{"id":2283,"date":"2023-01-17T21:18:28","date_gmt":"2023-01-17T12:18:28","guid":{"rendered":"https:\/\/1up-life.blog\/?p=2283"},"modified":"2023-01-17T21:18:28","modified_gmt":"2023-01-17T12:18:28","slug":"jp%e3%83%a2%e3%83%ab%e3%82%ac%e3%83%b3%e3%83%bb%e3%83%81%e3%82%a7%e3%83%bc%e3%82%b9-jpm2022%e5%b9%b4%e7%ac%ac4%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=2283","title":{"rendered":"JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"

JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n

\u601d\u3063\u305f\u3088\u308a\u3082\u826f\u3044\u6c7a\u7b97\u3067\u3057\u305f\u306d\u3002\u8cb8\u5012\u5f15\u5f53\u91d1\u3082\u601d\u3063\u305f\u3088\u308a\u3082\u306a\u304b\u3063\u305f\u306e\u3067\u9177\u3044\u666f\u6c17\u5f8c\u9000\u306e\u53ef\u80fd\u6027\u306f\u5c11\u306a\u3044\u3088\u3046\u3067\u3059\u3002<\/p>\n

\"JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9

JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)\u682a\u4fa1<\/p><\/div>\n

JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

Call participants:
\nJeremy Barnum — Chief Executive Officer
\nJohn McDonald — Autonomous Research — Analyst
\nErika Najarian — UBS — Analyst
\nJamie Dimon — Chairman and Chief Executive Officer
\nEbrahim Poonawala — Bank of America Merrill Lynch — Analyst
\nGlenn Schorr — Evercore ISI — Analyst
\nGerard Cassidy — RBC Capital Markets — Analyst
\nKen Usdin — Jefferies — Analyst
\nBetsy Graseck — Morgan Stanley — Analyst
\nMike Mayo — Wells Fargo Securities — Analyst
\nSteven Chubak — Wolfe Research — Analyst
\nMatt O’Connor — Deutsche Bank — Analyst
\nAndrew Lim — Societe Generale — Analyst
\nMore JPM analysis<\/p>\n

2023\u5e741\u670813\u65e5\u5348\u524d8\u664230\u5206<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

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\u682a\u5f0f\u5e02\u5834\u306f\u3001\u597d\u8abf\u3060\u3063\u305f\u524d\u5e74\u540c\u671f\u3068\u6bd4\u3079\u3001\u6bd4\u8f03\u7684\u6a2a\u3070\u3044\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u6c7a\u6e08\u53ce\u76ca\u306f\u524d\u5e74\u540c\u671f\u6bd415\uff05\u5897\u306e21\u5104\u5186\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u682a\u5f0f\u6295\u8cc7\u306e\u7d14\u5f71\u97ff\u3092\u9664\u304f\u3068\u300156%\u5897\u3067\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u524d\u5e74\u540c\u671f\u6bd4\u306e\u4f38\u3073\u306f\u3001\u91d1\u5229\u306e\u4e0a\u6607\u306b\u8d77\u56e0\u3059\u308b\u3082\u306e\u3067\u3057\u305f\u3002<\/p>\n

\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30b5\u30fc\u30d3\u30b9\u53ce\u5165\u306f12\u5104\u5186\u3067\u3001\u524d\u5e74\u540c\u671f\u6bd49\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u4e3b\u306b\u91d1\u5229\u306e\u4e0a\u6607\u306b \u3088\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u9810\u91d1\u306e\u6e1b\u5c11\u304a\u3088\u3073\u5e02\u5834\u6c34\u6e96\u306b\u3088\u308a\u307b\u307c\u76f8\u6bba\u3055\u308c\u307e\u3057\u305f\u3002\u8cbb\u7528\u306f64\u5104\u5186\u3068\u306a\u308a\u3001\u4e3b\u306b\u53ce\u76ca\u306b\u95a2\u9023\u3059\u308b\u5831\u916c\u306e\u652f\u6255\u3044\u6642\u671f\u306b\u3088\u308a\u524d\u5e74\u540c\u671f\u6bd410\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u901a\u671f\u3067\u306f271\u5104\u5186\u3068\u306a\u308a\u3001\u524d\u5e74\u540c\u671f\u6bd47\uff05\u306e\u5897\u52a0\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u4e3b\u306b\u69cb\u9020\u7684\u8cbb\u7528\u306e\u5897\u52a0\u304a\u3088\u3073\u6295\u8cc7\u306e\u5897\u52a0\u306b\u3088\u308b\u3082\u306e\u3067\u3001\u53ce\u76ca\u306b\u95a2\u9023\u3059\u308b\u5831\u916c\u306e\u6e1b\u5c11\u306b\u3088\u308a\u4e00\u90e8\u76f8\u6bba\u3055\u308c\u307e\u3057\u305f\u30027 \u30da\u30fc\u30b8\u304b\u3089\u5546\u696d\u9280\u884c\u696d\u52d9\u306b\u8a71\u3092\u79fb\u3057\u307e\u3059\u3002<\/p>\n

\u30b3\u30de\u30fc\u30b7\u30e3\u30eb\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u306f14\u5104\u5186\u306e\u7d14\u5229\u76ca\u3092\u8a08\u4e0a\u3057\u307e\u3057\u305f\u3002\u904e\u53bb\u6700\u9ad8\u306e\u53ce\u76ca\u306f34\u5104\u30c9\u30eb\u3067\u3001\u524d\u5e74\u540c\u671f\u6bd430\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u9810\u91d1\u5229\u3056\u3084\u306e\u5897\u52a0\u306b \u3088\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u6295\u8cc7\u9280\u884c\u696d\u52d9\u53ce\u76ca\u304a\u3088\u3073\u9810\u91d1\u95a2\u9023\u624b\u6570\u6599\u306e\u6e1b\u5c11\u306b\u3088\u308a\u4e00\u90e8\u76f8\u6bba\u3055\u308c\u307e\u3057\u305f\u3002\u6295\u8cc7\u9280\u884c\u696d\u52d9\u306e\u7dcf\u53ce\u5165\u306f\u3001\u8cc7\u672c\u5e02\u5834\u696d\u52d9\u306e\u6e1b\u5c11\u306b\u3088\u308a\u3001\u524d\u5e74\u540c\u671f\u6bd452\uff05\u6e1b\u306e7\u5104\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u8cbb\u7528\u306f\u524d\u5e74\u540c\u671f\u6bd418\uff05\u5897\u306e13\u5104\u5186\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u9810\u91d1\u306f\u3001\u4e3b\u306b\u55b6\u696d\u5916\u9810\u91d1\u306e\u6e1b\u5c11\u3092\u53cd\u6620\u3057\u3066\u3001\u524d\u5e74\u540c\u671f\u6bd4 14\uff05\u6e1b\u5c11\u3057\u3001\u524d\u56db\u534a\u671f\u6bd4\u3067\u306f 1\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u8cb8\u4ed8\u91d1\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd414\uff05\u5897\u3001\u524d\u56db\u534a\u671f\u6bd43\uff05\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002C&I \u30ed\u30fc\u30f3\u306f\u3001\u5f15\u304d\u7d9a\u304d\u597d\u8abf\u306a\u30aa\u30ea\u30b8\u30cd\u30fc\u30b7\u30e7\u30f3\u3068\u30ea\u30dc\u30eb\u30d0\u30fc\u306e\u5229\u7528\u3092\u53cd\u6620\u3057\u3001\u524d\u56db\u534a\u671f\u6bd4 4\uff05\u5897\u3068\u306a \u308a\u307e\u3057\u305f\u3002CRE\u30ed\u30fc\u30f3\u306f\u524d\u56db\u534a\u671f\u6bd42%\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308a\u5e74\u521d\u304b\u3089\u306e\u6210\u9577\u30da\u30fc\u30b9\u304c\u920d\u5316\u3057\u3001\u30ed\u30fc\u30f3 \u306e\u7d44\u6210\u3068\u671f\u9650\u524d\u8fd4\u6e08\u306e\u4e21\u65b9\u306b\u5f71\u97ff\u304c\u53ca\u3093\u3067\u3044\u308b\u3053\u3068\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u7d9a\u3044\u3066\u30018 \u30da\u30fc\u30b8\u306b\u3042\u308b AWM \u306e\u4e8b\u696d\u90e8\u9580\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002\u30a2\u30bb\u30c3\u30c8\u30fb\u30a6\u30a7\u30eb\u30b9\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306f\u300111 \u5104\u306e\u7d14\u5229\u76ca\u3092\u8a08\u4e0a\u3057\u3001\u7a0e\u5f15\u524d\u5229\u76ca\u7387\u306f 33\uff05\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u53ce\u76ca\u306f\u524d\u5e74\u540c\u671f\u6bd4 3%\u5897\u306e 46 \u5104\u5186\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u6b8b\u9ad8\u306e\u6e1b\u5c11\u306b\u4f34\u3046\u9810\u91d1\u5229\u9798\u306e\u5897\u52a0\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u304c\u3001 \u4eca\u5e74\u306e\u5e02\u5834\u4e0b\u843d\u306b\u4f34\u3046\u904b\u7528\u5831\u916c\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u5831\u916c\u3001\u30d7\u30ec\u30fc\u30b9\u30e1\u30f3\u30c8\u5831\u916c\u306e\u6e1b\u5c11\u306b\u3088\u308a\u3001\u4e3b\u306b\u76f8\u6bba\u3055\u308c \u307e\u3057\u305f\u3002\u8cbb\u7528\u306f\u524d\u5e74\u540c\u671f\u6bd4 1%\u5897\u306e 30 \u5104\u5186\u3067\u3057\u305f\u3002\u3053\u308c\u306f\u4e3b\u306b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u30fb\u30c1\u30fc\u30e0\u306e\u5897 \u52a0\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u696d\u7e3e\u9023\u52d5\u5831\u916c\u306e\u6e1b\u5c11\u306b\u3088\u308a\u307b\u307c\u76f8\u6bba\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n

\u5f53\u56db\u534a\u671f\u306e\u9577\u671f\u8cc7\u91d1\u306e\u7d14\u6d41\u5165\u306f100\u5104\u30c9\u30eb\u3067\u3001\u682a\u5f0f\u3068\u50b5\u5238\u306e\u4e21\u65b9\u3067\u30d7\u30e9\u30b9\u3068\u306a\u308a\u3001\u901a\u5e74\u3067\u306f470\u5104\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u6d41\u52d5\u6027\u3067\u306f\u3001\u5f53\u56db\u534a\u671f\u306b330\u5104\u5186\u306e\u7d14\u6d41\u5165\u3001\u901a\u671f\u3067550\u5104\u5186\u306e\u7d14\u6d41\u51fa\u3068\u306a\u308a\u307e\u3057\u305f\u3002AUM\u306f2\u51468,000\u5104\u5186\u3001\u9867\u5ba2\u8cc7\u7523\u5168\u4f53\u306f4\u5146\u5186\u3068\u3001\u5e02\u5834\u6c34\u6e96\u306e\u4f4e\u4e0b\u306b\u3088\u308a\u3001\u305d\u308c\u305e\u308c\u524d\u5e74\u540c\u671f\u6bd411%\u6e1b\u30016%\u6e1b\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u4e00\u65b9\u3001\u9810\u91d1\u306f\u91d1\u5229\u4e0a\u6607\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3001\u6295\u8cc7\u3084\u4ed6\u306e\u73fe\u91d1\u4ee3\u66ff\u7269\u3078 \u306e\u79fb\u884c\u304c\u9032\u307f\u3001\u524d\u56db\u534a\u671f\u6bd4 6\uff05\u6e1b\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

9 \u30da\u30fc\u30b8\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u90e8\u9580\u306b\u76ee\u3092\u5411\u3051\u307e\u3059\u3002\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u306f5\u51048,100\u4e07\u30e6\u30fc\u30ed\u306e\u7d14\u76ca\u3092\u8a08\u4e0a\u3057\u307e\u3057\u305f\u3002\u53ce\u76ca\u306f 12 \u5104\u3067\u3001\u524d\u5e74\u540c\u671f\u6bd4 17 \u5104\u306e\u5897\u52a0\u3068\u306a\u308a\u307e\u3057\u305f\u3002NII \u306f\u91d1\u5229\u4e0a\u6607\u306e\u5f71\u97ff\u306b\u3088\u308a\u3001\u524d\u5e74\u540c\u671f\u6bd4 20 \u5104\u5186\u5897\u306e 13 \u5104\u5186\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

NIR\u306f1\u51041,500\u4e07\u5186\u306e\u640d\u5931\u3067\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f2\u3064\u306e\u91cd\u8981\u306a\u9805\u76ee\u3092\u53cd\u6620\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u7d4c\u8cbb\u306f3\u51043,900\u4e07\u5186\u3067\u3001\u524d\u5e74\u540c\u671f\u6bd48,800\u4e07\u5186\u306e\u5897\u52a0\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u3067\u306f\u30012023\u5e74\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u300110\u30da\u30fc\u30b8\u76ee\u306eNII\u304b\u3089\u6570\u30da\u30fc\u30b8\u306b\u308f\u305f\u3063\u3066\u3054\u8aac\u660e\u3057\u307e\u3059\u3002\u6c34\u3092\u4e00\u53e3\u98f2\u3080\u3002<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002NII\u306e\u7dcf\u8a08\u306f\u7d04730\u5104\u5186\u3001\u5e02\u5834\u5916NII\u306f\u7d04740\u5104\u5186\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30da\u30fc\u30b8\u3067\u306f\u30012022\u5e74\u3092\u901a\u3058\u3066\u56db\u534a\u671f\u3054\u3068\u306bNII\u304c\u5927\u5e45\u306b\u5897\u52a0\u3057\u3001\u7b2c4\u56db\u534a\u671f\u306b\u306f810\u5104\u30c9\u30eb\u306b\u9054\u3057\u305f\u3053\u3068\u3001\u305d\u3057\u30662023\u5e74\u306b\u5411\u3051\u3066\u305d\u308c\u304c\u3069\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u3066\u3044\u304f\u304b\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u898b\u901a\u3057\u3067\u306f\u3001\u91d1\u5229\u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30ab\u30fc\u30d6\u306b\u6cbf\u3063\u3066\u63a8\u79fb\u3059\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u304a\u308a\u300112\u6708\u4e0b\u65ec\u306e\u5f15\u304d\u4e0a\u3052\u306e\u5e74\u7387\u63db\u7b97\u304c\u7d44\u307f\u5408\u308f\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

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\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8aac\u660e\u3092\u901a\u3058\u3066\u3001\u79c1\u306f2023\u5e74\u306e\u696d\u7e3e\u304c\u4e0d\u900f\u660e\u3067\u3042\u308b\u3053\u3068\u3001\u305d\u3057\u3066\u305d\u306e\u4e3b\u306a\u8981\u56e0\u306e\u591a\u304f\u3092\u5f37\u8abf\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u69d8\u3005\u306a\u30b7\u30ca\u30ea\u30aa\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u304c\u671f\u5f85\u3059\u308b\u306e\u306f\u3001\u518d\u3073\u529b\u5f37\u3044\u696d\u7e3e\u304c\u5b9f\u73fe\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001ROTCE17\uff05\u3068\u3044\u3046\u76ee\u6a19\u9054\u6210\u306b\u5411\u3051\u3001\u5f15\u304d\u7d9a\u304d\u5f37\u56fa\u306a\u53ce\u76ca\u57fa\u76e4\u3092\u69cb\u7bc9\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u7686\u69d8\u3001\u8cea\u7591\u5fdc\u7b54\u306e\u6642\u9593\u3092\u8a2d\u3051\u307e\u3057\u3087\u3046\u3002<\/p>\n

