for another 2 years where I would say the firm will be reasonably mature in the model, and it's creating its own flywheel of momentum and innovation. And when you overlay that with the maturity of the commercial model and you overlay that again with what Carolyn is doing on the product side, you're going to see the North Star of positive operating leverage be delivered for the foreseeable future. So like it's all about running the company better, and I don't talk internally about expenses or cost reduction.

虽然你的问题聚焦于成本削减，但我们内部真正关注的是如何更好地运营公司并释放产能。我们可以将这些产能投入新的投资和机会，也可以让其转化为正向运营杠杆。你可以看到，今年第二季度我们向市场交付了 500 个基点的正向运营杠杆，平台运营模式对此有所贡献。如今公司 50% 的业务已进入该模式，15 个月内还将新增 10%，我预计这种成熟度将在未来几年持续带来收益。我认为，再过两年公司将在该模式下达到相当成熟的水平，形成自身的动能与创新飞轮。当这一点与商业模式的成熟度叠加，并再叠加 Carolyn 在产品端的工作，你将看到正向运营杠杆这一北极星在可预见的未来持续实现。因此，关键在于更好地运营公司，我在内部并不以“费用”或“成本削减”来谈论这一切。

Brian Bertram Bedell

Yes. Okay. That's great. And then maybe just also a following question on the platform's operating model. As you think about M\&A, maybe just your thoughts around how much the operating model -- the platform's operating model kind of informs your decision about what type of M\&A to do? Is it a major or a primary factor in bringing on businesses that you think can fit into that model, and therefore, you can scale them inorganically? And then I guess, is it even possible to do large-scale M\&A and integrate that into this platform? Or do you see too many disparities with other large providers that would make that difficult?

是的。好的。太好了。接下来关于平台运营模式还有一个追问。当您考虑并购时，平台的运营模式在多大程度上影响您决定进行何种并购？在引入您认为能够适应该模式、从而可以通过非有机方式实现规模化的业务时，它是一个主要或首要因素吗？那么，是否真的可能开展大规模并购并将其整合到该平台中？还是说与其他大型服务商存在过多差异，导致整合困难？

Robin Antony Vince

Yes. It's an important question. So look, broadly on the platform's operating model, Dermot touched on the fact that it's a two-sided thing because we're very much looking for it to drive revenue. This interlock between platform's operating model and the commercial model is super important because by having defined our products and client platforms in the way that we have and then by layering over that, a new go-to-market approach with our commercial model, that's just allowing us to go faster, collaborate more across the platforms, create more solutions and really create a lot of empowerment to our teams to go and listen to clients invent new stuff, provide more solutions to them. And of course, that and just running the company better, more broadly, as Dermot mentioned, those are the reasons why we are doing this.

是的，这是一个重要的问题。广义而言，关于平台的运营模式，Dermot 提到这是一个双向的机制，因为我们非常希望它能够驱动收入。平台运营模式与商业模式之间的互锁至关重要，因为我们按当前方式定义了产品与客户平台，并在此基础上叠加了全新的商业模式市场进入策略，这使我们能够更快行动，在各个平台之间展开更多协作，创造更多解决方案，并真正赋能我们的团队，倾听客户、发明新事物、为他们提供更多解决方案。当然，正如 Dermot 所提及的，这以及整体上更好地运营公司，正是我们这样做的原因。

Now it has a nice byproduct, which is it organizes ourselves in a way where our chassis is super well organized and very strong. And we clearly see the benefits of that across the board as we continue to go through the model. And so I think what that will result in is when we talk about some type of bolt-on acquisition and almost irrespective of its size, if it's sort of adding to us in something that we broadly do today or something that essentially speeds us forward in something that we do today, we're able to add it with really out having to take on all of the expenses associated with us because it sort of becomes a bolt-on to a chassis that we have. You could see that with Archer as a good example, which is they are able to do more of what they want to do because they're able to tap into the right additional parts of BNY. The client onboarding capabilities that our client onboarding platform provides to Archer in its acquisition of new clients allows them to go faster. The fact that we've been able to wrap our technology and our AI around that is going to allow them to do more things. And so there's a real economy -- you're able to actually achieve an economy of scale and actually add scale to

