There were a few major reasons for the drop, starting with net interest income (NII). As Schwab also has a banking arm, it saw a 29% drop in NII due to significantly higher interest paid out on deposits due to the higher interest rates. Additionally, deposit balances were down 31% to $291 billion, and this drawdown on deposits has been a concern.
The decrease in deposits has contributed to higher net interest expenses as some customers moved their money to higher interest-generating accounts like money markets. It also reduces the amount of capital Schwab can use to invest in other higher interest-earnings products. Both issues result in a drag on earnings.
However, it appears that one of the catalysts for Schwab’s post-earnings spike was an improving deposit scenario. Bank deposits were only down 7% from the second quarter, which is far less than the year-over-year decline. It was buoyed by an increase in bank sweep deposits, which are unused cash from brokerage accounts that are swept into deposit accounts. Schwab recorded increasing bank sweep deposits for the first time since March 2022.
文法解析
There were a few major reasons for the drop, starting with net interest income (NII).
這次下跌有幾個主要原因，首先是淨利息收入（NII）。
1. There were + 複數名詞
There were a few major reasons.
這是「There be」句型，表示「有……／存在……」。
因為後面的 reasons 是複數，所以使用 were。
單數：
There was a reason.
有一個原因。
複數：
There were several reasons.
有幾個原因。
2. reasons for + 名詞
reasons for the drop
＝下跌的原因
reason for 是非常常見的搭配。
例如：
The main reason for the decline was weak demand.
這次下跌的主要原因是需求疲弱。
3. starting with + 名詞
starting with net interest income
＝首先是淨利息收入／從淨利息收入開始
這裡的 starting with 用來表示列舉事情時，先從某一項開始談。
As Schwab also has a banking arm, it saw a 29% drop in NII.
由於 Schwab 也有銀行業務，因此其淨利息收入下降了 29%。
1. As + 子句
As Schwab also has a banking arm
＝由於 Schwab 也有銀行業務
這裡的 as 是連接詞，意思是「因為／由於」。
不要理解成：
「作為 Schwab……」
這個句子也可以改成：
Because Schwab also has a banking arm…
或：
Since Schwab also has a banking arm…
2. see + 數字變化
it saw a 29% drop in NII
這裡的 saw 並不是單純的「看到」。
在財經英文中：
see + increase / decrease / drop / rise / decline
可以理解成：
「出現／經歷某種變化」。
例如：
The company saw a 10% increase in revenue.
公司營收增加了 10%。
The stock saw a sharp decline.
這檔股票大幅下跌。
it saw a 29% drop in NII due to significantly higher interest paid out on deposits due to the higher interest rates.
由於較高的利率使存款利息支出大幅增加，因此淨利息收入下降了 29%。
1. a drop in + 名詞
a drop in NII
＝淨利息收入下降
這是財經文章很常見的結構。
例如：
a drop in revenue
營收下降
a drop in profits
獲利下降
a drop in demand
需求下降
2. due to + 名詞
due to higher interest rates
＝由於較高的利率
due to 後面通常接名詞或名詞片語。
例如：
The decline was due to weak demand.
這次下跌是由於需求疲弱。
3. interest paid out on deposits
interest paid out on deposits
＝支付在存款上的利息／支付給存款人的利息
這裡的 paid out 是 pay out 的過去分詞。
paid out on deposits 修飾前面的 interest。
Additionally, deposit balances were down 31% to $291 billion.
此外，存款餘額下降了 31%，至 2,910 億美元。
1. be down + 百分比
were down 31%
＝下降 31%
這是財經新聞非常常見的表達方式。
例如：
Revenue was down 8%.
營收下降 8%。
The stock was down 5%.
該股票下跌 5%。
2. down 31% to + 金額
were down 31% to $291 billion
＝下降 31%，降至 2,910 億美元
by 和 to 的用法不同：
fall by 31%
下降 31%
fall to $291 billion
降至 2,910 億美元
this drawdown on deposits has been a concern.
這種存款減少一直是一項令人擔憂的問題。
1. has been
has been a concern
使用現在完成式。
表示從過去開始，一直到現在仍然是令人關注的事情。
2. drawdown
drawdown
在金融語境中可以表示：
提領、減少、資金撤出。
drawdown on deposits
＝存款提領／存款減少
3. a concern
a concern
＝令人擔憂的事情／疑慮／令人關注的問題
The decrease in deposits has contributed to higher net interest expenses.