\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u5f85\u6a5f\u3057\u3066\u304f\u3060\u3055\u3044\u3002[\u305d\u308c\u3067\u306f\u3001Autonomous Research\u306eJohn McDonald\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30e7\u30f3\u30fb\u30de\u30af\u30c9\u30ca\u30eb\u30c9 — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3001\u30b8\u30a7\u30ec\u30df\u30fc\u3067\u3059\u3002\u30b9\u30e9\u30a4\u30c910\u3001NII\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u9810\u91d1\u30b3\u30b9\u30c8\u306b\u3064\u3044\u3066\u306f\u3001\u304b\u306a\u308a\u5e45\u306e\u3042\u308b\u7d50\u679c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3054\u6307\u6458\u306e\u901a\u308a\u30011.5\uff05\u304b\u30892\uff05\u306e\u5e45\u304c\u3042\u308b\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u3002740\u5104\u306eNII\u306f\u3001\u305d\u306e\u4e2d\u9593\u70b9\u306b\u4f4d\u7f6e\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f740\u5104\u306e\u539f\u52d5\u529b\u306e\u3088\u3046\u306a\u3082\u306e\u3001\u307e\u305f\u3001\u9810\u91d1\u30b3\u30b9\u30c8\u306e\u7d50\u679c\u306e\u7bc4\u56f2\u306e\u3069\u3053\u306b\u4f4d\u7f6e\u3059\u308b\u304b\u306b\u3064\u3044\u3066\u3001\u4f55\u304b\u3054\u610f\u898b\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3001\u30b8\u30e7\u30f3\u3002\u5de6\u4e0b\u306e\u30b0\u30e9\u30d5\u306f\u3042\u307e\u308a\u6587\u5b57\u901a\u308a\u306b\u53d7\u3051\u53d6\u3089\u306a\u3044\u65b9\u304c\u3044\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u3059\u3067\u306b\u304a\u8a71\u3057\u3057\u305f\u3088\u3046\u306b\u3001NII\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u5378\u58f2\u696d\u3067\u306f\u3001\u7279\u306b\u975e\u55b6\u696d\u578b\u306e\u6b8b\u9ad8\u306e\u6e1b\u5c11\u304c\u7d9a\u304f\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u7121\u5229\u606f\u578b\u304b\u3089\u6709\u5229\u5b50\u578b\u3078\u306e\u5185\u90e8\u79fb\u884c\u304c\u5f90\u3005\u306b\u9032\u3080\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u6d88\u8cbb\u8005\u91d1\u878d\u3067\u306f\u3001CD\u304c\u4eca\u6d41\u901a\u3057\u3066\u304a\u308a\u3001CD\u306e\u751f\u7523\u3082\u597d\u8abf\u3067\u3059\u3002\u4eca\u671d\u306e\u6642\u70b9\u30674%\u306eCD\u304c\u5e02\u5834\u306b\u51fa\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u5f15\u304d\u7d9a\u304d\u65b0\u898f\u306e\u751f\u7523\u304c\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u5185\u90e8\u306e\u79fb\u52d5\u304c\u30c9\u30e9\u30a4\u30d0\u30fc\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u3082\u3061\u308d\u3093\u3001\u6e96\u5099\u66f8\u9762\u3067\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001QT\u3084\u91d1\u5229\u30b5\u30a4\u30af\u30eb\u306a\u3069\u306e\u5f71\u97ff\u306b\u3088\u308a\u3001\u5168\u793e\u7684\u306b\u9810\u91d1\u306e\u6e1b\u5c11\u304c\u7de9\u3084\u304b\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u898b\u901a\u3057\u3067\u306f\u3001\u3053\u308c\u3089\u3059\u3079\u3066\u306b\u3064\u3044\u3066\u6700\u5584\u306e\u63a8\u6e2c\u3092\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3082\u3061\u308d\u3093\u3001\u5b9f\u969b\u306e\u7d50\u679c\u306f\u4f55\u3089\u304b\u306e\u5f62\u3067\u7570\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u305f\u3060\u3001\u4eca\u5e74\u3082\u30d3\u30b8\u30cd\u30b9\u3092\u7d9a\u3051\u3066\u3044\u304f\u3060\u3051\u3067\u3059\u3002<\/p>\n

John McDonald — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

OK\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3064\u3044\u3066\u3001\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3001\u8cc7\u672c\u653f\u7b56\u306b\u7d44\u307f\u8fbc\u3093\u3067\u3044\u304f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306e\u898f\u6a21\u3084\u5b9a\u91cf\u5316\u306b\u3064\u3044\u3066\u3001\u4f55\u304b\u304a\u8003\u3048\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3048\u3048\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u79c1\u305f\u3061\u304c\u8003\u3048\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u6765\u5e74\u306b\u306f\u307e\u305f\u5225\u306e[\u805e\u304d\u53d6\u308c\u306a\u3044]\u3082\u306e\u304c\u51fa\u3066\u304f\u308b\u3067\u3057\u3087\u3046\u3002\u3064\u307e\u308a\u3001\u76ee\u6a19\u306e13.5%\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3042\u306a\u305f\u306e\u898b\u7a4d\u3082\u308a\u3092\u4f7f\u3063\u3066\u3001\u6709\u6a5f\u7684\u8cc7\u672c\u751f\u6210\u304b\u3089\u914d\u5f53\u306a\u3069\u3092\u5dee\u3057\u5f15\u3044\u305f\u3001\u4e0d\u78ba\u5b9f\u6027\u306e\u8981\u7d20\u3092\u3059\u3079\u3066\u8003\u616e\u3057\u305f\u4e0a\u3067\u3001\u4eca\u5e74\u30682023\u5e74\u306b120\u5104\u30c9\u30eb\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u306e\u304c\u826f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3082\u3061\u308d\u3093\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u5e38\u306b\u8cc7\u672c\u968e\u5c64\u306e\u6700\u5f8c\u5c3e\u306b\u4f4d\u7f6e\u3057\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3082\u3063\u3068\u826f\u3044\u4f7f\u3044\u9053\u304c\u3042\u308c\u3070\u3001\u305d\u3061\u3089\u3092\u512a\u5148\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u7b2c1\u56db\u534a\u671f\u304b\u7b2c2\u56db\u534a\u671f\u306b\u30bf\u30a4\u30c8\u30ebIII\u306eNPR\u304c\u5b9f\u65bd\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002NPR\u306f\u8868\u9762\u7a4d\u306e\u4e00\u90e8\u3060\u3051\u3092\u30ab\u30d0\u30fc\u3059\u308b\u3082\u306e\u3067\u3001\u6700\u7d42\u7684\u306a\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304b\u3089\u3001\u77ed\u671f\u7684\u306a\u610f\u601d\u6c7a\u5b9a\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u305d\u306e\u30ea\u30ea\u30fc\u30b9\u306b\u3064\u3044\u3066\u306f\u3001\u79c1\u305f\u3061\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u5de6\u53f3\u3059\u308b\u3088\u3046\u306a\u60c5\u5831\u30b3\u30f3\u30c6\u30f3\u30c4\u3082\u51fa\u3066\u304f\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

John McDonald — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306fUBS\u306e\u30a8\u30ea\u30ab\u30fb\u30ca\u30b8\u30e3\u30ea\u30a2\u30f3\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30a8\u30ea\u30ab\u30fb\u30ca\u30b8\u30e3\u30ea\u30a2\u30f3 — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b8\u30a7\u30ec\u30df\u30fc\u3001\u6700\u521d\u306e\u8cea\u554f\u306f\u3001\u3054\u60f3\u50cf\u306e\u3068\u304a\u308a\u3001NII\u306b\u95a2\u3059\u308b\u8cea\u554f\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u3002\u7279\u306b\u4eca\u5e74\u306eNII\u306e\u4e88\u6e2c\u306b\u306f\u3001\u304b\u306a\u308a\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u3042\u308b\u3053\u3068\u306f\u627f\u77e5\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30b8\u30e7\u30f3\u306e\u8cea\u554f\u306e\u7d9a\u304d\u3067\u3059\u304c\u3001\u9810\u91d1\u6b8b\u9ad8\u306e\u6e1b\u5c11\u3084\u9810\u91d1\u30c7\u30fc\u30bf\u3001\u3064\u307e\u308a\u7aef\u672b\u9810\u91d1\u306e\u30c7\u30fc\u30bf\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u5177\u4f53\u7684\u306a\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u3092\u793a\u3057\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u6295\u8cc7\u5bb6\u306e\u7686\u3055\u3093\u304b\u3089\u306f\u3001\u4eca\u5e74NII\u306b\u9006\u98a8\u304c\u5439\u3044\u3066\u3044\u308b\u3053\u3068\u3092\u8a55\u4fa1\u3057\u3066\u3044\u305f\u3060\u3044\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u540c\u6642\u306b\u3001\u7b2c4\u56db\u534a\u671f\u306b203\u5104\u3068\u3044\u3046\u5927\u304d\u306a\u6570\u5b57\u3092\u51fa\u3059\u306a\u3069\u30012022\u5e74\u306b\u5411\u3051\u3066\u4fdd\u5b88\u7684\u3068\u601d\u308f\u308c\u308bNII\u306e\u4e88\u60f3\u3092\u5e38\u306b\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u3088\u308a\u5177\u4f53\u7684\u306a\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u304c\u3042\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u304c\u81ea\u5206\u305f\u3061\u306e\u671f\u5f85\u5024\u3068\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u3092\u6bd4\u8f03\u691c\u8a0e\u3059\u308b\u969b\u306b\u975e\u5e38\u306b\u5f79\u7acb\u3064\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30a8\u30ea\u30ab\u3002\u3082\u3063\u3068\u5177\u4f53\u7684\u306a\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u304c\u6b32\u3057\u3044\u3068\u3044\u3046\u306e\u306f\u3001\u3068\u3066\u3082\u3042\u308a\u304c\u305f\u3044\u3053\u3068\u3067\u3059\u3002\u79c1\u304c\u3042\u306a\u305f\u306a\u3089\u3001\u305d\u3046\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u6b63\u76f4\u306a\u3068\u3053\u308d\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u3069\u306e\u3088\u3046\u306a\u5c55\u958b\u306b\u306a\u308b\u306e\u304b\u3001\u591a\u304f\u306e\u63a8\u6e2c\u3092\u542b\u3093\u3067\u3044\u308b\u306e\u3067\u3059\u304c\u3002<\/p>\n

\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u3092\u793a\u3059\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u304b\u3089\u5916\u308c\u308b\u53ef\u80fd\u6027\u306f\u975e\u5e38\u306b\u4f4e\u3044\u3068\u6697\u9ed9\u306e\u3046\u3061\u306b\u60f3\u5b9a\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u7279\u306b\u3001\u5148\u307b\u3069\u3082\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u6700\u7d42\u7684\u306b\u306f\u3001\u4f01\u696d\u3068\u3057\u3066\u76f4\u9762\u3059\u308b\u518d\u4fa1\u683c\u6c7a\u5b9a\u306e\u591a\u304f\u306f\u3001\u4f55\u304c\u4f55\u3067\u30821\u30c9\u30eb\u3067\u3082\u6b8b\u9ad8\u3092\u5897\u3084\u3059\u306e\u3067\u306f\u306a\u304f\u3001\u4e3b\u8981\u306a\u9280\u884c\u3068\u306e\u95a2\u4fc2\u3092\u62e1\u5927\u30fb\u7dad\u6301\u3059\u308b\u3068\u3044\u3046\u6226\u7565\u306b\u95a2\u9023\u3057\u3001\u305d\u306e\u6642\u3005\u306e\u30c7\u30fc\u30bf\u306b\u304d\u3081\u7d30\u304b\u304f\u5bfe\u5fdc\u3059\u308b\u3082\u306e\u3060\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u3053\u306e\u30d7\u30ed\u30bb\u30b9\u3067\u306f\u5168\u793e\u7684\u306b\u6b8b\u9ad8\u306e\u6e1b\u5c11\u304c\u7de9\u3084\u304b\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u30b8\u30a7\u30a4\u30df\u30fc\u3001\u88dc\u8db3\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u306a\u305c\u79c1\u304c74\u3092\u4fdd\u5b88\u7684\u3068\u8003\u3048\u306a\u3044\u304b\u306b\u3064\u3044\u3066\u3001\u5168\u4f53\u50cf\u3092\u8aac\u660e\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u306f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092 4000 \u5104\u30c9\u30eb\u524a\u6e1b\u3057\u307e\u3057\u305f\u30021.5 \u5146\u30c9\u30eb\u306f\u9280\u884c\u9810\u91d1\u304b\u3089\u5f15\u304d\u51fa\u3055\u308c\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u6295\u8cc7\u5bb6\u306f\u56fd\u5eab\u77ed\u671f\u8a3c\u5238\u3084\u3001\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u9280\u884c\u306f\u8cc7\u672c\u91d1\u306e\u305f\u3081\u306b\u7af6\u4e89\u3057\u3066\u3044\u307e\u3059\u3002\u9280\u884c\u306f\u305d\u308c\u305e\u308c\u7570\u306a\u308b\u3084\u308a\u65b9\u3067\u3001\u3042\u308b\u3044\u306f\u4e00\u90e8\u306e\u9280\u884c\u304c\u6fc0\u3057\u3044\u7af6\u4e89\u3092\u59cb\u3081\u3066\u3044\u307e\u3059\u3002\u3042\u308b\u9280\u884c\u306f\u4f59\u5270\u8cc7\u91d1\u3092\u5927\u91cf\u306b\u62b1\u3048\u3066\u3044\u3066\u3001\u7af6\u4e89\u306f\u3042\u307e\u308a\u3057\u3066\u3044\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3082\u3057\u3042\u306a\u305f\u304c\u4ee5\u524d\u3092\u898b\u308b\u306a\u3089 — \u305d\u3057\u30662016\u5e74\u306b\u4f55\u304c\u8d77\u3053\u3063\u305f\u304b\u3092\u5fd8\u308c\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u308c\u3092\u898b\u3066\u3044\u308b\u3068\u3001\u5927\u304d\u306a\u9593\u9055\u3044\u3092\u72af\u3059\u3068\u601d\u3046\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3053\u308c\u307e\u3067Q — \u3053\u306e\u30bc\u30ed\u91d1\u5229\u3092\u7d4c\u9a13\u3057\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u308c\u307b\u3069\u65e9\u304f\u91d1\u5229\u304c\u4e0a\u6607\u3057\u305f\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001CD\u3084\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u79fb\u884c\u304c\u9032\u3080\u3068\u601d\u3044\u307e\u3059\u3002\u591a\u304f\u306e\u4eba\u304c\u7af6\u3044\u5408\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3053\u306e\u3088\u3046\u306b\u8caf\u84c4\u7387\u304c\u5909\u5316\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3059\u3002\u4eca\u3001\u79c1\u305f\u3061\u306f\u81ea\u5206\u305f\u3061\u306e\u30da\u30fc\u30b9\u3067\u3001\u4ed6\u306e\u4eba\u305f\u3061\u304c\u4f55\u3092\u3057\u3066\u3044\u308b\u306e\u304b\u898b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u5206\u304b\u308a\u307e\u305b\u3093\u304c\u3001\u5fc5\u305a\u5b9f\u73fe\u3057\u307e\u3059\u3002\u305f\u3060\u300174\u6b73\u3067\u3082\u3059\u3067\u306b\u304b\u306a\u308a\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u3042\u308b\u3053\u3068\u306f\u6307\u6458\u3057\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306f……\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3044\u3064\u3082\u7686\u3055\u3093\u306b\u3001\u6642\u306b\u306f\u7a3c\u304e\u3059\u304e\u3001\u6642\u306b\u306f\u7a3c\u304e\u4e0d\u8db3\u3092\u6307\u6458\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u4eca\u671f\u306fNII\u3067\u7a3c\u304e\u3059\u304e\u307e\u3057\u305f\u306d\u3001\u3068\u8a00\u3044\u305f\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u306f\u904e\u5270\u306b\u3001\u3042\u308b\u3044\u306f\u4ed6\u306e\u4f55\u304b\u3067\u306f\u4e0d\u8db3\u3057\u3066\u3044\u308b\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u306f\u307e\u3060\u975e\u5e38\u306b\u826f\u3044\u6570\u5b57\u3067\u3001\u3057\u3070\u3089\u304f\u69d8\u5b50\u3092\u898b\u3066\u304b\u3089\u5831\u544a\u3057\u307e\u3059\u3002\u3067\u3082\u3001\u5b89\u5168\u6027\u306b\u3064\u3044\u3066\u8aa4\u3063\u305f\u8a8d\u8b58\u3092\u4e0e\u3048\u305f\u304f\u306f\u306a\u3044\u3093\u3067\u3059\u3002<\/p>\n

Erika Najarian — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3057\u3066\u79c1\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u306f\u3001\u307e\u3055\u306b\u305d\u306e\u8cea\u554f\u306b\u6cbf\u3063\u305f\u3082\u306e\u3067\u3059\u3002\u3053\u3053\u3067\u5c11\u3057\u30ba\u30fc\u30e0\u30a2\u30a6\u30c8\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u30b8\u30a7\u30a4\u30df\u30fc\u3001\u3042\u306a\u305f\u306e\u6307\u6458\u3059\u308b\u3088\u3046\u306b\u3001\u30ea\u30bf\u30fc\u30f3\u306f\u307e\u3060\u826f\u597d\u3067\u3059\u3002\u3042\u306a\u305f\u306f\u3001\u3042\u306a\u305f\u306e\u898b\u901a\u3057\u304c\u3059\u3067\u306b\u7a4f\u3084\u304b\u306a\u666f\u6c17\u5f8c\u9000\u3092\u6349\u3048\u3066\u3044\u308b\u3068\u8a00\u3044\u307e\u3057\u305f\u306d\u3002<\/p>\n

