Wells Fargo 2023 Q2 Earnings Call
发布时间 2023-07-15 10:45:37 来源
Good morning. Thank you everyone for joining our call today where our CEO, Charlie Sharp, and our CFO Mike Santa-Mecimo will discuss second quarter results and answer your questions.
早上好。感谢大家今天参加我们的电话会议，我们的首席执行官Charlie Sharp和首席财务官Mike Santa-Mecimo将讨论第二季度的业绩并回答大家的问题。
This call is being recorded. Before we get started, I would like to remind you that our second quarter earnings materials, including the release, financial supplement, and presentation deck, are available on our website at wellsphargo.com.
这通电话正在录音。在我们开始之前，我想提醒您，我们的第二季度收益材料，包括发布内容、财务补充材料和演示文稿，都可以在我们的网站wellsphargo.com上找到。
I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risk and uncertainties. Factors that may cause actual results to differ materially from expectations are details in our SEC filings, including the form 8K files today containing our earnings materials.
我也想提醒您，在今天的电话会议中，我们可能会做出一些前瞻性声明，这些声明可能会受到风险和不确定性的影响。导致实际结果与预期有所不同的因素详细列在我们的SEC文件中，其中包括今天的8K文件，其中包含我们的盈利资料。
Information about any non-GAP financial measures reference, including a reconciliation of those measures to GAP measures, can also be found in our SEC filings and the earnings materials available on our website.
您可以在我们的SEC备案和网站上的盈利材料中找到有关任何非GAP财务措施参考的信息，包括这些措施与GAP措施的对比。
I will now turn the call over to Charlie. Thank you, John.
我现在将把通话转交给查理。谢谢你，约翰。
Good morning, everyone. As usual, I'll make some brief comments about our second quarter results and then update you on our priorities. I'll then turn the call over to Mike to review second quarter results in more detail before we take your questions.
大家早上好。像往常一样，我会就我们第二季度的业绩做一些简要的评论，并更新我们的优先事项。然后我将把电话转给迈克，他将更详细地回顾第二季度的业绩，之后我们会回答你们的问题。
Let me start with some second quarter highlights. We had solid results in the quarter with revenue, free tax, pre-provision profit, diluted earnings per share, and ROTCE all higher than a year ago. The revenue growth reflected strong net interest income growth, as well as higher non-interest income.
让我首先介绍一些第二季度的亮点。本季度，我们取得了可观的业绩，收入、税前利润、净提前计提利润、每股摊薄收益和回报股东权益率（ROTCE）均较一年前有所增长。收入增长主要体现在强劲的净利息收入增长以及更高的非利息收入。
While our efficiency ratio improved and we continued to make progress on our efficiency initiatives, we had modest expense growth from a year ago. The charge-offs have continued to increase from historical low levels, but overall credit quality was strong and consumer and business balance sheets remain healthy.
尽管我们的效率比率有所提高，并且我们在效率改进方面取得了进展，但与一年前相比，我们的费用增长较为温和。坏账准备金继续增加，但整体信用质量良好，消费者和商业的资产负债表仍然健康。
We increased our allowance for credit losses by $949 million, primarily driven by our office portfolio, as well as growth in our credit card portfolio. While we haven't seen significant losses in our office portfolio today, our detailed loan-by- loan review of the portfolio has given us a sense how the next several quarters could play out. We also considered a number of stressed scenarios, all of which inform our actions this quarter.
我们将为信用损失增加额外的9.49亿美元，主要是由我们的办公室贷款组合和信用卡贷款组合的增长推动。虽然迄今为止我们尚未看到办公室贷款组合发生重大损失，但我们对贷款组合进行了逐笔回顾，对未来几个季度可能发展的情况有了一定的了解。我们还考虑了一些压力情景，所有这些都对我们本季度的行动起了指导作用。
Mike will discuss this in more detail, but I want to make the point that it is very hard to look at any one statistic and determine the risk in the portfolio. Loss content will be driven by a combination of factors, including but not limited to property type, location, lease rates, lease renewal notice dates, loan structure, and borrower behavior. Most importantly, our CRE teams remain focused on working with our clients for folios, surveillance, and de-risking to minimize loss content.
迈克会更详细地讨论这个问题，但是我想强调的是，仅凭一个统计数据很难确定投资组合的风险。损失内容将受到多种因素的影响，包括但不限于物业类型、地理位置、租金、租约续约通知日期、贷款结构和借款人行为。最重要的是，我们的商业地产团队仍致力于与客户合作，进行投资组合监测和风险分散，以尽量减少损失。
Both commercial and consumer average loans were up from a year ago, but were down from the first quarter as the economy has slowed and we've taken some credit-typing actions. Credit card spending remains strong, but the rate of growth has slowed from the outsized growth rates we saw throughout 2022. Debit card spending was flat from a year ago, with growth in discretionary spend offset by the clients in non-discretionary spend.
商业和消费者的平均贷款额相较一年前有所增加，但与第一季度相比下降，这是由于经济放缓和我们采取了一些信贷调整措施所致。信用卡支出依然强劲，但增速已经从2022年整体增长率的高速增长中放缓下来。借记卡的支出与一年前持平，有限度支出的增长被非必需消费支出的客户抵消。
Average deposits were down from the first quarter driven by lower consumer deposits, while the decline in commercial deposits slowed.
平均存款在第一季度下降，主要是由于个人存款减少，而商业存款的下降幅度有所减缓。
Now let me update you on progress we made on our sufficient priorities, starting with our risk and control work. Regulatory pressure on banks with long-standing issues such as ours continues to grow, and assets are continued intensive effort to complete the build-out of an appropriate risk and control framework for company of our size and complexity in spread.
现在让我向您汇报我们在我们重要的优先事项上取得的进展，首先是我们的风险和控制工作。对于像我们这样存在长期问题的银行来说，监管压力仍在不断增长，我们不断努力完成适合我们规模和复杂性的风险和控制框架的建设。资产不断加强努力，以完成适合我们规模和复杂性的风险和控制框架的建设。
I've continued to emphasize that this is our top priority and will remain so, and that while we have implemented substantial portions of the work required, we have more implementation to do as well as work to make sure the changes operate effectively over time. As I said before, we remain at risk further regulatory actions until the work is complete.
我一直强调这是我们的首要任务，并将继续保持如此。虽然我们已经实施了所需工作的大部分内容，但我们还需要进行更多的实施工作，以确保这些变化在长期运行中有效。正如我之前所说，直到工作完成之前，我们仍面临进一步的监管行动风险。
While we're devoting all necessary resources to our risk and control work, we're also continuing to invest in our business to better serve our customers and health drive growth. Our consumer customers have continued to increase their use of our mobile app. We added over 1 million mobile active customers over the past year, and mobile logins increased 9% from a year ago.
虽然我们将所有必要的资源用于风险和控制工作，但我们也继续投资于我们的业务，以更好地为客户服务并推动增长。我们的消费者客户继续增加他们对我们移动应用的使用。在过去一年中，我们增加了超过100万个活跃移动客户，并且移动登录量较去年增长了9%。
Fargo, our new AI-powered virtual assistant, was now live on our mobile app for all consumer customers. Since launching at the end of April, our customers have interacted with Fargo over 4 million times.
我们新的AI 助手 Fargo，已经在我们的移动应用程序上为所有消费者客户在线了。自从在四月底推出以来，我们的客户已经与 Fargo 进行了超过400万次的交互。
We've continued to make important hires, bringing new expertise to all Fargo in businesses we are looking to grow. We need Barry Simmons as the new head of national sales involved in investment management. It would be critical in our efforts to better serve clients and help advisors grow their business.
我们不断进行重要的员工招聘，为我们希望发展的所有法戈企业引入新的专业知识。我们需要巴里·西蒙斯担任投资管理的国家销售主管。这对我们更好地服务客户和帮助顾问发展业务至关重要。
We also continue to attract veteran bankers in corporate and investment banking, hiring new managing directors in our banking division in priority growth areas, including a co-head of global emergency acquisitions, co-head of financial institutions, and new heads of financial sponsors, equity capital markets, health care and technology media and telecom.
我们在公司和投资银行业务中继续吸引资深银行家，优先在增长领域的银行部门聘请新的总经理，其中包括全球紧急收购的联席负责人、金融机构的联席负责人以及金融赞助商、股票资本市场、医疗保健和科技媒体与电信的新负责人。
We also continue to focus on better serving our communities. We announced a 10-year strategic partnership with TDJX Group that could result in up to $1 billion in capital and financing from Wells Fargo to drive economic vitality and inclusivity in communities across America. The Wells Fargo Foundation awarded $7.5 million to Habitat for Humanity to build and repair within 360 homes nationwide. We've worked with Habitat for Humanity for nearly three decades and donated more than $129 million since 2010. Wells Fargo signed on as the first anchor funder of Umido's U.S. home initiative to create four million new Latino homeowners by 2030. We provided the initial grant to start a fund launched by FinTech below Alice to improve access to credit and capital for small business owners who are members of underserved groups, including women.
我们还继续专注于更好地服务社区。我们宣布了与TDJX集团的10年战略合作伙伴关系，从富国银行获得的资金和融资最高可达10亿美元，以推动美国各地社区的经济活力和包容性。富国银行基金会向“人类之家”组织捐赠了750万美元，用于在全美范围内修建和维修360个住宅。我们与“人类之家”组织合作已经近30年，并自2010年以来捐赠了超过1.29亿美元。富国银行签署了Umido的美国住房计划的第一位主要资助方，旨在到2030年使400万新的拉丁裔居民拥有自己的住房。我们提供了初始拨款以启动由FinTech公司Alice发起的基金，以改善妇女等未受到充分服务的群体的小企业主们获取信贷和资本的机会。
We continued to open hope inside centers in Wells Fargo branches, including six during the first half of 2023. The plans to reach 20 markets by the end of this year. The centers helped empower community members to achieve their financial goals through financial education workshops and free one-on-one coaching.
我们继续在富国银行分支机构内开设希望内心中心，其中包括2023年上半年开设的六个中心。计划到今年年底在20个市场开展服务。这些中心通过金融教育研讨会和免费一对一辅导，帮助社区成员实现其金融目标，增强他们的能力。
We published our 2023 Diversity, Equity and Inclusion Report, which highlights the progress we've made in our DD&I strategy and initiatives, both inside our company and the communities where we live and work. However, we have more work to do to achieve enduring results that will require a long-term commitment.
