Top-tier corporate and investment banking franchise supplemented by businesses serving individual, commercial, and institutional clients. Improved capital position following recent issuance and the ongoing deleveraging of non-core assets. Good track record in credit risk management in traditional retail and corporate banking. Relative concentration in corporate and investment banking. Likelihood of further material litigation charges and other exceptional costs over our two-year rating horizon. Subdued revenues at present due to low client trading activity and the prolonged low interest rate environment, partly mitigated by cost efficiency initiatives. The negative outlook on Deutsche Bank AG indicates that we may lower the long-term counterparty credit rating by up to two notches by year-end 2015 if we believe that extraordinary government support for senior