\u7b2c3\u56db\u534a\u671f\u306b\u3057\u305f\u8cea\u554f\u3092\u3082\u3046\u4e00\u5ea6\u3057\u307e\u3059\u30022023\u5e74\u3092\u8003\u3048\u305f\u5834\u5408\u3001NII\u306e\u9006\u98a8\u3084\u5f15\u5f53\u91d1\u306e\u9006\u98a8\u304c\u3042\u3063\u3066\u3082\u3001Investor Day\u3067\u3042\u306a\u305f\u304c\u63d0\u793a\u3057\u305f17%\u306eROTCE\u3092JP\u30e2\u30eb\u30ac\u30f3\u306f\u9054\u6210\u3067\u304d\u308b\u3068\u601d\u3044\u307e\u3059\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u305d\u3046\u3067\u3059\u3002\u306f\u3044\u3001\u53ef\u80fd\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u591a\u304f\u306e\u8981\u7d20\u304c\u305d\u308c\u3092\u6c7a\u5b9a\u3065\u3051\u307e\u3059\u304c\u3001\u306f\u3044\u3001\u3067\u304d\u307e\u3059\u30025\u6708\u306eInvestor Day\u3067\u306f\u3001\u3082\u3063\u3068\u9762\u767d\u3044\u6570\u5b57\u3092\u304a\u898b\u305b\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u672c\u5f53\u306e\u4e0d\u6cc1\u306b\u306a\u3063\u305f\u5834\u5408\u3001\u5f53\u793e\u306eROTCE\u306f\u3069\u3046\u306a\u308b\u304b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u672c\u5f53\u306e\u4e0d\u6cc1\u3067\u3082\u3001\u304a\u305d\u3089\u304f\u5e73\u5747\u7684\u306a\u5de5\u696d\u4f1a\u793e\u3068\u540c\u3058\u304f\u3089\u3044\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3053\u3067\u3001\u305d\u306e\u3042\u305f\u308a\u306e\u8a73\u7d30\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002\u305d\u308c\u3067\u3082\u5341\u5206\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u3042\u308a\u307e\u3059\u3057\u3001\u307e\u3060\u307e\u3060\u6210\u9577\u3067\u304d\u307e\u3059\u300217\uff05\u3068\u3044\u3046\u306e\u306f\u975e\u5e38\u306b\u826f\u3044\u6570\u5b57\u3067\u3059\u300217%\u3068\u3044\u3046\u306e\u306f\u975e\u5e38\u306b\u826f\u3044\u6570\u5b57\u3067\u300117%\u3068\u3044\u3046\u6210\u9577\u3092\u8907\u5408\u7684\u306b\u8003\u3048\u308c\u3070\u3001\u3053\u308c\u306f\u9a5a\u7570\u7684\u306a\u6570\u5b57\u3067\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u3082\u3046\u3072\u3068\u3064\u6307\u6458\u3057\u3066\u304a\u304d\u305f\u3044\u306e\u306f\u3001\u73fe\u6642\u70b9\u3067\u306f\u8cc7\u672c\u304c\u3069\u3046\u3042\u308b\u3079\u304d\u304b\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3067\u304d\u3066\u3044\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u3060\u304b\u3089\u3001\u3042\u308b\u6642\u70b9\u3067\u305d\u308c\u3092\u4fee\u6b63\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09\uff1a\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u30a8\u30ea\u30ab\u3001\u975e\u5e38\u306b\u7d30\u304b\u3044\u70b9\u3067\u3059\u304c\u3001\u660e\u78ba\u306b\u3057\u3066\u304a\u304d\u305f\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u306f\u3063\u304d\u308a\u3068\u3055\u305b\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u307e\u305f\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u9593\u306b\u4f55\u5ea6\u3082\u8b70\u8ad6\u3057\u305f\u3088\u3046\u306b\u3001\u5f15\u5f53\u91d1\u306e\u7d44\u307f\u7acb\u3066\u65b9\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u306b\u3088\u308b\u30bb\u30f3\u30c8\u30e9\u30eb\u30b1\u30fc\u30b9\u4e88\u6e2c\u3092\u4e2d\u5fc3\u306b\u636e\u3048\u3066\u3044\u307e\u3059\u3002\u69d8\u3005\u306a\u30b7\u30ca\u30ea\u30aa\u3084\u305d\u306e\u4ed6\u306e\u8981\u56e0\u3092\u8003\u616e\u3057\u305f\u7d50\u679c\u3001\u4e8b\u5b9f\u4e0a\u3001\u4e88\u6e2c\u3088\u308a\u3082\u826f\u3044\u30b7\u30ca\u30ea\u30aa\u306f\u3001\u5f15\u5f53\u91d1\u306e\u89b3\u70b9\u304b\u3089\u306f\u3001\u5b9f\u969b\u3001\u305d\u308c\u3088\u308a\u3082\u4fdd\u5b88\u7684\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3053\u306e\u70b9\u3060\u3051\u306f\u306f\u3063\u304d\u308a\u3055\u305b\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Erika Najarian — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u5b8c\u74a7\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1\u306e\u30a8\u30d6\u30e9\u30d2\u30e0\u30fb\u30d7\u30fc\u30ca\u30ef\u30e9\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Ebrahim Poonawala — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b8\u30a7\u30ec\u30df\u30fc\u3055\u3093\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u524d\u63d0\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u5931\u696d\u7387\u3084\u3001\u5546\u696d\u7528\u4e0d\u52d5\u7523\u3092\u3081\u3050\u308b\u591a\u304f\u306e\u8a71\u984c\u3001\u73fe\u5728\u306e\u91d1\u5229\u74b0\u5883\u3067\u306e\u518d\u4fa1\u683c\u4ed8\u3051\u306e\u96e3\u3057\u3055\u306a\u3069\u3001\u5e74\u672b\u306e\u5f15\u5f53\u91d1\u6bd4\u7387\u306e\u60f3\u5b9a\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u61f8\u5ff5\u3057\u3066\u3044\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3092\u3081\u3050\u308b\u72b6\u6cc1\u306b\u3064\u3044\u3066\u3001CRE\u306e\u9867\u5ba2\u306f\u82e6\u5883\u306b\u7acb\u305f\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u304b\u3089\u3001\u4eca\u65e5\u306e\u5168\u4f53\u7684\u306a\u80cc\u666f\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30a8\u30d6\u30e9\u30d2\u30e0\u3001CRE\u306b\u3064\u3044\u3066\u7c21\u5358\u306b\u8aac\u660e\u3057\u307e\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u5f53\u793e\u306e\u591a\u4e16\u5e2f\u5411\u3051\u5546\u696d\u8cb8\u4ed8\u30d3\u30b8\u30cd\u30b9\u306f\u3001\u5f93\u6765\u306e\u30aa\u30d5\u30a3\u30b9\u7cfb\u30d3\u30b8\u30cd\u30b9\u3068\u306f\u307e\u3063\u305f\u304f\u7570\u306a\u308a\u307e\u3059\u3002\u5f53\u793e\u306e\u30aa\u30d5\u30a3\u30b9\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u3001\u975e\u5e38\u306b\u5c0f\u898f\u6a21\u306aA\u30af\u30e9\u30b9\u3067\u3001\u6700\u9ad8\u306e\u30c7\u30d9\u30ed\u30c3\u30d1\u30fc\u3001\u6700\u9ad8\u306e\u7acb\u5730\u6761\u4ef6\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306e\u878d\u8cc7\u6b8b\u9ad8\u306e\u5927\u534a\u306f\u3001\u624b\u9803\u306a\u4fa1\u683c\u306e\u591a\u4e16\u5e2f\u4f4f\u5b85\u3084\u5546\u696d\u7528\u5b9a\u671f\u501f\u6b3e\u3067\u3001\u3055\u307e\u3056\u307e\u306a\u7406\u7531\u304b\u3089\u4fe1\u7528\u306e\u89b3\u70b9\u304b\u3089\u306f\u975e\u5e38\u306b\u5b89\u5168\u306a\u3082\u306e\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3053\u306e\u4e8b\u696d\u306e\u640d\u5931\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3092\u8003\u3048\u308b\u3068\u3001\u304b\u306a\u308a\u5b89\u5fc3\u611f\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u5168\u4f53\u7684\u306a\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u524d\u63d0\u306b\u3064\u3044\u3066\u3054\u8cea\u554f\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002\u305d\u3046\u3067\u3059\u306d\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u30bb\u30f3\u30c8\u30e9\u30eb\u30b1\u30fc\u30b9\u306e\u7d4c\u6e08\u4e88\u6e2c\u3067\u306f\u3001\u7a4f\u3084\u304b\u306a\u666f\u6c17\u5f8c\u9000\u3068\u3001\u79c1\u306e\u8a18\u61b6\u304c\u6b63\u3057\u3051\u308c\u3070\u3001\u5931\u696d\u7387\u306e\u30d4\u30fc\u30af\u304c4.9%\u7a0b\u5ea6\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3082\u3046\u5c11\u3057\u4fdd\u5b88\u7684\u306a\u898b\u901a\u3057\u3092\u53cd\u6620\u3055\u305b\u308b\u305f\u3081\u306b\u30b7\u30ca\u30ea\u30aa\u3092\u8abf\u6574\u3059\u308b\u3068\u3001\u5931\u696d\u7387\u306e\u30d4\u30fc\u30af\u306f\u305d\u308c\u3088\u308a\u3082\u304b\u306a\u308a\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u73fe\u5728\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u306f\u3001\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u9069\u5207\u306a\u4fdd\u5b88\u7684\u524d\u63d0\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3053\u306e\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3067\u304a\u8a71\u3057\u3057\u305f\u3088\u3046\u306a\u8ecc\u9053\u306f\u3001\u975e\u5e38\u306b\u7a4f\u3084\u304b\u306a\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u4ee5\u4e0a\u306e\u3082\u306e\u3092\u78ba\u5b9f\u306b\u3068\u3089\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3082\u3061\u308d\u3093\u3001\u672c\u683c\u7684\u306a\u30cf\u30fc\u30c9\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u306e\u53ef\u80fd\u6027\u306f100\uff05\u3092\u306f\u308b\u304b\u306b\u4e0b\u56de\u308b\u306e\u3067\u3001\u73fe\u5728\u306e\u6570\u5b57\u306b\u53cd\u6620\u3055\u305b\u308b\u3053\u3068\u306f\u9069\u5207\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Ebrahim Poonawala — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002RWA\u306f\u307e\u3060\u6bd4\u8f03\u7684\u6a2a\u3070\u3044\u3067\u3059\u304c\u3001\u524d\u5e74\u6bd4\u306e\u30ed\u30fc\u30f3\u306e\u4f38\u3073\u3092\u898b\u308b\u3068\u3001RWA\u306e\u4f38\u3073\u306f\u304b\u306a\u308a\u3088\u304f\u7ba1\u7406\u3055\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u8cc7\u672c\u7ba1\u7406\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001RWA\u306e\u9032\u5316\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001FRB\u304c\u30d0\u30fc\u30bc\u30eb\u898f\u5236\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306a\u898b\u89e3\u3092\u793a\u3059\u306b\u305b\u3088\u3001RWA\u3092\u6700\u9069\u5316\u3059\u308b\u6a5f\u4f1a\u306f\u307e\u3060\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Jeremy Barnum — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3067\u3059\u304b\u3089\u3001\u307e\u3060\u6700\u9069\u5316\u3059\u308b\u6a5f\u4f1a\u304c\u3042\u308b\u306e\u306f\u9593\u9055\u3044\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u975e\u5e38\u306b\u61f8\u547d\u306b\u52aa\u529b\u3092\u7d9a\u3051\u3066\u304a\u308a\u3001\u3053\u308c\u306f\u5927\u304d\u306a\u7126\u70b9\u306e\u4e00\u3064\u3067\u3059\u3002\u305d\u306e\u4e00\u90e8\u306f\u3053\u306e\u30b3\u30fc\u30b9\u306e\u6570\u5b57\u306b\u53cd\u6620\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u306e\u56db\u534a\u671f\u306e\u305d\u306e\u4ed6\u306e\u8981\u56e0\u306f\u3001\u7279\u306b\u5e02\u5834\u30ea\u30b9\u30afRWA\u306b\u304a\u3044\u3066\u3001\u3088\u308a\u30d1\u30c3\u30b7\u30d6\u306a\u9805\u76ee\u3068\u547c\u3076\u3079\u304d\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u8cc7\u672c\u6700\u9069\u5316\u306e\u52b9\u679c\u306f\u3001\u4f1a\u793e\u306b\u3068\u3063\u3066\u91cd\u5927\u306a\u7d4c\u6e08\u7684\u9006\u98a8\u306b\u306f\u306a\u3089\u306a\u3044\u3068\u8a00\u3044\u307e\u3057\u305f\u304c\u3001\u30bc\u30ed\u3067\u3082\u306a\u3044\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u3053\u306e\u8cc7\u672c\u74b0\u5883\u306e\u7d50\u679c\u3001\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u3044\u308b\u9078\u629e\u306b\u306f\u73fe\u5b9f\u7684\u306a\u5f71\u97ff\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u30d0\u30fc\u30bc\u30ebIII\u306e\u7d50\u679c\u306f\u3001\u8cc7\u672c\u306e\u89b3\u70b9\u304b\u3089\u4e0d\u5408\u7406\u306a\u307b\u3069\u61f2\u7f70\u7684\u3067\u3059\u3002\u307e\u305f\u3001\u30d0\u30fc\u30bc\u30ebIII\u306e\u7d50\u679c\u304c\u8cc7\u672c\u306e\u89b3\u70b9\u304b\u3089\u4e0d\u5408\u7406\u306a\u61f2\u7f70\u7684\u306a\u3082\u306e\u3067\u3042\u3063\u305f\u5834\u5408\u3001\u3055\u3089\u306a\u308b\u7d50\u679c\u304c\u3082\u305f\u3089\u3055\u308c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u305d\u3046\u3067\u306a\u3044\u3053\u3068\u3092\u671b\u3093\u3067\u3044\u307e\u3059\u3057\u3001\u305d\u3046\u306a\u308b\u3053\u3068\u306f\u9069\u5207\u3067\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

Ebrahim Poonawala — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001Evercore ISI\u306eGlenn Schorr\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b0\u30ec\u30f3\u30fb\u30b7\u30e7\u30fc\u30a2 — \u30a8\u30d0\u30fc\u30b3\u30a2ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u3001\u8208\u5473\u304c\u3042\u308b\u306e\u3067\u3059\u304c \u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30ed\u30fc\u30f3\u306e\u8a71\u3092\u5c11\u3057\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u3053\u306e\u534a\u5e74\u9593\u3001\u3042\u306a\u305f\u306f\u3053\u308c\u3089\u306e\u30ed\u30fc\u30f3\u3092\u4e0a\u624b\u306b\u56de\u907f\u3057\u3066\u304d\u307e\u3057\u305f\u306d\u3002\u3044\u3044\u5224\u65ad\u3067\u3057\u305f\u306d\u3002\u7269\u4e8b\u306f\u305a\u3044\u3076\u3093\u5b89\u304f\u306a\u3063\u305f\u3082\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u9280\u884c\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306f\u3001\u3042\u306a\u305f\u306e\u3068\u3053\u308d\u3067\u306f\u306a\u304f\u3001\u307e\u3060\u591a\u304f\u306e\u88cf\u5e33\u7c3f\u304c\u6b8b\u3063\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n

\u5341\u5206\u306b\u5b89\u304f\u306a\u3063\u305f\u306e\u304b\u3069\u3046\u304b\u3001\u6c17\u306b\u306a\u308b\u3068\u3053\u308d\u3067\u3059\u3002\u3042\u306a\u305f\u306f\u3001\u81ea\u5206\u304c\u623b\u3063\u3066\u304d\u305f\u3068\u8003\u3048\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u5927\u624b\u9280\u884c\u304b\u3089\u306e\u8cc7\u91d1\u8abf\u9054\u304c\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068\u306f\u3001\u4e8b\u696d\u6d3b\u52d5\u306e\u6c34\u6e96\u3092\u56de\u5fa9\u3055\u305b\u308b\u305f\u3081\u306b\u4e00\u822c\u7684\u306b\u3069\u306e\u7a0b\u5ea6\u91cd\u8981\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3048\u3048\u3001\u3044\u304f\u3064\u304b\u3042\u308a\u307e\u3059\u306d\u3001\u30b0\u30ec\u30f3\u3002\u7c21\u5358\u306b\u8a00\u3048\u3070\u3001\u79c1\u305f\u3061\u306f\u30d3\u30b8\u30cd\u30b9\u306b\u5bfe\u3057\u3066\u5b8c\u5168\u306b\u30aa\u30fc\u30d7\u30f3\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u6761\u4ef6\u3082\u826f\u304f\u3001\u4fa1\u683c\u3082\u826f\u3044\u3002\u5fc5\u8981\u306a\u30ea\u30bd\u30fc\u30b9\u306f\u5b8c\u5168\u306b\u63c3\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u3082\u306a\u304f\u3001\u554f\u984c\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u5e02\u5834\u306b\u306f\u3001\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u3092\u514b\u670d\u3059\u308b\u305f\u3081\u306e\u6d3b\u52d5\u304c\u5fc5\u8981\u3060\u3068\u3044\u3046\u3088\u3046\u306a\u8a71\u3082\u3042\u308b\u3088\u3046\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u305d\u308c\u304c\u672c\u5f53\u3060\u3068\u306f\u601d\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u306f\u6570\u5b57\u306e\u4e0a\u3060\u3051\u3067\u3001\u4eba\u3005\u306f\u524d\u3092\u5411\u304f\u5fc5\u8981\u304c\u3042\u308a\u3001\u30b7\u30b9\u30c6\u30e0\u306b\u306f\u30ea\u30b9\u30af\u306b\u5bfe\u51e6\u3059\u308b\u80fd\u529b\u304c\u3042\u308b\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u3042\u306a\u305f\u306e\u3054\u6307\u6458\u306f\u7406\u89e3\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u9280\u884c\u306e\u8cc7\u91d1\u8abf\u9054\u80fd\u529b\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u306f\u3001\u30aa\u30fc\u30d0\u30fc\u30cf\u30f3\u30b0\u3092\u7279\u306b\u61f8\u5ff5\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

