A sound domestic market position in corporate banking, supported by Germany's robust economy. Strong capitalization, rapid progress in derisking noncore activities, and material levels of additional loss-absorbing capital (ALAC) to protect senior creditors in the event of a resolution. Adequate funding and liquidity. Below-average market share and earnings from domestic retail activities. Must generate sufficient shareholder returns absent a cyclical recovery and in light of high competition and low yields. Loan book quality metrics and composition still below those of many peers. S&P Global Ratings' negative outlook on Germany-based global financial institution, Commerzbank AG, indicates the possibility of a downgrade within the next two years if Commerzbank encounters major setbacks to its multiyear strategy to strengthen its leading franchise in
