Leading franchise in corporate and investment banking. Good track record in credit risk management. High systemic importance to Germany. Continued concentration of revenues in investment banking, which is more volatile than other business lines. Regulatory headwinds impacting the investment banking industry. Perennially weakly performing asset-management business. Standard&Poor's Ratings Services' outlook on Deutsche Bank AG is stable. This reflects our assumption that the bank will continue reducing its risk position globally, with the portfolio of legacy and noncore assets winding down steadily. We expect this to offset some of the increasing industry and economic risks in the regions where Deutsche Bank operates. We could lower the ratings if increasing economic risks in the regions where Deutsche Bank operates, which
