{"id":2058,"date":"2022-10-18T22:52:17","date_gmt":"2022-10-18T13:52:17","guid":{"rendered":"https:\/\/1up-life.blog\/?p=2058"},"modified":"2022-10-18T22:52:17","modified_gmt":"2022-10-18T13:52:17","slug":"%e3%82%a6%e3%82%a7%e3%83%ab%e3%82%ba%e3%83%bb%e3%83%95%e3%82%a1%e3%83%bc%e3%82%b4wfc2022%e5%b9%b4%e7%ac%ac3%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e%e4%bc%9a","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=2058","title":{"rendered":"\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4(WFC)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"<p>\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4(WFC)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n<p>\u6c7a\u7b97\u3082\u5e02\u5834\u4e88\u60f3\u8d8a\u3048\u3067\u826f\u3044\u611f\u3058\u3067\u3059\u306d\u3002\u682a\u4fa1\u3082\u4e0b\u304c\u3063\u3066\u304a\u308a\u3001\u91d1\u5229\u3082\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u8cb7\u3063\u3066\u3044\u304f\u306e\u3082\u30a2\u30ea\u304b\u3068\u601d\u3063\u3066\u307e\u3059\u3002<\/p>\n<div id=\"attachment_2059\" style=\"width: 1489px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2059\" class=\"wp-image-2059 size-full\" src=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/10\/WFC_2022-10-18_22-47-28.png\" alt=\"\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4(WFC)\u682a\u4fa1\" width=\"1479\" height=\"743\" srcset=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/10\/WFC_2022-10-18_22-47-28.png 1479w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/10\/WFC_2022-10-18_22-47-28-300x151.png 300w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/10\/WFC_2022-10-18_22-47-28-1024x514.png 1024w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/10\/WFC_2022-10-18_22-47-28-768x386.png 768w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/10\/WFC_2022-10-18_22-47-28-940x472.png 940w\" sizes=\"auto, (max-width: 1479px) 100vw, 1479px\" \/><p id=\"caption-attachment-2059\" class=\"wp-caption-text\">\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4(WFC)<\/p><\/div>\n<p class=\"hh hh3 main-bdr\"><span class=\"big\"><strong>\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4(WFC)2022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n<p>Call participants:<br \/>\nJohn Campbell &#8212; Director of Investor Relations<br \/>\nCharlie Scharf &#8212; Chief Executive Officer<br \/>\nMike Santomassimo &#8212; Chief Financial Officer<br \/>\nJohn McDonald &#8212; Autonomous Research &#8212; Analyst<br \/>\nScott Siefers &#8212; Piper Sandler &#8212; Analyst<br \/>\nKen Usdin &#8212; Jefferies &#8212; Analyst<br \/>\nEbrahim Poonawala &#8212; Bank of America Merrill Lynch &#8212; Analyst<br \/>\nJohn Pancari &#8212; Evercore ISI &#8212; Analyst<br \/>\nErika Najarian &#8212; UBS &#8212; Analyst<br \/>\nMatt OConnor &#8212; Deutsche Bank &#8212; Analyst<br \/>\nBetsy Graseck &#8212; Morgan Stanley &#8212; Analyst<br \/>\nCharles Peabody &#8212; Portales Partners &#8212; Analyst<br \/>\nVivek Juneja &#8212; JPMorgan Chase and Company &#8212; Analyst<br \/>\nGerard Cassidy &#8212; RBC Capital Markets &#8212; Analyst<br \/>\nMore WFC analysis<\/p>\n<p>2022\u5e7410\u670814\u65e5\u5348\u524d10\u664200\u5206\uff08\u7c73\u56fd\u6771\u90e8\u6642\u9593\uff09<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3088\u3046\u3053\u305d\u3001\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b42022\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30fb\u30b3\u30fc\u30eb\u306b\u3054\u53c2\u52a0\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002[\u672c\u65e5\u306e\u304a\u96fb\u8a71\u306f\u9332\u97f3\u3055\u308c\u3066\u304a\u308a\u307e\u3059\u306e\u3067\u3001\u3054\u4e86\u627f\u304f\u3060\u3055\u3044\u3002\u305d\u308c\u3067\u306f\u3001IR\u62c5\u5f53\u30c7\u30a3\u30ec\u30af\u30bf\u30fc\u306e\u30b8\u30e7\u30f3\u30fb\u30ad\u30e3\u30f3\u30d9\u30eb\u306b\u96fb\u8a71\u3092\u304a\u7e4b\u304e\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u4f1a\u8b70\u3092\u59cb\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30ad\u30e3\u30f3\u30d9\u30eb &#8212; 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&#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u3084\u3042\u3001\u30b8\u30e7\u30f3\u3002\u30b8\u30e7\u30f3\u3001\u30c1\u30e3\u30fc\u30ea\u30fc\u3067\u3059\u3002\u7686\u3055\u3093\u3082\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u4f1a\u8a08\u4e0a\u306e\u30eb\u30fc\u30eb\u3068\u3057\u3066\u3001\u3044\u3064\u767a\u751f\u3055\u305b\u308b\u304b\u306f\u975e\u5e38\u306b\u660e\u78ba\u3067\u3001\u4e00\u822c\u7684\u306b\u306f\u3001\u4f55\u304b\u3092\u77e5\u3063\u3066\u3044\u308b\u3068\u304d\u3001\u3042\u308b\u3044\u306f\u4f55\u304b\u304c\u8d77\u3053\u308a\u305d\u3046\u3060\u3068\u611f\u3058\u3066\u3044\u308b\u3068\u304d\u3001\u305d\u3057\u3066\u305d\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3068\u304d\u306b\u3001\u898b\u7a4d\u3082\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u307e\u3067\u7533\u3057\u4e0a\u3052\u3066\u304d\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3001\u5927\u304d\u306a\u584a\u306b\u306a\u308b\u3082\u306e\u3001\u91cd\u5927\u306a\u3082\u306e\u306b\u306a\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u3082\u306e\u304c\u3042\u308b\u3053\u3068\u3092\u3001\u3068\u3066\u3082\u3068\u3066\u3082\u900f\u660e\u306b\u3057\u3066\u304a\u3053\u3046\u3068\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u3067\u304d\u308b\u9650\u308a\u65e9\u304f\u4e8b\u614b\u3092\u53ce\u62fe\u3059\u308b\u3053\u3068\u304c\u3001\u79c1\u305f\u3061\u306e\u6700\u5584\u306e\u5229\u76ca\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u4ed5\u4e8b\u3060\u3051\u3067\u306a\u304f\u3001\u3053\u3046\u3057\u305f\u3053\u3068\u304c\u3082\u305f\u3089\u3059\u8ca1\u52d9\u7684\u306a\u5f71\u97ff\u306b\u3064\u3044\u3066\u3082\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3057\u3088\u3046\u3068\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>John McDonald &#8212; Autonomous Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u304b\u3002\u305d\u308c\u304b\u3089\u3001\u7b2c4\u56db\u534a\u671f\u306e\u55b6\u696d\u5916\u8cbb\u7528\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u4eca\u671f\u306e1,210\u4e07\u30c9\u30eb\u304b\u30891,230\u4e07\u30c9\u30eb\u306b\u5f15\u304d\u4e0a\u3052\u3089\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u306e\u80cc\u666f\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u5b63\u7bc0\u6027\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u7b2c4\u56db\u534a\u671f\u3092\u8d77\u70b9\u3068\u3057\u3066\u3001\u6765\u5e74\u306e\u5e74\u7387\u63db\u7b97\u3092\u958b\u59cb\u3059\u308b\u3068\u8003\u3048\u3066\u3088\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u7b2c4\u56db\u534a\u671f\u304b\u3089\u6765\u5e74\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u5834\u5408\u3001\u3069\u306e\u3088\u3046\u306a\u3053\u3068\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30e7\u30f3\u3002\u7b2c3\u56db\u534a\u671f\u304b\u3089\u7b2c4\u56db\u534a\u671f\u3078\u306e\u5909\u5316\u306b\u3064\u3044\u3066\u306f\u3001\u5b63\u7bc0\u7684\u306a\u3082\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u904e\u53bb\u306b\u9061\u3063\u3066\u307f\u308b\u3068\u3001\u5e74\u672b\u306b\u767a\u751f\u3057\u305f\u69d8\u3005\u306a\u9805\u76ee\u304c\u7b2c4\u56db\u534a\u671f\u306b\u96c6\u4e2d\u3059\u308b\u305f\u3081\u3001\u305d\u308c\u4ee5\u5916\u306e\u8a71\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e74\u521d\u306b\u8a08\u753b\u3057\u305f\u52b9\u7387\u5316\u306b\u3064\u3044\u3066\u306f\u3001\u5f15\u304d\u7d9a\u304d\u9806\u8abf\u306b\u9032\u3093\u3067\u3044\u307e\u3059\u306e\u3067\u3001\u3053\u306e\u6570\u5b57\u306b\u3082\u53cd\u6620\u3055\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u30022023\u5e74\u306b\u3064\u3044\u3066\u306f\u3001\u30c1\u30e3\u30fc\u30ea\u30fc\u304c\u767a\u8a00\u3057\u305f\u3088\u3046\u306b\u30011\u6708\u306b\u3082\u3063\u3068\u8a73\u3057\u304f\u8aac\u660e\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002<\/p>\n<p>John McDonald &#8212; Autonomous Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u52b9\u7387\u6027\u3068\u3001\u9577\u671f\u7684\u306a\u76ee\u6a19\u306b\u5bfe\u3059\u308b\u76f8\u5bfe\u7684\u306a\u4f4d\u7f6e\u3065\u3051\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u5e45\u5e83\u3044\u30b3\u30e1\u30f3\u30c8\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u304c\u6253\u3061\u51fa\u3057\u305f\u8a08\u753b\u901a\u308a\u306b\u9032\u3093\u3067\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u30022022\u5e74\u306b\u7d0433\u5104\u30c9\u30eb\u306e\u30a4\u30f3\u30d1\u30af\u30c8\u3092\u3082\u305f\u3089\u3059\u3068\u8a00\u3044\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u901a\u308a\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u3068\u79c1\u304c\u4f55\u5ea6\u3082\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u307e\u3060\u7d42\u308f\u3063\u3066\u3044\u307e\u305b\u3093\u3057\u3001\u30c1\u30e3\u30f3\u30b9\u306f\u307e\u3060\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u4e88\u7b97\u7de8\u6210\u306e\u904e\u7a0b\u3067\u305d\u3046\u3044\u3046\u8a71\u3092\u3057\u306a\u304c\u3089\u3001\u3069\u3053\u306b\u3082\u3063\u3068\u30c1\u30e3\u30f3\u30b9\u304c\u3042\u308b\u306e\u304b\u3001\u30bf\u30de\u30cd\u30ae\u3092\u307b\u3058\u304f\u308a\u8fd4\u3057\u3066\u3044\u308b\u3068\u3053\u308d\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u30d7\u30ed\u30b0\u30e9\u30e0\u306f\u4eca\u5f8c\u3082\u9032\u5316\u3057\u7d9a\u3051\u308b\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u307e\u3060\u52b9\u7387\u6027\u3092\u9ad8\u3081\u308b\u30c1\u30e3\u30f3\u30b9\u304c\u3042\u308b\u3068\u611f\u3058\u3066\u3044\u307e\u3059\u3057\u3001\u79c1\u305f\u3061\u304c\u63d0\u793a\u3057\u305f\u76ee\u6a19\u306b\u5411\u3051\u3066\u9806\u8abf\u306b\u9032\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u591a\u304f\u306e\u4eba\u304c\u8003\u3048\u3066\u3044\u308b\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306e\u7acb\u5834\u304b\u3089\u3059\u308b\u3068\u3001\u524d\u56db\u534a\u671f\u306b\u304a\u8a71\u3057\u3057\u305f\u3088\u3046\u306a\u3001\u65b0\u3057\u3044\u8003\u3048\u65b9\u306f\u4f55\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u6765\u671f\u306e\u7d42\u308f\u308a\u306b\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u30b5\u30a4\u30af\u30eb\u3092\u901a\u3058\u306615%\u306e\u6301\u7d9a\u53ef\u80fd\u6027\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u9053\u7b4b\u3084ROTCE\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u969b\u306b\u306f\u3001\u6765\u5e74\u306e\u898b\u901a\u3057\u3082\u542b\u3081\u3066\u3001\u8cbb\u7528\u306b\u3064\u3044\u3066\u3088\u308a\u5177\u4f53\u7684\u306b\u304a\u8a71\u3057\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u6642\u70b9\u3067\u3001\u79c1\u305f\u3061\u306f\u4e88\u7b97\u7de8\u6210\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u7d42\u3048\u3066\u3044\u308b\u306f\u305a\u3067\u3059\u3002\u305d\u306e\u6642\u70b9\u3067\u3001\u79c1\u305f\u3061\u306f\u4e88\u7b97\u7de8\u6210\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u7d42\u3048\u3066\u304a\u308a\u3001\u3059\u3079\u3066\u306e\u640d\u76ca\u3092\u7406\u89e3\u3057\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u8a71\u3059\u306e\u306b\u6700\u9069\u306a\u72b6\u614b\u306b\u306a\u3063\u3066\u3044\u308b\u306f\u305a\u3067\u3059\u3002<\/p>\n<p>John