Glenn Schorr — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306a\u308b\u307b\u3069\u3002\u8208\u5473\u6df1\u3044\u3067\u3059\u306d\u3002\u305d\u308c\u3067\u3001\u591a\u5206\u3001\u5c11\u3057\u5c0b\u306d\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u3001\u3082\u3063\u3068\u3002\u524d\u56de\u306e\u30a2\u30cb\u30e5\u30a2\u30eb\u30ec\u30bf\u30fc\u3067\u3001\u3042\u306a\u305f\u306f\u7af6\u4e89\u529b\u306e\u4f4e\u3044\u5800\u3068\u3001\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u3060\u3051\u3067\u306a\u304f[\u805e\u304d\u53d6\u308c\u305a]\u6fc0\u3057\u3044\u7af6\u4e89\u306b\u3064\u3044\u3066\u8a71\u3057\u3066\u3044\u307e\u3057\u305f\u306d\u3002<\/p>\n

\u79c1\u306f\u3061\u3087\u3046\u3069\u58f0\u306b\u51fa\u3057\u3066\u8003\u3048\u3066\u3044\u305f\u306e\u3067\u3059\u304c\u3001\u91d1\u5229\u304c\u304b\u306a\u308a\u9ad8\u3044\u80cc\u666f\u306e\u4e2d\u3067\u3001\u305d\u306e\u7af6\u4e89\u74b0\u5883\u306f\u826f\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u3082\u60aa\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3053\u306e\u307e\u307e\u306b\u3057\u3066\u304a\u3044\u3066\u3001\u3042\u306a\u305f\u306e\u3054\u610f\u898b\u3092\u4f3a\u3044\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u57fa\u672c\u7684\u306b\u591a\u304f\u306e\u9280\u884c\u696d\u52d9\u3092\u884c\u3063\u3066\u3044\u308bApple\u3068Walmart\u304c\u5f7c\u3089\u306e\u30b5\u30fc\u30d3\u30b9\u3092\u958b\u59cb\u3057\u3001\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u306e\u4e16\u754c\u3067\u306f\u660e\u3089\u304b\u306b\u4ed6\u306e\u4eba\u305f\u3061\u3088\u308a\u3082\u9ad8\u3044\u91d1\u5229\u3067\u3001\u304a\u305d\u3089\u304f\u4e00\u90e8\u306e\u4eba\u305f\u3061\u3092\u52a9\u3051\u3066\u3082\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4eca\u5f8c\u3082\u53b3\u3057\u3044\u7af6\u4e89\u304c\u4e88\u60f3\u3055\u308c\u307e\u3059\u3002<\/p>\n

Glenn Schorr — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001RBC Capital Markets\u306eGerard Cassidy\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30a7\u30e9\u30eb\u30c9\u30fb\u30ad\u30e3\u30b7\u30c7\u30a3 — RBC\u30ad\u30e3\u30d4\u30bf\u30eb\u30de\u30fc\u30b1\u30c3\u30c4 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059 \u3053\u3093\u306b\u3061\u306f\u3001\u30b8\u30a7\u30ec\u30df\u30fc\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3084\u3042\u3001\u30b8\u30a7\u30e9\u30fc\u30c9<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

Jeremy \u30da\u30a4\u30e1\u30f3\u30c8\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u3001\u682a\u5f0f\u6295\u8cc7\u306e\u8a55\u4fa1\u640d\u3092\u9664\u304f\u3068\u3001\u6210\u9577\u7387\u306f50%\u4ee5\u4e0a\u3068\u304a\u3063\u3057\u3083\u3044\u307e\u3057\u305f\u306d\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u306f\u53b3\u3057\u3044\u5c40\u9762\u3092\u8fce\u3048\u3066\u3044\u307e\u3059\u304c\u3001\u682a\u5f0f\u8a55\u4fa1\u640d\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u3057\u3066\u3001\u79c1\u304c\u601d\u3046\u306b…<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u6628\u5e74\u306f\u5229\u76ca\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u4eca\u5e74\u306f\u8a55\u4fa1\u640d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u3042\u3001\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u3046\u3067\u3059\u304b\u3002\u79c1\u306f\u305d\u3053\u306b\u8a55\u4fa1\u640d\u304c\u3042\u308b\u3068\u601d\u3063\u305f\u306e\u3067\u3059\u304c\u3002\u305d\u3046\u3067\u3059\u304b\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u306f\u3063\u304d\u308a\u3055\u305b\u3066\u304a\u304d\u307e\u3059\u3002\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u975e\u5e38\u306b\u826f\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30a7\u30a4\u30df\u30fc\u3002JP\u30e2\u30eb\u30ac\u30f3\u306b\u3068\u3063\u3066\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u5e02\u5834\u306e\u30ea\u30b9\u30af\u306f\u3069\u3053\u306b\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u3060\u3051\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u305d\u308c\u3067\u3001\u3042\u306a\u305f\u306f\u79c1\u306b [\u805e\u304d\u53d6\u308c\u305a] 2\u3064\u306e\u3053\u3068\u3092\u3055\u305b\u305f\u3044\u306e\u3067\u3059\u306d\u3002\u30b8\u30a7\u30a4\u30df\u30fc\u306e\u8a00\u3046\u3068\u304a\u308a\u3067\u3059\u3002\u524d\u5e74\u6bd4\u3067\u306e\u9006\u98a8\u306f\u3001\u4e3b\u306b\u3001\u3053\u306e\u6295\u8cc7\u304c\u3001\u4ee3\u66ff\u4f1a\u8a08\u57fa\u6e96\u306e\u6e2c\u5b9a\u306e\u305f\u3081\u306b\u3001\u4ee5\u524d\u306f\u30de\u30fc\u30af\u30a2\u30c3\u30d7\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u305f\u6295\u8cc7\u3067\u3042\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u793e\u5185\u3067\u958b\u767a\u3057\u305f\u30a4\u30cb\u30b7\u30a2\u30c6\u30a3\u30d6\u306e\u4e00\u90e8\u3092\u58f2\u5374\u3057\u305f\u969b\u306b\u3001\u73fe\u7269\u652f\u7d66\u3092\u53d7\u3051\u305f\u6295\u8cc7\u3067\u3059\u3002<\/p>\n

\u3060\u304b\u3089\u3001\u3068\u306b\u304b\u304f\u3001\u5927\u4e08\u592b\u3067\u3059\u3002\u91cd\u8981\u306a\u306e\u306f\u3001\u4eca\u671f\u306f\u5c11\u984d\u306e\u8a55\u4fa1\u640d\u304c\u767a\u751f\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u3001\u30b3\u30a2\u30fb\u30d3\u30b8\u30cd\u30b9\u304c\u975e\u5e38\u306b\u597d\u8abf\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3067\u306f\u3001\u624b\u6570\u6599\u3084\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u30b5\u30fc\u30d3\u30b9\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u8a71\u3092\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3054\u8cea\u554f\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u5168\u822c\u306b\u3064\u3044\u3066\u3001\u307e\u305f\u305d\u306e\u9818\u57df\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u611f\u3058\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u6b63\u3057\u304f\u304a\u805e\u304d\u3067\u304d\u307e\u3057\u305f\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u3001Jeremy\u3002\u307e\u305f\u3001\u878d\u8cc7\u306b\u95a2\u3057\u3066\u3067\u3059\u304c\u3001\u660e\u3089\u304b\u306b\u3001\u3053\u308c\u3089\u306e\u4f01\u696d\u306e\u591a\u304f\u306f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u304b\u306a\u308a\u4e0b\u304c\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u4f01\u696d\u304c\u62b1\u3048\u3066\u3044\u308b\u82e6\u5883\u3092\u8003\u3048\u308b\u3068\u3001\u3053\u308c\u3089\u306e\u4f01\u696d\u3078\u306e\u878d\u8cc7\u306b\u9ad8\u3044\u30ea\u30b9\u30af\u306f\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Jeremy Barnum — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3001\u305d\u306e\u30ea\u30b9\u30af\u306f\u4f1a\u793e\u3068\u3057\u3066\u304b\u306a\u308a\u53b3\u3057\u304f\u7ba1\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306f\u3001\u5e83\u7fa9\u306e\u30ce\u30f3\u30d0\u30f3\u30af\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3082\u3061\u308d\u3093\u3001\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u30db\u30fc\u30eb\u30bb\u30fc\u30eb\u90e8\u9580\u306e\u511f\u5374\u3092\u6b63\u5e38\u5316\u3057\u305f\u5834\u5408\u3001\u3069\u306e\u3088\u3046\u306a\u72b6\u614b\u306b\u306a\u308b\u304b\u306b\u3064\u3044\u3066\u5c11\u3057\u8003\u3048\u3066\u307f\u307e\u3057\u305f\u3002\u73fe\u5728\u3042\u308b\u5b9f\u8cea\u7684\u306a\u30bc\u30ed\u3088\u308a\u3082\u660e\u3089\u304b\u306b\u9ad8\u3044\u6570\u5b57\u3067\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u3001\u79c1\u305f\u3061\u306e\u4fe1\u7528\u898f\u5f8b\u3068\u3001\u5e33\u7c3f\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u5185\u5bb9\u306b\u81ea\u4fe1\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7d20\u6674\u3089\u3057\u3044\u3002\u7d9a\u3044\u3066\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u4eca\u671f\u306f\u8cb8\u5012\u5f15\u5f53\u91d1\u306e\u7a4d\u307f\u5897\u3057\u304c\u3046\u307e\u304f\u3044\u304d\u307e\u3057\u305f\u306d\u3002\u305d\u308c\u306b\u3064\u3044\u30662\u3064\u8cea\u554f\u3057\u307e\u3059\u3002\u307e\u305a\u3001\u5168\u56fd\u4fe1\u7528\u8abf\u67fb\uff08Shared National Credit exam\uff09\u306e\u7d50\u679c\u306f\u3001\u3044\u3064\u30822\u6708\u306b\u767a\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u5f15\u5f53\u91d1\u306e\u7a4d\u307f\u5897\u3057\u306f\u3001\u305d\u308c\u3092\u3042\u308b\u7a0b\u5ea6\u8003\u616e\u3057\u305f\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u5f15\u5f53\u91d1\u306e\u7a4d\u307f\u5897\u3057\u306f\u3001\u30d9\u30fc\u30b9\u30b1\u30fc\u30b9\u3068\u6bd4\u8f03\u3057\u3066\u3001\u3069\u306e\u7a0b\u5ea6\u3001\u7d4c\u55b6\u9663\u306b\u3088\u308b\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u3060\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u306e\u3088\u3046\u306b\u304a\u7b54\u3048\u3057\u307e\u3059\u304c\u3001\u304b\u306a\u308a\u5358\u7d14\u5316\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u304c\u8a00\u3044\u305f\u3044\u306e\u306f–\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u79c1\u305f\u3061\u306f\u5358\u7d14\u5316\u3057\u3059\u304e\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3048\u3048\u3001\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u306e\u4fdd\u5b88\u6027\u306e\u3088\u3046\u306a\u3082\u306e\u306f\u3001\u3069\u3046\u8003\u3048\u3066\u3082\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u5909\u308f\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u30ea\u30b6\u30fc\u30d6\u306b\u3064\u3044\u3066\u306f\u3001\u305d\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u306e\u304c\u4e00\u756a\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u308c\u304b\u3089\u3001Shared National\u306f……\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n[\u805e\u304d\u53d6\u308c\u305a]\n

\u30b8\u30a7\u30e9\u30eb\u30c9\u30fb\u30ad\u30e3\u30b7\u30c7\u30a3 — RBC\u30ad\u30e3\u30d4\u30bf\u30eb\u30de\u30fc\u30b1\u30c3\u30c4 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u3069\u3046\u305e\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005(CEO)<\/p>\n

\u30ca\u30b7\u30e7\u30ca\u30eb\u30fb\u30b7\u30a7\u30a2\u30fc\u30c9\u30fb\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u4ef6\u306f\u3001\u79c1\u305f\u3061\u306e\u696d\u7e3e\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Gerard Cassidy — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u975e\u5e38\u306b\u826f\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30a7\u30a4\u30df\u30fc\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30b8\u30a7\u30d5\u30ea\u30fc\u30ba\u306e\u30b1\u30f3\u30fb\u30a6\u30b9\u30c7\u30a3\u30f3\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Ken Usdin — Jefferies — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002RWA\u306e\u7de9\u548c\u306b\u3064\u3044\u3066\u3001\u73fe\u5728\u53d6\u308a\u7d44\u3093\u3067\u3044\u308b\u3053\u3068\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

NII\u3067\u3042\u308c\u3001\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u30fb\u30d3\u30b8\u30cd\u30b9\u3067\u3042\u308c\u3001\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u4e00\u90e8\u306b\u5f71\u97ff\u304c\u3042\u308b\u3068\u3059\u308c\u3070\u3001\u305d\u308c\u306f\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u3067\u306f\u3001\u305d\u306e1\u3064\u3092\u53d6\u308a\u4e0a\u3052\u308b\u3068\u3057\u307e\u3059\u3002RWA\u304c\u7de9\u3084\u304b\u306b\u5897\u52a0\u3059\u308b\u3068\u4eee\u5b9a\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u30e2\u30fc\u30b2\u30fc\u30b8\u3001\u30ed\u30fc\u30f3\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3001CVA\u30d8\u30c3\u30b8\u306a\u3069\u3001\u3042\u3089\u3086\u308b\u30d3\u30b8\u30cd\u30b9\u306b\u304a\u3044\u3066\u3001RWA\u3092\u7ba1\u7406\u3059\u308b\u305f\u3081\u306e\u30a2\u30af\u30b7\u30e7\u30f3\u3092\u3068\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001RWA\u306f\u4e8b\u696d\u306b\u305d\u308c\u307b\u3069\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u305b\u3093\u3002<\/p>\n

\u3044\u3064\u304b\u5f71\u97ff\u304c\u51fa\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u4eca\u306e\u3068\u3053\u308d\u5f71\u97ff\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3060\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u3001\u3069\u3046\u3044\u3046\u308f\u3051\u304b\u3001\u3042\u308c\u3082\u3053\u308c\u3082\u3068\u3044\u3046\u3088\u3046\u306a\u3053\u3068\u306f\u3057\u306a\u3044\u3093\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3053\u306e\u5148\u306e\u6700\u5927\u306e\u30c1\u30e3\u30f3\u30b9\u306f\u3001\u8a3c\u5238\u5316\u5e02\u5834\u306e\u518d\u958b\u3067\u3057\u3087\u3046\u3002\u4eca\u306f\u307e\u3060\u975e\u5e38\u306b\u53b3\u3057\u3044\u72b6\u6cc1\u3067\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3044\u3064\u304b\u518d\u958b\u3055\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Ken Usdin — Jefferies — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u56db\u534a\u671f\u3054\u3068\u306e\u5931\u696d\u7387\u306e\u5e73\u5747\u304c3.9\u3067\u3001\u7b2c3\u56db\u534a\u671f\u306e\u30d4\u30fc\u30af\u304c5\uff05\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u306e\u7b2c4\u56db\u534a\u671f\u306e\u5f15\u5f53\u91d1\u306f\u3069\u306e\u7a0b\u5ea6\u306e\u6c34\u6e96\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u524d\u671f\u306e\u7d4c\u9a13\u5247\u306f\u3001\u3053\u306e\u7a4f\u3084\u304b\u306a\u666f\u6c17\u5f8c\u9000\u306b\u5148\u7acb\u3064\u6f5c\u5728\u7684\u306a\u640d\u5931\u306b\u95a2\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3068\u3044\u3046\u70b9\u3067\u3001\u307e\u3060\u6709\u52b9\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u672c\u5f53\u306b\u30b7\u30f3\u30d7\u30eb\u306b\u304a\u8a71\u3057\u3057\u307e\u3057\u3087\u3046\u3002\u57fa\u672c\u30b1\u30fc\u30b9\u306f\u3001\u5931\u696d\u7387\u304c\u307b\u307c5%\u306b\u306a\u308b\u3068\u3053\u308d\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u4ed6\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u78ba\u7387\u7684\u306b\u5f85\u3061\u307e\u3059\u3002\u3060\u304b\u3089\u3001\u30b8\u30a7\u30ec\u30df\u30fc\u306f\u5f15\u5f53\u91d1\u304c\u30d9\u30fc\u30b9\u30b1\u30fc\u30b9\u3088\u308a\u9ad8\u3044\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u78ba\u7387\u306e\u91cd\u307f\u4ed8\u3051\u306f\u5909\u3048\u3066\u3044\u307e\u305b\u3093\u304c\u3001\u5f53\u7136\u3001\u30d9\u30fc\u30b9\u30b1\u30fc\u30b9\u304c\u60aa\u304f\u306a\u308c\u3070\u60aa\u304f\u306a\u3063\u305f\u3002<\/p>\n