我们发布了2023年的多样性、公平性和包容性报告，重点突出了我们在企业内部以及我们生活和工作的社区中所取得的多元化、公平性和包容性战略和倡议的进展。然而，我们还有更多工作要做才能取得持久的成果，这将需要长期的承诺。
Looking ahead, the U.S. economy continues to perform better than many expected, and although there will likely be continued economic slowing and uncertainty remains, it is quite possible the range of scenarios will narrow over the next few quarters. This year's Federal Reserve Stress Test affirmed that we remain in a strong capital position, reflecting the value of our franchise and benefits of our operating model. This capital strength allows us to serve our customers' financial needs while continuing to prudently return excess capital to our shareholders. As we previously announced, we expect to increase our third-quarter common stock dividend by 17% to 35 cents per share, subject to approval by the company's board of directors at its regularly scheduled meeting later this month. We've repurchased $8 billion of common stock during the first half of this year, and the stress test results demonstrated that we have the capacity to continue to repurchase common stock. Regulators have signaled that the Basel III end-game proposal, which could be out as soon as this summer, will include higher capital requirements that would be skewed to the country's largest banks. While there's speculation that capital requirements could increase by 20%, we don't know what the impact will be to well-flour go. However, we do expect our capital requirements will increase. While any changes to regulatory capital requirements are expected to be phased in gradually over several years, we are considering the potential impact in contemplating the amount of our future recursors.
展望未来，美国经济的表现仍然超出了许多人的预期，尽管经济增速可能会持续放缓，不确定性依然存在，但在未来几个季度，可能会有更少的情景出现。今年的美联储压力测试确认了我们仍处于强劲的资本位置，反映了我们的特许经营价值和经营模式的好处。这种资本实力使我们能够满足客户的金融需求，同时继续谨慎地向股东返还多余资本。正如我们之前宣布的那样，我们预计在本月底公司董事会定期会议上获得批准后，将把第三季度的普通股股息提高17%至每股35美分。今年上半年我们已回购了80亿美元的普通股股份，而压力测试结果表明我们有能力继续回购普通股股份。监管机构已经暗示，巴塞尔III终局提案很可能在今年夏季公布，其中可能包括更高的资本要求，而这些要求将偏向于国内最大的银行。虽然有猜测资本要求可能增加20%，但我们不知道对我们的影响会是什么。然而，我们确实预计我们的资本要求将增加。尽管预计对监管资本要求的任何变动将逐步在几年内阶段性实施，但我们在考虑未来回购金额时正在考虑潜在影响。
Our balance sheet is strong. We have increased and remain focused on increasing our earnings capacity and continue to like our competitive position. We remain prepared for a variety of scenarios and our steadfast commitment to our risk and control build-out coupled with our continued focus on financial and credit risk management allows us to support our customers throughout economic cycles.
我们的资产负债表稳健强大。我们持续增加并专注于提升我们的盈利能力，并对我们的竞争地位保持好感。我们对各种情况保持准备，并且我们坚定地致力于风险和控制的构建，再加上我们持续关注金融和信用风险管理，使我们能够在经济周期中支持我们的客户。
I will now turn the call over to Mike. Thank you, Charlie, and good morning, everyone. Net income for the second quarter was $4.9 billion for $1.25 per diluted common share, both up from a year ago reflecting the progress we are making and improving our performance, which I'll highlight throughout the call.
我现在要将电话转给麦克。谢谢查理，大家早上好。第二季度净收入为49亿美元，每股摊薄普通股收益为1.25美元，与去年相比均有所增长，这反映了我们正在取得的进展和改善我们的业绩，我将在本通话中重点强调。
Starting with capital liquidity in slide three, our CET1 ratio was 10.7 percent down approximately 10 basis points from the first quarter. During the second quarter, we repurchased $4 billion in common stock and it's shortly highlighted subject to border provo. We expect to increase our common stock dividend in the third quarter. Our CET1 ratio was 1.5 percentage points above our current regulatory minimum plus buffers and was 1.8 percentage points above our expected new regulatory minimum plus buffers starting the fourth quarter of this year. While we expect to repurchase more common stock this year, we believe continuing to maintain significant asset capitals appropriate than told there was more clarity on the new capital requirements that Charlie highlighted. Our liquidity position remains strong in the second quarter with our liquidity coverage ratio approximately 23% percent points above the regulatory minimum.
从第三张幻灯片中开始讲起，我们的普通股资本充足率为10.7%，比第一季度下降了约10个基点。在第二季度，我们回购了40亿美元的普通股，并且很快会突出边境挑战性问题。我们预计在第三季度将增加普通股的股息。我们的普通股资本充足率比目前的监管最低水平加缓冲区高出1.5个百分点，并且比我们预期的新监管最低水平加缓冲区高出1.8个百分点，从今年第四季度开始。虽然我们预计今年还会回购更多的普通股，但在查理突出新资本要求更加明确之前，我们认为继续保持较大的资产资本是适当的。我们的流动性位置在第二季度保持强劲，我们的流动性覆盖率约高出监管最低水平23个百分点。
Turning to credit quality in slide five, overall credit quality remains strong, but as expected net loan charge jobs continued to increase from the storeably low level and were 32 basis points of average loans in the second quarter. Commercial net loan charge jobs increased 137 million from the first quarter to 15 basis points of average loans. Approximately half of the increase was in commercial banking where the losses were far more specific with little signs of systematic weakness across the portfolio. The rest of the increase was driven by higher losses in commercial real estate primarily in the office portfolio. I'll share some more details on the CRE office exposure on the next slide.
在第五张幻灯片上，谈到信贷质量，总体上信贷质量仍然强劲，但预期中，净贷款损失继续增加，从极低水平增至贷款平均值的32个基点。商业净贷款损失从第一季度增加了1.37亿美元，占贷款平均值的15个基点。其中大约一半增加是在商业银行部门，这些损失更具体，并没有迹象表明整个投资组合存在系统性弱点。剩下的增加是由商业房地产中的损失推动，主要是在办公楼投资组合中。接下来的幻灯片上我将分享一些关于商业房地产办公楼风险敞口的详细信息。
Consumer net loan charge jobs increased modestly up 23 million from the first quarter to 58 basis points of average loans. The increase primarily came from the credit card portfolio as residential mortgage loans continue to have net recoveries and auto losses declined. While consumer credit performance remains solid overall and we've continued to take incremental credit tightening actions across the portfolios, we expect consumer net loan charge jobs will continue to gradually increase. Non-performing assets increased 14% from the first quarter as low or not a cruel loans across the consumer portfolios were more than offset by higher commercial amount of cruel loans primarily in the commercial real estate portfolio. Our allowance for credit losses increased 949 million in the second quarter primarily from four commercial real estate office loans as well as for higher credit card balances. We've updated slide six which highlights our commercial real estate portfolio.
消费者网贷费用的工作岗位增加了2300万，从上一季度增长到了平均贷款的58个基点。增长主要来自信用卡组合，因为住房抵押贷款继续有净收回，而汽车亏损有所下降。尽管消费者信用表现总体良好，我们继续在各个组合中采取渐进的信贷收紧措施，但我们预计消费者净贷款费用将继续逐渐增加。不良资产较上一季度增长了14%，因为消费者组合中的低或无待偿贷款被商业不良贷款增加所抵销，主要是在商业房地产组合中。我们的信用损失准备金在第二季度增加了9.49亿，主要来自四笔商业房地产办公楼贷款以及较高的信用卡余额。我们已更新第六页，重点介绍我们的商业房地产组合。
We had 154.3 billion in commercial real estate loans outstanding at the end of the second quarter with 33.1 billion of office loans which were down modestly from the first quarter and represented 3% of our total loans outstanding. The office market continues to be weak and the composition of our office portfolio is relatively consistent with what we shared with you the first quarter. As Charlie mentioned our CRE teams are focused on surveillance and derisking which includes reducing exposures and closely monitoring at risk loans.
截至第二季度末，我们在商业房地产贷款方面还有1543亿美元未结清贷款，其中包括331亿美元的办公室贷款，较第一季度略有下降，占我们未结清贷款总额的3%。办公室市场仍然疲软，我们的办公室贷款组合与我们在第一季度向您介绍的情况相对一致。正如查理提到的，我们的商业房地产团队专注于监控和风险降低，包括减少敞口和密切监控处于风险中的贷款。
This quarter we added a table to this slide that breaks down our CRE office exposure from the context of our broader of CRE portfolio. As the slide shows our office loans at the end of the second quarter were primarily in corporate investment banking and that is also where we had the most not a cruel loans in the highest level of allowance for credit losses. Last quarter we disclosed the first time the allowance for credit losses coverage ratio for the office portfolio in the corporate investment bank which increased from 5.7% at the end of the first quarter to 8.8% at the end of the second quarter. This quarter we are also providing our allowance for credit losses for our total CRE office portfolio which was 6.6% at the end of the second quarter up from 4.4% at the end of the first quarter.
这一季度，我们在此幻灯片中添加了一张表格，从整个商业房地产（CRE）投资组合的角度来详细说明我们对办公楼的风险敞口。 正如幻灯片所示，截至第二季度末，我们的办公楼贷款主要集中在公司投资银行领域，同时该领域也是我们不良贷款和信贷损失拨备最高的地方。 上一季度，我们首次公开披露了公司投资银行办公楼投资组合的信贷损失拨备覆盖率，从第一季度末的5.7%增加到第二季度末的8.8%。 本季度，我们还提供了我们整个商业房地产办公楼投资组合的信贷损失拨备，该比例在第二季度末为6.6%，较第一季度末的4.4%有所提高。
As we highlighted last quarter we're providing this data to give you more insight into the portfolio but each property situation is different and there are many variables that can determine performance which is why we regularly review this portfolio loan by loan basis. For example we have properties that are experiencing increased vacancies where borrowers have decided to inject equity and make investments to improve the property even in cities with more difficult fundamentals. We also have properties that are well-leaved in performing but borrowers need help refinancing. In those situations we are working with borrowers to restructure which in many cases includes some pay down of the balance. There are also situations that result in a sale or work out of the asset.
正如我们在上个季度所强调的，我们提供这些数据是为了让您更加了解我们的投资组合，但每个财产的情况都不同，有很多因素可以决定业绩，这就是为什么我们会定期对每笔贷款进行审核的原因。例如，我们有一些财产出现了增加的空置率，借款人决定注入资金并进行投资以改善财产，即使在市场基本面更为困难的城市也是如此。我们还有一些财产处于良好状态且运营正常，但借款人需要帮助进行再融资。在这种情况下，我们与借款人合作进行重组，其中许多情况下包括偿还部分贷款余额。还有一些情况下会导致出售或处理资产。
We will continue to closely monitor this portfolio but as has been the case in fire cycles this will likely play out over an extended period of time as we actively work with borrowers to help resolve issues that they may be facing. On 5.7 we highlight loans in the office. Average loans were relatively stable from the first quarter and we're up to 2% from a year ago driven by higher commercial and industrial loans in commercial banking and credit card loans. I'll highlight specific drivers when discussing our operating segment results. Average loan yields increased 247 basis points from a year ago and 30 basis points from the first quarter due to the higher interest rate environment. Average deposit declined 7% from a year ago predominantly driven by deposit outflows in our consumer wealth businesses reflecting continued consumer spending and customers reallocating cash into higher yielding alternatives. Down from a year ago average commercial deposits were relatively stable in the first quarter and average deposits grew in corporate and investment banking.