McDonald &#8212; Autonomous Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002OK\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b21\u306e\u8cea\u554f\u306f\u3001Piper Sandler\u306eScott Siefers\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30b3\u30c3\u30c8\u30fb\u30b7\u30fc\u30d5\u30a1\u30fc\u30b9 &#8212; \u30d1\u30a4\u30d1\u30fc\u30fb\u30b5\u30f3\u30c9\u30e9\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002NII\u306b\u3064\u3044\u3066\u5e83\u304f\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002FRB\u304c\u5229\u4e0a\u3052\u3092\u3084\u3081\u305f\u5f8c\u3001NII\u306e\u30e2\u30e1\u30f3\u30bf\u30e0\u3092\u3069\u306e\u3088\u3046\u306b\u3001\u307e\u305f\u3069\u306e\u7a0b\u5ea6\u306e\u671f\u9593\u7dad\u6301\u3067\u304d\u308b\u306e\u304b\u3001\u5e83\u304f\u8b70\u8ad6\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30de\u30a4\u30af\u30fb\u30b5\u30f3\u30c8\u30de\u30c3\u30b7\u30e2 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u7d4c\u6e08\u72b6\u6cc1\u3001\u30ed\u30fc\u30f3\u306e\u4f38\u3073\u3001\u9810\u91d1\u6b8b\u9ad8\u306e\u72b6\u6cc1\u306a\u3069\u3001\u6b63\u78ba\u306a\u7b54\u3048\u3092\u51fa\u3059\u306b\u306f\u591a\u304f\u306e\u3053\u3068\u304c\u5fc5\u8981\u3067\u3059\u3002\u305f\u3060\u3072\u3068\u3064\u3060\u3051\u3001\u3053\u306e\u554f\u984c\u3092\u8003\u3048\u308b\u306b\u3042\u305f\u3063\u3066\u7559\u610f\u3057\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u306e\u306f\u3001\u9810\u91d1\u306e\u4fa1\u683c\u8a2d\u5b9a\u306b\u30bf\u30a4\u30e0\u30e9\u30b0\u304c\u751f\u3058\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u524d\u56de\u306e\u30b5\u30a4\u30af\u30eb\u3067\u3082\u305d\u3046\u3067\u3057\u305f\u3057\u3001\u4eca\u56de\u3082\u305d\u3046\u3067\u3057\u3087\u3046\u3002FRB\u304c\u5229\u4e0a\u3052\u3092\u4e2d\u6b62\u3059\u308b\u3068\u3001\u9810\u91d1\u91d1\u5229\u304c\u4e0a\u6607\u3092\u6b62\u3081\u308b\u307e\u3067\u306b\u30bf\u30a4\u30e0\u30e9\u30b0\u304c\u751f\u3058\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u3054\u304f\u666e\u901a\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u4e88\u60f3\u3055\u308c\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u6642\u306eNII\u5168\u4f53\u3068\u306e\u95a2\u9023\u3067\u8a00\u3048\u3070\u3001\u305d\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u306f\u591a\u304f\u306e\u4eee\u5b9a\u304c\u5fc5\u8981\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u3053\u3053\u6570\u65e5\u3067\u3055\u3048\u3082\u3001\u79c1\u305f\u3061\u304c\u898b\u3066\u304d\u305f\u3088\u3046\u306b\u3001\u3053\u308c\u3089\u306e\u4e88\u60f3\u306e\u3044\u304f\u3064\u304b\u306f\u9032\u5316\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089 &#8212; \u3057\u304b\u3057\u3001\u305d\u306e\u3053\u3068\u3092\u8003\u3048\u308b\u969b\u306b\u306f\u3001\u9810\u91d1\u306e\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u30e9\u30b0\u3092\u5ff5\u982d\u306b\u7f6e\u3044\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Scott Siefers &#8212; Piper Sandler &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u3046\u3067\u3059\u306d\u3002\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u307e\u3059\u306d\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u7b2c3\u56db\u534a\u671f\u306b20\u5104\u30c9\u30eb\u3092\u8a08\u4e0a\u3057\u305f\u80cc\u666f\u306b\u306f\u3001\u30a6\u30a7\u30eb\u30ba\u304c\u3059\u3067\u306b\u8a08\u4e0a\u3057\u305f\u591a\u984d\u306e\u8cbb\u7528\u3092\u8003\u3048\u308b\u3068\u3001\u73fe\u6642\u70b9\u3067\u306f\u4f55\u304c\u3053\u306e\u640d\u5931\u3092\u62bc\u3057\u4e0a\u3052\u3001\u4f55\u304c\u3053\u306e\u5148\u3082\u62bc\u3057\u4e0a\u3052\u7d9a\u3051\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u3053\u308c\u3089\u306e\u554f\u984c\u304c\u767a\u751f\u3057\u305f\u3068\u304d\u3001\u3042\u306a\u305f\u65b9\u306f\u5b9f\u969b\u306b\u305d\u3053\u306b\u3044\u305f\u308f\u3051\u3067\u306f\u306a\u3044\u3001\u3068\u3044\u3046\u3053\u3068\u3092\u524d\u63d0\u306b\u304a\u805e\u304d\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u9577\u5e74\u306b\u308f\u305f\u3063\u3066\u9ad8\u6c34\u6e96\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u4f55\u304c\u3053\u306e\u6c34\u6e96\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u6c17\u306b\u306a\u308b\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u30b9\u30b3\u30c3\u30c8\u3001\u3053\u3061\u3089\u306f\u30c1\u30e3\u30fc\u30ea\u30fc\u3067\u3059\u3002\u30de\u30a4\u30af\u3082\u9060\u616e\u306a\u304f\u767a\u8a00\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u79c1\u305f\u3061\u304c\u904e\u53bb\u306b\u767a\u8a00\u3057\u305f\u3053\u3068\u3001\u307e\u305f\u958b\u793a\u3057\u305f\u5185\u5bb9\u3092\u8abf\u3079\u3066\u307f\u308b\u3068\u3001\u904e\u53bb\u306b\u95a2\u9023\u3059\u308b\u672a\u89e3\u6c7a\u306e\u898f\u5236\u4e8b\u9805\u304c\u307e\u3060\u6b8b\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u4e00\u9023\u306e\u554f\u984c\u306b\u95a2\u9023\u3059\u308b\u8a34\u8a1f\u3082\u62b1\u3048\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u591a\u304f\u306f\u958b\u793a\u8cc7\u6599\u3067\u30ab\u30d0\u30fc\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u79c1\u305f\u3061\u304c\u524d\u9032\u3092\u7d9a\u3051\u3001\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u74b0\u5883\u3092\u69cb\u7bc9\u3057\u3066\u3044\u304f\u4e2d\u3067\u3001\u904e\u53bb\u306e\u74b0\u5883\u306b\u95a2\u9023\u3059\u308b\u3082\u306e\u3092\u81ea\u3089\u767a\u898b\u3057\u3001\u305d\u308c\u3092\u662f\u6b63\u3057\u3066\u3044\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u7d4c\u55b6\u9762\u3067\u3082\u8ca1\u52d9\u9762\u3067\u3082\u3001\u3067\u304d\u308b\u9650\u308a\u65e9\u304f\u7d42\u308f\u3089\u305b\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u4f1a\u8a08\u306e\u30eb\u30fc\u30eb\u3067\u306f\u3001\u3069\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u8cbb\u7528\u3092\u8a08\u4e0a\u3059\u308b\u306e\u304c\u9069\u5207\u304b\u306f\u6c7a\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u9a5a\u3044\u3066\u3044\u307e\u305b\u3093\u3002\u9a5a\u3044\u3066\u3044\u306a\u3044\u3001\u3068\u3044\u3046\u306e\u306f\u3001\u79c1\u305f\u3061\u304c\u305d\u306e\u8cbb\u7528\u3092\u8ca0\u62c5\u3059\u308b\u306e\u304c\u5acc\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u304c\u7f6e\u304b\u308c\u3066\u3044\u308b\u7acb\u5834\u306f\u73fe\u5b9f\u7684\u306a\u3082\u306e\u3067\u3001\u3053\u308c\u3089\u306e\u3053\u3068\u3092\u5f8c\u56de\u3057\u306b\u3057\u3001\u3053\u308c\u304c\u7d42\u308f\u308a\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u767a\u8a00\u306e\u4e2d\u3067\u660e\u78ba\u306b\u3057\u3088\u3046\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u3001\u6b8b\u3063\u3066\u3044\u308b\u3059\u3079\u3066\u306e\u3053\u3068\u3092\u3067\u304d\u308b\u3060\u3051\u65e9\u304f\u7247\u4ed8\u3051\u3066\u3057\u307e\u3044\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Scott Siefers &#8212; Piper Sandler &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3067\u3059\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002\u305d\u3057\u3066\u3001\u5168\u4f53\u3068\u3057\u3066\u3082\u3046\u3072\u3068\u3064\u3002\u3053\u306e\u3088\u3046\u306a\u30b3\u30b9\u30c8\u3084\u8cbb\u7528\u304c\u767a\u751f\u3057\u3066\u3082\u3001\u79c1\u305f\u3061\u306f\u57fa\u790e\u3068\u306a\u308b\u30d3\u30b8\u30cd\u30b9\u3078\u306e\u6295\u8cc7\u3092\u78ba\u5b9f\u306b\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u30c1\u30e3\u30fc\u30ea\u30fc\u306e\u767a\u8a00\u3067\u3082\u5c11\u3057\u89e6\u308c\u307e\u3057\u305f\u304c\u3001\u5fc5\u8981\u306a\u3068\u3053\u308d\u306b\u306f\u4eba\u3092\u52a0\u3048\u3001\u5fc5\u8981\u306a\u3068\u3053\u308d\u306b\u306f\u80fd\u529b\u3092\u9ad8\u3081\u3066\u3044\u304f\u3053\u3068\u3092\u5fb9\u5e95\u3057\u3066\u3044\u304b\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3053\u308c\u307e\u3067\u306b\u3082\u3001\u305d\u3046\u3057\u305f\u6a5f\u4f1a\u306b\u3064\u3044\u3066\u3044\u304f\u3064\u304b\u304a\u8a71\u3057\u3057\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u79c1\u305f\u3061\u306f\u3001\u4f1a\u793e\u306e\u53ce\u76ca\u529b\u3092\u3055\u3089\u306b\u5411\u4e0a\u3055\u305b\u308b\u305f\u3081\u306b\u3001\u52b9\u7387\u5316\u306e\u8ab2\u984c\u3092\u5b9f\u884c\u3059\u308b\u3068\u540c\u6642\u306b\u3001\u305d\u3046\u3057\u305f\u53d6\u308a\u7d44\u307f\u3082\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Scott Siefers &#8212; Piper Sandler &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u308c\u306f\u52a9\u304b\u308a\u307e\u3059\u3002OK\u3067\u3059\u3002\u5b8c\u74a7\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u904b\u55b6\u8005<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30b8\u30a7\u30d5\u30ea\u30fc\u30ba\u306e\u30b1\u30f3\u30fb\u30a6\u30b9\u30c7\u30a3\u30f3\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>Ken