此外，它还有一个很好的副产品，即它以一种我们的底座极为有序且非常强健的方式来组织我们自身。随着我们继续推进这一模型，我们显然看到了其在整个公司带来的好处。因此，这将导致，当我们谈到某种补强式收购时，几乎不论其规模，只要它是在我们当前大体已经开展的业务上进行补充，或本质上加速我们现有业务，我们都能将其纳入，而无需承担全部相关支出，因为它成为了我们底座的一个外挂。以 Archer 为例，他们之所以能够做更多想做的事情，是因为他们能够接入 BNY 的合适附加部分。我们的客户入职平台在其获取新客户时提供的客户入职能力使他们得以更快前进。我们已将自身技术和 AI 融入其中，这将使他们能够做更多事情。因此，这里存在真正的规模经济——您实际上能够实现规模经济，并确实为

a scale business or go faster in a business where you're adding a capability, where sometimes that's a theoretical conversation because you look at something and you say, "Oh, well, you could just -- you're pretty scaled, you could just add more stuff and it will scale". But that's not true if you're adding a complicated back end, trying to smash two incompatible things together. And I think that was a lesson that this company learned 20 years ago with the acquisition between -- or the merger between Mellon and BNY, that was not consolidated properly. So the punch line is the platform's operating model allows us to have a clarity of chassis that I think actually will allow for higher-quality integrations in the future if ever we choose to do one.

一家规模化业务增添规模，或者在为业务增添能力时更快推进。有时这只是理论讨论，因为您可能会说：“哦，你们已经相当有规模，只要再加些东西就能扩张。”但如果您要添加一个复杂的后端、试图硬性整合两个不兼容的系统，那就行不通。我认为，公司 20 年前在 Mellon 与 BNY 合并时未能妥善整合就得到了这一教训。总之，平台运营模式为我们提供了清晰的底座，我认为这实际上将在未来我们选择进行整合时，带来更高质量的整合效果。

Operator

主持人

We'll take our next question from David Smith with Truist Securities.

我们将接下来来自 Truist Securities 的 David Smith 的问题。

David Charles Smith

So you're pretty clear that you see further upside on returns and margin from here even with the strong results you've had in this quarter and the first half. Are there areas right now that you feel like you're over-earning? Or would you say that you're looking to hold or improve profitability across the firm from these levels right now?

您已经相当明确地表示，即使本季度和上半年取得了强劲业绩，您仍然认为回报和利润率还有进一步提升空间。当前是否存在您认为收益过高的领域？或者说，您现在的目标是在现有水平上保持或提升整个公司的盈利能力？

Dermot William McDonogh

I would say -- it's a good question, David. How I would answer that is we're trying to get better every day in every business. And a mindset I adopt with everybody that I work with and talk to is 1% improvement every day, be better, run the company better, always be humble. It's all about the client. And if you keep the client happy, you're going to win more business. And that really is, I think, our secret sauce.

我想说——这是个好问题，David。我的回答是，我们正努力在每一项业务中每天都变得更好。我与所有同事交流时都倡导的心态是每天提升 1%，做到更好，更好地运营公司，并始终保持谦逊。一切以客户为中心。如果让客户满意，就能赢得更多业务。我认为这正是我们的秘诀。

I talked to a couple of people this week who've been at the firm last -- a long time, and I said, "What's the difference between BNY today and BNY 10 years ago?" And in a word, it was about client centricity. And so we're very focused on putting the client at the heart of everything that we do. And so I wouldn't say that any one business, we feel like we've reached max potential because we've invested in a lot. If you kind of take Corporate Trust 2 or 3 years ago, that was a well -- that was a high-performing business from a margin standpoint but had been neglected for a long time with respect to investment because the margin was good. But now we've kind of decided to invest in the business, and we're growing share. We're doing it at a higher margin than we did before. We're using AI. We have better employee NPS scores. So all in the round, the strategy is working when you look at the 3 strategic pillars for that particular business. If you looked at it objectively 3 years ago, you would say nothing to do there. And we felt like there was a lot to do, and we're making great progress.

本周我与几位在公司工作已久的同事聊天，我问他们：“如今的 BNY 与 10 年前的 BNY 有什么不同？”一句话概括，就是以客户为中心。因此，我们非常专注于把客户置于一切工作的核心。我不会说任何一项业务已经触及极限潜力，因为我们投入了大量资源。以 2、3 年前的 Corporate Trust 为例，它在利润率方面表现优异，却因利润率高而长期缺乏投资。如今我们决定加大投入，市场份额正在提升，利润率比以往更高，我们在使用 AI，员工 NPS 分数也更佳。总体来看，从该业务的三大战略支柱衡量，策略正在奏效。如果三年前客观地看，可能会认为那里的业务无需改进，而我们当时认为大有可为，如今正取得显著进展。

