Very strong investment-banking franchise with high diversification Strong profitability reflecting broad-based upward trend Strategy to contain credit and market risk exposures Sound liquidity management Earnings more sensitive to financial-market conditions compared with more retail-oriented universal banks Somewhat higher capital leverage compared with several peers Low profitability in institutional asset management and U.S. mutual fund business The ratings on Deutsche Bank AG are based on its very strong, 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 retail-oriented universal banks, a somewhat higher capital