Usdin &#8212; Jefferies &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30c1\u30e3\u30fc\u30ea\u30fc\u3068\u30de\u30a4\u30af\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30c1\u30e3\u30fc\u30ea\u30fc\u3055\u3093\u3001\u30de\u30a4\u30af\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30c1\u30e3\u30fc\u30ea\u30fc\u3055\u3093\u3001\u4e0d\u78ba\u5b9f\u306a\u74b0\u5883\u4e0b\u3067\u306e\u8cc7\u672c\u4fdd\u8b77\u306b\u3064\u3044\u3066\u306e\u30b3\u30e1\u30f3\u30c8\u306b\u3064\u3044\u3066\u3001\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002CCAR\u306e\u8a71\u306b\u623b\u308a\u307e\u3059\u304c\u3001\u8cb4\u793e\u306f\u591a\u304f\u306e\u4f59\u5270\u8cc7\u91d1\u3068\u67d4\u8edf\u6027\u3092\u6301\u3063\u3066\u3044\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u306d\u3002<\/p>\n<p>CET1\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306b\u3001\u3069\u306e\u3088\u3046\u306b\u63a8\u79fb\u3059\u308b\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u74b0\u5883\u4e0b\u3067\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u898b\u8fbc\u307f\u306f\u3069\u3046\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u3088\u3046\u306a\u74b0\u5883\u4e0b\u3067\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u3053\u3068\u306f\u3001\u3069\u306e\u3088\u3046\u306a\u610f\u5473\u3092\u6301\u3064\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u3068\u3082\u3001\u305f\u3060\u30d3\u30eb\u30c9\u30a4\u30f3\u3057\u3066\u3001\u305d\u308c\u3092\u7dad\u6301\u3057\u3001\u4fdd\u8b77\u3059\u308b\u3088\u3046\u306a\u74b0\u5883\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u307e\u305a\u306f\u79c1\u304c\u3001\u305d\u3057\u3066\u30c1\u30e3\u30fc\u30ea\u30fc\u304c\u4f55\u304b\u4ed8\u3051\u52a0\u3048\u308c\u3070\u3044\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306e\u8003\u3048\u65b9\u306f\u3001\u524d\u56db\u534a\u671f\u304b\u3089\u3042\u307e\u308a\u5909\u308f\u3063\u3066\u3044\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u3053\u304b\u3089\u69cb\u7bc9\u3059\u308b\u5fc5\u8981\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u898f\u5236\u4e0a\u306e\u6700\u4f4e\u57fa\u6e96\u3068\u30d0\u30c3\u30d5\u30a1\u30fc\u3092\u5408\u308f\u305b\u3066110\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u30af\u30c3\u30b7\u30e7\u30f3\u3092\u78ba\u4fdd\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306a\u74b0\u5883\u4e0b\u3067\u306f\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u3044\u3064\u3001\u3069\u306e\u3088\u3046\u306b\u884c\u3046\u304b\u306b\u3064\u3044\u3066\u3001\u5f15\u304d\u7d9a\u304d\u614e\u91cd\u3067\u3042\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u7b2c3\u56db\u534a\u671f\u3092\u8003\u3048\u3066\u307f\u3066\u3082\u3001\u7b2c4\u56db\u534a\u671f\u306e\u6700\u5f8c\u306e3\u9031\u9593\u3001\u305d\u3057\u3066\u6700\u521d\u306e\u6570\u65e5\u9593\u3067\u3055\u3048\u3001\u304b\u306a\u308a\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u767a\u751f\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u6bce\u671f\u3001\u30ea\u30b9\u30af\u3068\u6a5f\u4f1a\u3092\u898b\u6975\u3081\u3001\u8ce2\u304f\u7ba1\u7406\u3059\u308b\u305f\u3081\u306e\u8a08\u7b97\u3092\u884c\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u308c\u304b\u3089\u3082\u3046\u3072\u3068\u3064\u4ed8\u3051\u52a0\u3048\u308b\u3068\u3059\u308c\u3070\u3001Mike\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u4f1a\u793e\u306e\u53ce\u76ca\u529b\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u306b\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5b9f\u969b\u306b\u898b\u3048\u3066\u3044\u308b\u3053\u3068\u3092\u3082\u3068\u306b\u5c06\u6765\u3092\u898b\u636e\u3048\u305f\u3068\u304d\u3001\u79c1\u305f\u3061\u306f\u73fe\u5728\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u975e\u5e38\u306b\u9ad8\u304f\u8a55\u4fa1\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u8cc7\u672c\u3092\u7ba1\u7406\u3059\u308b\u969b\u306b\u306f\u3001\u79c1\u305f\u3061\u306e\u5468\u308a\u306b\u3042\u308b\u30ea\u30b9\u30af\u3092\u5341\u5206\u306b\u8a8d\u8b58\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002AOCI\u306e\u5909\u52d5\u306f\u79c1\u305f\u3061\u306e\u591a\u304f\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5730\u653f\u5b66\u7684\u306a\u30ea\u30b9\u30af\u3082\u3042\u308a\u3001\u4f55\u304b\u304c\u5f15\u304d\u91d1\u306b\u306a\u3063\u3066\u3001\u6700\u7d42\u7684\u306b\u7d4c\u6e08\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u3059\u3079\u3066\u3001\u79c1\u305f\u3061\u304c\u73fe\u5728\u7f6e\u304b\u308c\u3066\u3044\u308b\u72b6\u6cc1\u3092\u8003\u3048\u308b\u3068\u3001\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u4fdd\u5b88\u7684\u3067\u3042\u308b\u3088\u308a\u3082\u3080\u3057\u308d\u4fdd\u5b88\u7684\u306b\u306a\u308b\u3079\u304d\u7406\u7531\u306a\u306e\u3067\u3059\u3002\u3053\u308c\u3089\u306e\u3053\u3068\u3068\u3001\u79c1\u305f\u3061\u81ea\u8eab\u306e\u554f\u984c\u3092\u5408\u308f\u305b\u3066\u8003\u3048\u308b\u3068\u3001\u3053\u308c\u3089\u306e\u3053\u3068\u304c\u3069\u3046\u306a\u308b\u304b\u69d8\u5b50\u3092\u898b\u3088\u3046\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3059\u3002\u305d\u308c\u304c\u3001\u4eca\u306e\u74b0\u5883\u3067\u306f\u3001\u304a\u305d\u3089\u304f\u6700\u3082\u826f\u3044\u8cc7\u672c\u306e\u4f7f\u3044\u65b9\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>Ken Usdin &#8212; Jefferies &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u7d9a\u3044\u3066\u3001\u4ed6\u306e\u8cc7\u672c\u306e\u4f7f\u3044\u9053\u306b\u3064\u3044\u3066\u8cea\u554f\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u4eca\u671f\u306f\u30ea\u30b6\u30fc\u30d6\u3092\u5c11\u3057\u5897\u3084\u3057\u307e\u3057\u305f\u304c\u3001\u3088\u308a\u5927\u304d\u306a\u4e0d\u78ba\u5b9f\u6027\u304c\u751f\u3058\u308b\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u8a00\u53ca\u3055\u308c\u3066\u3044\u307e\u3059\u306d\u3002\u4e88\u5099\u8cbb\u306e\u30b7\u30ca\u30ea\u30aa\u30a6\u30a8\u30a4\u30c8\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u307e\u305f\u3001\u30c1\u30e3\u30fc\u30ea\u30fc\u3055\u3093\u306e\u3054\u767a\u8a00\u3067\u306f\u3001\u4e8b\u614b\u306f\u597d\u8ee2\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u597d\u8ee2\u3059\u308b\u304b\u306f\u4e0d\u660e\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u305f\u3002<\/p>\n<p>\u307e\u305f\u3001\u6f5c\u5728\u7684\u306a\u640d\u5931\u306b\u5bfe\u3059\u308b\u8003\u3048\u65b9\u304c\u3069\u306e\u3088\u3046\u306b\u5909\u308f\u3063\u305f\u306e\u304b\u3001\u3069\u306e\u3088\u3046\u306b\u3059\u308c\u3070\u3001\u5f15\u5f53\u91d1\u306b\u3068\u3063\u3066\u3069\u306e\u3088\u3046\u306a\u610f\u5473\u3092\u6301\u3064\u306e\u304b\u3001\u3088\u308a\u3088\u304f\u7406\u89e3\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u308c\u306f\u7b54\u3048\u308b\u306e\u304c\u96e3\u3057\u3044\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u304c\u5f15\u5f53\u91d1\u3092\u8a2d\u5b9a\u3059\u308b\u969b\u306b\u306f\u3001CECL\u306e\u8a08\u7b97\u3067\u4ed6\u306e\u3059\u3079\u3066\u306e\u4eba\u304c\u884c\u3063\u3066\u3044\u308b\u306e\u3068\u540c\u3058\u3053\u3068\u3092\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u79c1\u305f\u3061\u306e\u4fe1\u7528\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u4e00\u9023\u306e\u5909\u6570\u306b\u4f55\u304c\u8d77\u3053\u308b\u304b\u306b\u3064\u3044\u3066\u3001\u7d4c\u6e08\u5b66\u8005\u306e\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u3001\u7d4c\u6e08\u7684\u306b\u99c6\u52d5\u3059\u308b\u4e00\u9023\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u691c\u8a0e\u3057\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u304c\u7f6e\u304b\u308c\u3066\u3044\u308b\u74b0\u5883\u306b\u5fdc\u3058\u3066\u3001\u305d\u308c\u3089\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u3069\u306e\u3088\u3046\u306a\u91cd\u307f\u4ed8\u3051\u3092\u3059\u308b\u306e\u304c\u9069\u5207\u304b\u3092\u691c\u8a0e\u3057\u3001\u30e2\u30c7\u30eb\u304b\u3089\u3055\u307e\u3056\u307e\u306a\u7d50\u679c\u3092\u5c0e\u304d\u51fa\u3057\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u3055\u307e\u3056\u307e\u306a\u8981\u7d20\u304c\u7d61\u307f\u5408\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u80cc\u5f8c\u306b\u3042\u308b\u306e\u306f\u591a\u304f\u306e\u5146\u5019\u3067\u3059\u304c\u3001\u3053\u308c\u3089\u306e\u3053\u3068\u3092\u3069\u3046\u8a55\u4fa1\u3059\u308b\u304b\u3001\u30e2\u30c7\u30eb\u304c\u6700\u7d42\u7684\u306b\u6b63\u3057\u3044\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u5224\u65ad\u3082\u305d\u306e\u4e0a\u306b\u4e57\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u76f8\u5bfe\u7684\u306a\u57fa\u6e96\u3067\u3001\u305f\u3060\u7269\u4e8b\u306e\u8003\u3048\u65b9\u3068\u3057\u3066\u3001\u69cb\u7bc9\u3067\u304d\u308b\u7bc4\u56f2\u3067\u306f\u3001\u4fdd\u5b88\u7684\u3067\u3042\u3063\u3066\u3082\u3088\u3044\u3001\u305d\u3046\u3042\u308d\u3046\u3068\u3059\u308b\u306e\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u306f\u304b\u306a\u308a\u516c\u5f0f\u7684\u306a\u3082\u306e\u3067\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u4eca\u65e5\u3053\u3053\u3067\u7533\u3057\u4e0a\u3052\u305f\u3044\u306e\u306f\u3001\u79c1\u305f\u3061\u304c\u60f3\u5b9a\u3057\u3066\u3044\u308b\u306e\u306f&#8230;&#8230;\u8a00\u3044\u65b9\u3092\u5909\u3048\u308c\u3070\u3001\u305d\u3046\u3044\u3046\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u74b0\u5883\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u30b3\u30e1\u30f3\u30c8\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u30b7\u30ca\u30ea\u30aa\u306e\u91cd\u307f\u4ed8\u3051\u306b\u53cd\u6620\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u306f&#8230;&#8230;\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3053\u3053\u6570\u56db\u534a\u671f\u306f\u3001\u30c0\u30a6\u30f3\u30b5\u30a4\u30c9\u30b7\u30ca\u30ea\u30aa\u306b\u304b\u306a\u308a\u5927\u304d\u306a\u30a6\u30a7\u30a4\u30c8\u3092\u304a\u3044\u3066\u304a\u308a\u3001\u305d\u308c\u306f\u5909\u308f\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u6570\u5e74\u524d\u306eCOVID\u306e\u3068\u304d\u306b\u69cb\u7bc9\u3057\u305f\u3082\u306e\u3092\u898b\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002\u73fe\u5728\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u305d\u306e\u3068\u304d\u306b\u4f5c\u3063\u305f\u3082\u306e\u3092\u3059\u3079\u3066\u30ea\u30ea\u30fc\u30b9\u3057\u305f\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001Charlie\u304c\u8a71\u3057\u305f\u3088\u3046\u306a\u3053\u3068\u306f\u3059\u3079\u3066\u3001\u3053\u306e\u4f1a\u8a71\u306e\u4e2d\u306b\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u306f\u307e\u3060\u3001\u81ea\u5206\u305f\u3061\u304c\u7f6e\u304b\u308c\u3066\u3044\u308b\u72b6\u6cc1\u304c\u975e\u5e38\u306b\u5fc3\u5730\u3088\u304f\u611f\u3058\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>Ken