Improved capital position following 2013-2014 issuance and ongoing deleveraging. Robust corporate and investment banking franchise supplemented by businesses serving retail, corporate, and institutional clients. Good track record in credit risk management in traditional retail and corporate banking. Relative concentration in corporate and investment banking. Material litigation and restructuring charges and poor cost efficiency are likely to continue to burden organic capital generation over our rating horizon. Strategic and execution risks as the bank, led by its new CEO, finalizes and then implements a revised business plan. The stable outlook reflects our expectation that Deutsche Bank will maintain satisfactory risk and balance sheet metrics as it implements its revised strategy. We expect that our risk-adjusted capital (RAC) ratio, which was 9.3%