\u305d\u308c\u304c\u3059\u3079\u3066\u3067\u3059\u3002\u305d\u308c\u3067\u3082\u307e\u3060\u3001\u3044\u3044\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3082\u3057\u76f8\u5bfe\u7684\u306b\u4e0d\u5229\u306a\u30b1\u30fc\u30b9\u3001\u305f\u3068\u3048\u30706\uff05\u306e\u5931\u696d\u7387\u306b\u306a\u3063\u305f\u3089\u3001\u5e73\u5747\u7684\u306a\u30a6\u30a7\u30a4\u30c8\u3065\u3051\u3067\u52dd\u3063\u305f\u3068\u4eee\u5b9a\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u826f\u304f\u306a\u308b\u3053\u3068\u3082\u3042\u308c\u3070\u3001\u60aa\u304f\u306a\u308b\u3053\u3068\u3082\u3042\u308b\u3002<\/p>\n

\u305d\u306e\u5834\u5408\u3001\u3042\u306860\u5104\u30c9\u30eb\u307b\u3069\u5fc5\u8981\u3067\u3059\u3002\u30d9\u30fc\u30b9\u30b1\u30fc\u30b9\u305d\u306e\u3082\u306e\u304c\u60aa\u5316\u3059\u308b\u3068\u3001\u76f8\u5bfe\u7684\u306b\u4e0d\u5229\u306b\u8fd1\u3065\u3044\u3066\u3044\u304f\u3002\u305d\u308c\u3060\u3051\u306e\u3053\u3068\u306a\u306e\u3067\u3059\u3002\u3053\u308c\u3089\u306f\u3059\u3079\u3066\u78ba\u7387\u3067\u3042\u308a\u3001\u53ef\u80fd\u6027\u3067\u3042\u308a\u3001\u4eee\u5b9a\u306e\u6570\u5b57\u3067\u3059\u3002<\/p>\n

\u79c1\u304c\u3042\u306a\u305f\u306a\u3089\u3001\u30c1\u30e3\u30fc\u30b8\u30aa\u30d5\u306e\u5b9f\u7e3e\u3060\u3051\u3092\u898b\u307e\u3059\u306d\u3002\u305d\u308c\u3067……\u3001\u79c1\u305f\u3061\u306f\u3053\u308c\u3092\u5206\u5272\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f……\u3001\u8aac\u660e\u3059\u308b\u306e\u304c\u96e3\u3057\u3044\u3057\u3001\u3059\u3079\u3066\u304c\u5c11\u3057\u305a\u3064\u7570\u306a\u3063\u3066\u3044\u304d\u307e\u3059\u3002\u9280\u884c\u306b\u3088\u3063\u3066\u3001\u57fa\u672c\u7684\u306a\u30b1\u30fc\u30b9\u306f\u82e5\u5e72\u9055\u3044\u307e\u3059\u3057\u3001\u4e0d\u5229\u306a\u30b1\u30fc\u30b9\u306e\u91cd\u307f\u4ed8\u3051\u306a\u3069\u3082\u82e5\u5e72\u9055\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u3067\u304d\u308b\u3060\u3051\u30b7\u30f3\u30d7\u30eb\u306b\u8aac\u660e\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

Ken Usdin — \u30b8\u30a7\u30d5\u30ea\u30fc\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3048\u3048\u3001\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3067\u3059\u3002\u4eca\u56de\u306e\u8ab2\u984c\u306f\u3001\u30c1\u30e3\u30fc\u30b8\u30aa\u30d5\u3088\u308a\u3082\u5148\u306b\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u5f71\u97ff\u304c\u51fa\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u79c1\u305f\u3061\u306f\u7686\u3001\u305d\u308c\u306b\u5408\u308f\u305b\u3066\u8abf\u6574\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u304c\u3001\u305d\u306e\u70b9\u306f\u611f\u8b1d\u3057\u3066\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30b8\u30a7\u30a4\u30df\u30fc\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u305d\u3057\u3066\u3001[\u805e\u304d\u53d6\u308c\u306a\u3044]\u30d9\u30fc\u30b9\u30b1\u30fc\u30b9\u304c\u76f8\u5bfe\u7684\u306b\u4e0d\u5229\u306a\u72b6\u6cc1\u306b\u306a\u308b\u3068\u4e88\u60f3\u3055\u308c\u308b\u5834\u5408\u3001\u30c1\u30e3\u30fc\u30b8\u30aa\u30d5\u306e\u524d\u306b60\u5104\u30c9\u30eb\u306e\u5f15\u5f53\u91d1\u3092\u8ffd\u52a0\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Ken Usdin — Jefferies — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u306e\u901a\u308a\u3067\u3059\u3002\u305d\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n

Jeremy Barnum — CEO\uff08\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u3054\u8cea\u554f\u306e\u4e2d\u306b\u3001\u4eca\u671f\u306e\u7a4d\u307f\u5897\u3057\u304c\u3069\u306e\u7a0b\u5ea660\u5104\u30c9\u30eb\u306e\u982d\u91d1\u306b\u306a\u308b\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u305d\u306e\u7b54\u3048\u3068\u3057\u3066\u306f\u300160\u5104\u30c9\u30eb\u306e\u3059\u3079\u3066\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u591a\u304f\u306f\u9577\u671f\u7684\u306a\u6210\u9577\u306b\u3088\u3063\u3066\u7372\u5f97\u3055\u308c\u305f\u3082\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u30b8\u30a7\u30a4\u30df\u30fc\u304c\u8a00\u3046\u3088\u3046\u306b\u3001\u30bb\u30f3\u30c8\u30e9\u30eb\u30fb\u30b1\u30fc\u30b9\u306e\u4e0b\u65b9\u4fee\u6b63\u306b\u4f34\u3046\u30d5\u30ed\u30fc\u30b9\u30eb\u30fc\u304c\u305d\u306e\u4e00\u90e8\u3092\u727d\u5f15\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u79d1\u5b66\u3067\u306f\u306a\u304f\u3001\u5c11\u3057\u96e3\u3057\u3044\u3068\u3044\u3046\u6ce8\u610f\u66f8\u304d\u304c\u3042\u308b\u306b\u305b\u3088\u30016\u306e\u30c0\u30a6\u30f3\u30da\u30a4\u30e1\u30f3\u30c8\u304c\u3042\u308b\u3068\u8a00\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002<\/p>\n

Ken Usdin — Jefferies — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\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\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Betsy Graseck — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3084\u3042\u3001\u30d9\u30c3\u30c4\u30a3\u30fc\u3002<\/p>\n

Betsy Graseck — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4eca\u5e74\u306b\u5165\u308a\u3001\u7d4c\u8cbb\u306e\u7ba1\u7406\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u304b\u3001\u5c11\u3057\u7406\u89e3\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u4e88\u6e2c\u3059\u308b\u306e\u304c\u96e3\u3057\u3044\u3068\u3044\u3046\u8a71\u306f\u3059\u3067\u306b\u3057\u307e\u3057\u305f\u3002NII\u306f\u3082\u3061\u308d\u3093\u3001\u5e02\u5834\u306b\u3082\u6ce2\u304c\u3042\u308a\u307e\u3059\u3002\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u306e\u304b\u3001\u7d4c\u8cbb\u30d9\u30fc\u30b9\u306e\u3069\u306e\u8981\u7d20\u306b\u6295\u8cc7\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u5b9f\u969b\u306b\u624b\u3092\u3064\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u306e\u304b\u3001\u307e\u305f\u3001\u30ec\u30c3\u30c9\u30e9\u30a4\u30f3\u304c\u5f31\u304f\u306a\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u30d7\u30e9\u30b9\u306e\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u5b9f\u73fe\u3067\u304d\u308b\u3088\u3046\u306a\u5265\u96e2\u306e\u53ef\u80fd\u6027\u304c\u3042\u308b\u306e\u306f\u3069\u3053\u304b\u3001\u7406\u89e3\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f3\u3064\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3059\u3079\u3066\u3067\u8cbb\u7528\u3092\u5206\u985e\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u74b0\u5883\u306e\u826f\u3057\u60aa\u3057\u306b\u5bfe\u79f0\u7684\u306b\u53cd\u5fdc\u3057\u3001\u305d\u308c\u306b\u3088\u3063\u3066\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u8ca2\u732e\u3059\u308b\u3082\u306e\u3060\u304b\u3089\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u4eca\u5e74\u306e\u6700\u7d42\u7d50\u679c\u3001\u305d\u3057\u30662022\u5e74\u306b\u7d42\u4e86\u3057\u305f\u6570\u5b57\u3067\u306f\u3001\u6570\u91cf\u30fb\u53ce\u76ca\u95a2\u9023\u8cbb\u7528\u306e\u524d\u5e74\u6bd4\u306f\u3001\u3084\u306f\u308a\u5f93\u696d\u54e1\u6570\u304c\u6628\u65e5\u3088\u308a\u3082\u591a\u304f\u8868\u793a\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u304c\u3001\u304a\u305d\u3089\u304f100\u4e07\u30c9\u30eb\u306b\u8fd1\u3044\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u524d\u5e74\u6bd4\u3067\u6e1b\u5c11\u3057\u3066\u3044\u308b\u306e\u306b\u5bfe\u3057\u3066\u3001\u6765\u5e74\u306f\u3082\u3063\u3068\u6a2a\u3070\u3044\u306b\u8fd1\u3044\u3082\u306e\u3092\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u300121\u5e74\u304b\u308922\u5e74\u300122\u5e74\u304b\u308923\u5e74\u3068\u3044\u3046\u3088\u3046\u306b\u3001\u524d\u5e74\u6bd4\u306e\u5897\u6e1b\u306f\u540c\u3058\u3067\u3059\u304c\u3001\u305d\u306e\u5185\u8a33\u306f\u304b\u306a\u308a\u7570\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u79c1\u305f\u3061\u304c\u4e88\u7b97\u7de8\u6210\u3092\u898b\u8aa4\u3063\u305f\u5834\u5408\u3001\u3042\u308b\u3044\u306f\u4e8b\u524d\u306e\u898b\u901a\u3057\u3067\u53ce\u76ca\u95a2\u9023\u6570\u5024\u306e\u5927\u5e45\u306a\u843d\u3061\u8fbc\u307f\u304c\u4e88\u60f3\u3055\u308c\u308b\u5834\u5408\u3067\u3059\u3002\u3053\u308c\u306f\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u8ca2\u732e\u3057\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u4ee5\u5916\u306e\u90e8\u5206\u306b\u3064\u3044\u3066\u306f\u3001\u5e38\u306b\u52b9\u7387\u6027\u3092\u8ffd\u6c42\u3057\u3066\u3044\u307e\u3059\u3002\u53ce\u76ca\u74b0\u5883\u304c\u826f\u304f\u3066\u3082\u60aa\u304f\u3066\u3082\u3001\u79c1\u305f\u3061\u306f\u540c\u3058\u3088\u3046\u306b\u52b9\u7387\u5316\u306b\u53d6\u308a\u7d44\u3093\u3067\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u30b5\u30a4\u30af\u30eb\u3092\u901a\u3058\u3066\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306e\u6295\u8cc7\u8a08\u753b\u306f\u3001\u77ed\u671f\u7684\u306a\u74b0\u5883\u5909\u5316\u306b\u306f\u3042\u307e\u308a\u654f\u611f\u3067\u306a\u3044\u306f\u305a\u3067\u3059\u3002<\/p>\n

\u3082\u3061\u308d\u3093\u3001\u30ab\u30fc\u30c9\u4e8b\u696d\u306e\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u6295\u8cc7\u306a\u3069\u3001\u3042\u308b\u7a2e\u306e\u3082\u306e\u306f\u3001\u7279\u306b\u3001\u79c1\u305f\u3061\u304c\u671f\u5f85\u3059\u308b\u8a08\u7b97\u3084\u305d\u308c\u3089\u306eNPV\u306f\u3001\u666f\u6c17\u5f8c\u9000\u306e\u969b\u306b\u306f\u5909\u308f\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3057\u3001\u305d\u3046\u306a\u308c\u3070\u3001\u4ed6\u306e\u3059\u3079\u3066\u304c\u540c\u3058\u3067\u3042\u3063\u3066\u3082\u3001\u6295\u8cc7\u984d\u306f\u6e1b\u5c11\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4f1a\u793e\u306e\u5c06\u6765\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u884c\u3063\u3066\u3044\u308b\u4e2d\u6838\u7684\u306a\u6226\u7565\u7684\u6295\u8cc7\u306f\u3001\u74b0\u5883\u306e\u6d6e\u304d\u6c88\u307f\u306b\u3088\u3063\u3066\u4fee\u6b63\u3055\u308c\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3057\u3001–\u3002<\/p>\n

Betsy Graseck — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u8cea\u554f\u3092\u3057\u305f\u7406\u7531\u306e\u3072\u3068\u3064\u306f\u3001JP\u30e2\u30eb\u30ac\u30f3\u306e\u682a\u4fa1\u306e\u8ad6\u70b9\u306e\u3072\u3068\u3064\u304c\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8cc7\u672c\u30de\u30fc\u30c1\u306e\u554f\u984c\u3067\u3042\u308a\u3001\u4eca\u5f8c\u6570\u5e74\u9593\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3088\u308a\u5927\u304d\u306a\u8ca0\u62c5\u306b\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u30d7\u30e9\u30b9\u306b\u306a\u308c\u3070\u3001\u5f53\u7136\u3001\u8cc7\u672c\u3092\u3082\u3046\u5c11\u3057\u5438\u53ce\u3059\u308b\u4f59\u5730\u304c\u51fa\u3066\u304d\u307e\u3059\u304c\u3001\u305d\u308c\u3067\u3082\u8ffd\u52a0\u7684\u306a\u6295\u8cc7\u3067IRR\u3084\u30d0\u30e9\u8272\u306e\u76ee\u6a19\u3092\u9054\u6210\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\u3067\u3059\u3002\u4eca\u5f8c\u4e88\u60f3\u3055\u308c\u308b\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u8003\u616e\u3057\u305f\u5834\u5408\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u5897\u8cc7\u304c\u53ef\u80fd\u306a\u306e\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u3053\u308c\u306f\u4eca\u65e5\u306e\u8cea\u554f\u3068\u3057\u3066\u306f\u4e0d\u9069\u5207\u3067\u3001\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u306b\u51fa\u3057\u305f\u65b9\u304c\u3044\u3044\u8cea\u554f\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u682a\u5f0f\u306b\u95a2\u3059\u308b\u8b70\u8ad6\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3064\u307e\u308a\u3001\u516c\u5e73\u306a\u8cea\u554f\u3067\u3059\u3002\u3044\u3044\u8cea\u554f\u3060\u3002\u79c1\u306f\u305d\u308c\u306b\u5177\u4f53\u7684\u306b\u7b54\u3048\u308b\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u305f\u3060\u3001\u79c1\u305f\u3061\u306f\u3001\u3053\u306e\u4f1a\u793e\u304c1\u5e74\u5f8c\u306b17%\u306e\u53ce\u76ca\u3092\u4e0a\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u308b\u3068\u7533\u3057\u4e0a\u3052\u3066\u304d\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u73fe\u5728\u306e\u74b0\u5883\u3001\u4eca\u304a\u8a71\u304c\u3042\u3063\u305f\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u305d\u3057\u306624\u5e74\u7b2c1\u56db\u534a\u671f\u306b13\uff05\u4ee5\u4e0a\u306e\u76ee\u6a19\u304c\u8a2d\u5b9a\u3055\u308c\u3001\u8cc7\u672c\u8981\u4ef6\u304c\u9ad8\u307e\u308b\u3068\u3044\u3046\u898b\u901a\u3057\u3092\u7e54\u308a\u8fbc\u3093\u3067\u306e\u3082\u306e\u3067\u3059\u3002\u30d0\u30fc\u30bc\u30ebIII\u306e\u6700\u7d42\u76ee\u6a19\u3084\u305d\u306e\u4ed6\u306e\u8981\u56e0\u306b\u3088\u3063\u3066\u3053\u306e\u6570\u5b57\u304c\u5897\u52a0\u3059\u308b\u304b\u3069\u3046\u304b\u3001\u307e\u305f\u3001\u305d\u308c\u3092\u3069\u306e\u7a0b\u5ea6\u5438\u53ce\u3057\u3066\u3053\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u307f\u51fa\u305b\u308b\u304b\u3068\u3044\u3046\u554f\u984c\u306f\u3001\u3082\u3061\u308d\u3093\u3001\u4eca\u3059\u3050\u306b\u306f\u7b54\u3048\u3088\u3046\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u5206\u6bcd\u306e\u62e1\u5927\u3060\u3051\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u304a\u65ad\u308a\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n

\u7121\u7406\u306a\u8cc7\u672c\u306e\u6210\u679c\u306f\u5b9f\u4f53\u7d4c\u6e08\u3078\u306e\u30b3\u30b9\u30c8\u5897\u3068\u306a\u308a\u3001\u305d\u308c\u3082\u5206\u5b50\u306b\u5165\u308a\u307e\u3059\u3088\u306d\u3002\u305d\u308c\u306f\u79c1\u305f\u3061\u304c\u671b\u3080\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u8d77\u3053\u308a\u3046\u308b\u7d50\u679c\u3067\u3059\u3002<\/p>\n