Usdin &#8212; Jefferies &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5206\u304b\u308a\u307e\u3057\u305f\u3002\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002\u305f\u3060\u3072\u3068\u3064\u3060\u3051\u306f\u3063\u304d\u308a\u3055\u305b\u3066\u304a\u304d\u305f\u3044\u306e\u306f\u3001\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306f &#8212; \u5c06\u6765\u3092\u898b\u901a\u3059\u3053\u3068\u304c\u5fc5\u8981\u306a\u306e\u3067 &#8212; \u3069\u306e\u3088\u3046\u306a\u7d50\u679c\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u306e\u304b\u3001\u975e\u5e38\u306b\u73fe\u5b9f\u7684\u3067\u3042\u308d\u3046\u3068\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u540c\u6642\u306b\u3001\u4e16\u306e\u4e2d\u306e\u30ea\u30b9\u30af\u306e\u30ec\u30d9\u30eb\u306b\u3064\u3044\u3066\u79c1\u305f\u3061\u306e\u898b\u65b9\u304c\u60aa\u304f\u306a\u308c\u3070\u3001\u305d\u308c\u306f\u5909\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u8cc7\u672c\u306e\u8a71\u306b\u623b\u308a\u307e\u3059\u304c\u3001\u3053\u308c\u304c\u3059\u3079\u3066\u640d\u76ca\u8a08\u7b97\u66f8\u3092\u901a\u3058\u3066\u884c\u308f\u308c\u308b\u306e\u306f\u5947\u5999\u306a\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u30ec\u30d9\u30eb\u3067\u306f\u3001\u4e88\u6e2c\u306f\u56f0\u96e3\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u89b3\u70b9\u3067\u306f\u3001\u30ea\u30b6\u30fc\u30d6\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u65b9\u6cd5\u3068\u8cc7\u672c\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u65b9\u6cd5\u306f\u3001\u307b\u3068\u3093\u3069\u540c\u3058\u3067\u3059\u3002<\/p>\n<p>Ken Usdin &#8212; \u30b8\u30a7\u30d5\u30ea\u30fc\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306e\u30a8\u30d6\u30e9\u30d2\u30e0\u30fb\u30d7\u30fc\u30ca\u30ef\u30e9\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>Ebrahim Poonawala &#8212; Bank of America Merrill Lynch &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30af\u30ec\u30b8\u30c3\u30c8\u306b\u3064\u3044\u3066\u7c21\u5358\u306b\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u89b3\u70b9\u3067\u30011\u3064\u306f\u3001\u7279\u306b\u3069\u306e\u3088\u3046\u306a\u5206\u91ce\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u904e\u53bb\u306b\u81ea\u52d5\u8eca\u30ed\u30fc\u30f3\u306e\u5f31\u70b9\u306b\u3064\u3044\u3066\u304a\u8a71\u304c\u3042\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5185\u3067\u3001\u4e0e\u4fe1\u306b\u3072\u3073\u304c\u5165\u3063\u305f\u308a\u3001\u65b0\u898f\u878d\u8cc7\u306b\u5c11\u3057\u614e\u91cd\u306b\u306a\u3063\u3066\u3044\u308b\u3088\u3046\u306a\u5206\u91ce\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u30c1\u30e3\u30fc\u30ea\u30fc\u304b\u30de\u30a4\u30af\u304b\u3089\u3001C&amp;I\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u91d1\u878d\u30b9\u30dd\u30f3\u30b5\u30fc\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u305d\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306b\u5bfe\u3059\u308b\u5b89\u5fc3\u611f\u3084\u3001\u4eca\u5f8c\u6570\u56db\u534a\u671f\u306b\u6e21\u3063\u3066\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u9ad8\u3081\u308b\u3088\u3046\u306a\u3053\u3068\u304c\u306a\u3044\u304b\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u304a\u305d\u3089\u304f\u6700\u5f8c\u306e\u90e8\u5206\u304b\u3089\u59cb\u3081\u3088\u3046\u3068\u601d\u3044\u307e\u3059\u3002\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30fb\u30d6\u30ea\u30c3\u30b8\u306e\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u30d6\u30ea\u30c3\u30b8\u30fb\u30d6\u30c3\u30af\u306e\u3053\u3068\u3067\u3059\u304b\uff1f\u5f53\u56db\u534a\u671f\u306e\u5f71\u97ff\u3068\u3044\u3046\u70b9\u3067\u306f\u975e\u5e38\u306b\u5c0f\u3055\u3044\u306e\u3067\u3001\u5f53\u56db\u534a\u671f\u306b\u4f55\u304b\u91cd\u8981\u306a\u3053\u3068\u304c\u3042\u3063\u305f\u3068\u3044\u3046\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3082\u3046\u5c11\u3057\u5e83\u304f\u30af\u30ec\u30b8\u30c3\u30c8\u306b\u95a2\u9023\u3059\u308b\u3053\u3068\u3067\u3059\u304c\u3001\u307b\u3068\u3093\u3069\u306e\u5834\u5408\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u975e\u5e38\u306b\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u307e\u3059\u306d\uff1f\u30b3\u30de\u30fc\u30b7\u30e3\u30eb\u30fb\u30d0\u30f3\u30af\u3092\u898b\u308b\u3068\u3001\u9867\u5ba2\u306f\u5e73\u5747\u3057\u3066\u975e\u5e38\u306b\u826f\u3044\u72b6\u614b\u306b\u3042\u308a\u307e\u3059\u3057\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30a4\u30f3\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\u30fb\u30d0\u30f3\u30af\u3067\u3082\u540c\u69d8\u3067\u3059\u3002<\/p>\n<p>\u6d88\u8cbb\u8005\u91d1\u878d\u306e\u5206\u91ce\u3067\u306f\u3001\u30c1\u30e3\u30fc\u30ea\u30fc\u304c\u6307\u6458\u3057\u305f\u3088\u3046\u306b\u3001\u591a\u304f\u306e\u5065\u5168\u6027\u6307\u6a19\u304c\u4f9d\u7136\u3068\u3057\u3066\u975e\u5e38\u306b\u826f\u597d\u3067\u3059\u3002\u7d44\u7e54\u7684\u306a\u30b9\u30c8\u30ec\u30b9\u306f\u898b\u3089\u308c\u307e\u305b\u3093\u3002\u78ba\u304b\u306b\u3001\u79c1\u305f\u3061\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5927\u90e8\u5206\u3092\u5360\u3081\u308b\u4f4e\u6240\u5f97\u8005\u5c64\u3084\u5bcc\u88d5\u5c64\u306b\u306f\u3001\u3082\u3046\u5c11\u3057\u30b9\u30c8\u30ec\u30b9\u304c\u3042\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u5168\u4f53\u3068\u3057\u3066\u3001\u3053\u308c\u307e\u3067\u306e\u3068\u3053\u308d\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u975e\u5e38\u306b\u826f\u597d\u3067\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u30a8\u30d6\u30e9\u30d2\u30e0\u3001\u79c1\u305f\u3061\u306f&#8230;&#8230;\u5378\u58f2\u308a\u306e\u5206\u91ce\u3067\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u654f\u611f\u306a\u696d\u754c\u3092\u8abf\u3079\u308b\u3053\u3068\u306b\u591a\u304f\u306e\u6642\u9593\u3092\u8cbb\u3084\u3057\u3066\u3044\u307e\u3059\u3002\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u3067\u304d\u308b\u9650\u308a\u5148\u624b\u3092\u6253\u3063\u3066\u3001\u554f\u984c\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u304c\u3001\u975e\u5e38\u306b\u524d\u5411\u304d\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u308b\u3068\u3053\u308d\u3067\u3059\u3002\u6d88\u8cbb\u8005\u5074\u306b\u3064\u3044\u3066\u306f\u3001\u73fe\u5728\u8abf\u67fb\u4e2d\u3067\u3059\u3002\u30b9\u30c8\u30ec\u30b9\u306e\u5146\u5019\u3092\u63a2\u3059\u305f\u3081\u306b\u3001\u6301\u3063\u3066\u3044\u308b\u60c5\u5831\u3092\u3059\u3079\u3066\u6d17\u3044\u51fa\u3057\u3066\u3044\u308b\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>\u3082\u3057\u898f\u6a21\u3092\u5927\u304d\u304f\u5909\u66f4\u3057\u305f\u5834\u5408\u3001\u4e00\u90e8\u306e\u652f\u6255\u3044\u7387\u306b\u306f\u3054\u304f\u308f\u305a\u304b\u306a\u5f71\u97ff\u3057\u304b\u51fa\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6570\u56db\u534a\u671f\u524d\u306b\u4f4e\u4fa1\u683c\u5e2f\u306e\u6d88\u8cbb\u8005\u3078\u306e\u5f71\u97ff\u304c\u898b\u3089\u308c\u307e\u3057\u305f\u304c\u3001\u305d\u308c\u306f\u79c1\u305f\u3061\u304c\u8003\u3048\u3066\u3044\u305f\u307b\u3069\u65e9\u304f\u306f\u9032\u884c\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u4f55\u3082\u8003\u3048\u3066\u3044\u306a\u3044\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u3053\u3053\u306b\u5ea7\u308a\u3001FRB\u306b\u8033\u3092\u50be\u3051\u3001\u305d\u306e\u8a00\u8449\u901a\u308a\u306b\u53d7\u3051\u6b62\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3060\u304b\u3089\u4e8b\u614b\u306f\u30b9\u30ed\u30fc\u30c0\u30a6\u30f3\u3059\u308b\u3067\u3057\u3087\u3046\u304c\u3001\u79c1\u305f\u3061\u306f\u614e\u91cd\u3092\u671f\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u552f\u4e00 &#8212; \u6700\u5f8c\u306b\u7533\u3057\u4e0a\u3052\u305f\u3044\u306e\u306f\u3001\u4e00\u90e8\u306e\u88fd\u54c1\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u7aef\u306e\u307b\u3046\u3092\u5f15\u304d\u7de0\u3081\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3082\u614e\u91cd\u3092\u671f\u3059\u305f\u3081\u3067\u3001\u8907\u6570\u306e\u30ea\u30b9\u30af\u5c64\u304c\u3042\u308b\u9ad8\u30ea\u30b9\u30af\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3082\u3042\u308a\u307e\u3059\u3002\u3069\u306e\u88fd\u54c1\u3082\u751f\u7523\u91cf\u306e\u5927\u304d\u306a\u90e8\u5206\u3092\u5360\u3081\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u5f71\u97ff\u3092\u53d7\u3051\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u4eba\u305f\u3061\u306b\u5bfe\u3057\u3066\u8ce2\u304f\u5bfe\u5fdc\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u540c\u6642\u306b\u3001\u5e02\u5834\u306b\u53c2\u5165\u3057\u3001\u4fe1\u7528\u3092\u63d0\u4f9b\u3057\u7d9a\u3051\u308b\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>Ebrahim Poonawala &#8212; Bank of America Merrill Lynch &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002C&amp;I\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3064\u3044\u3066\u3001\u9280\u884c\u3092\u9664\u304f\u91d1\u878d\u6a5f\u95a2\u306b\u5bfe\u3059\u308b\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u958b\u793a\u306b\u8a00\u53ca\u3057\u305f\u306e\u3067\u3059\u304c\u3001\u305d\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u3002\u30a2\u30bb\u30c3\u30c8\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u3084\u4e0d\u52d5\u7523\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u304c\u3001\u91d1\u5229\u4e0a\u6607\u306e\u74b0\u5883\u4e0b\u3067\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u304c\u3069\u306e\u3088\u3046\u306b\u6301\u3061\u3053\u305f\u3048\u308b\u304b\u306b\u3064\u3044\u3066\u4e0d\u78ba\u5b9f\u6027\u304c\u3042\u308b\u4e2d\u3067\u3001\u4f55\u304b\u5fc3\u914d\u3059\u308b\u3088\u3046\u306a\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u305d\u308c\u304c\u3001\u79c1\u304c\u8a00\u3044\u305f\u304b\u3063\u305f\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u30de\u30a4\u30af\u30fb\u30b5\u30f3\u30c8\u30de\u30c3\u30b7\u30e2 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3059\u307f\u307e\u305b\u3093\u3002\u305d\u3046\u306a\u3093\u3067\u3059\u3002Q\u3092\u3054\u89a7\u3044\u305f\u3060\u3051\u308c\u3070\u3001\u3053\u308c\u3089\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u5185\u8a33\u304c\u304a\u308f\u304b\u308a\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u73fe\u6642\u70b9\u3067\u306f\u3001\u8cc7\u7523\u62c5\u4fdd\u91d1\u878d\u306e\u5206\u91ce\u3067\u3082\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u91d1\u878d\u306e\u5206\u91ce\u3067\u3082\u3001\u3059\u3079\u3066\u975e\u5e38\u306b\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u7279\u306b\u6307\u6458\u3059\u308b\u3088\u3046\u306a\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>Ebrahim Poonawala &#8212; Bank of America Merrill Lynch &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001Evercore ISI\u306eJohn Pancari\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30d1\u30f3\u30ab\u30ea &#8212; \u30a8\u30d0\u30fc\u30b3\u30a2ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u52b9\u7387\u6027\u306b\u3064\u3044\u3066\u306f\u3001\u307e\u3060\u304b\u306a\u308a\u306e\u6539\u5584\u306e\u4f59\u5730\u304c\u3042\u308b\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u306d\u3002\u305d\u306e\u4e0a\u3067\u3001\u7dcf\u30b3\u30b9\u30c8\u306e\u524a\u6e1b\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u4eca\u5e74\u306e1\u6708\u306b\u3001\u76ee\u6a19\u309280\u5104\u30c9\u30eb\u304b\u3089100\u5104\u30c9\u30eb\u306b\u5f15\u304d\u4e0a\u3052\u305f\u3053\u3068\u306f\u77e5\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6570\u5b57\u304c\u3001\u76ee\u306e\u524d\u306b\u3042\u308b\u3059\u3079\u3066\u306e\u6a5f\u4f1a\u3092\u8003\u616e\u3057\u305f\u7d50\u679c\u3001\u3055\u3089\u306b\u4e0a\u6607\u3059\u308b\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u30b8\u30e7\u30f3\u30011\u6708\u306b\u306f\u3082\u3063\u3068\u8a73\u3057\u3044\u30ac\u30a4\u30c0\u30f3\u30b9\u3084\u60c5\u5831\u958b\u793a\u3092\u884c\u3046\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u5177\u4f53\u7684\u306a\u767a\u8a00\u306f\u305d\u3061\u3089\u306b\u8b72\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u305f\u3060\u3001\u3053\u308c\u307e\u3067\u7533\u3057\u4e0a\u3052\u3066\u304d\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u52b9\u7387\u5316\u306e\u65c5\u3092\u7d42\u3048\u3066\u306f\u3044\u307e\u305b\u3093\u3002\u76ee\u306e\u524d\u306b\u3042\u308b\u3053\u3068\u3092\u5b9f\u884c\u3057\u306a\u304c\u3089\u3001\u4f1a\u793e\u306e\u307b\u3068\u3093\u3069\u306e\u90e8\u5206\u3067\u3088\u308a\u591a\u304f\u306e\u6a5f\u4f1a\u3092\u898b\u3064\u3051\u7d9a\u3051\u3066\u3044\u308b\u306e\u3067\u3001\u4eca\u5f8c\u3082\u9032\u5316\u3057\u7d9a\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>John Pancari &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3001Mike\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3044\u304f\u3089\u304b\u306e\u8ffd\u52a0\u7684\u306a\u4e0b\u65b9\u5727\u529b\u304c\u3042\u308b\u3068\u306e\u3053\u3068\u3067\u3057\u305f\u306d\u3002\u7b2c4\u56db\u534a\u671f\u306b\u4e88\u60f3\u3055\u308c\u308b\u4e0b\u843d\u5e45\u306f\u3069\u306e\u7a0b\u5ea6\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u6d88\u8cbb\u8005\u91d1\u878d\u306e\u30bb\u30b0\u30e1\u30f3\u30c8\u3067\u306f\u3001\u30e2\u30fc\u30b2\u30fc\u30b8\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u306e\u53ce\u76ca\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u5f53\u56db\u534a\u671f\u3067\u306f2\u5104\u30c9\u30eb\u5f37\u306b\u3059\u304e\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u6bd4\u8f03\u7684\u5927\u304d\u306a\u5272\u5408\u306e\u6e1b\u5c11\u3067\u3042\u3063\u3066\u3082\u3001\u6700\u8fd1\u306e\u7a3c\u50cd\u7387\u3092\u8003\u3048\u308b\u3068\u3001\u304b\u306a\u308a\u5c0f\u3055\u306a\u91d1\u984d\u306e\u6e1b\u5c11\u306b\u904e\u304e\u307e\u305b\u3093\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u3053\u306e\u56db\u534a\u671f\u306b\u4f55\u304c\u8d77\u3053\u3063\u305f\u304b\u3092\u898b\u3066\u307f\u308b\u3068\u3001\u304a\u305d\u3089\u304f7\u6708\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u3088\u308a\u3082\u5c11\u3057\u826f\u304f\u306a\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u30028\u6708\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u4e88\u60f3\u3088\u308a\u5c11\u3057\u826f\u304b\u3063\u305f\u306e\u3067\u3059\u304c\u30019\u6708\u306b\u306f\u5143\u306b\u623b\u308a\u307e\u3057\u305f\u306e\u3067\u3001\u3053\u306e\u72b6\u614b\u304c\u7d9a\u304f\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u591a\u5c11\u306e\u4e0b\u632f\u308c\u306f\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u73fe\u6642\u70b9\u3067\u306f\u304b\u306a\u308a\u4f4e\u3044\u6c34\u6e96\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>John Pancari &#8212; Evercore ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3082\u30461\u3064\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u3064\u3044\u3066\u88dc\u8db3\u3057\u3066\u304a\u304d\u307e\u3059\u304c\u3001\u3059\u3067\u306b\u6307\u6458\u3055\u308c\u3066\u3044\u305f\u3089\u3059\u307f\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u30d7\u30e9\u30b9\u6b8b\u9ad8\u3078\u306e\u5727\u529b\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u5229\u4e0a\u3052\u306e\u5f71\u97ff\u304c\u7d9a\u304f\u4e2d\u3067\u3001\u9810\u91d1\u6b8b\u9ad8\u304c\u3055\u3089\u306b\u6e1b\u5c11\u3059\u308b\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u3069\u3046\u8003\u3048\u308b\u3079\u304d\u304b\u3001\u304a\u8a71\u3057\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u4e00\u3064\u306f\u3001\u4ee5\u524d\u304b\u3089\u7533\u3057\u4e0a\u3052\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u3053\u308c\u304b\u3089\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3044\u304f\u3060\u308d\u3046\u3068\u601d\u3044\u307e\u3059\u3002\u91d1\u5229\u304c\u4e0a\u6607\u3057\u7d9a\u3051\u308b\u306e\u3067\u3001\u4fa1\u683c\u3082\u4e0a\u304c\u3063\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u3002\u305d\u3057\u3066\u3001\u9810\u91d1\u306b\u3064\u3044\u3066\u306f\u3001\u73fe\u5728\u306e\u74b0\u5883\u3092\u8003\u3048\u308c\u3070\u3001\u3069\u308c\u3082\u5f53\u7136\u306e\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u5bcc\u88d5\u5c64\u5411\u3051\u30d3\u30b8\u30cd\u30b9\u304c\u6700\u3082\u5927\u304d\u304f\u6e1b\u5c11\u3057\u3066\u304a\u308a\u3001\u3053\u308c\u306f\u9867\u5ba2\u304c\u3088\u308a\u5229\u56de\u308a\u306e\u9ad8\u3044\u73fe\u91d1\u4ee3\u66ff\u7269\u306b\u79fb\u884c\u3057\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u3088\u308a\u5e83\u7bc4\u306a\u5206\u91ce\u3067\u3001\u9867\u5ba2\u304c\u73fe\u91d1\u306b\u79fb\u884c\u3057\u3066\u304a\u308a\u3001\u9810\u91d1\u304b\u3089\u79fb\u884c\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u73fe\u91d1\u4ee3\u66ff\u7269\u3082\u5927\u5e45\u306b\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u305d\u306e\u4e00\u90e8\u3067\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u3053\u306e\u672c\u306e\u6b8b\u308a\u306e\u90e8\u5206\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u6d88\u8cbb\u8005\u30b5\u30a4\u30c9\u3067\u898b\u3089\u308c\u308b\u306e\u306f\u3001\u591a\u304f\u306e\u6d88\u8cbb\u3067\u3059\u3002\u79c1\u305f\u3061\u304b\u3089\u6d88\u8cbb\u8005\u304c\u96e2\u308c\u3066\u3044\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3057\u3001\u305d\u3046\u3044\u3046\u52d5\u304d\u3082\u5c11\u3057\u306f\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u672c\u5f53\u306b\u6d88\u8cbb\u8005\u304c\u5916\u3067\u6d88\u8cbb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u3044\u304f\u3064\u304b\u306e\u9867\u5ba2\u306f\u4ed6\u306e\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u306b\u79fb\u884c\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u591a\u304f\u306e\u9867\u5ba2\u306f\u307e\u3060\u73fe\u91d1\u3067\u5f53\u793e\u306b\u7559\u307e\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u5f8c\u3001\u3055\u3089\u306b\u6e1b\u5c11\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30f3\u30fb\u30d1\u30f3\u30ab\u30ea &#8212; \u30a8\u30d0\u30fc\u30b3\u30a2ISI &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002OK\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3001Mike\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306fUBS\u306e\u30a8\u30ea\u30ab\u30fb\u30ca\u30b8\u30e3\u30ea\u30a2\u30f3\u304b\u3089\u3067\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3001\u304a\u5b22\u3055\u3093<\/p>\n<p>\u30a8\u30ea\u30ab\u30fb\u30ca\u30b8\u30e3\u30ea\u30a2\u30f3 &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7d4c\u8cbb\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u3072\u3068\u3064\u8cea\u554f\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u4eca\u65e5\u306e\u5e02\u5834\u3067\u306f\u3001\u4e2d\u6838\u7684\u306a\u8cbb\u7528\u304c\u4e88\u60f3\u901a\u308a\u3067\u3042\u308b\u9650\u308a\u3001\u5e02\u5834\u306f\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u640d\u5931\u62e1\u5927\u3092\u898b\u8d8a\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u3068\u30de\u30a4\u30af\u306f\u3001\u6765\u5e74\u5ea6\u306e\u4e88\u7b97\u7de8\u6210\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u5e02\u5834\u3067\u306f\u3001\u5f53\u521d\u306e13\u5104\u30c9\u30eb\u3068\u3044\u3046\u4e88\u60f3\u304b\u3089\u5916\u308c\u3066\u3082\u3001\u55b6\u696d\u640d\u5931\u304c\u6539\u5584\u3057\u3001\u4eca\u5f8c\u306e\u8cbb\u7528\u6539\u5584\u306b\u5f37\u304f\u5bc4\u4e0e\u3059\u308b\u3068\u898b\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u305f\u3060\u3001\u4e88\u7b97\u7de8\u6210\u3092\u8003\u3048\u308b\u4e0a\u3067\u3001\u4e2d\u6838\u90e8\u9580\u306b\u95a2\u3059\u308b\u8abf\u6574\u3092\u5f15\u304d\u7d9a\u304d\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3064\u307e\u308a\u3001\u30b3\u30a2\u306e\u524a\u6e1b\u3092&#8230;<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u55b6\u696d\u640d\u5931\u3001\u3042\u308b\u3044\u306f\u55b6\u696d\u640d\u5931\u3092\u9664\u3044\u305f\u8cbb\u7528\u3001\u30a8\u30ea\u30ab\u3055\u3093\uff1f<\/p>\n<p>\u30a8\u30ea\u30ab\u30fb\u30ca\u30b8\u30e3\u30ea\u30a2\u30f3 &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u55b6\u696d\u640d\u5931\u3092\u9664\u3044\u305f\u8cbb\u7528\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u3001\u55b6\u696d\u640d\u5931\u304c\u5f53\u521d\u306e13\u5104\u30c9\u30eb\u304b\u3089\u5927\u5e45\u306b\u6e1b\u5c11\u3059\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u4e2d\u6838\u3068\u306a\u308b\u90e8\u5206\u306b\u3064\u3044\u3066\u3001\u5f15\u304d\u7d9a\u304d\u691c\u8a0e\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; 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Najarian &#8212; UBS &#8212; 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&#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3067\u306f\u3001\u307e\u305a1\u3064\u76ee\u3067\u3059\u3002\u5f53\u793e\u306eQ\u3067\u306f\u3001\u7d4c\u6e08\u30b7\u30ca\u30ea\u30aa\u3092\u52a0\u91cd\u5e73\u5747\u3057\u3066\u3001\u3044\u304f\u3064\u304b\u306e\u30c7\u30fc\u30bf\u30dd\u30a4\u30f3\u30c8\uff08\u5931\u696d\u7387\u3082\u305d\u306e\u4e00\u3064\u3067\u3059\uff09\u3092\u63d0\u793a\u3057\u3066\u3044\u307e\u3059\u30026\u6708\u672b\u6642\u70b9\u3067\u306f\u3001\u52a0\u91cd\u3055\u308c\u305f &#8212; \u5b9f\u306f\u6b63\u3057\u3044\u6570\u5024\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u4eca\u5e74\u672b\u306e\u6570\u5024\u306f4.1%\u3067\u30012023\u5e74\u672b\u306b\u306f6%\u306b\u4e0a\u6607\u3057\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u7b2c3\u56db\u534a\u671f\u3068Q\u306b\u306a\u3063\u305f\u3089\u3001\u305d\u308c\u3092\u3082\u3068\u306b\u66f4\u65b0\u3057\u307e\u3059\u30022\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u304c\u30012\u3064\u76ee\u306e&#8230;&#8230;2\u3064\u76ee\u306e\u90e8\u5206\u3092\u3082\u3046\u4e00\u5ea6\u304a\u9858\u3044\u3067\u304d\u307e\u3059\u304b\uff1f\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>Erika Najarian &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u9810\u91d1\u30d9\u30fc\u30bf\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u30012023\u5e74\u306b\u5411\u3051\u3066FRB\u306e\u8cc7\u91d1\u898b\u901a\u3057\u3092100\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u8ffd\u52a0\u3057\u307e\u3057\u305f\u304c\u3001\u7d2f\u7a4d\u9810\u91d1\u30d9\u30fc\u30bf\u306b\u3064\u3044\u3066\u306e\u8003\u3048\u65b9\u306b\u5909\u5316\u306f\u3042\u308a\u307e\u3057\u305f\u304b\uff1f<\/p>\n<p>\u30de\u30a4\u30af\u30fb\u30b5\u30f3\u30c8\u30de\u30c3\u30b7\u30e2 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3053\u308c\u307e\u3067\u306e\u3068\u3053\u308d\u3001\u3053\u306e\u30b5\u30a4\u30af\u30eb\u3067\u306f\u3001\u30d9\u30fc\u30bf\u306f\u79c1\u305f\u3061\u304c\u4e88\u60f3\u3057\u305f\u3068\u304a\u308a\u306b\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002\u91d1\u5229\u304c\u4e0a\u6607\u3057\u7d9a\u3051\u308c\u3070\u3001\u30d9\u30fc\u30bf\u3082\u4e0a\u6607\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3057\u3001\u305d\u308c\u306f\u3053\u306e\u74b0\u5883\u306b\u5165\u308b\u524d\u306b\u884c\u3063\u305f\u5206\u6790\u7d50\u679c\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u3060\u304b\u3089&#8230;&#8230;\u305d\u308c\u306f\u4e88\u60f3\u3055\u308c\u305f\u3053\u3068\u306a\u3093\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3082\u3057\u91d1\u5229\u304c\u5f53\u521d\u8003\u3048\u3066\u3044\u305f\u3088\u308a\u3082\u3055\u3089\u306b\u4e0a\u6607\u3059\u308b\u306a\u3089\u3001\u30d9\u30fc\u30bf\u3082\u305d\u308c\u306b\u3064\u308c\u3066\u4e0a\u6607\u3057\u7d9a\u3051\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u307b\u307c\u79c1\u305f\u3061\u306e\u8003\u3048\u3066\u3044\u305f\u3068\u304a\u308a\u306e\u5c55\u958b\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Erika Najarian &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306e\u30de\u30c3\u30c8\u30fb\u30aa\u30b3\u30ca\u30fc\u304b\u3089\u3067\u3059\u3002\u30e9\u30a4\u30f3\u306f\u958b\u3044\u3066\u3044\u307e\u3059<\/p>\n<p>Matt OConnor &#8212; Deutsche Bank &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u91d1\u5229\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u306b\u3064\u3044\u3066\u3001\u73fe\u5728\u306e\u3088\u3046\u306a\u91d1\u5229\u6c34\u6e96\u3067\u56fa\u5b9a\u5316\u3059\u308b\u304b\u3069\u3046\u304b\u3001\u3069\u306e\u3088\u3046\u306a\u3053\u3068\u304c\u4e88\u60f3\u3055\u308c\u308b\u304b\u3001\u3042\u308b\u3044\u306f\u91d1\u5229\u4f4e\u4e0b\u306e\u53ef\u80fd\u6027\u304b\u3089\u3069\u306e\u3088\u3046\u306b\u8eab\u3092\u5b88\u308d\u3046\u3068\u8003\u3048\u3066\u3044\u308b\u304b\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u304b\u3001\u6700\u65b0\u60c5\u5831\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3001\u79c1\u305f\u3061\u306f\u307e\u3060\u8cc7\u7523\u306b\u654f\u611f\u306a\u306e\u3067\u3001\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3082\u305d\u306e\u6069\u6075\u3092\u53d7\u3051\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3054\u6307\u6458\u306e\u3088\u3046\u306b\u3001\u307b\u3068\u3093\u3069\u306e\u9280\u884c\u306f\u4eca\u65e5\u306e\u3053\u3068\u3060\u3051\u3067\u306a\u304f\u3001\u91d1\u5229\u304c\u30d4\u30fc\u30af\u306b\u9054\u3057\u3001\u518d\u3073\u4e0b\u304c\u308b\u3068\u304d\u306e\u3053\u3068\u3082\u8003\u3048\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u5468\u56f2\u306e\u671f\u5f85\u3082\u304b\u306a\u308a\u5927\u304d\u304f\u5909\u5316\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u78ba\u304b\u306b\u7b2c2\u56db\u534a\u671f\u4ee5\u964d\u3001\u305d\u3057\u3066\u7b2c3\u56db\u534a\u671f\u304b\u3089\u73fe\u5728\u306b\u81f3\u308b\u307e\u3067\u3001\u305d\u306e\u671f\u5f85\u306f\u5927\u304d\u304f\u5909\u5316\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u3053\u306e\u554f\u984c\u306b\u3064\u3044\u3066\u3001\u307e\u305f\u91d1\u5229\u304c\u4f4e\u4e0b\u3057\u59cb\u3081\u305f\u3068\u304d\u306b\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u4e00\u90e8\u3092\u3069\u306e\u3088\u3046\u306b\u4fdd\u8b77\u3057\u305f\u3044\u306e\u304b\u306b\u3064\u3044\u3066\u3001\u591a\u304f\u306e\u6642\u9593\u3092\u8cbb\u3084\u3057\u3066\u8003\u3048\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u4eca\u306e\u3068\u3053\u308d\u3001\u91cd\u8981\u306a\u3053\u3068\u306f\u4f55\u3082\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>Matt OConnor &#8212; Deutsche Bank &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc\u306e\u30d9\u30c3\u30c4\u30a3\u30fc\u30fb\u30b0\u30e9\u30bb\u30c3\u30af\u304b\u3089\u3067\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Betsy Graseck &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>Betsy Graseck &#8212; Morgan Stanley &#8212; Analyst<\/p>\n<p>2\u3064\u8cea\u554f\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u30021\u3064\u306f\u3001\u30ed\u30fc\u30f3\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u7dcf\u8cc7\u7523\u3084\u7dcf\u53ce\u76ca\u8cc7\u7523\u306b\u5360\u3081\u308b\u5272\u5408\u304cGFC\u4ee5\u524d\u306e\u6c34\u6e96\u306b\u9054\u3057\u306a\u3044\u3068\u3044\u3046\u5236\u7d04\u304c\u3042\u308b\u3053\u3068\u3092\u8a8d\u8b58\u3057\u305f\u4e0a\u3067\u3001\u8cc7\u7523\u67a0\u306e\u7bc4\u56f2\u5185\u3067\u30ed\u30fc\u30f3\u3092\u4f38\u3070\u3059\u4f59\u5730\u304c\u3042\u3068\u3069\u308c\u304f\u3089\u3044\u3042\u308b\u306e\u304b\u3001\u3069\u3046\u8003\u3048\u308c\u3070\u3044\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u3082\u3046\u305a\u3044\u3076\u3093\u524d\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u878d\u8cc7\u6b8b\u9ad8\u3092\u5897\u3084\u3059\u305f\u3081\u306b\u3069\u306e\u7a0b\u5ea6\u306e\u4f59\u88d5\u304c\u3042\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f<\/p>\n<p>\u30de\u30a4\u30af\u30fb\u30b5\u30f3\u30c8\u30de\u30c3\u30b7\u30e2 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u30d9\u30c3\u30c4\u30a3\u30fc\u3001\u524d\u56db\u534a\u671f\u3067\u3082\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306b\u306f\u6210\u9577\u3057\u7d9a\u3051\u3001\u9867\u5ba2\u306e\u305f\u3081\u306b\u5b58\u5728\u3057\u7d9a\u3051\u308b\u4f59\u5730\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u305f\u3081\u306b\u3082\u3063\u3068\u80fd\u529b\u3092\u9ad8\u3081\u308b\u5fc5\u8981\u304c\u3042\u308b\u3068\u601d\u3048\u3070\u3001\u3044\u3064\u3067\u3082\u5f15\u304d\u51fa\u305b\u308b\u30ec\u30d0\u30fc\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u79c1\u305f\u3061\u306f\u9867\u5ba2\u306e\u305f\u3081\u306b\u5b58\u5728\u3057\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u30ed\u30fc\u30f3\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7279\u5b9a\u306e\u90e8\u5206\u306b\u3064\u3044\u3066\u306f\u3001\u5e38\u306b\u81ea\u7531\u88c1\u91cf\u3067\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>Betsy Graseck &#8212; \u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u304b\u3089\u3001AOCI\u306e\u30d7\u30eb\u30a2\u30c3\u30d7\u306e\u90e8\u5206\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3069\u308c\u304f\u3089\u3044\u306e\u6642\u9593\u3092\u304b\u3051\u3066\u30e2\u30c7\u30eb\u306b\u5165\u308c\u308b\u3079\u304d\u304b\u3001\u611f\u899a\u7684\u306b\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3069\u306e\u7a0b\u5ea6 &#8212; \u3069\u306e\u90e8\u5206\u306b\u6642\u9593\u304c\u304b\u304b\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Betsy Graseck &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u6c34\u9762\u4e0b\u306eAFS\u30d6\u30c3\u30af\u3067\u3059\u306d\uff1f\u3082\u3057\u30ec\u30fc\u30c8\u304c3Q\u672b\u3067\u6a2a\u3070\u3044\u3060\u3063\u305f\u5834\u5408\u3001\u3042\u306a\u305f\u306f&#8230;<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>AOCI\u306f\u3044\u3064\u304b\u3089\u8a08\u4e0a\u3055\u308c\u308b\u306e\u3067\u3059\u304b\uff1f<\/p>\n<p>Betsy Graseck &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002AOCI\u3092\u53d6\u308a\u623b\u3059\u306b\u306f\u3069\u308c\u304f\u3089\u3044\u306e\u6642\u9593\u304c\u304b\u304b\u308a\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30de\u30a4\u30af\u30fb\u30b5\u30f3\u30c8\u30de\u30c3\u30b7\u30e2 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3057\u3070\u3089\u304f\u6642\u9593\u304c\u304b\u304b\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u7686\u3055\u3093\u306f&#8230;&#8230;\u524d\u306b\u3082\u304a\u8a71\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u524d\u56db\u534a\u671f\u306b\u8a71\u984c\u306b\u306a\u3063\u305f\u3070\u304b\u308a\u3067\u3001\u4e88\u60f3\u3082\u3042\u307e\u308a\u5909\u308f\u3063\u3066\u3044\u307e\u305b\u3093\u3057\u3001\u5143\u306b\u623b\u308b\u306b\u306f\u3057\u3070\u3089\u304f\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u50b5\u5238\u306e\u6e80\u671f\u304c\u77ed\u304f\u306a\u308b\u306b\u3064\u308c\u3066\u30011\u5e74\u3054\u3068\u306b\u3086\u3063\u304f\u308a\u3068\u623b\u3063\u3066\u304f\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>Betsy Graseck &#8212; Morgan Stanley &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u3046\u3067\u3059\u306d\u3002\u305f\u3060\u6c17\u306b\u306a\u3063\u305f\u306e\u306f\u3001\u4ed6\u306e\u4f1a\u793e\u3067\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u518d\u7de8\u6210\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u306e\u3092\u898b\u3066\u3001\u30d8\u30c3\u30b8\u3092\u304b\u3051\u3066\u3044\u308c\u3070\u305d\u306e\u30da\u30fc\u30b9\u304c\u5909\u308f\u3063\u305f\u306e\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u4f55\u304b\u30d2\u30f3\u30c8\u304c\u306a\u3044\u304b\u3068\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u304c\u3001\u306a\u3044\u3088\u3046\u3067\u3059\u3002\u305d\u3046\u3067\u3059\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306f\u30dd\u30fc\u30bf\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30ba\u306e\u30c1\u30e3\u30fc\u30eb\u30ba\u30fb\u30d4\u30fc\u30dc\u30c7\u30a3\u3067\u3059\u3002\u304a\u7e4b\u304e\u3057\u307e\u3059<\/p>\n<p>\u30c1\u30e3\u30fc\u30eb\u30ba\u30fb\u30d4\u30fc\u30dc\u30c7\u30a3 &#8212; \u30dd\u30fc\u30bf\u30ec\u30b9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u9810\u91d1\u306e\u30d9\u30fc\u30bf\u7248\u306b\u95a2\u3059\u308b\u8cea\u554f\u306e\u88dc\u8db3\u3092\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3054\u5b58\u3058\u306e\u3088\u3046\u306b\u3001\u8ca1\u52d9\u7701\u306fTBAC\u59d4\u54e1\u4f1a\u306b\u76f8\u8ac7\u3057\u3001\u56fd\u50b5\u306e\u8cb7\u3044\u623b\u3057\u306b\u3064\u3044\u3066\u52a9\u8a00\u3092\u5f97\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3053\u3068\u304c\u6d41\u52d5\u6027\u306e\u6d41\u308c\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u304b\u3001\u3064\u307e\u308a\u3001\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306b\u6d41\u5165\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u305d\u306e\u7d50\u679c\u3001\u6765\u5e74\u306e\u9810\u91d1\u30d9\u30fc\u30bf\u524d\u63d0\u306b\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u304b\u3001\u3042\u306a\u305f\u306e\u8003\u3048\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30de\u30a4\u30af\u30fb\u30b5\u30f3\u30c8\u30de\u30c3\u30b7\u30e2 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u539f\u56e0\u3068\u5f71\u97ff\u3001\u305d\u3057\u3066\u305d\u308c\u304c\u9810\u91d1\u30d9\u30fc\u30bf\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u306f\u3001\u672c\u5f53\u306b\u7b54\u3048\u306b\u304f\u3044\u8cea\u554f\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3068\u3044\u3046\u306e\u3082\u3001\u3082\u3057\u305d\u308c\u304c\u5b9f\u73fe\u3059\u308c\u3070\u3001\u9810\u91d1\u30ec\u30d9\u30eb\u3001\u3072\u3044\u3066\u306f\u9810\u91d1\u30d9\u30fc\u30bf\u3092\u9577\u671f\u7684\u306b\u4e88\u6e2c\u3059\u308b\u4e0a\u3067\u3001\u3055\u307e\u3056\u307e\u306a\u8981\u56e0\u306e\u3072\u3068\u3064\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u306e\u6642\u70b9\u3067\u306f\u3001\u305d\u306e\u80cc\u5f8c\u306b\u3042\u308b\u8a08\u7b97\u3092\u3057\u3088\u3046\u3068\u306f\u601d\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>Charles Peabody &#8212; Portales Partners &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3057\u304b\u3057\u3001\u5c11\u306a\u304f\u3068\u3082\u3001\u6b63\u5473\u306e\u30d7\u30e9\u30b9\u3068\u898b\u308b\u304b\u3001\u305d\u308c\u3068\u3082\u5358\u72ec\u3067\u898b\u308c\u3070\u975e\u4e8b\u8c61\u3068\u898b\u308b\u304b\u3001\u3069\u3061\u3089\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u308c\u304c\u4f55\u3067\u3042\u308b\u304b\u3001\u3069\u308c\u304f\u3089\u3044\u306e\u898f\u6a21\u3067\u3042\u308b\u304b\u306b\u3088\u308a\u307e\u3059\u306e\u3067\u3001\u305d\u306e\u7bc4\u56f2\u5185\u3067\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u975e\u4e8b\u8c61\u3067\u3042\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3057\u3001\u554f\u984c\u3067\u3042\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3082\u3063\u3068\u660e\u78ba\u306b\u306a\u308b\u307e\u3067\u3001\u4f55\u3068\u3082\u8a00\u3048\u307e\u305b\u3093\u3002<\/p>\n<p>Charles Peabody &#8212; Portales Partners &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>1\u5146\u30c9\u30eb\u898f\u6a21\u306e\u81ea\u5df1\u682a\u5f0f\u53d6\u5f97\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u5f7c\u3089\u306e\u80fd\u529b\u3060\u3068\u601d\u3044\u307e\u3059\u304b\uff1f<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u73fe\u6642\u70b9\u3067\u306f\u3001\u8a08\u7b97\u3059\u308b\u306e\u304c\u96e3\u3057\u3044\u8cea\u554f\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Charles Peabody &#8212; Portales Partners &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30d3\u30d9\u30c3\u30af\u30fb\u30b8\u30e5\u30fc\u30f3\u30b8\u30e3\u304b\u3089\u3067\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059<\/p>\n<p>\u30d3\u30d9\u30c3\u30af\u30fb\u30b8\u30e5\u30cd\u30fc\u30e4 &#8212; JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9\u30fb\u30a2\u30f3\u30c9\u30fb\u30ab\u30f3\u30d1\u30cb\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30c1\u30e3\u30fc\u30ea\u30fc\u3001\u30de\u30a4\u30af&#8230;&#8230;\u30c1\u30e3\u30fc\u30ea\u30fc\u3001\u5148\u307b\u3069\u306e\u30b3\u30e1\u30f3\u30c8\u306b\u3064\u3044\u3066\u88dc\u8db3\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u7279\u5b9a\u306e\u30b3\u30fc\u30db\u30fc\u30c8\u306b\u304a\u3044\u3066\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u4ee5\u524d\u306e\u6c34\u6e96\u3092\u4e0b\u56de\u308b\u9810\u91d1\u91cf\u306e\u6e1b\u5c11\u304c\u898b\u3089\u308c\u307e\u3059\u3002\u305d\u308c\u306b\u3064\u3044\u3066\u5c11\u3057\u304a\u8a71\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u3069\u306e\u7a0b\u5ea6\u306e\u6b8b\u9ad8\u304c\u3001\u3069\u306e\u3088\u3046\u306a\u30b3\u30db\u30fc\u30c8\u3067\u3001\u6d41\u884c\u524d\u306e\u6c34\u6e96\u3088\u308a\u3069\u306e\u7a0b\u5ea6\u6e1b\u5c11\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3001Mike\u306b\u5f15\u304d\u7d99\u304e\u307e\u3059\u3002\u305f\u3060\u3001\u3053\u308c\u306f\u524d\u56db\u534a\u671f\u306b\u304a\u8a71\u3057\u3057\u305f\u3053\u3068\u3068\u540c\u3058\u3067\u3001\u305d\u3082\u305d\u3082\u6b8b\u9ad8\u304c\u6700\u3082\u5c11\u306a\u3044\u72b6\u614b\u3067\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306b\u7a81\u5165\u3057\u305f\u4eba\u305f\u3061\u306f\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u306e\u6c34\u6e96\u3092\u4e0a\u56de\u308b\u6b8b\u9ad8\u3092\u4e00\u5b9a\u671f\u9593\u7dad\u6301\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u6e96\u5099\u66f8\u9762\u3067\u3082\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u3053\u308c\u306f\u4e88\u60f3\u3055\u308c\u305f\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u6e96\u5099\u66f8\u9762\u3067\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u3053\u306e\u3088\u3046\u306a\u4e8b\u614b\u306f\u4e88\u60f3\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306e\u9867\u5ba2\u30d9\u30fc\u30b9\u3067\u306f\u3001\u307e\u3060\u3054\u304f\u4e00\u90e8\u3067\u3059\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u5b9f\u969b\u3001\u3053\u308c\u3089\u306e\u9867\u5ba2\u306f\u4e00\u822c\u306b500\u30c9\u30eb\u30011000\u30c9\u30eb\u30012000\u30c9\u30eb\u3068\u3044\u3063\u305f\u6708\u9593\u306e\u5e73\u5747\u6b8b\u9ad8\u3092\u6301\u3064\u9867\u5ba2\u3067\u3001\u305d\u306e\u3046\u3061\u306e\u4f55\u30d1\u30fc\u30bb\u30f3\u30c8\u304b\u306f\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u305d\u3046\u3067\u306a\u3044\u304a\u5ba2\u3055\u307e\u3082\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u306f\u79c1\u305f\u3061\u304c\u8abf\u3079\u305f\u3055\u307e\u3056\u307e\u306a\u30b3\u30db\u30fc\u30c8\u306e\u3046\u3061\u306e\u3072\u3068\u3064\u306b\u3059\u304e\u307e\u305b\u3093\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u30c1\u30e3\u30fc\u30ea\u30fc\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u5bcc\u88d5\u5c64\u3084\u6240\u5f97\u306e\u9ad8\u3044\u5c64\u3067\u306f\u3001\u307e\u3060\u4e0a\u6607\u306b\u8ee2\u3058\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>Vivek Juneja &#8212; JPMorgan Chase and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u306a\u305f\u306e\u30b3\u30e1\u30f3\u30c8\u304b\u3089\u3059\u308b\u3068\u3001\u4eca\u671f\u304b\u3089\u6e1b\u5c11\u304c\u59cb\u307e\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u805e\u3053\u3048\u307e\u3057\u305f\u3002\u3064\u307e\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u3053\u306e\u30b0\u30eb\u30fc\u30d7\u306e\u696d\u7e3e\u306f\u60aa\u5316\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3044\u3044\u3048\u3001\u3053\u308c\u306f\u7b2c2\u56db\u534a\u671f\u306b\u3082\u898b\u3089\u308c\u305f\u50be\u5411\u306e\u5ef6\u9577\u7dda\u4e0a\u306b\u3042\u308b\u3082\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u5fc5\u305a\u3057\u3082\u52a0\u901f\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u3053\u3053\u6570\u30ab\u6708\u898b\u3066\u304d\u305f\u50be\u5411\u304c\u7d9a\u3044\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>Vivek