The ratings on Deutsche Bank AG reflect Standard&Poor's Ratings Services' opinion of the German group's leading global franchise in corporate and investment banking, consistent strategy, and high importance for the German financial system. These strong points are offset, in our opinion, by continued dependence on profits from securities sales and trading, which is more volatile than other banking business lines, and the only break-even performance of asset and wealth management. Deutsche Bank gained majority control of Deutsche Postbank AG (Postbank; A/Stable/A-1) in the fourth quarter of 2010. To finance the purchase and build group capital, Deutsche Bank raised €10.2 billion in a rights issue in 2010. The acquisition of Postbank increases the weight of retail banking in the
