For instance, providing good advice in the business of mergers and acquisitions. Such services are of value for customers in the real economy. And a suitable price can be charged for such services. Or if a bank undertakes currency-hedging on the foreign exchange market for an exporter, this can be of existential importance to an enterprise which is part of the real economy.
Good advice is therefore essential here. Things become dangerous when banks get wrapped up in a world of their own. When speculation becomes an end in itself. Properly functioning management structures need to be able to prevent this. This relates not least to remuneration structures. It also has to do with questions of organisation and often with the quality of a bank’s risk management.