Juneja &#8212; JPMorgan Chase and Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u30de\u30a4\u30af\u3001\u5c11\u3057\u304a\u8a71\u3092\u805e\u304b\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u30ab\u30fc\u30c9\u306e\u5ef6\u6ede\u306b\u3064\u3044\u3066\u300130\u65e5\u4ee5\u4e0a\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u300230\u65e5\uff5e89\u65e5\u306e\u65e9\u671f\u5ef6\u6ede\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u5185\u8a33\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30de\u30a4\u30af\u30fb\u30b5\u30f3\u30c8\u30de\u30c3\u30b7\u30e2 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n<p>Q\u306b\u306f\u3082\u3063\u3068\u51fa\u3066\u304f\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u9803\u306b\u306f\u5143\u306b\u623b\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Vivek Juneja &#8212; JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9\u30fb\u30a2\u30f3\u30c9\u30fb\u30ab\u30f3\u30d1\u30cb\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3067\u3059\u3002\u3042\u306a\u305f\u306f&#8230;OK\u3067\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u660e\u3089\u304b\u306b\u3001\u79c1\u305f\u3061\u304c\u74b0\u5883\u3092\u5909\u3048\u59cb\u3081\u3066\u3044\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u305d\u308c\u306f\u76ee\u3092\u96e2\u3059\u3053\u3068\u306e\u3067\u304d\u306a\u3044\u91cd\u8981\u306a\u6307\u6a19\u3060\u304b\u3089\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u672c\u65e5\u306e\u6700\u5f8c\u306e\u8cea\u554f\u306f\u3001RBC\u306e\u30b8\u30a7\u30e9\u30eb\u30c9\u30fb\u30ad\u30e3\u30b7\u30c7\u30a3\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30a7\u30e9\u30eb\u30c9\u30fb\u30ad\u30e3\u30b7\u30c7\u30a3 &#8212; RBC\u30ad\u30e3\u30d4\u30bf\u30eb\u30de\u30fc\u30b1\u30c3\u30c4 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059 \u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30de\u30a4\u30af\u3002\u30de\u30a4\u30af\u3001\u30c1\u30e3\u30fc\u30ea\u30fc\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30de\u30a4\u30af\u3001\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306e\u52d5\u5411\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u4eca\u671f\u3001\u5546\u696d\u7528\u4e0d\u52d5\u7523\u3067\u306f\u3001\u3082\u3061\u308d\u3093\u524d\u5e74\u540c\u671f\u6bd4\u3067\u975e\u5e38\u306b\u5f37\u3044\u53ce\u76ca\u6210\u9577\u304c\u3042\u308a\u307e\u3057\u305f\u306d\u3002<\/p>\n<p>\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306e\u4f4f\u5b85\u30ed\u30fc\u30f3\u6b8b\u9ad8\u306f\u82e5\u5e72\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3044\u308d\u3044\u308d\u306a\u4eba\u304b\u3089\u3001\u5546\u696d\u7528\u4e0d\u52d5\u7523\u5e02\u5834\u306f\u5f15\u304d\u7de0\u307e\u308a\u59cb\u3081\u3066\u304a\u308a\u3001\u9280\u884c\u306f\u305d\u308c\u307b\u3069\u7a4d\u6975\u7684\u306b\u878d\u8cc7\u3092\u3057\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u8a71\u3092\u805e\u3044\u3066\u3044\u307e\u3059\u3002\u5546\u696d\u7528\u4e0d\u52d5\u7523\u62c5\u4fdd\u30ed\u30fc\u30f3\u306e\u30ea\u30b9\u30af\u8981\u56e0\u3068\u50be\u5411\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n<p>\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u307e\u305a\u3001\u3053\u306e\u3088\u3046\u306a\u6210\u9577\u306e\u539f\u52d5\u529b\u3068\u306a\u3063\u3066\u3044\u308b\u3082\u306e\u304b\u3089\u304a\u8a71\u3057\u3057\u307e\u3057\u3087\u3046\u3002\u30ed\u30fc\u30f3\u6b8b\u9ad8\u306f\u524d\u5e74\u6bd4\u3001\u524d\u3005\u5e74\u6bd4\u3068\u3082\u306b\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u539f\u52d5\u529b\u306f2\u3064\u3042\u308a\u3001\u30a2\u30d1\u30fc\u30c8\u306a\u3069\u306e\u96c6\u5408\u4f4f\u5b85\u3068\u3001\u7523\u696d\u7528\u4e0d\u52d5\u7523\u306e\u4f38\u3073\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u9700\u8981\u306f\u4f9d\u7136\u3068\u3057\u3066\u65fa\u76db\u3067\u3059\u3002\u65b0\u7bc9\u4f4f\u5b85\u3092\u307f\u3066\u3082\u3001\u591a\u4e16\u5e2f\u4f4f\u5b85\u306e\u65b0\u898f\u7740\u5de5\u6238\u6570\u306f\u307e\u3060\u4f38\u3073\u3066\u3044\u307e\u3059\u3002\u4e00\u6238\u5efa\u3066\u4f4f\u5b85\u304c\u3053\u3053\u6570\u30ab\u6708\u3067\u843d\u3061\u8fbc\u3093\u3060\u3088\u3046\u306b\u3001\u4e00\u6238\u5efa\u3066\u4f4f\u5b85\u306f\u307e\u3060\u4f38\u3073\u3066\u3044\u307e\u305b\u3093\u306e\u3067\u3001\u9700\u8981\u306f\u975e\u5e38\u306b\u65fa\u76db\u3067\u3059\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u898b\u308b\u3068\u3001\u30db\u30c6\u30eb\u3084\u5c0f\u58f2\u306a\u3069\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u5f71\u97ff\u3092\u6700\u3082\u53d7\u3051\u305f\u30ab\u30c6\u30b4\u30ea\u30fc\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u307b\u3068\u3093\u3069\u306e\u5834\u5408\u3001\u56de\u5fa9\u3057\u3066\u3044\u307e\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u826f\u597d\u3067\u3001\u4fa1\u5024\u3082\u9ad8\u304f\u3001\u304b\u306a\u308a\u6301\u3061\u3053\u305f\u3048\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30a3\u30b9\u306f\u3001\u307e\u3060\u5148\u884c\u304d\u4e0d\u900f\u660e\u611f\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u9577\u671f\u8cc3\u8cb8\u5951\u7d04\u306a\u3069\u304c\u3042\u308b\u305f\u3081\u3001\u5927\u304d\u306a\u30b9\u30c8\u30ec\u30b9\u306b\u306f\u306a\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u7269\u4ef6\u306b\u95a2\u3059\u308b\u9038\u8a71\u7684\u306a\u554f\u984c\u306f\u3088\u304f\u8033\u306b\u3057\u307e\u3059\u304c\u3001\u307e\u3060\u4f53\u7cfb\u7684\u306a\u3082\u306e\u306f\u306a\u304f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u6d78\u900f\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u4ed6\u306e\u4f1a\u793e\u304c\u3069\u3046\u3067\u3042\u308b\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u3068\u3057\u3066\u306f\u3001\u4eca\u5e74\u306f\u3044\u3044\u6210\u9577\u304c\u898b\u3089\u308c\u305f\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002\u4e0d\u78ba\u5b9f\u306a\u74b0\u5883\u306b\u8eab\u3092\u7f6e\u304f\u3068\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u4f55\u3092\u8f09\u305b\u308b\u304b\u3001\u4f55\u3092\u65b0\u305f\u306b\u8f09\u305b\u308b\u304b\u306b\u3064\u3044\u3066\u8ce2\u304f\u306a\u308d\u3046\u3068\u3059\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u305d\u308c\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u305d\u308c\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u305d\u308c\u306f\u3001\u4eca\u5e74\u306b\u5165\u3063\u3066\u304b\u3089\u306e\u9806\u8abf\u306a\u6210\u9577\u3076\u308a\u3092\u898b\u3066\u306e\u3053\u3068\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>Gerard Cassidy &#8212; RBC Capital Markets &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3082\u3061\u308d\u3093\u3001\u5fa1\u793e\u306eCET1\u6bd4\u7387\u306f\u8981\u6c42\u6c34\u6e96\u3092\u306f\u308b\u304b\u306b\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3057\u3001AOCI\u30de\u30fc\u30af\u304c\u7d0421bp\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u3053\u3068\u3082\u6307\u6458\u3055\u308c\u305f\u3068\u601d\u3044\u307e\u3059\u3002CET1\u6bd4\u7387\u3067\u3059\u3067\u306b\u511f\u5374\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u304b\u3089\u3001\u58f2\u5374\u53ef\u80fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u518d\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u3092\u691c\u8a0e\u3057\u3066\u306f\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u3046\u3059\u308b\u3053\u3068\u306b\u610f\u5473\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u3001\u3069\u306e\u3088\u3046\u306a\u529b\u5b66\u304c\u5fc5\u8981\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>Mike Santomassimo &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u6700\u9069\u5316\u306b\u306f\u5e38\u306b\u3055\u307e\u3056\u307e\u306a\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002\u7b2c2\u56db\u534a\u671f\u306b\u5c11\u3057\u3084\u308a\u307e\u3057\u305f\u304c\u3001\u30e2\u30fc\u30b2\u30fc\u30b8\u8a3c\u5238\u3092\u30b8\u30cb\u30fc\u30e1\u30a4\u3068\u4ea4\u63db\u3059\u308b\u3053\u3068\u3067\u3001RWA\u3092\u5c11\u3057\u6539\u5584\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u5c11\u3057\u305a\u3064\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u5909\u3048\u3066\u304d\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u79c1\u305f\u3061\u304c\u5e38\u306b\u8003\u3048\u3001\u691c\u8a0e\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3067\u3082\u3001\u4eca\u306e\u3068\u3053\u308d\u3001\u5927\u304d\u306a\u898f\u6a21\u3067\u8003\u3048\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>Gerard Cassidy &#8212; RBC Capital Markets &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30c1\u30e3\u30fc\u30ea\u30fc\u30fb\u30b7\u30e3\u30fc\u30d5 &#8212; \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002\u7686\u3055\u3093\u3001\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u56db\u534a\u671f\u306b\u304a\u8a71\u3067\u304d\u308b\u3053\u3068\u3092\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u304a\u5143\u6c17\u3067\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u3084\u3054\u611f\u60f3\u3092\u3044\u305f\u3060\u3051\u308b\u3068\u5b09\u3057\u3044\u3067\u3059\u3002<\/p>\n<p>\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n<p>\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/stockinfo\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u682a\u5f0f\u6295\u8cc7\u60c5\u5831\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/americastock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u7c73\u56fd\u682a\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/tenbagger\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/tenbagger\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u30c6\u30f3\u30d0\u30ac\u30fc\u3078\" width=\"88\" height=\"31\" 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