我们将继续密切监控这个投资组合，但正如在火灾周期中的情况一样，这个过程可能需要很长时间，因为我们积极与借款人合作解决可能面临的问题。在5月7日，我们重点关注办公室贷款。平均贷款额与上一季度相比相对稳定，并且与一年前相比增长了2％，主要是由于商业和工业贷款以及信用卡贷款的增加。在讨论我们的经营部门成果时，我将强调具体的推动因素。由于较高的利率环境，平均贷款收益率从一年前增加了247个基点，从第一季度增加了30个基点。平均存款与一年前相比下降了7％，主要是由于我们的消费者财富业务出现了存款外流，反映出持续的消费者支出和客户将现金重新配置到收益更高的替代品中。与一年前相比，商业存款平均额在第一季度相对稳定，而公司和投资银行的平均存款增长了。
As expected our average deposit costs continue to increase up 30 basis points from the first quarter to 113 basis points with higher deposit costs across all operating segments in response to rising interest rates. Our mix of non-interest bearing deposits declined from 32% in the first quarter to 30% in the second quarter but remained above pre-pandemic levels. Turning to net interest income on slide 8. Second quarter net interest income was 13.2 billion up 29% from a year ago as we continued to benefit from the impact of higher rates. The $73 million decline from the first quarter was primarily due to lower deposit balances partially offset by one additional day in the quarter. At the beginning of the year we expected full year net interest income to grow by approximately 10% compared with 2022. We currently expect full year 2023 net interest income to increase approximately 14% compared to 2022. There are a variety of factors that we've considered in our expectation for the rest of the year. We are assuming modest growth in loans, some additional deposit outflows and migration from non-interest bearing to interest bearing deposits as well as continued deposit reprising including competitive pricing on commercial deposits. Additionally we are using the recent rate curve which is shown on the slide. As a reminder many of the factors driving net interest income are uncertain and we will need to see how each of these assumptions plays out during the remainder of the year.
正如预期的那样，我们的平均存款成本继续增加，与第一季度相比上升了30个基点，达到113个基点，这是对于不断上升的利率做出的回应，各经营部门的存款成本都有所提高。我们的非利息存款比例从第一季度的32%下降至第二季度的30%，但仍高于疫情前的水平。转向第8张幻灯片上的净利息收入。第二季度的净利息收入为132亿美元，比去年同期增长29%，我们继续受益于更高利率的影响。与第一季度相比，下降7300万美元的主要原因是存款余额下降，但在本季度中有一天的额外支出部分抵消了该下降。今年年初，我们预计全年净利息收入将增长约10%，与2022年相比。目前，我们预计2023年全年净利息收入将比2022年增长约14%。我们在对今年剩余时间的预期中考虑了各种因素。我们假设贷款适度增长，有些存款流出，并从非利息存款转入利息存款，以及继续进行存款调价，包括商业存款的竞争定价。此外，我们使用的是最近的利率曲线，该曲线显示在幻灯片上。提醒一下，推动净利息收入的许多因素是不确定的，我们需要看看这些假设在今年剩余时间内如何发挥作用。
Turning to expenses on slide 9. Non-interest expense grew 125 million or 1% from a year ago. At the beginning of the year we expected our full year 2023 non-interest expense excluding operating losses to be approximately 50.2 million. We currently expect our full year 2023 non-interest expense excluding operating losses to be approximately 51 billion. The increase includes higher percentage expense due to actions we have taken in the plan and plan to take in 2023 as attrition has been slower than expected. Of note we've reduced headcounties quarter since the third quarter of 2020 and headcount declined 1% from the birth quarter and 4% from a year ago. As a reminder we have outstanding litigation, regulatory and customer remediation matters that could impact operating losses.
转到第9张幻灯片中的费用情况。与一年前相比，非利息支出增长了1.25亿美元，增长了1%。在今年初，我们预计2023年全年非利息支出（不包括运营损失）约为502亿美元。目前，我们预计2023年全年非利息支出（不包括运营损失）约为510亿美元。增加包括由于我们在计划中采取的行动以及计划在2023年采取的行动而导致的较高百分比费用，因为流失速度比预期慢。值得注意的是，自2020年第三季度以来，我们已经减少了员工人数，与去年同期相比，员工人数减少了1%，与出生季度相比减少了4%。提醒一下，我们有待解决的诉讼、监管和客户赔偿事项可能会影响运营损失。
Turning to our operating segment starting with consumer banking and lending on slide 10. Consumer and small business banking revenue increased 19% from a year ago as higher net interest income driven by the impact of higher interest rates was partially offset by lower deposit related fees driven by the overdraft policy changes we rolled out last year. We continue to reduce the underlying costs of our business as customers migrate to digital including mobile. We've reduced our number of branches by 4% and branched staffing by 10% from a year ago. Our lending revenue declined 13% from a year ago driven by lower net interest income due to loan spread compression and lower mortgage originations. We continue to reduce headcount in the second quarter down 37% from a year ago and we expect staffing levels will further decline during the second half of the year.
转向我们的经营部门，从消费银行和贷款开始，幻灯片10展示了相关情况。消费者和小企业银行的收入较去年增长了19%，这是由于较高的利率推动了较高的净利息收入，而部分抵消的是去年我们推出的透支政策变更导致的较低的存款相关费用。我们继续降低业务的基本成本，因为客户越来越多地转向数字化，包括移动端。与去年相比，我们的分行数量减少了4%，分行人员减少了10%。我们的贷款收入与去年相比下降了13%，这是由于贷款利差收窄和低于预期的抵押贷款产生较低的净利息收入。在第二季度，我们的员工人数较去年下降了37%，我们预计在下半年员工人数还将进一步下降。
Credit card revenue increased 1% from a year ago due to the higher loan balances. Payment rates were down from a year ago but have been stable over the last three quarters and remained above pre-pandemic levels. New account growth remained strong up 17% from a year ago and importantly the quality of the new counts continued to be better than what we were booking historically. Auto revenue declined 13% from a year ago driven by continued loan spread compression and lower loan balances. Personal lending revenue was up 17% from a year ago due to higher loan balances.
信用卡收入较去年同比增长1％，这是由于贷款余额较高所致。与一年前相比，付款率有所下降，但在过去三个季度保持稳定，并保持在疫情前水平以上。新账户增长率比去年同期增长了17％，而且重要的是，新账户的质量仍然优于我们历史上的预订水平。汽车收入比去年同比下降了13％，这是由于贷款价差压缩和贷款余额较低所致。个人借贷收入比去年同期增长了17％，这是由于贷款余额较高所致。
Turning to some key business drivers on slide 11. Mortgage originations declined 77% from a year ago and increased 18% from the third quarter reflecting seasonality. We funded our last quarter loan in the second quarter with our current focus being serving our bank customers as well as borrowers in minority communities. The size of our auto portfolio has declined for five consecutive quarters and balances were down 7% at the end of the second quarter compared to a year ago. Origination declined to find 11% from a year ago reflecting credit tightening actions as well as continued price competition. As Charlie highlighted debit card spend the flat in the second quarter compared to a year ago spending a fuel to the lower gas prices home improvement and travel at the largest declines compared to last year. Credit card spending continued to be strong. It was up 13% from a year ago. Growth rates were stable throughout the second quarter with fuel the only category down year over year.
转向幻灯片11上的一些关键业务驱动因素。按揭贷款较一年前下降了77％，较第三季度增加了18％，反映出季节性因素。我们在第二季度用我们最新的贷款资金化了上一季度的贷款，我们目前的重点是为我们的银行客户和少数民族社区的借款人提供服务。我们的汽车贷款组合规模连续五个季度下降，与一年前相比，余额下降了7％。贷款的起源较一年前下降了11％，反映出信贷收紧举措以及持续的价格竞争。正如查理强调的那样，借记卡在第二季度与一年前相比保持平稳，燃油、家庭装修和旅行方面的支出是与去年相比最大的下降。信用卡支出仍然强劲，与一年前相比增长了13％。增长率在第二季度整体稳定，只有燃油类别出现了年度下降。
Turning to commercial banking results on slide 12. Middle market banking revenue increased 51% from a year ago due to the impact of higher interest rates in higher loan balances. Asset based lending and leasing revenue increased 13% year over year primarily due to higher loan balances. Average loan balances were up 12% in second quarter compared a year ago driven by new customer growth and higher line utilization. Average loan balances have grown for eight consecutive quarters that the pace of growth has slowed. Average loans were up 1% from the first quarter with loan growth in asset based lending and leasing driven by season that seasonally higher inventory levels while middle market banking loans were flat.
转向第12张幻灯片的商业银行业绩。中型市场银行的收入较去年同期增长了51％，这是由于较高的利率和较高的贷款余额所带来的影响。基于资产的贷款和租赁收入同比增长了13％，主要是由于较高的贷款余额。与一年前相比，二季度平均贷款余额增长了12％，这是由于新客户增长和更高的信贷利用率驱动的。平均贷款余额连续八个季度增长，但增长速度有所放缓。与第一季度相比，平均贷款余额增长了1％，这是由于基于资产的贷款和租赁的贷款增长受到季节性较高存货水平的推动，而中型市场银行的贷款保持平稳。
Turning to corporate investment banking on slide 13. Banking revenue increased 37% from a year ago due to a much stronger treasury management results reflecting the impact of higher interest rates and higher lending revenue. The growth in investment banking increased from a year ago reflected right down taken in the second quarter of 2022 on unfunded leverage finance commitments.
第13页转向企业投资银行业务。由于更强劲的资金管理结果，银行收入较一年前增长了37%，反映了较高利率和较高贷款收入的影响。投资银行业务的增长相较一年前反映了2022年第二季度对未得融资杠杆承诺所采取的措施。
Commercial real estate revenue grew 26% from a year ago driven by the impact of higher interest rates and higher loan balances. Markets revenue increased 29% from a year ago driven by the higher trading results across most asset classes. Our strong trading results during the first half of the year were driven by underlying market conditions and also reflected the benefit of our investments in technology and talent which have allowed us to broaden our client franchise and generate more trading flows.