存款減少導致較高的淨利息支出。
1. the decrease in + 名詞
the decrease in deposits
＝存款的下降／存款減少
同樣結構：
the increase in revenue
營收增加
the decline in sales
銷售下降
the rise in costs
成本上升
2. contribute to + 名詞／V-ing
has contributed to higher net interest expenses
＝導致較高的淨利息支出
contribute to 後面可以接名詞，也可以接動名詞。
例如：
Higher costs contributed to lower profits.
較高的成本導致較低的獲利。
Higher costs contributed to reducing profits.
較高的成本導致獲利減少。
as some customers moved their money to higher interest-generating accounts like money markets.
因為一些客戶將資金轉移到像貨幣市場這類能產生較高利息收益的帳戶。
1. move one’s money to…
moved their money to…
＝將資金轉往……
例如：
Investors moved their money to safer assets.
投資人將資金轉向較安全的資產。
2. higher interest-generating accounts
interest-generating
＝產生利息的
higher interest-generating accounts
＝能產生較高利息收益的帳戶
generate 的核心意思是「產生」。
generate revenue
產生營收
generate cash flow
產生現金流
generate interest
產生利息
3. like + 名詞
accounts like money markets
＝像貨幣市場這類帳戶
這裡的 like 表示「例如／像……」。
It also reduces the amount of capital Schwab can use to invest in other higher interest-earnings products.
這也減少了 Schwab 可以用來投資其他較高利息收益產品的資金。
1. the amount of + 不可數名詞
the amount of capital
＝資金的金額／資金量
capital 在這裡是不可數名詞，所以使用 amount。
比較：
the amount of money
金錢的數量
the number of customers
客戶的數量
amount 通常搭配不可數名詞。
number 通常搭配可數名詞。
2. Schwab can use to invest…
capital Schwab can use
這裡省略了關係代名詞 that。
完整可以理解為：
capital that Schwab can use
＝Schwab 可以使用的資金。
3. use A to invest in B
use capital to invest in products
＝使用資金投資產品
use A to do B
＝使用 A 來做 B
Both issues result in a drag on earnings.
這兩個問題都會拖累獲利。
1. result in + 結果
result in a drag on earnings
＝導致對獲利造成拖累
result in
＝導致……
例如：
Higher costs resulted in lower profits.
較高的成本導致較低的獲利。
2. a drag on earnings
drag 原本有「拖、拉」的意思。
在財經英文中：
a drag on earnings
＝拖累獲利
a drag on growth
＝拖累成長
a drag on profits
＝拖累獲利
However, it appears that one of the catalysts for Schwab’s post-earnings spike was an improving deposit scenario.
然而，看起來 Schwab 財報公布後股價急升的其中一個催化因素，是存款情況正在改善。
1. It appears that + 子句
It appears that…
＝看起來……
例如：
It appears that investors are becoming more optimistic.
看起來投資人變得更加樂觀。
類似說法：
It seems that…
看起來……
Apparently…
據了解／看起來……
2. one of the + 複數名詞
one of the catalysts
＝其中一個催化因素
one of the + 複數名詞
表示「……其中之一」。
3. catalyst for
catalyst for Schwab’s post-earnings spike
＝促成 Schwab 財報後股價急升的催化因素
在財經文章中，catalyst 通常不是字面上的「化學催化劑」，而是指：
推動事件、股價或成長的重要因素。
Bank deposits were only down 7% from the second quarter.
銀行存款較第二季僅下降 7%。
1. down + 百分比 + from + 基準
down 7% from the second quarter
＝相較於第二季下降 7%
2. only
only down 7%
＝僅下降 7%
only 在這裡用來強調下降幅度相對較小。
which is far less than the year-over-year decline.
這遠低於年對年的下降幅度。
1. which
which 在這裡引導關係子句，補充說明前面的內容。
前面提到：
Bank deposits were only down 7% from the second quarter,
後面：
which is far less than…
也就是補充說明「下降 7%」這件事情。
2. far less than
far less than
＝遠低於／遠少於
far 在這裡用來強調程度。
例如：
The cost is far less than expected.
成本遠低於預期。
3. year-over-year
year-over-year
＝年對年／與去年同期相比
財經文章通常縮寫為：
YoY
例如：
Revenue increased 10% year over year.
營收年增 10%。
It was buoyed by an increase in bank sweep deposits.
