What is fair
The discussion about bonus payments for bankers is just as unsuitable for answering the question of fairness as the discussion about footballer's salaries.
In the middle of this exhausting pandemic, one would think of many professional groups who could be granted bonuses in the millions: Nurses, doctors and teachers, scientists - to name just a few.
Bankers certainly don't fall into this category.
The news that Deutsche Bank has been whistled back by the European Central Bank in terms of bonuses fits in perfectly with the worldview.
But the worldview is distorted.
In 2020, Deutsche Bank, supported by investment banking, made a profit for the first time in six years. Much more important than the pure number is that the bank, which was not considered manageable for years, has gotten back into calm waters. In tippy steps, she comes closer to her own mission statement, which she had lost sight of over the years: a bank to support its customers - not to support their own megalomania. Anyone who frowns at investment banking fails to recognize the importance of this business area. German corporations that want to be active and successful abroad have to hedge currency risks and finance supply chains. These examples describe - albeit not very glamorous - essential parts of today's investment banking,the capital market business of Deutsche Bank. The bank has long since stopped trading its own shares or raw materials, which is very lucrative but also very volatile.
Anyone who demands that the bank renounce investment banking drives customers into the arms of international competition. Wall Street banks like Citigroup, Morgan Stanley or JP Morgan are likely to open the gates wide and make fanfare sounds. When these banks then withdraw to their home markets in the next crisis, there will be great wailing. Germany needs a strong German, internationally relevant bank. Appropriate salaries and bonuses contribute to competitiveness. Not everyone may like that, but it is in line with the market.