第九期【屹立不倒的摩根大通】

DAY 19 答案及原文

「答案」

（1）D

（2）C

（3）A

「聽力錄音」

「聽力原文」

Matthew: Good morning. So, I realize rate expectations can change quickly, but how do you think about managing the company in (1) a rate environment that follows the curve that's out there for three to four cuts? And you said earlier, you wouldn't cut back on technology, but are there other areas in expenses, do you think about managing the balance sheet and liquidity a little bit different?

早上好。所以，我意識到利率預期會很快發生變化，但你如何看待在一個利率環境下管理公司，這種環境遵循三到四次降息的曲線。你剛才說，你不會削減技術開支，但在支出方面還有其他方面嗎？你認為管理資產負債表和流動性有點不同嗎？

Jennifer: Sure. So, in terms of balance sheet management, we manage the balance sheet in both directions. It's a negatively convexed balance sheet. And so, (2) all else being equal, as rates are declining, we would naturally drift shorter, driven both by assets and liabilities. So, you would expect us to add duration, which we did this quarter, but we're not going to change the way we run the company because of the rate environment.

當然因此，在資產負債表管理方面，我們對資產負債表進行雙向管理，這是一個負凸的資產負債表因此，在其他條件不變的情況下，隨著利率的下降，我們自然會在資產和負債的雙重驅動下走低。所以，你會期望我們增加期限，我們在這個季度做了，但我們不會因為利率環境而改變我們經營公司的方式。

We're going to continue serving our clients, investing with discipline and managing the balance sheet across all dimensions, that being capital, liquidity and duration. And then, in terms of expenses, again, we're not going to change the way we run the company, because of an interest rate environment. And I'll just say again that the range of outcomes are very broad here. And so, if we end up with insurance cuts, it's a temporary headwind and if we end up with cuts in response to a broader economic slowdown, there will be a lot more to talk about, but, as Jamie always says, (3) we're not going to change the way we run the company because of the macro environment.

我們將繼續為我們的客戶服務，有紀律地進行投資，並管理資產負債表的所有方面，即資本、流動性和期限然後，在支出方面，我們不會因為利率環境而改變公司的經營方式。我只想再說一次，結果的範圍非常廣泛因此，如果我們最終削減保險，這只是暫時的逆風，如果我們最終削減保險以應對更大範圍的經濟放緩，將會有更多的話題要談，但是，正如傑米一直說的，我們不會因為宏觀環境而改變公司的運營方式。

That said, in a broader slowdown, obviously there are natural levers on our volume-related expenses and we re-decision a large part of our investment portfolio on an annual basis. We will always continue to invest in the things that we think are important, but we would have that opportunity, depending upon the opportunity, to take a look at that.

也就是說，在更大範圍的經濟放緩中，很明顯，我們的與交易量相關的支出存在天然槓桿，我們每年都會重新決定投資組合的很大一部分我們將繼續投資於我們認為重要的事情，但我們將有這個機會，視機會而定。

注意：原文下劃線部分為答案出處