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. Subpar profitability due to revenue pressures and cost inefficiencies. Long and extensive restructuring continues to have substantial execution risk. Inherent complexity of certain activities, particularly in the investment bank division. The stable outlook acknowledges the challenges inherent in Deutsche Bank's deep and difficult restructuring. The challenges are heightened by the weak economic environment and evolving banking regulation, notably for investment banking activities. However, we expect that the management team will deliver on the initiatives within its control and that key clients and stakeholders will remain engaged and supportive. Under our central scenario, this