商业地产收入同比增长26%，主要受到较高利率和贷款余额的影响。市场收入同比增长29%，主要是由于各种资产类别上的交易结果增加。我们在上半年取得的强劲交易业绩既受到市场基本情况的推动，也反映出我们在技术和人才方面的投资所带来的好处，这使我们能够扩大客户群，并产生更多的交易流量。
Average loans for down 2% from a year ago and 1% from the first quarter. The decline in the first quarter was driven by banking reflecting a combination of slow demand and modestly lower line utilization.
平均贷款较一年前下降了2%，较第一季度下降了1%。第一季度的下降主要是由于银行反映出需求放缓和较低的贷款利用率的结合。
On slide 14 wealth and investment management revenue is down 2% compared to a year ago driven by decline and asset base fees due to lower market valuations. Broke in that interest income from a year ago was driven by the impact of higher rates partially offset by lower deposit balances as customers continue to reallocate cash in a higher yielding alternatives. However, outflows into cash alternatives slowed in the second quarter. As a reminder, the majority of the whim advisory assets are priced at the beginning of the quarter. So second quarter results reflected the market valuations as available first which were down from a year ago. Asset base fees in the third quarter will reflect higher market valuations as of July 1st. Average loans for down 3% from a year ago primarily due to decline in securities based lending.
在第14张幻灯片上，与一年前相比，财富和投资管理收入下降了2%，主要是由于资产基础费用的下降所致，这是由于市场估值降低所导致的。与一年前相比，利息收入下降，是由于较高利率的影响，部分抵消了存款余额的下降，因为客户继续将现金重新配置到收益较高的替代方案中。然而，第二季度现金替代品的流出减缓了。作为提醒，大多数财富咨询资产的定价是在季度开始时完成的。因此，第二季度的结果反映了市场估值最早可用时的情况，这与一年前相比下降了。第三季度的资产基础费用将反映7月1日之后的市场估值上升。平均贷款较一年前下降了3%，主要是由于证券质押借贷的下降。
Now slide 15 highlights our corporate results. Revenue increased $751 million from a year ago driven by the impact of higher interest rates and lower impairments of equity securities in our affiliated venture capital and private equity businesses.
现在请看第15张幻灯片，其中突出展示了我们的企业业绩。收入与一年前相比增长了7.51亿美元，这是由于较高的利率和附属风险投资和私募股权业务中股权证券减值较少的影响所致。
In summary, our results in the second quarter reflect a continued improvement in our earnings capacity. We grew revenue and had strong growth in pre-tax provision profit and expected our net charge us to continue to slowly increase from store full lows in our allowance for credit losses increased. We are closely monitoring our portfolios and taking credit tightening actions where we believe appropriate. Our capital levels remain strong.
总的来说，我们第二季度的业绩反映出我们盈利能力的持续改善。我们的营收增长，并且税前准备金利润强劲增长，我们预计我们的净费用会继续从存款拨备的低点中慢慢增加。我们正在密切关注我们的投资组合，并在我们认为适当的地方采取信贷紧缩措施。我们的资本水平保持强劲。
We continue to reverse, come and stop. We will now take your questions. Thank you.
我们继续逆转前进，停下来。现在我们将回答您的问题。谢谢。
We will now begin the question and answer session. If you would like to ask a question, please press star 1 at this time. If at any time while waiting in queue, your question has been answered. You can remove your request by pressing star 2. Once again, that is star 1 for questions at this time. Please stand by for our first question.
我们现在要开始问答环节了。如果你想提问，请按下星号1。如果在等待过程中你的问题已经得到回答，你可以按下星号2取消请求。再次提醒，现在可以按下星号1进行提问。请耐心等待我们的第一个问题。
Our first question will come from Ken Uzden of Jeffries. Your line is open, sir. Mr. Uzden, please check the mute button on your phone. Why don't we take another one and then we'll come back again.
我们的第一个问题将来自杰菲投资公司的肯·乌兹登先生。请您发问。乌兹登先生，请确保您电话上的静音按钮已关闭。那么，为什么我们不换一个问题，然后再回过头来回答您的问题呢？
Certainly. The next question will come from Scott Siefer. So Piper Sandler, your line is open. Morning, everyone. Thank you for taking the question. It was great to see the higher NII guide and the performance this quarter. That said, it seems likely that dollars of NII will come down from here. I guess just broadly speaking, are you able to chat about what factors might be most important in your ability to arrest a downward moving NII? In other words, when and why would it end up flattening out if we're ideally getting close to the end of a Fed-Tything cycle? Yeah, thanks, Scott. It's Mike. I'll take that entirely from jumping if you want. When you look at the assumptions that underpin that, and I highlighted some of this in my script, but I'll go back through them, we've got a little bit of modest loan growth in there. So that's not a big driver of what we're seeing. I think you're probably seeing that from others where we're just not seeing that same demand that we saw a year or so ago on loans. We're also assuming that we'll see some additional outflows, particularly in the consumer space as people continue to spend money. Then we'll see some more migration from non-interest bearing to interest bearing deposits. Then deposit pricing will, betas will evolve over time. I think it's still very competitive on the commercial side, and I think that'll continue on the consumer side that'll evolve. So I think you've got to look at those combination of factors and make some assumptions around when you think they start to stabilize. But I think we're assuming that those trends that we've been seeing now for the last couple quarters will continue, at least through the year end.
当然。下一个问题将来自斯科特·西弗。所以，Piper Sandler，请您发言。大家早上好。谢谢您的问题。看到了更高的利息净收入指导和本季度的表现真是太好了。话虽如此，从现在开始，净利息收入的金额可能会下降。我猜，就总体而言，您能否谈一谈可能对阻止净利息收入下降起到最重要作用的因素是什么？换句话说，如果我们理想情况下接近于联储加息周期的尾声，它何时以及为何会趋于稳定？是的，谢谢斯科特。我是迈克。如果您愿意，我来解答这个问题。当您考虑到这些假设时，我在脚本中强调了一些，但我会重申一遍。我们假设有一些适度的贷款增长。所以这并不是我们目前看到的推动因素。我认为您可能也会看到其他人也是如此，我们并没有看到一年前或一年多前贷款的需求。我们还假设，随着人们继续花钱，我们将看到一些额外的流出，尤其是在消费者领域。然后我们将看到从非利息支出存款迁移到利息支出存款。然后存款利率定价会随着时间发展而变化。我认为在商业领域竞争仍然非常激烈，在消费者领域也会继续发展。所以我认为您必须考虑到这些因素的组合，并对它们何时开始稳定做一些假设。但我认为我们假设过去几个季度中一直看到的这些趋势至少会延续到年底。
Okay. Perfect. Maybe if we could drill down into one of those in particular, just the migration from non-interest bearing to interest bearing. They've come down but are still above pre-pandemic levels, I believe. Do you have a sense for where and why those would start to settle out? Yeah. I mean, there's a few factors underneath that. As you pointed out, we're about 30% at the end of the quarter down from about 32, I think the prior quarter. If you go back pre-COVID, they were in the mid-20s, mid-to- upper-20s, depending on when, exactly when you look at it. And we've been trending downward. Part of that is excess deposits on the commercial side. It's people who use up their earnings credits for the fees they're paying. You're seeing some migration there. That stabilizes. And then you've seen, again, on the consumer side, people spending from their primary checking accounts. So those are the factors that I've looked at on when that starts to slow down and stabilize. But it's been pretty consistent, at least, for the last quarter or two. Yeah. Okay. All right. Thank you very much, Mike. Thank you.
好的，完美。也许如果我们可以深入研究其中的一个特定方面，就是从不计息到计息的迁移。我相信它们已经下降了，但仍然高于疫情前的水平。你能感到它们何时会开始稳定吗？是的。我的意思是，有一些因素在其中。正如你提到的，我们在本季度末从前一个季度的大约32%下降到了30%左右。如果回到COVID前，它们在中20%左右，具体取决于你具体查看的时间。而我们一直在向下趋势。部分原因是商业存款的过剩。这是那些耗尽他们的收入信用以支付费用的人。你会看到一些迁移。这会稳定下来。然后你会看到，再次从消费者方面来说，人们从他们的主要支票账户中支出。这就是我在什么时候开始减缓和稳定的因素。但至少在过去的一个季度或两个季度中，一直相当稳定。好的。好的。非常感谢，迈克。谢谢你。
The next question will come from Iperham Punawala of Bank of America. Your line is open, sir.
下一个问题将来自美国银行的Iperham Punawala。您可以开口发问了，先生。
Hey, good morning. So my thanks for the details on the CRE book. I think Charlie mentioned that you've gone through loan by loan and identifying. And I appreciate the due-syngretic nature of every sort of CRE loan. But given the reserve you've taken this quarter, give us a sense of your visibility around how well-deserved the bank is today, knowing what we know in terms of the macro outlook. And also, if you can comment on just the rest of the CRE book, particularly as it relates to San Francisco or California and your level of comfort around just apartments, etc., within that market. Thank you.
嗨，早上好。首先感谢你提供的商业房地产书的详细信息。我想查理提到过你对每笔贷款都进行了审查和辨识。我非常欣赏每种商业房地产贷款的风险综合性质。但考虑到本季度你们做出的准备金，让我们对银行的当前情况有一个了解，考虑到我们对宏观环境的了解。此外，如果你能谈谈整个商业房地产贷款簿，特别是与旧金山或加州相关的情况，以及对于市场中公寓等的舒适程度，那就非常感谢了。
Yeah. Thanks. I'll take that, Mike. You know, broadly, I'll start with the next question. I'll start on the broader point on CRE and I'll come back to office. You know, I think though, you know, we've gone through the multifamily portfolio quite in quite a lot of detail. And I think, no, I'm talking about the broader portfolio first, right? And so you talked about apartments in some cities. And so I think when you look at, you know, the broader portfolio, including multifamily, it's all performing quite, you know, quite well. And I think, you know, you've seen certainly a slowing of growth rates in rents, but they're not declining in most cases. You're seeing good occupancy rates in many of the new construction that's coming online. And so overall, it feels quite constructive still for multifamily. And that same theme really applies to the rest of the portfolio. On office, you know, that's the place where, you know, we're certainly seeing weakness. And as you think about the allowance we put up, you know, we do have some, you know, very specific, you know, borrower loan level estimates of what we think could play out over the next quarter, next couple, next few quarters. And that's embedded in the allowance. And then as you look at the rest of the office portfolio, we've gone through a number of stress scenarios and feel like at this point we're appropriately reserved to be able to deal with what could be a number of different scenarios, depending on how it plays out over time.
