Deutsche Bank has announced a substantial further downsizing of its investment banking business as part of a wider range of multiyear restructuring and investment measures to enhance profitability. We see these repositioning measures as a logical and necessary response to the deteriorated operating environment that the bank faces to restore its profitability over the medium term. We are affirming our 'BBB+/A-2' issuer credit ratings on the bank and its core operating subsidiaries. The stable outlook acknowledges execution risks, but reflects our expectation that management delivers in line with the financial targets and projections it has set out, and that this supports the bank's creditworthiness relative to its peers. On July 15, 2019, S&P Global Ratings affirmed its long-term and short-term
