Deutsche Bank AG

Diversified franchise serving retail, corporate, and institutional clients. Strengthened capitalization and reaffirmed strategic direction following the April 2017 equity increase and the updated business plan. Good track record of credit risk management in traditional retail and corporate banking. Extended and far-reaching restructuring program; by contrast, many competitors are more focused on business as usual. Subpar profitability due to revenue pressures and cost inefficiencies. Inherent complexity of certain activities, particularly in the large capital markets business. The negative outlook on Deutsche Bank reflects the inherent risks in the multiyear execution process required to restructure its operations, rebuild its reputation and franchise, and make progress toward its revised financial targets. S&P Global Ratings' base-case view is that the equity increase will underpin

...(Editor's Note: S&P Global Ratings has identified errors that potentially affected certain funding and liquidity ratios published in its bank full analyses between July 1, 2013, and Nov. 30, 2017, and on the CreditStats Direct pages for banks on RatingsDirect. The errors potentially affected the following ratios: stable funding, broad liquid assets to short-term wholesale funding, net broad liquid assets to short-term customer deposits, and narrow liquid assets to three-month wholesale funding. Corrected ratios can now be found on CreditStats Direct, located on the RatingsDirect page for this entity. For more information, see "Certain Bank Funding And Liquidity Ratios Corrected On RatingsDirect." We republished this report on Jan. 26, 2018, after making an addition to the Ratings Detail.)...

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