...+ On May 24, Deutsche Bank announced further details of its planned multi-year restructuring, focusing notably on its U.S. equities sales and trading business. + We consider that management is taking tough actions to cut the cost base and refocus the business in order to address the bank's currently weak profitability. + However, we see significant execution risks in the delivery of the updated strategy amid a continued unhelpful market backdrop, and we think that, relative to peers, Deutsche Bank will remain a negative outlier for some time. + We are lowering to '###+' from 'A-' our long-term issuer credit rating on Deutsche Bank and its core operating subsidiaries. + We are affirming our ratings on Deutsche Bank's subordinated debt issues, including our '###-' rating on its senior subordinated (also known as senior non-preferred) instruments. + The stable outlook reflects our view that management will execute its strategy in earnest and, over time, will show progress against its 2019...
