Diversified franchise serving retail, corporate, and institutional clients. Solid capitalization and high liquidity buffers. Good track record in credit risk management in traditional retail and corporate banking. Pursuit of a long and extensive restructuring program, at a time when many competitors are now 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 stable outlook acknowledges the continued execution risks inherent in Deutsche Bank's restructuring, but reflects our view that the management team is pressing ahead in earnest, and has taken decisive actions to help the bank deliver more solid and more sustainable returns. Still, we will continue to observe how the execution
