World-class franchise in corporate and investment banking. Good track record in credit risk management. High systemic importance to Germany. Continued concentration of revenues in investment banking, which is more volatile than other business lines. Perennially weakly performing asset-management business. The negative outlook on Deutsche Bank AG reflects the risks Standard&Poor's Ratings Services perceives for the bank's capital position. Our central scenario is that Deutsche Bank's capitalization will continue to strengthen, thanks to the substantial de-risking plan it announced in September 2012 and to internal capital generation--we expect a higher contribution from the two stable banking businesses, private and business clients (PBC) and global transaction banking (GTB). Nevertheless, we believe that a significant structural deterioration in the capital markets