Robin Antony Vince

David, let me add a couple of things because this -- your question is one of these things that we debate quite a bit internally as a team, and it goes back actually to the very earliest days of us re-underwriting our strategy. At the time, you might remember us saying this, we looked back over the industry, for instance, on annual operating leverage, and we say, "What does great look like? What are the two best performers in the prior decade from 2012 to 2022 on positive operating leverage and what actually is that number?" And the answer was, well, it was 150 basis points of positive operating leverage on average over the course of that decade. So we said, "Okay, well, we think we can be best-in-class. We think we've got the businesses to do it. Let's shoot for that." And lo and behold, we've sort of blown that out of the water in 2023 and 2024 and also in the first half of 2025. So it begs the question to ourselves about are we over-earning? How does the environment fit into this?

David，让我补充几点，因为你的问题是我们团队内部经常讨论的，这可以追溯到我们重新评估战略的最初阶段。当时，你可能记得我们说过，我们回顾了整个行业，比如年度经营杠杆，问自己：“什么才算优秀？在 2012 年至 2022 年的十年间，哪两个公司在正向经营杠杆方面表现最好？实际数值是多少？”答案是，平均每年约 150 个基点的正向经营杠杆。所以我们说：“好吧，我们认为自己可以做到行业领先，我们有这样的业务基础，目标就定在这个水平。”结果在 2023 年、2024 年，甚至 2025 年上半年，我们大幅超越了这一目标。这让我们开始自问：我们是否赚得过多？环境在其中的作用是什么？

And then we realized, of course, well, we keep talking about being a platform's operating company. We have these great set of businesses. We don't actually think that banks are our pure comp. We think that there's also a comp out there with other platforms companies and other financial services platforms company who don't happen to exist in bank form. And so when you start to look at the world through those lenses, suddenly, ROTCE, you can see a pathway to bigger numbers and you can see a pathway to bigger numbers on margin.

然后我们意识到，我们一直强调自己是一个平台运营型公司，我们拥有一系列优秀的业务。我们其实并不认为银行是我们的唯一可比对象，我们认为还可以参考其他平台公司，以及那些并非银行形式存在的金融服务平台公司。从这个角度看世界时，你会发现 ROTCE 有机会达到更高的水平，利润率也有进一步提升的路径。

And we look at those types of comps and we say, "Okay, let us not be satisfied with what we originally thought of as maybe the way that we think about positive operating leverage, it's okay to push harder." Having said that, we constantly want to be able to invest. And so to Dermot's point, we're not going to let a pursuit of positive operating leverage cause us somehow to underinvest in the business. We are investing with a decade view, first and foremost. But I think it does go to one of the earlier questions and your point also about are there ceilings. So I'm sure there will be, but we're not allowing ourselves, including not being lulled into a sense of security by achieving our medium-term outlooks and targets. We're not allowing ourselves to think about any ceilings across the business.

我们参考这些可比公司后得出结论：“好吧，我们不能满足于最初设想的正向经营杠杆目标，完全可以更进一步。”但话说回来，我们始终要保持投资能力。正如 Dermot 所说，我们不会为了追求正向经营杠杆而导致在业务上投资不足。我们的投资首要是基于十年的视野。不过，这也引出你之前的问题，即是否存在天花板。我相信一定会有，但我们不会让自己因实现中期展望和目标而产生安全感，我们不会认为业务存在任何限制。

David Charles Smith

So just to push you a little bit on that, if you're not putting any ceilings or capping yourself on growth -- on expenses in order to achieve positive operating leverage, why not invest a little bit more than just 3% expense growth given the strong backdrop you're seeing and strong performance you've shown so far in the first half?

让我再进一步追问一下，如果你们既不设定任何上限，也不为了实现正向经营杠杆而限制增长或费用，那么鉴于你们当前看到的强劲背景以及上半年已经展现出的强劲业绩，为什么不将费用增长提高到超过 3%，以便加大投资？

Robin Antony Vince

No, it's a good push, and we do challenge ourselves on that question. I think if you were in our sort of weekly syncs on these types of topics internally, you'd hear Dermot on a regular basis going out to the various different businesses and platforms and say, "Tell me what you need to invest. Do you need more investment and more expense allocation in order to be able to help you to go faster?" And so that is a constant push that we are giving to the businesses.

