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Germany can do everything - except digitalization and banking.
In recent years, despite the boom, the major German commercial banks have delivered almost nothing but horror news: losses in the billions, job cuts and branch closings.
And in the crisis?
Of all things, Deutsche Bank surprised with a strong profit.
For the first time in six years.
That gives hope, but it is not a reason for cockiness.
In fact, in contrast to his predecessors, CEO Christian Sewing keeps his promises: He consistently cuts the institute's costs, which are far too high.
It's not particularly inventive, but it is extremely effective.
At the same time, Sewing is also benefiting from an unexpected trend: the comeback of investment banking.
The turbulence in the markets triggered by the corona pandemic makes this segment a source of income.
It has little to do with gambling.
Companies rely on Deutsche Bank to protect themselves against fluctuations.
A bank's bread-and-butter business.
At the same time, it is already foreseeable that demand will decline when the situation on the markets normalizes.
Nevertheless, especially in the crisis, the much-scolded investment banking has proven to be a valuable unique selling point of the German industry leader.
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The other German institutes - Sparkassen, Volksbanken or Commerzbank - are much more involved in the traditional lending business.
And thus much more vulnerable.
Due to the strong competition on the German market, they earn little money even during the boom.
Low interest rates, digitization and low margins have been gnawing at your business model for years.
Now there is the pandemic.
Even if there has been no bankruptcy wave of German companies due to generous state aid, there is a risk that numerous loans will default in the coming years due to the crisis.
It is therefore by no means ruled out that the Corona crisis will be followed by a banking crisis.
Deutsche Bank is unlikely to hit them as hard.
Not just because of investment banking.
But because - contrary to its efforts - the bank has only managed to a limited extent in recent years in stealing SME customers from Commerzbank and Sparkassen.
But these would be most affected by a wave of bankruptcies.
It is an irony of fate that this weakness of Deutsche Bank of all things could support it now.