Opportunities and Risks


The core bank restructuring implemented under Strategy 2015+ has already had a significant impact on our performance and may help to create future opportunities for growth. The ongoing improvements to our systems, processes and controls could create greater efficiencies and enable us to be more nimble in light of new opportunities. In addition, we continue to de-risk non-core assets and our capital position has been strengthened, which could enhance our stability in uncertain markets and have a positive impact on the size of our business. The withdrawal of key competitors from the market and greater transparency in the regulatory environment may also provide opportunities for growth.

Our outlook is based on various economic assumptions as described. These assumptions may improve beyond forecasted levels and could lead to increasing revenues that would only be partially offset by additional cost, thus improving both income before income taxes and cost-income ratio directly and subsequently improving regulatory measures such as CET 1 and leverage ratio.


The implementation of our strategic goals or the realization of the anticipated benefits might also be negatively impacted by certain economic factors such as the recurrence of extreme turbulence in the markets in which we are active, weakness of global, regional and national economic conditions, increased competition for business and political instability, especially in Europe. New regulatory requirements may lead to increases in our cost base or restrict our operations. Several regulatory authorities have or are looking to introduce initiatives for structural change. As these governmental initiatives are subject to ongoing discussions, we cannot at this stage quantify any future impact. By the nature of our business, we are involved in litigation, arbitration and regulatory proceedings and investigations in Germany and in a number of jurisdictions outside Germany, especially in the U.S. Such matters are subject to many uncertainties. While we have resolved a number of important legal matters and made progress on others, we expect the litigation and enforcement environment to continue being challenging.

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