不，这是一次很好的推动，我们确实在这个问题上不断自我挑战。我想，如果你参加我们每周关于此类主题的内部同步会议，你会经常听到 Dermot 向各个业务和平台询问：“告诉我你们需要什么投入。为了让你们跑得更快，是否需要更多投资和更高的费用分配？”因此，这对各业务来说是一种持续的推动。

Now having said that, we are mindful of the fact that some of what we do is also dictated by the environment, maybe less and less over time, but it's clearly still a meaningful backdrop for us. And so we are naturally a little bit conservative in terms of how we think about the year going into it because if, for instance, we'd had a much, much tougher backdrop, which would not have been impossible in the quarter when you think about what was happening in April and all of the sort of uncertainties that were in April, we wouldn't have felt comfortable necessarily if we'd had a more negative environment growing our expense guide. So there's a certain amount of agility as opposed to going into the year, assuming everything is going to be perfect, betting on a big expense number and then getting disappointed. That's the old version of BNY Mellon. That's not the BNY of today.

话虽如此，我们也注意到，我们所做的一些事情仍然受到外部环境的影响，虽然这种影响随着时间可能会逐渐减弱，但目前仍是一个重要背景。因此，在思考全年规划时，我们自然会保持一定程度的谨慎。举例来说，如果当季的背景要艰难得多——在四月发生的事件以及四月存在的各种不确定性下，这绝非不可能——在更为负面的环境中提高费用指引，我们就不会感到放心。因此，与其在年初就假设一切尽善尽美，大手笔增加预算随后失望，不如保持一定的灵活性。这是过去的 BNY Mellon 的做法，而不是今天的 BNY。

Dermot William McDonogh

Financial discipline is a very important skill and muscle memory that we've developed over the last few years. And we'd like to think that you have given us some credibility for that. It's not our desire to lose that. So financial discipline is very important to us.

财务纪律是一项我们在过去几年培养出的非常重要的技能和肌肉记忆。我们希望你们认为我们在这方面拥有可信度，我们也不想失去这种信任。因此，财务纪律对我们来说至关重要。

Operator

主持人

And our final question comes from the line of Rajiv Bhatia with Morningstar.

接下来，我们最后一个问题来自 Morningstar 的 Rajiv Bhatia。

Rajiv K. Bhatia

I just want to follow up on your remarks that you're not seeing negative pricing. Should I interpret that as pricing being flat year-over-year? And is that on a consolidated basis? So are you seeing the pricing environment differ by LOB?

我想追问一下您提到目前没有出现负面定价压力的说法。我是否可以理解为价格同比持平？这是指合并口径吗？此外，您是否观察到不同业务线（LOB）的定价环境存在差异？

Dermot William McDonogh

So I would -- it's broadly flat across the firm and significantly improved from 3 years ago where I would say it was a headwind a few years ago. And I think as a result of all the strategies and the initiatives that we talked to you about and that we've talked about today, I would say repricing, if I was to give you a stat, is roughly down about 80% from where it was 3 years ago. And so overall, at the enterprise level, it's flat to slightly positive this year so far.

总体而言，全公司价格基本持平，相较 3 年前已有显著改善；当时定价还是一个阻力。我认为，这要归功于我们之前以及今天提到的所有战略和举措。如果给您一个数据，重新定价的金额较 3 年前大约下降了 80%。因此，今年迄今，在集团层面上，价格总体持平略有正向。

Rajiv K. Bhatia

And does it differ by like LOB?

不同业务线的情况有差异吗？

Dermot William McDonogh

Not really, no. There's no standout really by LOB. I would say it's broadly consistent.

并没有，几乎没有任何业务线特别突出。我认为整体表现相当一致。

Operator

主持人

And with that, that does conclude our question-and-answer session for today. I would now like to hand the call back over to Robin for any additional or closing remarks.

好的，今天的问答环节到此结束。接下来我将把电话交还给 Robin，请他作补充或总结发言。

Robin Antony Vince

Thank you, operator, and thanks, everybody, for your time today. We appreciate your interest in BNY. If you have any follow-up questions, please reach out to Marius and the IR team. Be well, and enjoy the rest of the summer.

谢谢你，主持人，也感谢各位今天的参与。我们感谢大家对 BNY 的关注。如果您有后续问题，请联系 Marius 和投资者关系团队。祝各位身体健康，享受余下的夏日时光。

Operator

主持人

Thank you. This does conclude today's conference and webcast. A replay of this conference call and webcast will be available on the BNY Investor Relations website at 2:00 p.m. Eastern Time today. Have a great day.

谢谢。本次电话会议和网络直播到此结束。今天美国东部时间下午 2:00 起，您可在 BNY 投资者关系网站上收听本次电话会议和网络直播的回放。祝您度过愉快的一天。