好的，谢谢。我会接受这个观点，迈克。你知道，总体上，我会从下一个问题开始。我会从商业地产的更广泛的角度开始，然后再回到办公室方面。你知道，我们已经详细地分析了多家庭住宅组合。而我现在是在谈论更广泛的组合，对吧？所以你提到了一些城市的公寓。我认为当你看整个组合，包括多家庭住宅时，它们表现得非常好。当然，租金增长率有所放缓，但在大多数情况下并没有下降。你会看到很多新建公寓的入住率很高。所以总的来说，多家庭住宅看起来还是非常有前景的。同样的主题也适用于其他方面的组合。而办公室方面，我们确实看到一些疲软。当你考虑我们设定的拨备时，我们确实有一些非常具体的借款人贷款水平的估计，以此来应对未来一个季度、未来几个季度可能出现的情况。这些都已经被融入到了拨备当中。而当你看其他办公室组合时，我们已经通过了许多压力测试场景，并认为我们目前的拨备水平是适当的，可以应对时间推移后可能出现的各种不同情景。
Got it. And I guess this is a separate question means you obviously have ample capital. Just Charlie from your standpoint, how impactful is the asset cap today, given the squeeze on the rest of the industry, I would think Wells would actually be gaining market share, but is the asset cap and all the regular issues? I'm not going to ask you to give us a timeline, is that still a meaningful challenge in terms of your ability to take market share?
明白了。我猜这是个单独的问题，意味着你显然有充足的资本。从你的角度来看，资产上限对今天的影响有多大？考虑到其他行业的压力，我认为富国银行实际上可能会获得市场份额，但是资产上限和所有常规问题会造成影响吗？我不会让你给我们一个时间表，你们在获得市场份额方面，这仍然是一个重要的挑战吗？
Well, I mean, you can look at the size of our balance sheet and, you know, see where it is relative to the asset cap, which is, you know, a trillion nine fifty two, I think is the asset cap. Yeah, that's the actual cap. Remember, which is a daily average over a couple of quarters. So relative to we're operating today, we feel like, you know, we still have plenty of balance sheet to serve our customers. And it's not standing in the way of that hasn't always been the case. But I think that's where we are today. But putting just, you know, the pure economics of the asset cap aside, it is, you know, something that, you know, when we look at, you know, the work we have to get done, the fact that it's there is a statement of the, you know, the reality that we still have more work to do. And so it's critical that we continue on our road to complete that work. And so that's the way we're thinking about it today.
嗯，我的意思是，你可以看一下我们的资产负债表的规模，并且可以看出它相对于资产上限的位置，这个上限大约是一万九千五百二十亿。是的，那就是实际的上限。记住这是一个连续几个季度的日均值。所以相对于我们今天的运营状况，我们觉得我们仍然有足够的资产负债表来服务我们的客户。而且它并不妨碍我们服务客户，这并不总是这样。但是我认为这就是我们今天所处的位置。但是，把资产上限的纯经济因素抛在一边，它是我们必须完成的工作的一个现实声明。因此，我们继续完成这项工作至关重要。所以这就是我们今天的思考方式。
And maybe I'll just add one thing. When you look at some of the, you know, growth opportunities we have, you know, Charlie highlighted some of the investment banking hires we're making. And, you know, in large part, we already have the exposure out to, you know, to the, you know, client base there. So now it's about making sure we got the right people to go after the fee opportunity, not necessarily extending a lot more balance sheet. Wealth management, you know, and the growth opportunity there, same theme. And even in the card space, as we look at, you know, the refreshed product lines doing really well, we've got more to come there. And I think we've got plenty of room to, you know, continue to support many of the growth opportunities we have, even if we didn't, you know, put out more, have more exposure to support it. Good color. Thank you. Thank you. The next question will come from Stephen Chewbik of Wolf Research. Your line is open for.
也许我可以再补充一点。当我们看到一些增长机会时，查理强调了我们正在进行的一些投资银行方面的招聘。而且，我们已经在很大程度上向客户提供了服务。所以现在重要的是确保我们拥有正确的人力资源来争取利润机会，而不是扩大资产负债表。财富管理的增长机会也是同样的主题。即使在卡片领域，当我们看到更新的产品线表现出色时，我们还有更多的发展空间。我认为即使我们不增加资产负债表，我们仍然有足够的空间来支持许多增长机会。非常有见地。谢谢。谢谢您。下一个问题来自沃尔夫研究公司的斯蒂芬·昂比克。请发问。
Good morning. Good morning. So I wanted to start off with a question just on the NII outlook, certainly encouraging to see the guidance increase. But you noted, Mike, that it does contemplate a modest level of loan growth and just parsing some of your other comments where you alluded to credit tightening, signs of slowdown in the broader economy. What gives you confidence around some inflection in lending activity, especially given the flattish loan growth that we've seen this quarter? Yeah. Well, you know, I think we're seeing, you know, we're certainly seeing growth in cards. So I think we would expect that to continue. You know, and then in the rest of the, you know, portfolios, you know, we see a little bit of growth in the asset-based lending and leasing, you know, business in the commercial bank, you know, motor markets kind of flat, at least this quarter. And then you can see the consumer items. So I think, you know, we're hopeful that we'll see some growth, you know, as we go in the second quarter. But as always, you know, Steve, what we try to do with guidance is give you guidance that, you know, it doesn't necessarily require every assumption to go in our favor. So the bigger drivers of uncertainty around, you know, NII for the rest of the year continue to be the same ones we've been talking about now for the last couple quarters. It's really going to be deposits and deposit pricing. You know, the loan story will matter, but not anywhere near to the same degree. No, it's helpful, Color.
早上好。早上好。所以我想先从一个关于纯利息收入前景的问题开始，看到指导增加当然令人鼓舞。但是，迈克，你注意到它确实考虑到了适度的贷款增长，并且我们可以解释出你的其他评论，你暗示了信贷收紧，整体经济放缓的迹象。什么让你对贷款活动出现一些转折感到有信心，特别是考虑到我们本季度所看到的贷款增长基本平稳？是的。你知道，我认为我们确实看到了，我们确实看到了信用卡的增长。所以我认为我们预计这种增长会继续下去。并且在其他领域，尽管在商业银行的商业乘车还是比较平坦的，但是我们能够看到在基于资产的贷款和租赁业务中有一点增长。然后你可以看到消费品。所以我认为，在第二季度中我们希望我们能够看到一些增长。但是一如既往，史蒂夫，我们给出的指导旨在让您明白，并不一定要让每一个假设都有利于我们。对于今年剩余时间的NII而言，不确定性的主要驱动因素仍然是我们过去几个季度一直在谈论的那些。真正重要的是存款和存款定价。贷款故事也很重要，但远不如前者。不，这个解释有帮助。
And just follow up on expense. You cited the headcount reductions and higher severance costs driving some upward pressure this year. But just wanted to better understand how we should be thinking about the exit rate on expense. Once the headcount actions that you cited are fully captured in the run rate. And whether there's any plans, maybe redeploy some of the NII windfall to reinvest back in the business as we think about some of the potential benefits and the higher NII guidance you cited. Yeah, you know, I think our focus on expenses really hasn't changed, you know, over the last, you know, quarter to, you know, as we've talked about now for a while, you know, we're going to continue to be very disciplined around the expense base.
请问一下关于费用方面的问题。您提到人员减少和较高的解雇费用对今年的上升压力造成了一些影响。但我想更好地了解我们应该如何看待费用的退出率。一旦您提到的人员行动完全反映在持续运营水平中，是否有任何计划，例如重新投资部分净利息的意外收入，作为我们考虑到一些潜在利益和您提到的较高净利息的指导。是的，我们对费用的关注实际上并没有改变，这一点我们在过去的季度中一直都在谈论，我们将继续在费用基础上保持非常严谨的纪律性。
I think we're very much focused on making sure we execute and achieve the efficiencies that we've talked about. And as we get to year end, we'll sort of look at, you know, after we do our work around the budget for next year, we'll go back through, you know, all the ups and downs like we normally do and give you some perspective there. But really the thinking around it hasn't changed.
我认为我们非常注重确保我们实施和实现所提到的效率。当我们接近年底时，我们会仔细研究下一年的预算工作，然后按照通常的做法回顾所有的起起落落，给大家一些见解。但实际上，对此的想法并没有改变。
And let me just add, it's okay. You know, I think when we laid out our expense guidance, we got a series of questions about, you know, how we think of, you know, the variability of that number and the, you know, the environment and the rest of our results impact that number. And I think, you know, as we look at how we're performing, I think we, you know, it wouldn't be hard for us to make a bunch of decisions to hit an expense number. But to the point is, we, you know, our results have been relatively strong. And so we are doing a series of things. You know, I don't think about it as one time expenses, but we have, you know, there is a fair amount of subjective expenses that relate to business development, product enhancements and things like that, that we do have the ability to, you know, each year, each quarter, look at how we're performing and decide how much we want to spend.
而且让我补充一下，没关系的。你知道，当我们提出我们的费用指导时，我们收到了一系列关于如何考虑该数字的可变性以及环境和其他结果对该数字的影响的问题。我认为，当我们看着自己的表现时，我们不难做出一系列决策来达到费用目标。但是关键是，我们的业绩一直相对良好。所以我们正在做一系列事情。我不认为这是一次性支出，而是与业务拓展、产品增强等相关的相当多的主观性支出，我们有能力每年、每个季度审视我们的表现并决定要花多少钱。
And so, you know, as we look forward, you know, I think we're going to wait and see as we go through our budgeting process and we do a series of scenarios in terms of how things could play out next year and then make that determination. But as Mike said, I think, you know, we do separate out the fact that, you know, we continue to believe that there are, you know, continued opportunities to drive efficiency throughout the company. We're not going to lose sight of that. And that is separate from how much do we want to spend away from that. And we'll talk more about that towards the end of the year. I hope we'll call her.
所以，你知道的，当我们展望未来时，我认为我们将等待观察，通过我们的预算过程，并根据下一年的各种情景进行一系列预测，并在那时作出决定。但正如迈克所说，我认为我们需要将事实与继续相信公司内部仍有继续提高效率的机会分开。我们不会忽视这一点。这与我们想要多少钱花在这方面是分开的。我们将在年底谈论更多。我希望我们能给她打电话。
Thanks so much for taking my questions. Thank you. The next question will come from John Penn-Kari of Evercore ISI. Your line is open, sir. Good morning. I want to see if we can get just some of your updated thoughts on buybacks here. You see if you want to get 10.7 and, you know, you indicated the 4 billion buyback and 2 tier when you expect to continue to buyback from here. But obviously, Basel 3, endgame is a factor. And I heard you on, you know, that you're contemplating buybacks as you look out from here. So, could you maybe help frame that for us what that could mean in terms of the pace of repurchases? Thanks. You know, not really any more than I think that's, I think what we said is, you know, as much clarity as, you know, we want to give it this time.