Betsy Graseck — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238\u306e\u30de\u30a4\u30af\u30fb\u30e1\u30a4\u30e8\u30fc\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30e1\u30a4\u30e8\u30fc — \u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u9032\u5316\u3055\u305b\u3001\u3088\u308a\u591a\u304f\u306e\u5229\u76ca\u3092\u4e0a\u3052\u308b\u305f\u3081\u306b\u304a\u91d1\u3092\u4f7f\u3044\u3001\u904e\u53bb10\u5e74\u306e\u5b9f\u7e3e\u306f\u5f37\u529b\u3067\u3042\u3063\u305f\u3068\u8a8d\u8b58\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30cb\u30e5\u30fc\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u30d5\u30e9\u30f3\u30af\u306e\u8cb7\u53ce\u306b\u95a2\u9023\u3057\u3066\u3001\u3042\u306a\u305f\u304c\u8ffd\u6c42\u3057\u305f15\u4ef6\u306e\u53d6\u5f15\u3001\u6bce\u5e7470\u5104\u30c9\u30eb\u306e\u6295\u8cc7\u3001\u305d\u3057\u30662023\u5e74\u306b810\u5104\u5186\u3068\u3044\u3046\u3042\u306a\u305f\u306e\u6307\u91dd\u307e\u3067\u306e3\u5e74\u9593\u30675\u5206\u306e1\u306e\u7d4c\u8cbb\u5897\u52a0\u306b\u5bfe\u3059\u308b\u8ca1\u52d9\u898f\u5f8b\u306b\u3064\u3044\u3066\u3069\u3046\u8003\u3048\u3066\u3044\u308b\u306e\u304b\u3001\u79c1\u306f\u7591\u554f\u306b\u601d\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u8ca1\u52d9\u898f\u5f8b\u306b\u3064\u3044\u3066\u306e\u8cea\u554f\u306a\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u30d5\u30e9\u30f3\u30af\u3068\u306e\u53d6\u5f15\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u8a00\u3048\u306a\u3044\u306e\u306f\u627f\u77e5\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3042\u306a\u305f\u306f2\u65e5\u3067\u8cb7\u53ce\u984d\u3092\u7a3c\u304e\u51fa\u3057\u305f\u3001\u305d\u308c\u306f\u308f\u304b\u3063\u305f\u3002\u4e0d\u6b63\u884c\u70ba\u304c\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u306f……\u4e0d\u6b63\u884c\u70ba\u306b\u5bfe\u3057\u3066\u4f55\u304b\u3092\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u304c\u3001\u305d\u308c\u3067\u3082\u7d4c\u55b6\u8cc7\u6e90\u3068\u6ce8\u610f\u3092\u305d\u3089\u3059\u3053\u3068\u306b\u306f\u5909\u308f\u308a\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u3060\u304b\u3089\u3001\u5177\u4f53\u7684\u306b\u8a00\u3046\u3068\u3001\u8cb7\u53ce\u6226\u7565\u3068\u306e\u95a2\u9023\u3067\u3001\u8ab0\u304c\u8abf\u9054\u3059\u308b\u306e\u304b\uff1f\u8ab0\u304c\u4ea4\u6e09\u3059\u308b\u306e\u304b\uff1f\u8ab0\u304c\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u884c\u3046\u306e\u304b\uff1f\u8ab0\u304c\u8cb7\u53ce\u3092\u5b9f\u884c\u3059\u308b\u306e\u304b\uff1f\u305d\u3057\u3066\u6700\u7d42\u7684\u306b\u3001\u3053\u308c\u308915\u7a2e\u985e\u306e\u53d6\u5f15\u306b\u3064\u3044\u3066\u8ab0\u304c\u8cac\u4efb\u3092\u6301\u3064\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4e8b\u696d\u90e8\u9580\u3092\u307e\u305f\u3044\u3060\u6295\u8cc7\u3092\u884c\u3046\u5834\u5408\u3001\u305d\u308c\u306f\u3042\u306a\u305f\u65b9\u306e\u5f37\u307f\u3067\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u308c\u3089\u306e\u6295\u8cc7\u304c\u601d\u3044\u901a\u308a\u306b\u3044\u304b\u306a\u304b\u3063\u305f\u5834\u5408\u306e\u6700\u7d42\u7684\u306a\u8cac\u4efb\u8005\u306f\u8ab0\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u30b8\u30a7\u30a4\u30df\u30fc\u306f\u3001\u6570\u5e74\u524d\u306e\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30c7\u30a4\u3067\u3001\u300c\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u8d77\u3053\u3057\u3001\u6210\u9577\u3057\u3066\u3044\u304f\u4e2d\u3067\u3001\u6642\u306b\u306f\u304a\u91d1\u3092\u7121\u99c4\u306b\u3059\u308b\u3053\u3068\u304c\u3042\u308b\u300d\u3068\u8ff0\u3079\u3066\u3044\u307e\u3057\u305f\u306d\u3002\u3057\u304b\u3057\u3001\u30d5\u30e9\u30f3\u30af\u306e\u6848\u4ef6\u3084\u4ed6\u306e\u6848\u4ef6\u3001\u3042\u308b\u3044\u306f\u4eca\u5e74\u652f\u51fa\u3059\u308b\u4e88\u5b9a\u306e810\u5104\u30c9\u30eb\u306e\u6848\u4ef6\u306e\u3088\u3046\u306b\u3001\u6295\u8cc7\u304c\u3046\u307e\u304f\u3044\u304b\u306a\u304b\u3063\u305f\u3068\u304d\u306b\u6700\u7d42\u7684\u306b\u8cac\u4efb\u3092\u8ca0\u3046\u306e\u306f\u8ab0\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3\uff08\u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30de\u30a4\u30af\u3001\u975e\u5e38\u306b\u826f\u3044\u8cea\u554f\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u306f\u5e38\u306b\u3053\u306e\u3053\u3068\u3092\u61f8\u5ff5\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u5e38\u306b\u81ea\u5df1\u6e80\u8db3\u3068\u305d\u306e\u3088\u3046\u306a\u3082\u306e\u306b\u3064\u3044\u3066\u8a71\u3057\u3066\u304d\u307e\u3057\u305f\u30021\u5e74\u306b300\u56de\u3082\u6253\u5e2d\u306b\u7acb\u3066\u3070\u3001\u5f53\u7136\u306a\u304c\u3089\u30a8\u30e9\u30fc\u306f\u767a\u751f\u3057\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u3082\u3057\u81ea\u5df1\u6e80\u8db3\u304c\u5b98\u50da\u4e3b\u7fa9\u306b\u8ca0\u308f\u3055\u308c\u306a\u3051\u308c\u3070\u3001\u305d\u308c\u306f\u505c\u6ede\u3068\u6b7b\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u30df\u30b9\u3092\u3057\u305f\u3068\u304d\u3001\u4f1a\u793e\u3092\u6f70\u3057\u3066\u3057\u307e\u3063\u305f\u3068\u304d\u306b\u306f\u3001\u3068\u3066\u3082\u6c17\u3092\u3064\u3051\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u975e\u5e38\u306b\u898f\u5f8b\u6b63\u3057\u3044\u4f01\u696d\u3067\u3042\u308a\u3001\u305d\u308c\u306f\u3055\u307e\u3056\u307e\u306a\u5f62\u3067\u898b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u308c\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u306b\u3082\u3001\u6295\u8cc7\u306e\u6210\u529f\u306b\u3082\u3001\u5546\u54c1\u3068\u30b5\u30fc\u30d3\u30b9\u306e\u8cea\u306b\u3082\u8868\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3055\u307e\u3056\u307e\u306a\u9762\u3067\u3001\u305d\u306e\u529b\u3092\u767a\u63ee\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u8cb7\u53ce\u306e\u5834\u5408\u3082\u540c\u3058\u3067\u3059\u3002\u8cb7\u53ce\u306f\u5404\u4e8b\u696d\u304c\u884c\u3044\u307e\u3059\u304c\u3001\u4e2d\u592e\u306e\u30c1\u30fc\u30e0\u304c\u5e83\u7bc4\u306a\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u884c\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u4e8b\u696d\u304c\u884c\u3046\u306e\u3067\u3059\u3002\u4e2d\u592e\u306e\u30c1\u30fc\u30e0\u304c\u884c\u3046\u306e\u3067\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f20\u5e74\u524d\u304b\u3089\u3053\u306e\u65b9\u6cd5\u3092\u3068\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u3061\u3087\u3046\u3069\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u59cb\u3081\u305f\u3068\u3053\u308d\u3067\u3059\u3002\u305d\u3057\u3066\u5f53\u7136\u306a\u304c\u3089\u3001\u5e38\u306b\u6559\u8a13\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u30021\u3064\u8a00\u3048\u308b\u306e\u306f\u3001\u3053\u306e\u4ef6\u304c\u8a34\u8a1f\u304b\u3089\u8131\u5374\u3057\u305f\u3068\u304d\u306e\u6559\u8a13\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u975e\u5e38\u306b\u5feb\u9069\u3067\u3059\u3002\u8cac\u4efb\u8005\u3001\u4e8b\u696d\u95a2\u4fc2\u8005\u306f\u3001\u305d\u306e\u4e8b\u696d\u304c\u8cb7\u53ce\u3092\u884c\u3063\u305f\u3053\u3068\u3092\u77e5\u3063\u3066\u3044\u307e\u3059\u3057\u3001\u5f7c\u3089\u306b\u306f\u8cac\u4efb\u304c\u3042\u308a\u3001\u5f7c\u3089\u306f\u623b\u3063\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u304c\u671f\u5f85\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u79c1\u305f\u3061\u5168\u54e1\u306b\u3001\u826f\u3044\u3053\u3068\u3082\u3001\u60aa\u3044\u3053\u3068\u3082\u3001\u919c\u3044\u3053\u3068\u3082\u8a71\u3057\u3066\u304f\u308c\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3053\u306e\u3088\u3046\u306a\u4e8b\u614b\u3092\u62db\u3044\u305f\u306e\u306f\u3001\u5927\u304d\u306a\u9593\u9055\u3044\u3067\u3057\u305f\u3002<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u3053\u308c\u306f\u7121\u6a5f\u7684\u306a\u6210\u9577\u306b\u95a2\u3059\u308b\u3082\u306e\u3067\u3059\u306d\u3002\u30aa\u30fc\u30ac\u30cb\u30c3\u30af\u306a\u6210\u9577\u3068\u306f\u3001\u305f\u3068\u3048\u3070\u6c7a\u6e08\u30d3\u30b8\u30cd\u30b9\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u30d3\u30b8\u30cd\u30b9\u30e9\u30a4\u30f3\u3092\u6a2a\u65ad\u3059\u308b\u3088\u3046\u306a\u6210\u9577\u3067\u3059\u3002\u6c7a\u6e08\u30d3\u30b8\u30cd\u30b9\u3078\u306e\u6295\u8cc7\u3092\u5897\u3084\u3059\u3068\u300120\uff5e30PE\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u3053\u307e\u3067\u5230\u9054\u3059\u308c\u3070\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3059\u3002\u30c7\u30fc\u30bf\u3092\u96c6\u8a08\u3059\u308b\u3068\u3001\u6d88\u8cbb\u8005\u91d1\u878d\u3084\u6295\u8cc7\u9280\u884c\u3068\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u30a2\u30bb\u30c3\u30c8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u3001\u30b3\u30de\u30fc\u30b7\u30e3\u30eb\u3001\u30da\u30a4\u30e1\u30f3\u30c8\u306b\u81f3\u308b\u307e\u3067\u3001\u3042\u3089\u3086\u308b\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8cac\u4efb\u306f\u8ab0\u304c\u8ca0\u3046\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u30de\u30ea\u30a2\u30f3\u30cc\u3068\u30b8\u30a7\u30f3\u306f\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u3001\u30c7\u30d3\u30c3\u30c8\u30ab\u30fc\u30c9\u3001\u5c0f\u5207\u624b\u3001\u305d\u306e\u4ed6\u6d88\u8cbb\u8005\u95a2\u9023\u5168\u822c\u306b\u3064\u3044\u3066\u3001\u30c0\u30cb\u30a8\u30eb\u306b\u5831\u544a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u30db\u30fc\u30eb\u30bb\u30fc\u30eb\u6c7a\u6e08\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u30fb\u30d7\u30ed\u30bb\u30b7\u30f3\u30b0\u3001\u305d\u306e\u4ed6\u3082\u308d\u3082\u308d\u306b\u95a2\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u3089\u306f\u76f4\u63a5\u306e\u62c5\u5f53\u3067\u3059\u3002\u3053\u308c\u306f\u660e\u3089\u304b\u306b\u3001\u5168\u793e\u306b\u307e\u305f\u304c\u308b\u5206\u91ce\u3067\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u5148\u307b\u3069\u306e\u6c7a\u6e08\u30ef\u30fc\u30ad\u30f3\u30b0\u30b0\u30eb\u30fc\u30d7\u3067\u306f\u3001\u305d\u306e\u4f5c\u696d\u306b\u6642\u9593\u3092\u8cbb\u3084\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u30ef\u30fc\u30ad\u30f3\u30b0\u30b0\u30eb\u30fc\u30d7\u306f\u8cb7\u53ce\u3067\u7d42\u308f\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3057\u3001\u3082\u3057\u5f7c\u3089\u304c — \u6295\u8cc7\u3092\u3057\u305f\u3044\u3068\u601d\u3063\u305f\u3089 — \u3068\u3053\u308d\u3067\u3001\u4eca\u5e74\u3082\u3044\u308d\u3044\u308d\u306a\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u304c — \u30c0\u30cb\u30a8\u30eb\u3068\u79c1\u306b\u81f3\u308b\u307e\u3067\u3001\u3059\u3079\u3066\u5171\u540c\u3067\u6c7a\u5b9a\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u6700\u521d\u306e\u30b3\u30e1\u30f3\u30c8\u306b\u5bfe\u3059\u308b\u6700\u5f8c\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u304c\u3001\u3064\u307e\u308a\u30013\u5e74\u9023\u7d9a\u3067\u7d0450\u5104\u30c9\u30eb\u306e\u8cbb\u7528\u306e\u5897\u52a0\u304c\u3042\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u30b9\u30e9\u30a4\u30c911\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u3001\u3042\u307e\u308a\u78ba\u5b9f\u3067\u306a\u3044\u30d0\u30c3\u30af\u30a8\u30f3\u30c9\u306e\u5229\u76ca\u306b\u5bfe\u3057\u3066\u3001\u591a\u304f\u306e\u7279\u5b9a\u306e\u30d5\u30ed\u30f3\u30c8\u30ed\u30fc\u30c7\u30a3\u30f3\u30b0\u306e\u8cbb\u7528\u3067\u3059\u3002\u904e\u53bb\u3068\u6bd4\u8f03\u3057\u3066\u3001\u3053\u308c\u3089\u306e\u30d0\u30c3\u30af\u30a8\u30f3\u30c9\u306e\u5229\u76ca\u304c\u5f97\u3089\u308c\u308b\u3068\u3044\u3046\u5b89\u5fc3\u611f\u306f\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u307e\u3063\u305f\u304f\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001Investor Day\u3067\u7686\u3055\u3093\u306b\u304a\u4f1d\u3048\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u652f\u5e97\u306e\u958b\u8a2d\u3001\u9280\u884c\u54e1\u306e\u63a1\u7528\u3001\u6280\u8853\u958b\u767a\u306a\u3069\u3001\u3042\u3089\u3086\u308b\u9762\u3067\u5feb\u9069\u3055\u3092\u611f\u3058\u3066\u3044\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30e9\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u3084\u30af\u30e9\u30a6\u30c9\u5316\u306a\u3069\u3001\u3059\u3079\u3066\u3092\u7279\u5b9a\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u304c\u3001\u79c1\u305f\u3061\u306f\u81ea\u4fe1\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3082\u3001\u3082\u3057\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u306a\u3044\u306e\u3067\u3042\u308c\u3070\u3001\u5909\u66f4\u3059\u308b\u3053\u3068\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u6bce\u65e5\u3053\u306e\u8cea\u554f\u3092\u81ea\u5206\u305f\u3061\u306b\u6295\u3052\u304b\u3051\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u3069\u306e\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3001\u3069\u306e\u652f\u5e97\u3001\u3069\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u3059\u308b\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3067\u306f\u3001\u5e38\u306b — \u5177\u4f53\u7684\u306a\u6570\u5b57\u304c\u5fc5\u8981\u3067\u3059\u3002\u63a8\u6e2c\u3067\u306f\u306a\u304f\u3001\u5177\u4f53\u7684\u306b\u4f55\u30c9\u30eb\u5165\u3063\u3066\u4f55\u30c9\u30eb\u51fa\u3066\u3044\u304f\u306e\u304b\u3001\u305d\u3046\u3044\u3046\u3053\u3068\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u300110\u5104\u30c9\u30eb\u3092\u8cbb\u3084\u3057\u3066\u3082\u30ea\u30bf\u30fc\u30f3\u304c\u5f97\u3089\u308c\u306a\u3044\u5834\u5408\u306f\u300110\u5104\u30c9\u30eb\u3092\u30ab\u30c3\u30c8\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Mike Mayo — Wells Fargo Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30a6\u30a9\u30eb\u30d5\u30fb\u30ea\u30b5\u30fc\u30c1\u306e\u30b9\u30c6\u30a3\u30fc\u30d6\u30fb\u30c1\u30e5\u30d0\u30c3\u30af\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b9\u30c6\u30a3\u30fc\u30d6\u30fb\u30c1\u30e5\u30d0\u30c3\u30af — \u30a6\u30eb\u30d5\u30fb\u30ea\u30b5\u30fc\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u6295\u8cc7\u9280\u884c\u696d\u52d9\u306e\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u30b8\u30a7\u30ec\u30df\u30fc\u3001\u3042\u306a\u305f\u304c\u6319\u3052\u305f\u5f37\u529b\u306a\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306b\u3064\u3044\u3066\u3001\u6cd5\u4eba\u9867\u5ba2\u304b\u3089\u805e\u3044\u3066\u3044\u308b\u3053\u3068\u3001\u7279\u306b\u3042\u306a\u305f\u304c\u8ff0\u3079\u305f\u7a4f\u3084\u304b\u306a\u666f\u6c17\u5f8c\u9000\u306e\u30b7\u30ca\u30ea\u30aa\u306e\u4e2d\u3067\u3001\u6295\u8cc7\u9280\u884c\u696d\u52d9\u306b\u4f55\u3089\u304b\u306e\u5909\u5316\u304c\u898b\u3089\u308c\u308b\u3068\u4e88\u60f3\u3055\u308c\u308b\u6642\u671f\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u306b\u3064\u3044\u3066\u3082\u540c\u69d8\u306e\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u6765\u5e74\u306f\u53b3\u3057\u3044\u30b3\u30f3\u30d7\u306b\u76f4\u9762\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002QT\u3084\u91d1\u5229\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6a19\u306f\u307e\u3060\u9ad8\u3044\u307e\u307e\u3067\u3059\u3002\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u6d3b\u52d5\u306b\u306f\u5927\u304d\u306a\u6e1b\u901f\u304c\u4e88\u60f3\u3055\u308c\u307e\u3059\u304b\u3001\u305d\u308c\u3068\u3082\u4e88\u60f3\u3055\u308c\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u3002\u3067\u306f\u3001\u307e\u305a\u9280\u884c\u696d\u52d9\u304b\u3089\u59cb\u3081\u307e\u3057\u3087\u3046\u3002\u4eca\u3001\u9280\u884c\u696d\u52d9\u306b\u3064\u3044\u3066\u8208\u5473\u6df1\u3044\u306e\u306f\u3001\u660e\u3089\u304b\u306b\u975e\u5e38\u306b\u9ad8\u3044\u6c34\u6e96\u304b\u3089\u306e\u4e0b\u843d\u304c\u8457\u3057\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u30012019\u5e74\u3068\u6bd4\u8f03\u3059\u308b\u3068\u30012022\u5e74\u306f\u6bd4\u8f03\u7684\u5f31\u3044\u5e74\u3067\u3057\u305f\u30022023\u5e74\u3092\u898b\u636e\u3048\u305f\u5834\u5408\u3001\u5b9f\u969b\u306e\u7d4c\u6e08\u74b0\u5883\u306f\u524d\u5e74\u3088\u308a\u3082\u60aa\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\uff08\u805e\u304d\u53d6\u308c\u305a\uff09\u3002\u78ba\u304b\u306b\u3001\u79c1\u305f\u3061\u306f\u8d85\u697d\u89b3\u4e3b\u7fa9\u3068\u3044\u3046\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7279\u306b\u91d1\u5229\u306f\u50b5\u5238\u30d3\u30b8\u30cd\u30b9\u306b\u5f71\u97ff\u3057\u307e\u3059\u3057\u3001\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306fM&A\u306b\u5f71\u97ff\u3057\u307e\u3059\u304b\u3089\u3001\u305d\u306e\u70b9\u306b\u3064\u3044\u3066\u3082\u540c\u69d8\u3067\u3059\u3002\u53d6\u5f15\u3084\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3046\u305f\u3081\u306e\u5fc5\u8981\u6761\u4ef6\u306e\u3072\u3068\u3064\u306f\u3001\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u5e02\u5834\u306e\u6c34\u6e96\u306b\u6163\u308c\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u30012023\u5e74\u306b\u306f\u6295\u8cc7\u9280\u884c\u306e\u4e16\u754c\u3067\u3082\u3053\u306e\u3053\u3068\u304c\u5f79\u306b\u7acb\u3064\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u305d\u308c\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u3067\u3082\u3001\u305d\u3046\u3044\u3046\u3053\u3068\u3092\u79c1\u305f\u3061\u306f\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u540c\u69d8\u306b\u3001\u5e02\u5834\u306b\u95a2\u3057\u3066\u3082\u3001\u4eca\u5e74\u3082\u975e\u5e38\u306b\u597d\u8abf\u3067\u3001\u4e88\u60f3\u4ee5\u4e0a\u306b\u826f\u3044\u5e74\u3067\u3057\u305f\u3002<\/p>\n

