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

「听力录音」

「听力原文」

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，我意识到利率预期会很快发生变化，但你如何看待在一个利率环境下管理公司，这种环境遵循三到四次降息的曲线。你刚才说，你不会削减技术开支，但在支出方面还有其他方面吗？你认为管理资产负债表和流动性有点不同吗？

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.

当然因此，在资产负债表管理方面，我们对资产负债表进行双向管理，这是一个负凸的资产负债表因此，在其他条件不变的情况下，随着利率的下降，我们自然会在资产和负债的双重驱动下走低。所以，你会期望我们增加期限，我们在这个季度做了，但我们不会因为利率环境而改变我们经营公司的方式。

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.

我们将继续为我们的客户服务，有纪律地进行投资，并管理资产负债表的所有方面，即资本、流动性和期限然后，在支出方面，我们不会因为利率环境而改变公司的经营方式。我只想再说一次，结果的范围非常广泛因此，如果我们最终削减保险，这只是暂时的逆风，如果我们最终削减保险以应对更大范围的经济放缓，将会有更多的话题要谈，但是，正如杰米一直说的，我们不会因为宏观环境而改变公司的运营方式。

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.

也就是说，在更大范围的经济放缓中，很明显，我们的与交易量相关的支出存在天然杠杆，我们每年都会重新决定投资组合的很大一部分我们将继续投资于我们认为重要的事情，但我们将有这个机会，视机会而定。

注意：原文下划线部分为答案出处