非常感谢您回答我的问题，谢谢。下一个问题来自Evercore ISI的John Penn-Kari。请发问。早上好。我想知道您对回购的最新想法。您提到了10.7亿美元的回购，并且表示在此之后还会进行40亿美元的回购和2层级回购。但显然，巴塞尔3的最终规定是一个因素。我听到您的意思是在未来考虑回购。所以，您能否帮助我们梳理一下，在回购速度方面可能意味着什么？谢谢。您知道，我认为我们没有特别多的要说，我认为我们已经尽可能明确此次的情况了。
I think, you know, we are, you know, we have substantial excess capital above the regulatory requirements and regulatory buffers. And on top of, you know, the level of buffers that we have talked about running at. And so we think that's prudent given the fact that, you know, it's likely that capital requirements are going up. But, you know, the reality, you know, to answer the question, you know, just in terms of the timing and in terms of the ability to answer the question, you know, from everything that we read is the same thing that you read. It's, you know, likely that we will learn later this month or early next month exactly what the proposal is. And, you know, based upon that, it'll help us inform exactly how much room we have for buybacks. But, you know, in, you know, there are, you know, in most of the scenarios that, you know, we see, you know, there is, you know, room for us to continue the buyback program in a prudent way and still build, require capital to whatever levels we'd have to require to be required to build a map and keep the kind of buffers that we want to keep. So there are a bunch of moving pieces here. And so it's just, it doesn't make sense to put any more, you know, numbers on it until we actually see what those proposals are.
我认为，你懂的，我们有相当大的超额资本，超过了监管要求和监管缓冲充足比。除此之外，你知道，我们还有其他保证金水平。所以鉴于资本要求可能会增加，我们认为这是慎重的。但是在现实中，就回答这个问题的时间和能力而言，我们所读到的与你所读到的是一样的。可以预计我们将在本月底或下个月初得知具体提案是什么。根据那个提案，我们将能够确定我们还有多少回购空间。但是在大多数情况下，我们看到，我们仍然有空间以慎重的方式继续回购计划，并且仍然能够按照我们想要保持的缓冲水平要求建立所需的资本。所以这里有很多变动因素。因此，在我们实际看到这些提案之前，将任何更多数字放在上面是没有意义的。
Okay, thank you. That's helpful. And then separately on the NII side, again, appreciate the updated guide for 23 of the 14%. Maybe, can you talk about when you're looking at the forward curve, you know, what could be the forward curve implications for NAI as you look further out into 2024. If we do reach a, you know, fed funds of around 4% implied by the forward curve, how much of a headwind to NII could that be for you? And maybe also, if you could just talk about the near term deposit trajectory, I know you mentioned still continue to climb. So I'm up, you can help frame that. Slide that up. Thanks.
好的，谢谢。那很有帮助。然后关于 NII 方面，感谢提供了关于14%中 23% 的更新指引。也许，您能谈一下当您看着未来的曲线时，对于 2024 年 NAI 来说可能会有什么影响呢？如果我们达到按曲线暗示的约 4% 的联邦基金利率，那对于 NII 来说会有多大的压力呢？另外，如果您能谈一下近期存款的发展轨迹，我知道您提到了仍然在上升。如果可以的话，您可以帮忙解释一下。
Yeah, John, I'm not going to, you know, give you much clarity on 2024. But I think the things you should think about, obviously, are going to be, you know, as rate on the commercial side, you know, rate, beta, beta is on the way up, we're pretty high. Beta is on the way down or pretty high. And, you know, the consumer side really has to move much at this point. And so I do, you know, you sort of have to go into your modeling, looking at each of the components a little bit, a little bit differently. And as we, and I think many others have talked about over time, like once rates peaked, there is likely some lag of continued repricing, you know, for, you know, for a while after rates peaked. And so you've got to think about all of how that, you know, goes in your model.
是的，约翰，我不打算像2024年的事情给你太多的清晰度。但我认为你应该考虑的事情显然是商业方面的利率，贝塔，贝塔持续上升，我们非常高。贝塔现在开始下降或者非常高。而且消费者方面现在真的不太活跃。所以你在建模时需要对每个组成部分进行一些不同的思考。而且就像我们和其他很多人多次讨论过的那样，一旦利率达到顶峰，可能会有一些连续调价的滞后效应，这种情况可能会持续一段时间。所以你必须考虑到所有这些因素在你的模型中的作用。
And then I think, as I said in my script, I think, you know, we've seen pretty consistent, you know, performance across the positives over the last couple quarters. And we're not seeing, you know, big shifts in behavior at this point. And so we'll see how that goes over the, you know, coming quarters. But, but there's, you know, there's still a lot of, you know, uncertainty in the assumptions that you go through, that you have here. And so you got to, you got to make your best judgment on what you think is going to happen. But as you get closer, you know, to, to the end of the rate cycle, you've probably seen, you know, a lot of the, you know, mix shift and repricing happening already. And so we'll, we'll see how that goes.
然后我认为，就像我在我的脚本中说的那样，我认为，你知道，在过去几个季度，我们已经看到了相当一致的正面表现。我们目前还没有看到行为上的大转变。因此，我们将在未来几个季度中观察情况如何发展。但是，在这里进行的假设中仍然存在很多不确定性。因此，你必须根据你认为会发生的事情做出最好的判断。但是当你越接近于利率周期的结束时，你可能会看到很多混合变化和重新定价已经发生。因此，我们将观察情况如何发展。
And I think, can I just add? Thank you. Yeah. You know, just even just more broadly, just to be, you know, be clear about, you know, we don't, you know, we're not looking, you know, specifically at giving guidance in terms of 2020 for yet. But at the same time, just, you know, more broadly speaking, you know, we are and have been out earning an NII. And we've been very clear about that as we talk about, you know, getting towards our 15% ROTC targets. It's, it's in a more normalized environment. But at the same time, you know, there are, you know, series of things that, you know, we expect to be able to do as we look forward, you know, a big part of it is growing the fees and the business as Mike spoke about. We're not constrained by the asset cap. They're in our existing businesses. And a lot of the things that we're doing, whether it's in our wealth business, whether it's in the card business, whether it's in the corporate investment bank or middle market as well, we do expect to, you know, see the fruits of that labor.
我想，我能补充一下吗？谢谢。是的。你知道的，更广泛地说，就是要明确我们目前还没有传达到2020年的指导意见。但与此同时，更广泛地来说，我们一直在超过纯收入。我们已经对此非常明确，当我们谈到达到15% ROTC目标时。这是在一个更加正常的环境下。与此同时，我们预计将能够做到一系列的事情，其中一个重要的部分是增加费用和业务，就像Mike所说的那样。我们在现有业务中并不受资产上限的限制。无论是我们的财富业务，卡业务，公司投资银行还是中小企业，我们都希望看到这些努力的成果。
At the same time, we continue to stay very focused on expenses. And then the other thing I would just remind everyone is, you know, there's lots of conversations around charge offs and things like that. But, you know, remember, we are all required when we think about CISO, you know, to be as forward-looking as we possibly can. You all know how we come up with the different scenarios. And so the level of reserving that's been running through our P&L, I think this is the fifth consecutive quarter we've added to reserves, which is what's impacting the EPS of the company, you know, has been, you know, based upon an environment which, at some point, will be very different than what the expectation is sitting here. So I think you add all those things together. And I just think it's important to think about all those things as opposed to just NII itself.
与此同时，我们继续非常注重开支。另外，我想提醒大家，在坏账和其他方面还有很多讨论。但是，请记住，当我们考虑CISO时，我们都要尽可能具有前瞻性。大家都知道我们是如何制定不同情景的。所以，通过我们的损益表运行的储备水平，我认为这是我们连续第五个季度增加储备金，这就是影响公司每股收益的原因，是基于一个环境，这个环境在某种程度上将与此刻的期望有很大不同。所以我认为你们要将所有这些因素综合考虑。除了仅仅考虑净利息收入本身，还要考虑到所有这些因素，这一点非常重要。
Next question I've read. Certainly. We'll move on to Betsy Gracek of Morgan Stanley. Your line is open.
下一个问题，我读了。当然，我们将继续请Morgan Stanley的Betsy Gracek发言。请您开始。
Hi, good morning. Just two follow-ups. One on the reserve build in commercial real estate that I know you discussed a bit already. I just wanted to understand how much of that was coming from, you know, really California, you know, we all know there was a property that traded on California Street that sold at discount. So I'm just wondering how much of it is, you know, California office versus anything more broader based beyond that. Thanks.
你好，早上好。只有两个后续问题。首先是关于商业地产储备建设的问题，我知道你已经讨论过一些了。我只是想了解其中有多少来自加利福尼亚，毕竟我们都知道有一处位于加利福尼亚街上的房产以折扣价售出。所以我只是想知道其中有多少是来自加利福尼亚办公楼，而不仅仅是其他更广泛的地区。谢谢。
Yeah, Betsy, it's not isolated in California. I mean, I think you see weakness in a lot of cities these days and it really comes down to property specific stuff. And even in California, you know, we've got, you know, as many examples where, you know, clients are actually reinvesting in buildings, even if at least rates are low or even empty in some cases as they are going into a workout. So I think it really depends on building borrower and all the things we sort of talked about in the script. And it's less focused on just California.
是的，贝齐，这种情况并不仅限于加利福尼亚。我的意思是，我觉得现在很多城市都存在虚弱之处，而这主要取决于具体的房地产情况。即使在加利福尼亚，我们也有很多例子，即使利率较低，甚至有些房屋是空置的，客户们仍然会重新投资于这些建筑，因为他们希望进行整修。所以我认为，真正取决于建筑物的借款人以及我们在剧本中谈到的所有因素，而不仅仅是加利福尼亚本身。
Yeah, and I just want to ramp aside what, you know, Mike is saying, and we talked about this in the prepared remarks, which is, you know, we have all spent, you know, a bunch of time going through a very detailed review of the office portfolio. Just the other day, we went through just a whole series of things that we're seeing. And I just really want to make the point, which I said in my script, it's not, there's, it's a very big mistake to think about lost content by looking at just where the property is. Again, we have examples in cities that are struggling where the structure of our loan is quite good. The underlying property has very high lease rates, you know, for an extended period of time. And then we can have a loan in a market which is doing well, but for whatever reason, that property is a specific issue in that property. There are a bunch of, you know, potential termination dates in the shorter term. And so that's the level of detail that we've used to look at to come up with, you know, what we think the appropriate level of reserving is. And, you know, I think, you know, we've tried to, you know, be as, you know, as diligent as we can in stressing the scenarios that we see play itself out so that when we look at ourselves and we understand what Cecil reserving requires us to do, that's what we're trying to accomplish.
