Deutsche Bank Bets Investors Will Choose Returns Over Capital

Deutsche Bank AG Chief Executive Officer Josef Ackermann may be betting concern about capital at the biggest banks will give way to a race for higher returns.

Deutsche Bank’s core capital ratio, a buffer against possible losses, may fall to the lowest level among eight competitors under new Basel III rules in 2012, even after it raised 10.2 billion euros ($13.4 billion) in a share sale in October, according to Christopher Wheeler, an analyst at Mediobanca SpA.