這受到銀行 sweep 存款增加的提振。
1. be buoyed by + 名詞
was buoyed by an increase…
＝受到……提振／受到……支撐
buoy 原本是「浮標」。
作為動詞時，可以表示「提振、支撐」。
財經文章常見：
The stock was buoyed by strong earnings.
該股票受到強勁財報提振。
2. an increase in + 名詞
an increase in bank sweep deposits
＝銀行 sweep 存款增加
同樣結構：
an increase in revenue
營收增加
an increase in demand
需求增加
which are unused cash from brokerage accounts that are swept into deposit accounts.
這些是來自證券帳戶的閒置現金，並會被自動轉入存款帳戶。
1. unused cash
unused cash
＝閒置現金
指目前沒有被使用或投資的現金。
2. brokerage accounts
brokerage account
＝證券帳戶／券商帳戶
常見於美股投資語境。
3. be swept into
are swept into deposit accounts
＝被自動轉入存款帳戶
這裡的 sweep 是金融業常見用語。
cash sweep 通常指將證券帳戶中的閒置現金自動轉入特定存款帳戶或其他收益工具。
Schwab recorded increasing bank sweep deposits for the first time since March 2022.
Schwab 自 2022 年 3 月以來首次出現銀行 sweep 存款增加。
1. record + 名詞
recorded increasing bank sweep deposits
＝記錄到銀行 sweep 存款增加
財經英文中常使用 record 表示「出現／記錄到某種結果」。
例如：
The company recorded higher revenue.
公司營收增加。
The company recorded a decline in profits.
公司獲利下降。
2. for the first time since + 時間
for the first time since March 2022
＝自 2022 年 3 月以來第一次
這是一個非常常見而且實用的英文句型。
例如：
The stock rose for the first time since June.
這檔股票自 6 月以來首次上漲。
Revenue increased for the first time since 2023.
營收自 2023 年以來首次增加。
常用片語
see a drop in
出現……下降；經歷……下跌
see + drop / decline / increase / rise
是財經新聞很常見的搭配。
The company saw a sharp drop in revenue.
公司營收大幅下降。
同義表達：
experience a drop in
record a decline in
see a decline in
a drop in
……的下降
a drop in revenue
營收下降
相關表達：
a decline in
a fall in
a decrease in
a dip in
starting with
首先是；從……開始
The problems started with weak demand.
這些問題始於需求疲弱。
beginning with
first focusing on
banking arm
銀行部門；銀行業務
在商業英文中，arm 可以表示一家公司旗下的某個業務部門。
The company has a growing banking arm.
該公司擁有一個不斷成長的銀行業務部門。
banking division
banking business
banking unit
pay out
支付；付出
The bank paid out more interest to depositors.
銀行支付給存款人的利息增加。
pay
distribute
provide
due to
由於；因為
The decline was due to higher interest rates.
這次下降是由於較高的利率。
because of
as a result of
owing to
be down + 百分比
下降……%
Revenue was down 15%.
營收下降 15%。
fall by
decline by
decrease by
drawdown on deposits
存款提領；存款減少
The drawdown on deposits remained a concern.
存款減少仍然是一項令人擔憂的問題。
withdrawal
reduction
decline
be a concern
是令人擔憂的問題；是令人關注的事情
worry
issue
problem
contribute to
導致；促成；對……有所影響
Higher costs contributed to lower profits.
較高的成本導致較低的獲利。
lead to
result in
help cause
move money to
將資金轉往……
Customers moved their money to higher-yielding accounts.
客戶將資金轉往收益率較高的帳戶。
transfer money to
shift money to
move funds to
interest-generating
產生利息的
interest-generating accounts
產生利息收益的帳戶
interest-earning
income-generating
yield-generating
the amount of
……的數量／金額
the amount of capital
資金的金額／資金量
通常搭配不可數名詞，例如 money、capital、revenue、cash。
invest in
投資於……
Schwab can use the capital to invest in other products.
Schwab 可以使用這些資金投資其他產品。
put money into
allocate capital to
invest funds in
result in
導致
Higher expenses resulted in lower earnings.
較高的支出導致較低的獲利。
lead to
cause
bring about
a drag on earnings
拖累獲利
Higher expenses became a drag on earnings.
較高的支出成為拖累獲利的因素。
hurt earnings
weigh on earnings
pressure earnings
it appears that
看起來……
It appears that investors are becoming more optimistic.
