Very strong investment-banking franchise with high diversification Strong profitability due to broad-based upward trend in earnings Derisking strategy reduces credit and market risk profile Diversified funding sources Earnings more sensitive to financial-market conditions compared with more retail-oriented universal banks Somewhat higher capital leverage compared with several U.S. broker peers Low profitability in institutional asset management and U.S. mutual fund business The ratings on Deutsche Bank AG are based on the group's very strong and diversified franchise in the corporate banking and securities business, its strongly improved profitability, and its strategy to contain credit and market risk exposures, as well as its diversified funding sources. This is partly offset by a higher sensitivity of earnings to financial-market conditions compared with more
