LONDON (Standard&Poor's) Jan. 21, 2014--Standard&Poor's Ratings Services said today that its ratings on Deutsche Bank AG (A/Stable/A-1) are unaffected by the results the bank announced for the fourth quarter of 2013, which were weaker than we had expected. The bank reported a €1.2 billion pretax loss for the quarter and a €2.1 billion pretax profit for the full year. The bank's core divisions essentially broke even in the fourth quarter as litigation reserves, restructuring charges, accounting adjustments (including funding valuation adjustments), and impairment of intangibles offset their underlying performance. In our view, fixed income sales and trading revenues compared poorly with those of U.S. peers, partly due to Deutsche Bank's deleveraging and its greater dependence on