看起來投資人變得更加樂觀。
it seems that
apparently
seemingly
catalyst for
……的催化因素；推動因素
Strong earnings could be a catalyst for the stock.
強勁的財報可能成為推動股價的因素。
driver
factor
trigger
post-earnings spike
財報公布後的急升
post-earnings＝財報公布後的
spike＝急升、暴增
spike＝急升、暴增
post-earnings surge
post-earnings jump
post-earnings rally
spike
急升；暴增
The stock experienced a sharp spike.
該股票出現急升。
surge
jump
rise
rally
spike 通常帶有「突然、快速」上升的語氣。
down 7% from
較……下降 7%
Sales were down 7% from the previous quarter.
銷售較上一季下降 7%。
far less than
遠低於；遠少於
The decline was far less than expected.
這次下降幅度遠低於預期。
much less than
considerably lower than
significantly less than
year-over-year
年對年；與去年同期相比
Revenue increased 10% year over year.
營收年增 10%。
YoY
compared with the same period last year
be buoyed by
受到……提振；受到……支撐
The stock was buoyed by strong earnings.
該股票受到強勁財報提振。
be boosted by
be supported by
be lifted by
unused cash
閒置現金
idle cash
excess cash
available cash
brokerage account
證券帳戶；券商帳戶
investment account
trading account
brokerage account
be swept into
被自動轉入……
Unused cash is swept into deposit accounts.
閒置現金會被自動轉入存款帳戶。
在金融英文中，sweep 常用於描述券商帳戶中的閒置現金被自動轉入存款帳戶或其他收益工具。
for the first time since
自……以來第一次
The stock rose for the first time since June.
這檔股票自 6 月以來首次上漲。
the first time since
首次自……以來
重要單字與同義詞
drop
下降；下跌
decline
fall
decrease
dip
在股票與財報新聞中，drop 通常表示某個數字、價格或指標下降。
decline
下降；下滑
drop
fall
decrease
downturn
decline 是財經新聞非常常見的「下降」用字。
concern
疑慮；令人擔憂的事情；令人關注的問題
worry
issue
problem
generate
產生
produce
create
earn
generate revenue
產生營收
generate cash flow
產生現金流
generate interest
產生利息
catalyst
催化因素；推動因素
driver
factor
trigger
在股票文章中，catalyst 常指可能推動股價或公司發展的重要因素。
spike
急升；暴增
surge
jump
rise
rally
spike 特別強調突然且快速的變化。
buoy
提振；支撐
boost
support
lift
Strong earnings buoyed the stock.
強勁的財報提振了股價。
drag
拖累；阻力
burden
obstacle
headwind
Higher costs were a drag on profits.
較高的成本拖累了獲利。
drawdown
提領；減少；資金撤出
withdrawal
reduction
decline
arm
部門；業務部門
the company’s banking arm
該公司的銀行業務部門
division
unit
business
buoyed
受到提振；受到支撐
boosted
supported
lifted
earnings
獲利；盈餘
profits
income
net income
在財經文章中，earnings 常用來表示公司的獲利或盈餘，具體意思要看上下文。
deposit
存款
bank deposit
funds
cash balance
capital
資本；資金
funds
money
financial resources
interest-generating
產生利息的
interest-earning
income-generating
yield-generating
brokerage
券商業務；證券經紀業務
securities
investment
trading
sweep
自動轉移；自動劃轉
transfer
move
shift
在銀行與券商業務中，sweep 是非常典型的金融業用語。
這段文章中的常見財經英文句型
| 英文句型 | 中文意思 |
|---|---|
| see a drop in + 名詞 | 出現……下降 |
| see an increase in + 名詞 | 出現……增加 |
| be down + 百分比 | 下降……% |
| fall by + 百分比 | 下降……% |
| fall to + 金額 | 降至…… |
| contribute to + 名詞 | 導致／促成…… |
| result in + 結果 | 導致…… |
| a drag on + 名詞 | 拖累…… |
| a catalyst for + 名詞 | ……的催化因素／推動因素 |
| be buoyed by + 名詞 | 受到……提振 |
| year-over-year | 年對年／與去年同期相比 |
| move money to + 名詞 | 將資金轉往…… |
| invest in + 名詞 | 投資於…… |
| be swept into + 名詞 | 被自動轉入…… |
| for the first time since + 時間 | 自……以來第一次 |