\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u5f8c\u306b\u975e\u5e38\u306b\u5f37\u3044\u6570\u5b57\u304c\u51fa\u305f\u306e\u3067\u3001\u5b9f\u969b\u3088\u308a\u3082\u3082\u3063\u3068\u6b63\u5e38\u5316\u3059\u308b\u3068\u601d\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u307e\u305f\u30012022\u5e74\u306f\u591a\u304f\u306e\u30c6\u30fc\u30de\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u304c\u3046\u307e\u304f\u3044\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3044\u3064\u3082\u79c1\u305f\u3061\u3092\u5c11\u3057\u52a9\u3051\u3066\u304f\u308c\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u6bd4\u8f03\u7684\u79e9\u5e8f\u3042\u308b\u7d99\u7d9a\u7684\u306a\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u3042\u308a\u307e\u3057\u305f\u30022023\u5e74\u306b\u5411\u3051\u3066\u306f\u3001\u3053\u308c\u3089\u306e\u30c6\u30fc\u30de\u306e\u3044\u304f\u3064\u304b\u306f\u5c11\u3057\u76ee\u7acb\u305f\u306a\u304f\u306a\u308a\u3001\u305d\u308c\u304c\u5c11\u3057\u9006\u98a8\u306b\u306a\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u4e00\u65b9\u3067\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u306a\u304f\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u306f\u6975\u3081\u3066\u79e9\u5e8f\u3060\u3063\u305f\u52d5\u304d\u3092\u7d9a\u3051\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u3002<\/p>\n

4.5\uff05\u30015\uff05\u306e\u91d1\u5229\u74b0\u5883\u306f\u3001\u304a\u305d\u3089\u304f\u53d6\u5f15\u306e\u6a5f\u4f1a\u304c\u591a\u304f\u30010\uff05\u306e\u91d1\u5229\u74b0\u5883\u3082\u3042\u308a\u307e\u3059\u3002\u3060\u304b\u3089\u3001\u3082\u3061\u308d\u3093\u3001\u308f\u304b\u3089\u306a\u3044\u3002\u3044\u305a\u308c\u5206\u304b\u308b\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3042\u308b\u7a0b\u5ea6\u306f\u6b63\u5e38\u5316\u3059\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n

\u5e02\u5834\u306b\u306f\u975e\u5e38\u306b\u5f37\u3044\u6570\u5b57\u304c\u4e26\u3093\u3067\u3044\u307e\u3059\u3002\u3067\u3082\u3001\u3069\u3046\u306a\u308b\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u3069\u3046\u306a\u308b\u304b\u306f\u898b\u3066\u306e\u304a\u697d\u3057\u307f\u3067\u3059\u3002<\/p>\n

Steven Chubak — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u672c\u5f53\u306b\u53c2\u8003\u306b\u306a\u308a\u307e\u3059\u3002\u30d0\u30fc\u30bc\u30ebIII\u306e\u6700\u7d42\u5316\u306b\u3064\u3044\u3066\u3001\u6700\u5f8c\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u30d0\u30fc\u304c12\u6708\u306b\u884c\u3063\u305f\u8b1b\u6f14\u3067\u3001\u3042\u306a\u305f\u3084\u540c\u696d\u4ed6\u793e\u306e\u8cc7\u672c\u8981\u4ef6\u304c\u4e0a\u304c\u308b\u3053\u3068\u3092\u5f37\u304f\u793a\u5506\u3057\u307e\u3057\u305f\u306d\u3002\u307e\u305f\u3001\u30d0\u30fc\u30bc\u30eb\u2162\u306e\u6700\u7d42\u7248\u306f\u3001\u975e\u5e38\u306b\u61f2\u7f70\u7684\u306a\u3082\u306e\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3001\u30b3\u30e1\u30f3\u30c8\u3084\u8cea\u554f\u306b\u5bfe\u3059\u308b\u56de\u7b54\u306e\u4e2d\u3067\u8a00\u53ca\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30d0\u30fc\u30bc\u30eb\u2162\u304c\u6700\u7d42\u5316\u3055\u308c\u305f\u5834\u5408\u3001\u975e\u5e38\u306b\u61f2\u7f70\u7684\u306a\u3082\u306e\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u63d0\u6848\u304c\u306a\u3044\u4ee5\u4e0a\u3001\u6700\u7d42\u5316\u306b\u5411\u3051\u3066\u3069\u306e\u3088\u3046\u306a\u30b7\u30ca\u30ea\u30aa\u3092\u63cf\u3044\u3066\u3044\u308b\u306e\u304b\u3001\u304a\u805e\u304b\u305b\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u7de9\u548c\u7b56\u306b\u3064\u3044\u3066\u4f55\u304b\u88dc\u8db3\u3067\u304d\u308b\u3053\u3068\u304c\u3042\u308c\u3070\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002RWA \u306e\u4e0a\u6607\u306e\u6700\u5927\u306e\u8981\u56e0\u306f\u30aa\u30da\u30ea\u30b9\u30af\u3067\u3042\u308a\u3001\u3053\u308c\u306f\u8efd\u6e1b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u3001\u3053\u308c\u3089\u306e\u6f5c\u5728\u7684\u306a\u9006\u98a8\u3092\u5b9f\u969b\u306b\u76f8\u6bba\u3059\u308b\u305f\u3081\u306b\u3001\u3069\u306e\u3088\u3046\u306a\u884c\u52d5\u3092\u53d6\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3057\u304b\u3057\u3001\u3069\u306e\u3088\u3046\u306b\u8efd\u6e1b\u3059\u308b\u304b\u3068\u3044\u3046\u554f\u984c\u306f\u3001\u5b9f\u969b\u306e\u63d0\u6848\u3092\u898b\u308b\u307e\u3067\u306f\u3001\u3042\u307e\u308a\u8a73\u7d30\u306b\u8b70\u8ad6\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u554f\u984c\u3092\u3088\u304f\u7814\u7a76\u3057\u3066\u307f\u308b\u3068\u3001\u6700\u60aa\u306e\u7d50\u679c\u3092\u62db\u3044\u305f\u5834\u5408\u3001\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306e\u8cc7\u672c\u8981\u4ef6\u304c\u975e\u5e38\u306b\u5927\u304d\u304f\u306a\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u73fe\u5728\u306e\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u306e\u5f37\u3055\u3092\u8003\u3048\u308b\u3068\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u306f\u610f\u5473\u306e\u306a\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u3060\u304b\u3089\u3001\u305d\u308c\u3092\u8a00\u3044\u305f\u3044\u3060\u3051\u306a\u3093\u3067\u3059\u3002\u3067\u3082\u3001\u30b8\u30a7\u30a4\u30df\u30fc\u3001\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3055\u3066\u3001\u7686\u3055\u3093\u306f\u3053\u306e\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u8cc7\u672c\u3068\u53d6\u5f15\u306e\u30d0\u30b0\u3001CCAR\u3084G-SIFI\u306a\u3069\u3001\u3059\u3079\u3066\u306e\u53ef\u52d5\u90e8\u5206\u3092\u3054\u5b58\u3058\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u308c\u3089\u304c\u4f55\u3067\u3042\u308b\u304b\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u305d\u3057\u3066\u3001\u30d3\u30b8\u30cd\u30b9\u306b\u304a\u3044\u3066\u4f55\u3092\u4fee\u6b63\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u304b\u3001\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u8003\u3048\u308b\u306e\u3067\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3092\u4e0a\u3052\u308b\u5fc5\u8981\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u70b9\u306f\u306f\u3063\u304d\u308a\u3057\u3066\u3044\u307e\u3059\u3002\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u306e\u5192\u982d\u306b\u63b2\u8f09\u3057\u305f\u65b0\u3057\u3044\u6570\u5b57\u306f\u3001\u640d\u5931\u5438\u53ce\u529b\u306e\u5408\u8a08\u3067\u3059\u3002\u73fe\u5728\u30015,000\u5104\u5186\u8fd1\u304f\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u4e00\u6642\u671f\u306f5,000\u5104\u30c9\u30eb\u3042\u308c\u3070\u30011\u5146\u30c9\u30eb\u306e\u6d41\u52d5\u6027\u304c\u3042\u308c\u3070\u3001\u305d\u308c\u3067\u5341\u5206\u3060\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u305d\u308c\u3067 — \u3067\u3082\u3001\u3069\u3046\u306a\u308b\u304b\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u56fd\u969b\u6cd5\u3067\u3042\u308c\u56fd\u969b\u7684\u306a\u8981\u4ef6\u3067\u3042\u308c\u3001\u5f7c\u3089\u306f\u305d\u308c\u3092\u30af\u30ea\u30a2\u3059\u308b\u3064\u3082\u308a\u3067\u3057\u3087\u3046\u3002\u30a2\u30e1\u30ea\u30ab\u3082\u56fd\u969b\u7684\u306a\u3082\u306e\u3068\u540c\u3058\u3067\u3042\u3063\u3066\u307b\u3057\u3044\u3068\u9858\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u306f\u3044\u3044\u3053\u3068\u3060\u3068\u601d\u3046\u3002<\/p>\n

G-SIFI\u306f\u6b63\u3057\u3044\u306f\u305a\u306a\u3093\u3060\u3051\u3069\u306a\u3002\u305d\u3046\u306a\u308b\u304b\u3069\u3046\u304b\u3001\u898b\u3066\u307f\u3088\u3046\u3002\u5f53\u3066\u304c\u5916\u308c\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u3057\u3066\u304a\u3053\u3046\u3002\u3067\u3001\u305d\u308c\u306f……\u3042\u307e\u308a\u306b\u9ad8\u3044\u6570\u5b57\u3060\u3068\u3001\u3069\u3046\u3057\u305f\u3089\u3044\u3044\u304b<\/p>\n

\u3069\u3046\u3067\u3057\u3087\u3046\u3002<\/p>\n

Steven Chubak — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002<\/p>\n

Jeremy Barnum — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n[\u805e\u304d\u53d6\u308c\u305a] \u3061\u3087\u3063\u3068\u3057\u305f\u62e1\u5927\u89e3\u91c8\u3067\u3059\u3002\u305f\u3060\u3001\u305d\u308c\u3092\u62e1\u5927\u89e3\u91c8\u3059\u308b\u3060\u3051\u3067\u3059\u3002Jamie\u306e\u6307\u6458\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u306f\u3063\u304d\u308a\u3055\u305b\u3066\u304a\u304d\u305f\u3044\u306e\u306f\u3001\u8abf\u6574\u306b\u306f\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002NPR\u304b\u3089\u305d\u306e\u3001\u9577\u3044\u9053\u306e\u308a\u304c\u3042\u308b\u3088\u3046\u306b — Jamie\u306e\u6307\u6458\u3092\u652f\u6301\u3057\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u304c\u3069\u3093\u306a\u3082\u306e\u304b\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u306f…<\/p>\n