是的，我只是想要忽略迈克所说的，而且我们已经在准备好的报告中讨论过这个问题，我们都花了很多时间对办公室组合进行了详细的审查。就在前几天，我们刚刚经历了一系列我们所见到的情况。我只想再次强调，就像我在脚本中所说的，仅仅通过物业的地点来思考损失内容是非常大的错误。同样，在一些处于困境的城市，我们有一些贷款结构非常良好的例子。底层物业的租金率非常高，而且持续时间较长。然而，在市场表现良好的情况下，我们可能面临某个特定物业的问题。在较短期内存在许多潜在的终止日期。因此，这就是我们用来确定适当的储备水平所使用的详细信息。并且，我认为我们尽力在压力测试中展示可能出现的情景，以便当我们审视自己并了解Cecil储备要求的时候，我们努力实现的就是这一目标。
So would you, I mean, I think we all know, like, for the most part commercial real estate loans are bullets, right, where the stress comes at the role. And I guess I'm wondering, is this reserve ad reflecting the entirety of the Cree book for, you know, that entirety of role rate risk? Or is this, you know, like a two year forward? And part of the reason for asking the question is trying to understand if there's, you know, if how much risk there is for further increases in in Cree related reserve belt?
所以，你也会觉得，我是说，我认为我们都知道，商业房地产贷款大部分是子弹贷款，对吗？即压力主要来自于贷款还款期。我想知道的是，这个储备金是反映整个房地产贷款组合的风险率吗？还是说，它只是一个未来两年的预测？我之所以问这个问题，是为了了解在房地产相关储备金方面是否还存在进一步增加的风险。
Yeah, my golf, my golf starting then, you either chime in or give your opinion. We have tried to take into account all of the risks, including refinanced risks that exist in the portfolios looking at, you know, the current rate environment, cap rate expectations and things like that. You know, is it possible that we have to add something in the future because we learn more as time goes on? We would never say no. But again, you know, what we're, what we're, what we're trying to do is be holistic in the review of the portfolio based upon everything that we know. And just as you can imagine, when we sit in the room with the people, you know, that run the real estate business and all the risk people, there's a range of opinions. There are people in there that say, we just, you know, it's hard to see losing this amount of money based upon what that individual thinks all of the underlying assumptions will play themselves out as. And then, you know, there are others where we say we actually, you know, want to stress the scenario because it is possible and we have to give a waiting to that. And so that's how we come up with what this is. But again, I, you know, we're trying to, again, I don't know, you know, just we're trying to be forward looking. We're trying to be holistic in all the risks that exist. And part of the reason to show you those, that additional disclosure we made is so you can see exactly where the issues are relative to the rest of the office portfolio and the rest of the CRE and isolate just the, you know, the level of reserving that exists, which is, you know, at this point is substantial.
是的，我的高尔夫球，我的高尔夫球要开始了，你可以参与讨论或发表你的意见。我们试图考虑所有的风险，包括我们所关注的投资组合中存在的再融资风险，考虑到当前的利率环境、上限利率预期等等。我们知道，我们是否有可能在将来添加一些内容，因为随着时间的推移我们会了解更多？我们绝对不会说不可能。但是，我们正在努力根据我们所知的一切来全面审查投资组合。正如你可以想象的，当我们与房地产业务和风险管理人员一起坐在一间屋子里时，意见是各不相同的。有些人认为，基于他们对所有基本假设的认识，很难想象会损失这么多钱。然而，有些人认为，我们实际上应该对这种情况进行压力测试，因为这是有可能的，我们必须予以考虑。这就是我们如何得出这个结论的。但是，我再次强调，我们试图向前看。我们试图全面考虑所有的风险。我们提供额外的披露是为了让你看到问题在办公室投资组合和商业地产投资组合中的具体位置，并将其与其他问题分离开来，以便准确衡量现有的储备水平，目前来说这是相当可观的。
Got it. I understand. Thank you. Thank you.
明白了，我理解了，谢谢，谢谢。
The next question will come from Gerard Cassidy of RBC Capital Markets. Your line is open. Thank you. Good morning, guys. Mike, can you show us a little bit in response to one of the earlier questions, but when you guys are looking at your balance sheet and you're measuring your tertiary functions on your assets and liabilities, can you share with us what you're thinking for the second half of the year or into next year in terms of how you're managing that and how that may be different than how you positioned the balance sheet a year ago? Yeah, Gerard, sure. It's, you know, it's not that different, right? On the margin, you know, you may be making decisions, you know, to, you know, add a little duration here or there, but I'd say it's marginal at this point and we really haven't changed substantially how the balance sheet's positioned. Very good.
下一个问题将来自RBC资本市场的Gerard Cassidy。你可以发言了。谢谢。早上好，大家。麦克，能否稍微解答一下之前的问题，当你们在审视资产负债表并对资产和负债的附带功能进行测量时，在今年下半年或明年你们的管理方式会有何不同，并与一年前对资产负债表的配置有何不同？是的，Gerard，没问题。你知道，没有太大的区别。在这方面，你可能会做出一些决定，来适当增加一些期限，但我会说这在目前阶段是次要的，并且我们在资产负债表的定位上并没有发生大的改变。非常好。
And then just to follow up, I know you guys have given some good details here on working through the commercial real estate portfolio. And Mike, I think you've said in your prepared remarks, in, you know, some cases you've been able to get additional payments or equity investments from your borrowers to, you know, to cure maybe a potential problem. Can you share with us some of the other workout solutions you're using so, you know, you can get through this, you know, this period of adjustment that we're seeing in commercial real estate? Yeah, I mean, sure. It's not, you know, there's, there's plenty of little structural, you know, enhancements you can make to feel better about it. And then there, there are also, in a lot of cases, getting some partial paydowns. And then you look at and you're trading those for, you know, refinancing in term. And I think you give people a bit more time to work through the sets of issues. You know, I think we try really hard not to punt issues down the road. And so if there are real issues that we need to deal with, we try to deal with them in the moment. But there are a number of structural enhancements that we sort of work on with borrowers to get ourselves comfortable that we're setting the loan up for success. Very good. Thank you. Thank you.
然后，只是跟进一下，我知道你们在处理商业房地产投资组合方面提供了一些很好的详细信息。Mike，在你的准备发言中，你提到，在一些情况下，你们能够从借款人那里获得额外的付款或股权投资来解决可能的问题。你能和我们分享一些其他解决方案吗，这样你们就能够度过我们目前在商业房地产行业中正在经历的调整期了吗？是的，我是说，当然。你知道，有很多小的结构调整可以让我们对此感到更好。此外，在很多情况下，我们会获得部分偿付款。然后我们会考虑将其与再融资和期限交换。我认为给予人们更多时间来解决这一系列问题会更好。我认为我们非常努力地不想推迟问题的解决。因此，如果我们需要处理真正的问题，我们会尽力在当下解决。但我们还有一些结构调整方面的工作，与借款人合作，使我们对贷款的成功设置感到舒适。非常好。谢谢。谢谢。
The next question will come from Erica Najarian of UBS. Your line is open. Hi, thanks for taking my question. I wanted to ask a question on how you're interpreting the OCC and said joint statement that they put out on June 29th, you know, encouraging lenders, you know, to sign short-term or temporary loan accommodation solution for their borrowers. Is that really anything new? Is that just standard operating procedure that they're reiterating? Or can this sort of help, you know, provide a solution that would allow you to work with your borrowers and perhaps delay classification, you know, deterioration of classification or classification to TDR?
下一个问题来自瑞银的埃里卡·纳贾里安。请提问。嗨，谢谢你回答我的问题。我想问一下，您对OCC和联合声明如何进行解读，他们于6月29日发表，鼓励放贷机构为借款人签署短期或临时贷款安排。这是有什么新内容吗？他们只是在重复标准操作程序吗？或者这种帮助能否提供一种解决方案，允许您与借款人合作，并延迟分类、恶化分类或TDR的发生？
Yeah, it's my health. I'll take that. Well, TDR doesn't exist anymore, but the classification, but the guidance is very similar to what was issued, you know, originally back in 2009 hasn't really changed much and doesn't really change the way we've been interacting with our borrowers already in terms of really being proactive to work with them to find solutions to help them work through what can be difficult circumstances in some cases. So, and it doesn't give you any leeway for how you classify criticized loans or other or other classifications. So the intent is really to, you know, just be clear that, you know, people should continue to work with borrowers to find solutions, which is what we do all the time anyway.
是的，这是我的健康问题。我会接受的。嗯，TDR（债务重组）不再存在，但是分类，以及指导方针和2009年最初发布的相似度非常高，几乎没有变化，也不会改变我们与借款人互动的方式，即积极主动地与他们合作，寻找解决方案，帮助他们度过可能出现困难情况的时期。所以，并不给你在如何分类被批评的贷款或其他分类方面提供任何灵活度。因此，意图就是要明确，人们应该继续与借款人合作，寻找解决方案，而这正是我们一直在做的。
Got it. And just a follow-up question here. Thank you for the disclosure again, on slide six. You know, with, you know, 22 billion of your loans in CIB, I think investors are wondering, you know, what is the average loan size there?
好的。这里只是一个后续问题。再次感谢您在第六张幻灯片上的披露。您知道，在CIB中，您有220亿的贷款，投资者想知道那里的平均贷款规模是多少。
Yeah, I don't think that's something we give. And it's a wide range. Averages sometimes are very misleading. And so, so there's a wide range. And what really matters is not the loan size. It really matters. You know, what really matters is for all the variables Charlie talked about earlier in terms of what's happening with that property. So I think that would be, I think I would focus there.
是的，我认为我们不会提供这样的东西。而且，范围很广。平均值有时会非常误导人。所以，范围很广。而真正重要的不是贷款规模，真正重要的是查理之前提到的与该物业相关的所有变量。所以我认为应该专注于那里。
Got it. And just squeezing in one more question. And before I ask this expense question, Charlie, I think your investors are very much appreciated that you're not just doing whatever you can to hit an expense number and you're reinvesting back into the company. So to that, and I'm wondering if, have you disclosed how much of the 800 million increase in the outlook for this year has to do with severance?
明白了。再问一道题， 在我问这个花费问题之前，Charlie，我认为你的投资者非常感激你不仅仅是为了达到财务指标而做任何事情，而是将资金再投资回公司。所以，我想知道，你是否披露了今年预期增加的8亿美元中有多少是用于解雇费用的？
We didn't give it a exact number, but that is by far the single largest, you know, piece of it. That's part of it. And there's some other exit costs for properties that we, you know, exit some lease space and other things. But that is, the severance is by far the largest piece.
