英国最大几家银行第三季度财报的主要话题不是银行税，不是利率上升，不是通胀，也不是人工智能。而是存款。
It wasn’t the bank tax, rising interest rates, inflation or artificial intelligence that came to dominate third-quarter earnings for Britain’s largest lenders. It was, instead, deposits.
瑞银集团分析师贾森·纳皮尔在劳埃德银行集团的财报电话会议上表示，存款现在是“投资者心目中的头号问题”。其他分析师为自己多次询问存款问题而道歉。
Deposits are now “the number one issue on investors’ minds,” said UBS Group AG analyst Jason Napier on a call for Lloyds Banking Group Plc’s earnings. Other analysts apologized for asking about deposits so many times.
这种竞争在银行的财报中很显眼。在截至9月30日的三个月里，劳埃德银行在英国损失了3亿英镑（合4.03亿美元）的零售储蓄存款。国民威斯敏斯特银行的私人银行和财富管理业务也出现了同样规模的存款下降。巴克莱银行英国企业银行的存款较上一季度减少了20亿英镑。汇丰控股表示，在包括英国在内的市场，其关键盈利能力指标之一的稳定性“被客户和竞争对存款的新兴压力所抵消”。
Such competition stood out in lenders’ results. Lloyds lost £300 million ($403 million) of retail savings deposits in the UK in the three months ended Sept. 30. NatWest Group Plc clocked an identical deposit decline in its private banking and wealth management business. Deposits in Barclays Plc’s UK corporate bank fell by £2 billion from the prior period. HSBC Holdings Plc said stability in one of its key measures of profitability was “offset by emerging customer and competitive pressure on deposits” in markets including the UK.
与银行从机构来源借款的批发市场相比，存款为银行提供了更便宜的资金来源。银行利用存款为贷款提供资金，而贷款反过来又带来收入。存款基础缩小意味着银行要么减少贷款，要么支付更多资金来发放贷款。
Deposits provide banks with a cheaper source of funding than wholesale markets, through which banks borrow from institutional sources. Banks use deposits to finance loans, which, in turn, bring in revenue. A smaller deposit base means banks either make fewer loans or pay more to fund them.
加拿大皇家银行资本市场英国银行业分析师本杰明·汤姆斯在接受采访时表示：“管理层的说法确实是，这种竞争至少短期内将持续存在。”他将此部分归因于量化紧缩，即央行减少在低通胀时期购买的债券持有量的过程，这给商业银行存款带来了下行压力。
“Commentary from management really is that this competition is here to stay, at least in the short term,” Benjamin Toms, a UK banking analyst at RBC Capital Markets, said in an interview. He attributed this partly to quantitative tightening, the process by which central banks reduce bond holdings they bought in a low-inflation era, which puts downward pressure on commercial bank deposits.
他说，银行正在利用通过结构性对冲获得的部分收入来提供更好的利率，并从同行那里吸引存款。结构性对冲有助于银行锁定利息收入。
Banks are deploying some of the income they’ve gained through structural hedges, which help banks lock in interest income, to offer better rates and lure deposits from peers, he said.
巴克莱财务总监安娜·克罗斯在上个月的财报电话会议上表示：“目前市场上最普遍的现象显然是围绕存款的竞争。”
“The thing that is most prevalent in the market at the moment is obviously competition around deposits,” Barclays Group Finance Director Anna Cross said on an earnings call last month.
汇丰首席财务官帕姆·考尔在财报电话会议上表示，更高的利率正推动消费者转向定期存款。如果储户将资金锁定一段固定期限，这类产品可以让他们赚得更多，但对银行来说成本更高，因为银行必须支付更高的利率，而且消费者如今也更容易在网上比较各家银行的利率报价。
Higher rates are pushing consumers toward time deposits, HSBC Chief Financial Officer Pam Kaur said during an earnings call. Those products can earn savers more if they lock their money away for a fixed period, but are more expensive for banks, given they have to pay out higher rates as it’s also become easier for consumers to compare rate offers online.
劳埃德银行首席财务官威廉·查默斯也将竞争加剧归因于外国银行的涌入。
William Chalmers, CFO of Lloyds, also attributed an increase in competition to the influx of foreign banks.
“市场上有多家非英国贷款机构从英国市场吸收存款，却没有将这些资金再循环用于英国的贷款，这是我们所说的结构性驱动因素中的第三点，”查默斯说。
“The fact that we’ve got a number of non-UK lenders in the market taking out deposits from the UK market and not recycling them as UK lending is a third point within those structural drivers,” Chalmers said.
拥有外国母公司的银行在英国不断扩张，存款业务也不例外。例如，桑坦德银行的英国子公司报告称，其存款总额有所增加，并表示这主要归因于其在4月完成了对贷款机构TSB银行的收购。从第二季度到第三季度，存款增加了20亿英镑，其中储蓄存款的增幅尤为明显。摩根大通的英国零售银行去年年底拥有约267亿英镑的客户账户存款，较上年同期增长约17%。
Banks with foreign parents are growing in Britain, deposits included. Banco Santander SA’s UK unit, for example, reported an increase in total deposits, which it said was mainly due to its completed acquisition of lender TSB Banking Group Ltd. in April. Deposits increased by £2 billion from the second to the third quarter, with a particular jump in savings deposits. JPMorgan Chase & Co.’s UK retail bank had about £26.7 billion of customer account deposits at the end of last year, up about 17% from the year prior.
挑战者银行也在蚕食存款份额。毕马威的数据显示，2025年，建房互助协会、专业贷款机构和新型银行获得的客户存款增加了500亿英镑。这家咨询公司汇编的数据显示，2021年至2025年间，高街银行持有的存款份额从85%降至79%。然而，许多挑战者银行尚未实现规模化放贷。
Challenger banks are also eating into the deposit share. Building societies, specialist lenders and neobanks gained £50 billion in customer deposits in 2025, according to KPMG. The share of deposits held by high street banks fell from 85% to 79% between 2021 and 2025, data compiled by the consulting firm show. Many challenger banks, however, don’t yet lend at scale.
英国最大的几家银行不得不设法赢回储户。银行大多表示，他们正优先发展与客户的关系，以便让客户的所有资金都流入自己的账上。
Britain’s biggest banks are having to figure out how to win over depositors. Mostly, banks are saying they’re prioritizing building out relationships with customers, so all their money arrives on their books.
国民西敏寺银行首席执行官保罗·斯威特表示，该银行正优先考虑“吸收能为我们带来客户关系价值和流动性价值的存款”。劳埃德银行首席财务官查默斯表示，该行选择“将存款价值集中在那些我们拥有最有价值客户关系的领域”。巴克莱银行的克罗斯表示，对该行而言，“对存款的关注不仅仅在于定期存款”，而是“更广泛地贯穿于整个客户关系”，包括针对高收入客户。
NatWest Chief Executive Officer Paul Thwaite said the bank was prioritizing “acquiring deposits that give us relationship value and liquidity value.”Lloyds is choosing “to focus deposit value on those where we have the most valuable customer relationships,” CFO Chalmers said. For Barclays, the “focus on deposits is not just on term deposits” but “more broadly across the relationship,” including for higher-income customers, according to Cross.
查默斯表示，目前各银行不得不应对存款面临的诸多压力，包括能源价格和通胀。
For now, the banks have to contend with a number of pressures on deposits, including energy prices and inflation, Chalmers said.
查默斯在劳埃德银行的分析师电话会议上表示：“这些状况看来将持续下去。”
“These conditions look set to persist,” Chalmers said on the Lloyds analyst call.