Steven Chubak — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306a\u308b\u307b\u3069\u3002\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306e\u30de\u30b7\u30e5\u30fc\u30fb\u30aa\u30b3\u30ca\u30fc\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Matt O’Connor — Deutsche Bank — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u9810\u91d1\u306e\u6e1b\u5c11\u304c\u898b\u8fbc\u307e\u308c\u308b\u4e2d\u3001\u8a3c\u5238\u30d6\u30c3\u30af\u306e\u7ba1\u7406\u3092\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f\u3082\u3061\u308d\u3093\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306f\u898b\u308b\u90e8\u5206\u306b\u3088\u3063\u3066\u304b\u306a\u308a\u53cd\u8ee2\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u6b63\u76f4\u306a\u3068\u3053\u308d\u3001\u307b\u3068\u3093\u3069\u306e\u90e8\u5206\u306f\u53cd\u8ee2\u3057\u3066\u3044\u307e\u3059\u3002\u540c\u6642\u306b\u3001\u91d1\u5229\u74b0\u5883\u3092\u8003\u3048\u308b\u3068\u3001\u8a3c\u5238\u30d6\u30c3\u30af\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u6570\u5e74\u524d\u306b\u6bd4\u3079\u3066\u304b\u306a\u308a\u5c11\u306a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u306d\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30fb\u30d6\u30c3\u30af\u306f\u3001\u57fa\u672c\u7684\u306b\u904e\u5270\u306a\u9810\u91d1\u3092\u6295\u8cc7\u3057\u305f\u7d50\u679c\u3067\u3042\u308b\u3053\u3068\u3092\u5fd8\u308c\u306a\u3044\u3067\u304f\u3060\u3055\u3044\u30022.4\u5146\u30c9\u30eb\u306e\u9810\u91d1\u30681\u5146\u30c9\u30eb\u306e\u30ed\u30fc\u30f3\u3092\u62b1\u3048\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u305d\u308c\u3092\u904b\u7528\u3057\u3066\u3001\u91d1\u5229\u306e\u5909\u52d5\u3084\u3055\u307e\u3056\u307e\u306a\u30ea\u30b9\u30af\u3092\u7ba1\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u3067 — \u6b21\u306b\u3001\u305d\u306e\u898f\u6a21\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u4e88\u6e2c\u3092\u3057\u3066\u3044\u307e\u3059\u3002\u6570\u5b57\u306f\u7533\u3057\u4e0a\u3052\u3089\u308c\u307e\u305b\u3093\u304c\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u3001\u4f55\u3092\u8cb7\u3044\u3001\u4f55\u3092\u58f2\u308a\u3001\u3044\u304f\u3089\u5165\u3063\u3066\u304f\u308b\u304b\u3001\u305d\u3057\u3066\u6d41\u52d5\u6027\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u3044\u304f\u3089\u5fc5\u8981\u304b\u3092\u4e88\u6e2c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u9810\u91d1\u6b8b\u9ad8\u3084\u30ed\u30fc\u30f3\u6b8b\u9ad8\u306a\u3069\u3092\u3082\u3068\u306b\u3001\u5e38\u306b\u8abf\u6574\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u4eca\u65e5\u3001\u6295\u8cc7\u3067\u304d\u308b\u306e\u306f\u3001\u3082\u3063\u3068\u9ad8\u3044\u91d1\u5229\u306e\u3082\u306e\u3067\u3059\u3002JP\u30e2\u30eb\u30ac\u30f3\u306eACM\u30ed\u30fc\u30f3\u30d6\u30c3\u30af\u306e\u640d\u5931\u306f\u3001\u4ed6\u306e\u4f01\u696d\u3088\u308a\u3082\u306f\u308b\u304b\u306b\u4f4e\u3044\u5272\u5408\u3067\u3059\u3002\u79c1\u305f\u3061\u3082\u4fdd\u5b88\u7684\u3067\u3042\u308b\u3053\u3068\u3092\u304a\u5fd8\u308c\u306a\u304f\u3002<\/p>\n

Matt O’Connor — Deutsche Bank — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3067\u306f\u3001\u3088\u308a\u5927\u304d\u306a\u8996\u70b9\u3067\u8cea\u554f\u3057\u307e\u3059\u30025\u5e74\u300110\u5e74\u3001\u3055\u3089\u306b\u305d\u306e\u5148\u306e\u30ab\u30fc\u30d6\u3067\u3001\u3053\u308c\u3060\u3051\u306e\u4e0b\u843d\u304c\u898b\u3089\u308c\u308b\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u9280\u884c\u304c\u672c\u5f53\u306b\u8cb7\u3063\u3066\u3044\u306a\u3044\u306e\u3067\u3059\u3002FRB\u304c\u58f2\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u8ab0\u304c\u8cb7\u3063\u3066\u3044\u308b\u306e\u304b\u3001\u4f55\u304c\u91d1\u5229\u3092\u3053\u308c\u307b\u3069\u5f15\u304d\u4e0b\u3052\u3066\u3044\u308b\u306e\u304b……\u591a\u304f\u306e\u4eba\u304c\u91d1\u5229\u306f\u4e0a\u304c\u308b\u306f\u305a\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u304c\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u4f55\u304b\u304a\u8003\u3048\u304c\u3042\u308c\u3070\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08CEO<\/p>\n

\u305d\u308c\u306f……\u305d\u3046\u3067\u3059\u306d\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u3092\u77e5\u308b\u306b\u306f\u3001\u4e0b\u9662\u306e\u5831\u544a\u66f8\u3092\u8aad\u3080\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u5e74\u91d1\u5236\u5ea6\u3084\u653f\u5e9c\u306a\u3069\u3001\u3059\u3079\u3066\u306e\u4eba\u304c\u4f55\u3092\u3057\u3066\u3044\u308b\u304b\u3092\u898b\u3066\u3044\u307e\u3059\u3002\u66f2\u7dda\u306e\u3042\u3089\u3086\u308b\u90e8\u5206\u3092\u8abf\u3079\u307e\u3059\u3002<\/p>\n

\u4ed6\u306e\u9280\u884c\u304c\u4f55\u3092\u3057\u3066\u3044\u308b\u304b\u3082\u898b\u3066\u3044\u307e\u3059\u3002\u5148\u307b\u3069\u3082\u304a\u8a71\u3057\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u9280\u884c\u306e\u7acb\u5834\u306f\u3055\u307e\u3056\u307e\u3067\u3059\u3002\u3042\u308b\u9280\u884c\u306f — \u30ed\u30fc\u30f3\u30d6\u30c3\u30af\u306e\u8cc7\u91d1\u8abf\u9054\u306e\u305f\u3081\u306b\u8a3c\u5238\u3092\u58f2\u5374\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3082\u3061\u308d\u3093\u3001\u79c1\u305f\u3061\u306b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u9280\u884c\u306b\u3088\u3063\u3066\u7f6e\u304b\u308c\u3066\u3044\u308b\u7acb\u5834\u306f\u7570\u306a\u308a\u307e\u3059\u3002\u30b8\u30a7\u30ec\u30df\u30fc\u304c\u6307\u6458\u3057\u305f\u3088\u3046\u306b\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306f6\u30f5\u6708\u5f8c\u306b\u73fe\u5728\u3068\u540c\u3058\u72b6\u614b\u306b\u306f\u306a\u3089\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3089\u3001\u3053\u308c\u306f\u975e\u5e38\u306b\u91cd\u8981\u306a\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u3092\u5c06\u6765\u306e\u4e88\u6e2c\u306b\u5229\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u5b9f\u969b\u306b\u306f\u3001\u4e88\u60f3\u304c\u5916\u308c\u305f\u3068\u3057\u3066\u3082\u3001\u79c1\u305f\u3061\u306e\u4e88\u60f3\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u6295\u8cc7\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u3001\u6a5f\u4f1a\u304c\u3042\u308c\u3070\u6295\u8cc7\u3057\u307e\u3059\u3002OAS\u30b9\u30d7\u30ec\u30c3\u30c9\u304c60\u30c9\u30eb\u3060\u3063\u305f\u3053\u308d\u306b\u306f\u3001\u30b8\u30cb\u30fc\u30e1\u30fc\u30b9\u3092\u5927\u91cf\u306b\u8cb7\u3044\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u304c\u8a3c\u5238\u640d\u5931\u3092\u51fa\u3059\u7406\u7531\u306e\u3072\u3068\u3064\u306f\u3001100\u5104\u30c9\u30eb\u4ee5\u4e0a\u3092\u3001\u3088\u308a\u5927\u304d\u306a\u3001\u3088\u308a\u9b45\u529b\u7684\u306a\u8a3c\u5238\u306b\u518d\u6295\u8cc7\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

Matt O’Connor — \u30c9\u30a4\u30c4\u9280\u884c — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6700\u5f8c\u306e\u8cea\u554f\u306f\u3001\u30bd\u30b7\u30a8\u30c6\u30b8\u30a7\u30cd\u30e9\u30eb\u306e\u30a2\u30f3\u30c9\u30ea\u30e5\u30fc\u30fb\u30ea\u30e0\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30a2\u30f3\u30c9\u30ea\u30e5\u30fc\u30fb\u30ea\u30e0 — \u30bd\u30b7\u30a8\u30c6\u30fb\u30b8\u30a7\u30cd\u30e9\u30eb — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u8cea\u554f\u306b\u304a\u7b54\u3048\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u4fe1\u7528\u306e\u8cea\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u305d\u3057\u3066\u3001NCO\u306e\u5f62\u306b\u3064\u3044\u3066\u3001\u7279\u306b\u4eca\u5e74\u672b\u306b\u767a\u884c\u3055\u308c\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u306b\u3064\u3044\u3066\u306e\u89e3\u8aac\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u4eca\u5e74\u306e\u30ea\u30b6\u30fc\u30d6\u30fb\u30d3\u30eb\u30c9\u306e\u72b6\u6cc1\u306b\u3064\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002CECL\u306b\u3064\u3044\u3066\u306f\u3001\u304b\u306a\u308a\u65e9\u3044\u6642\u671f\u306b\u982d\u6253\u3061\u306b\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002\u305d\u308c\u304c\u6700\u521d\u306e\u8cea\u554f\u3067\u3059\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n[\u805e\u304d\u53d6\u308c\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n

Andrew Lim — Societe Generale — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305f\u3060\u3001\u3059\u3079\u3066\u306e\u30de\u30af\u30ed\u306e\u524d\u63d0\u304c\u5909\u308f\u3063\u3066\u3044\u306a\u3044\u3068\u4eee\u5b9a\u3057\u3066\u3001\u30de\u30af\u30ed\u306e\u524d\u63d0\u3060\u3051\u304c\u5909\u308f\u3063\u3066\u3044\u3066\u3001 [\u805e\u304d\u53d6\u308c\u305a] \u306a\u3069\u306e\u6e96\u5099\u304c\u3067\u304d\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Jeremy Barnum — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

CECL\u306b\u3064\u3044\u3066\u306f\u3001\u3053\u308c\u307e\u3067\u4f55\u5ea6\u304b\u304a\u8a71\u3057\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u7d4c\u6e08\u898b\u901a\u3057\u304c\u73fe\u5728\u3088\u308a\u3082\u60aa\u5316\u3057\u305f\u5834\u5408\u306b\u3001\u30b8\u30a7\u30a4\u30df\u30fc\u304c\u6570\u56db\u534a\u671f\u306b\u308f\u305f\u3063\u306660\u5104\u30c9\u30eb\u3092\u8a08\u4e0a\u3059\u308b\u3053\u3068\u306b\u3064\u3044\u3066\u306f\u3001\u305d\u308c\u306a\u308a\u306e\u6839\u62e0\u304c\u3042\u308b\u3082\u306e\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u8cb8\u5012\u5f15\u5f53\u91d1\u306e\u9023\u7d9a\u7684\u306a\u63a8\u79fb\u306e\u898b\u901a\u3057\u3092\u793a\u3059\u3088\u3046\u306a\u30d3\u30b8\u30cd\u30b9\u306b\u306f\u7d76\u5bfe\u306b\u624b\u3092\u51fa\u3057\u307e\u305b\u3093\u3002<\/p>\n

\u30a2\u30f3\u30c9\u30ea\u30e5\u30fc\u30fb\u30ea\u30e0 — \u30bd\u30b7\u30a8\u30c6 \u30b8\u30a7\u30cd\u30e9\u30eb — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3067\u306f\u3001NII\u306b\u3064\u3044\u3066\u6398\u308a\u4e0b\u3052\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u30cf\u30a4\u30e1\u306e\u30b3\u30e1\u30f3\u30c8\u3092\u5c11\u3057\u78ba\u8a8d\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u304c\u6b63\u3057\u304f\u805e\u3044\u3066\u3044\u308c\u3070\u3001NII\u306f\u307e\u3060\u9023\u7d9a\u7684\u306b\u5897\u52a0\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u30021Q\u306f200\u5104\u30c9\u30eb\u4ee5\u4e0a\u30012Q\u3082\u305d\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002\u4e0a\u671f\u306f\u7d04400\u5104\u5186\u3067\u3001\u305d\u306e\u5f8c\u6025\u6e1b\u3057\u3066\u3044\u304f\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u9810\u91d1\u30b3\u30b9\u30c8\u304c\u4e0a\u304c\u308c\u3070\u3001FF\u91d1\u5229\u306e\u5f15\u304d\u4e0b\u3052\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002<\/p>\n

\u305d\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3048\u3048\u3001\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3067\u3059\u304b\u3089\u3001\u8b70\u8ad6\u306e\u4f59\u5730\u306a\u304f\u300c\u3044\u3044\u3048\u300d\u3068\u8a00\u308f\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u3064\u307e\u308a\u3001\u7b2c4\u56db\u534a\u671f\u306e\u30e9\u30f3\u30ec\u30fc\u30c8\u304c81\u3067\u7d42\u4e86\u3057\u3001ADX\u5e02\u5834\u306a\u3069\u3067\u306f\u901a\u5e74\u306774\u3068\u767a\u8868\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u4eca\u5f8c\u306e\u5c55\u958b\u6b21\u7b2c\u3067\u306f\u660e\u3089\u304b\u306b\u9806\u6b21\u6e1b\u5c11\u3057\u3066\u3044\u304f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305f\u3060\u3001\u305d\u308c\u3092\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u6c38\u4e45\u306b\u4e88\u6e2c\u3057\u306a\u3044\u3067\u304f\u3060\u3055\u3044\u3001\u3068\u7533\u3057\u4e0a\u3052\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3044\u3063\u305f\u3093\u72b6\u6cc1\u304c\u6574\u3048\u3070\u3001\u307e\u305f\u901a\u5e38\u306e\u9806\u6b21\u6210\u9577\u3078\u3068\u623b\u3063\u3066\u3044\u304d\u307e\u3059\u3002\u305d\u306e\u7b54\u3048\u306f……\u3002<\/p>\n

Andrew Lim — Societe Generale — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3067\u3082\u3001\u3042\u306a\u305f\u306f……\u3048\u3048\u3002\u3044\u3048\u3044\u3048\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3082\u3061\u308d\u3093\u3067\u3059\u3002<\/p>\n

\u305d\u308c\u306a\u3089\u7d0d\u5f97\u3067\u3059\u3002\u305d\u308c\u306f\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Jeremy Barnum — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u4ed6\u306b\u3054\u8cea\u554f\u306f\u3054\u3056\u3044\u307e\u305b\u3093\u3002\u305d\u308c\u3067\u306f\u3001\u30d0\u30fc\u30ca\u30e0\u6c0f\u306b\u96fb\u8a71\u3092\u623b\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30ec\u30df\u30fc\u30fb\u30d0\u30fc\u30ca\u30e0\uff08Jeremy Barnum\uff09 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u4ee5\u4e0a\u3067\u3059\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30df\u30fc\u30fb\u30c0\u30a4\u30e2\u30f3 — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u307e\u305f\u8fd1\u3044\u3046\u3061\u306b\u304a\u8a71\u3057\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u4ee5\u4e0a\u3067\u672c\u65e5\u306e\u4f1a\u8b70\u3092\u7d42\u308f\u308a\u307e\u3059\u3002\u3054\u53c2\u52a0\u3044\u305f\u3060\u3044\u305f\u7686\u69d8\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u672c\u65e5\u306f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

 <\/p>\n

 <\/p>\n

\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

\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

\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

\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u601d\u3063\u305f\u3088\u308a\u3082\u826f\u3044\u6c7a\u7b97\u3067\u3057\u305f\u306d\u3002\u8cb8\u5012\u5f15\u5f53\u91d1\u3082\u601d\u3063\u305f\u3088\u308a\u3082\u306a\u304b\u3063\u305f\u306e\u3067\u9177\u3044\u666f\u6c17\u5f8c\u9000\u306e\u53ef\u80fd\u6027\u306f\u5c11\u306a\u3044\u3088\u3046\u3067\u3059\u3002 JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM … <\/p>\n","protected":false},"author":1,"featured_media":414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[186,496,76,105,83,203],"class_list":{"0":"post-2283","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized","8":"tag-jpm","9":"tag-jp","10":"tag-76","11":"tag-105","12":"tag-83","13":"tag-203"},"yoast_head":"\nJP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a – \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1up-life.blog\/?p=2283\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a – \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"og:description\" content=\"JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM)2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u601d\u3063\u305f\u3088\u308a\u3082\u826f\u3044\u6c7a\u7b97\u3067\u3057\u305f\u306d\u3002\u8cb8\u5012\u5f15\u5f53\u91d1\u3082\u601d\u3063\u305f\u3088\u308a\u3082\u306a\u304b\u3063\u305f\u306e\u3067\u9177\u3044\u666f\u6c17\u5f8c\u9000\u306e\u53ef\u80fd\u6027\u306f\u5c11\u306a\u3044\u3088\u3046\u3067\u3059\u3002 JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9 (JPM ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/1up-life.blog\/?p=2283\" \/>\n<meta property=\"og:site_name\" content=\"\u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-17T12:18:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/10\/JPM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u3059\u3051\u307d\u3093\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u57f7\u7b46\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u3059\u3051\u307d\u3093\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u63a8\u5b9a\u8aad\u307f\u53d6\u308a\u6642\u9593\" \/>\n\t<meta name=\"twitter:data2\" content=\"70\u5206\" \/>\n<script type=\"application\/ld+json\" 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