Excellent, diversified investment-banking franchise Stable earnings from transaction and retail banking, as well as from asset and wealth management Focused strategy and stable management team Proactive funding strategy and sound liquidity Large exposures in traded leveraged finance and commercial real estate Sensitivity of earnings to weakening capital market conditions Still-average earnings levels in parts of its asset- and wealth-management activities The ratings on Deutsche Bank AG are based on the excellent market position of the bank's investment banking franchise and the expectation of stable profit contributions from its other business lines. The ratings also reflect the bank's higher diversification into less market-sensitive business lines compared with the major independent U.S. broker-dealers. A favorable view of management and a sound liquidity
