The ratings on Deutsche Bank AG are based on the group's strong global franchise in the corporate banking and securities business, a track record of strong earnings improvements coupled with a derisking strategy, and sound risk management and liquidity. This is partly offset by its lower business diversification into retail and private banking compared with some other global universal banks, placing Deutsche Bank's profile somewhat more in line with leading U.S. brokers. Other offsetting factors are the low top-line revenue growth outside investment banking and the need to reposition some of its asset-management activities. This is a precondition of further bottom-line growth in these areas. Deutsche Bank benefits from one of the world's leading franchises in investment banking, particularly in
