Update: Deutsche Bank AG

The stable outlook reflects our expectation that Deutsche Bank will maintain its disciplined strategic execution and strengthen its performance toward its 2025 targets. This progress would further improve the bank's resilience to unexpected stress. We also assume the bank's asset quality will remain robust amid slow economic growth and geopolitical upheaval, and it will maintain sound capital and liquidity ratios in line with management's guidance. We could lower the ratings if Deutsche Bank fails to deliver a stronger, more consistent performance, resulting in a material repositioning of its business and operating models. An escalation of economic and geopolitical risks could also pressure the ratings if it significantly weakens the bank's prospective asset quality and earnings. We could raise the ratings

...Deutsche Bank is strengthening its resilience and performance. Its 2019-2022 transformation program established a more focused and profitable group, and management is now focused on delivering franchise growth and operating leverage. Like those of peers, its retail and corporate banking activities have received a cyclical boost from higher interest rates, which provides greater balance to the large investment banking division (see chart 1). S&P Global Ratings also sees structural improvements, including more disciplined strategic execution and a stronger focus on cost...

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