我们没有给出一个确切的数字，但那无疑是最大的一部分，你知道的。那是其中的一部分。还有一些其他出口成本，比如我们退出租赁空间等其他费用。但是裁员费用无疑是最大的一部分。
Got it. Thank you. Thank you. Thank you.
明白了。谢谢你。谢谢你。谢谢你。
The next question comes from Matt O'Connor of Deutsche Bank. Your line is open. Good morning. I want to follow up Charlie on from the Propere-Ribot. You talked about there's still some things that you're implementing to address regulatory issues. And wondering if you could give a couple examples of what still needs to be done in terms of implementation and when you expect that to be completed.
下一个问题来自德意志银行的马特·奥康纳。请您提问。早上好。我想跟进一下敏捷的问话，您提到还有一些事情需要解决监管问题。不知道您是否能举几个例子，说明还需要完成哪些实施工作，以及预计什么时候能完成。
In listen, I think as we've said, there's a lot of work to do. It is multi, you know, years worth of deliverables. You know, what we've, what I've said is that, you know, we've implemented a lot, but we still have more to do. And I'm, when I say that, I just want to be clear, I'm speaking in Krahmach. Everyone generally thinks I'm speaking about one of the consent orders, which has the SF-CAP. We're thinking about all of the work that we have to do related to all the consent orders and the work to build the control environment. And there is a lot getting done. But ultimately what matters, you know, you don't get an A for effort in this. It's about getting things over the finish line on time and getting them done to the, you know, with the quality that our regulators and we expect from each other. And so, you know, as you know, you know, we've been very careful not to put dates out there because we have to do our work and then our regulators have to take a look at it and see if it's done to their satisfaction. We don't want to get ahead of that process. But we continue to move forward.
听起来，我认为我们已经说过，还有很多工作要做。这个工作是复杂的，需要几年的交付成果。我们已经实施了很多，但还有更多要做。当我说这个的时候，我只是想清楚地表达，我说的是Krahmach。大家通常认为我在谈论其中一个持续执行令，即SF-CAP。我们正在考虑与所有持续执行令相关的工作，以及建立控制环境的工作。我们正在做很多事情。但最重要的是，你知道，在这方面，只努力是不够的。重要的是按时完成任务，并且以监管机构和我们彼此的期望的质量完成任务。所以，你知道，我们一直很谨慎，不会提出具体的日期，因为我们必须完成我们的工作，然后监管机构必须审查并确定是否满意。我们不想超越这个过程。但我们仍在继续前进。
And I understand that, you know, you can't speak for them signing off on what you've done. But, you know, in terms of you accomplishing what you want to accomplish, you know, where are you on that kind of process, like whether you want to frame it from an innings perspective or a percent basis, anyway, to frame that, you know, acknowledging there's a lot to do and that you've done a lot, but how far along are you in terms of what you can control on implementing these things?
我知道，你不能代表他们对你所做的事情签字认可。但是，从你实现自己想要实现的目标来说，你在这个过程中到达了什么程度？无论你想从投球局数还是百分比的角度来界定，无论怎样来界定，你可以承认还有很多事情要做，而且你已经做了很多，但是在你掌控的范围内，你的实施情况如何？
Yeah. Now, listen, I appreciate, you know, the, you know, the, your desire to have me answer those questions. But again, all that matters, it does, you know, our view of accomplishing the work doesn't matter. What matters is that our regulators look at it and say it's done to their satisfaction. So I really don't think it's helpful or productive to, you know, go beyond what I've said at this point. But again, I do, if I do understand and appreciate why you're asking. Understood, Karen. Thank you. Thank you. The next question comes from Vivek Jeneja of JP Morgan. Her line is open.
是的。现在，请听着，我欣赏你知道，你知道，你希望我回答那些问题的愿望。但是再次强调，重要的是我们完成工作的观点并不重要，重要的是我们的监管机构认为工作是按照他们的要求完成的。所以我真的不认为进一步讨论我已经说过的事情对帮助或生产力有益。但是，我确实理解和欣赏你提问的原因。明白了，Karen。谢谢。谢谢。下一个问题来自JP摩根的Vivek Jeneja。她的电话线路开通了。
Hi, thanks. Quick one. Mike Ochali, can you give us the maturity schedule? What percentage or amount of your office theory loans are maturing in the second half and into 2024? Not specifically, Vivek, we don't disclose that, but you should assume these are standard, you know, course loans in the commercial real estate space, which are generally three to five year loans. And you haven't really been originating much in the last couple of years. So I guess we could go back to looking at when did you slow down the origination of new office theory, Mike? Was it two years ago? Was it three, any color on that?
嗨，谢谢。问题简单明了。迈克·奥查利，你能告诉我们一下债务到期时间表吗？你们办公楼理论贷款的百分比或金额在下半年和2024年之间到期的有多少？不能具体说，维维克，我们不会透露这个，但你可以假设这些是商业房地产领域的标准贷款，一般是三到五年的贷款。而且在过去几年中，你们并没有太多新发放的贷款。所以我猜我们可以追溯一下，迈克，你是在两年前放慢了新办公楼理论的发放速度吗？是三年前吗？关于这个能提供更多信息吗？
Yeah, look, I think you have to remember that we've been refinancing, you know, existing facilities along with that time period. So, but I think if you take the portfolio and assume some kind of basic average life based on what I've said, I think you'll get a pretty good sense of, of, you know, the approximate maturity schedule.
是的，看吧，我认为你必须记住，我们一直在重新融资，你知道，在这个时期进行了一些现有设施的再融资。所以，但我认为如果你以我所说的基本平均寿命为基础，把整个投资组合纳入考虑，你应该能够获得一个相当清晰的大致到期时间表。
Okay. And how about multifamily? What's the average life of those loans and maturities there? I recognize your comment. I heard your comments of those in much better position, given all the factors you already cited. Slightly longer, a few years longer than, to your, than office. Okay. All right. Thank you. And our final question for today's call will come from Charles Peabody of Vertella's Partners. Your line is open, sir.
好的。那么关于多家庭住宅呢？那些贷款的平均寿命和到期日是多少？我记得你的评论。我听到你对那些情况更好的人的评论，考虑到你已经提到的所有因素。相比于办公楼稍微长一些，几年时间。好的。好的。谢谢你。今天的通话我们的最后一个问题将来自Vertella's Partners的Charles Peabody。你的话筒已打开，先生。
Good morning. Most of my questions were already asked an answer, but just a one to follow up on the consent order issues. If I recall correctly, and please correct me if I'm wrong, there's six consent orders remaining and three of them, if I remember, deals somewhat with the mortgage banking operation. And I know starting last fall, you started the planning effort to simplify and downsize that. And you've been executing on that this year. Can you give us a sense of what it is you need to do in mortgage banking related to those consent orders?
早上好。我已经问过并得到回答的问题中，只有一个是关于同意令问题的后续。如果我没记错的话，请纠正我，还有六个同意令没有完成，而其中三个，如果我没记错，与抵押银行业务有关。我知道从去年秋天开始，您已经开始了简化和缩减这方面工作的计划，并且今年一直在执行。您能给我们介绍一下与这些同意令相关的抵押银行业务上需要做些什么吗？
Yeah, I saw this, Mike. So, so first of all, there are nine public consent orders out there that are, that are all there. So you can, you can see those the, when you look at them, the mortgage ones, I think that each of the consent orders is actually quite clear in terms of, you know, what needs to happen to satisfy those. So I would, I would just point you back to the, the documents themselves, which, which can give you a pretty good sense of what it, what it is. And each one's a little bit different.
是的，迈克，我看到了这个。首先，有九个公开同意令，都在那里。所以你可以在看到它们的时候，看到抵押贷款方面的那些内容，我认为每个同意令在满足的要求方面都是相当清楚的。所以我会把你指向文件本身，它们可以让你对其中的内容有一个相当好的了解。而且每个同意令都有些许不同。
Paul up and do you talk to the regulators about the progress you're making in mortgage banking on a monthly basis or quarterly basis, semi-annual, or do you, do you present something at the end? How does the interaction with all regulators go? We talk to our regulators all the time, at all, at all parts of the company, at all levels of the company. And so, you know, you should, you should assume we're, we're actively engaged consistently with, with our regulators all the time. But the only thing I would add to that is, but again, you know, they're, they're, they're here, they're on site. We talk to them literally all the time.
保罗，你每月或季度与监管机构讨论你们在抵押银行业务方面的进展吗？半年一次？还是到最后的时候才汇报？和所有监管机构的互动是怎样的？我们与监管机构进行持续的沟通，不论是在公司的各个部门还是各个层级。所以，你应该可以假设我们始终与监管机构保持活跃的合作。但我只想补充一点，就是，他们就在这里，我们确实一直和他们交流。
Right. No, I understand that. But specifically related to the progress you're making. No, I don't want to. Just give me a second. We talk to them about everything. And given the importance of the consent orders, you can assume it's about the work that's going on in the underlying consent order. But having said all of that, what matters is the work that they do at the end of the consent order after we submit it to them. And so, you know, they can be up to speed on what we're doing. They can know how we feel about the progress that we're making. But at the, but when we submit a consent order to them, they come in and do their holistic review. And so that's really where their determination is made about whether or not it's done to their satisfaction. So again, that just gets to, you know, the question, you know, the reason why I want to be very careful about not drawing any conclusions from our view on our work or any interim comments we might get from them. What really matters is the holistic review that they do and the process that they go through internally in the regulatory organizations.
是的，不，我明白。但是特别与你们正在进行的进展有关。不，我不想要。稍等一下。我们和他们谈论一切。鉴于同意命令的重要性，你可以假设这是与底层同意命令相关的工作。但是说了这么多，最重要的是他们在我们提交同意命令后所做的工作。所以，他们可以了解我们正在做的工作进展情况。他们可以知道我们对进展的感受。但是，在我们提交同意命令后，他们会进行整体审查。所以，他们的决定主要是根据是否达到他们的满意程度。所以，我想非常谨慎地避免从我们对工作的看法或他们给予我们的任何临时评论中得出任何结论。真正重要的是他们进行的整体审查以及监管机构内部的过程。
Yeah. So that was part of my first question is, have you submitted anything yet on mortgage banking? We're not going to talk about that. I've said that over and over and over again.
是的。那就是我第一个问题的一部分，你是否已经提交了任何有关抵押银行业务的内容？我们不会讨论这个。我已经反复说过了。
All right. Thank you.
好的，谢谢。
Okay.
好的。
Okay. Thank you very much, everyone.
好的。非常感谢大家。
We appreciate the time and we'll talk to you all soon.
我们感谢大家抽出时间，很快我们会再和大家交流。