Top-tier corporate and investment banking franchise supplemented by businesses serving individual, commercial, and institutional clients. Adequate capital position following last year's equity increase and the ongoing deleveraging of non-core assets. Good track record in credit risk management in traditional retail and corporate banking. Relative concentration in corporate and investment banking activities, some of which are inherently complex and volatile, in our view. Likelihood of further material litigation charges and other exceptional costs over our two-year rating horizon. Business model and revenue challenges arising from evolving regulatory requirements and difficult economic and market conditions. The long- and short-term counterparty credit and senior unsecured issue ratings are on CreditWatch with negative implications, reflecting our view that extraordinary government support will likely become
