Credit Suisse vs Deutsche Bank: Revenue, Profit and Business Model
Credit Suisse reported ~$17.9B of revenue in FY2022 and a net loss of ~$8.8B. Deutsche Bank reported ~$36.3B of revenue in FY2025 and ~$8B of net income.
Latest financial snapshot
Credit Suisse
- Latest revenue
- ~$17.9B (FY2022)
- Net income
- ~-$8.8B
- Net margin
- -48.9%
- Revenue growth
- -18.4% a year, FY2020–FY2022
Deutsche Bank
- Latest revenue
- ~$36.3B (FY2025)
- Net income
- ~$8B
- Net margin
- 22.1%
- Revenue growth
- +6.0% a year, FY2021–FY2025
Financial summary
Credit Suisse
Credit Suisse earned ~$27 billion (CHF 22.5 billion) of net revenue in 2019 and a profit of ~$4.08 billion (CHF 3.4 billion). The Archegos loss pushed 2021 to a ~$1.98 billion (CHF 1.65 billion) net loss, and 2022 was far worse: revenue fell 34% to ~$17.9 billion (CHF 14.9 billion) and the net loss reached ~$8.76 billion (CHF 7.3 billion). Clients pulled ~$133 billion (CHF 110.5 billion) of net assets in the fourth quarter of 2022, and renewed outflows in March 2023 forced the sale to UBS.
Deutsche Bank
For most of the 2010s Deutsche Bank's earnings were consumed by litigation, restructuring and a high cost base, including net losses in 2015 through 2019. The 2019 "Compete to Win" restructuring exited equities trading and set up a Capital Release Unit for non-core assets. Profits recovered from 2020; 2024 net profit fell to about $3.95 billion (€3.5 billion) because of a Postbank takeover litigation provision, before 2025 net profit roughly doubled to ~$8.02 billion (€7.1 billion) with a 64% cost/income ratio and 10.3% post-tax RoTE. In H1 2026 post-tax profit rose 9% to a record ~$4.63 billion (€4.1 billion).
Revenue and profit by year
Credit Suisse
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2022 | ~$17.9B | ~-$8.8B | -48.9% | -34.3% | Source |
| FY2021 | ~$27.2B | ~-$2B | -7.3% | +1.4% | Source |
| FY2020 | ~$26.9B | ~$3.2B | 11.9% | — | Source |
Deutsche Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$36.3B | ~$8B | 22.1% | +6.6% | Source |
| FY2024 | ~$34B | ~$4B | 11.6% | +4.2% | Source |
| FY2023 | ~$32.7B | ~$5.5B | 17.0% | +6.3% | Source |
| FY2022 | ~$30.7B | ~$6.4B | 21.0% | +7.1% | Source |
| FY2021 | ~$28.7B | ~$2.8B | 9.8% | — | Source |
Where the revenue comes from
Credit Suisse
- Wealth Management
Advisory and management fees, Lombard lending and trading commissions from wealthy clients in Switzerland, Europe, Asia-Pacific, the Middle East and the Americas.
- Swiss Bank
Deposits, mortgages, business loans and corporate banking for Swiss households and companies; retained by UBS rather than spun off.
- Investment Bank
M&A advisory, equity and debt underwriting, leveraged finance and trading, the most volatile part of the group.
- Asset Management
Fees on mutual funds, real estate funds, index products, private markets and credit strategies for institutions and retail investors.
Deutsche Bank
- Corporate Bank
Major segment
Cash management, trade finance, securities services, corporate lending, and payments for companies and institutions.
- Investment Bank
Major segment
Fixed income and currencies, origination, advisory, financing, and capital-markets services.
- Private Bank and Wealth
Major segment
Retail banking, private banking, wealth management, deposits, lending, and investment products.
- Asset Management
DWS-driven
Fee-based asset-management revenue through DWS and related investment products.
Business model and strategy
Credit Suisse
How it makes money
Credit Suisse ran a universal banking model with four divisions. Wealth Management earned recurring fees, lending margins and trading commissions from rich families and entrepreneurs, with Switzerland and Asia as core markets. The Swiss Bank took deposits and made mortgage and business loans at home, and it was the steadiest profit source.
Growth strategy
Credit Suisse no longer has its own strategy. UBS has wound down most of the investment bank through its Non-core and Legacy unit, kept the Swiss bank, and moved about 1.2 million former Credit Suisse clients onto UBS systems by March 2026. The remaining work in 2026 is shutting legacy IT and reaching UBS's target of about $13.5 billion in gross cost savings.
Competitive advantage
Credit Suisse's edge was the trust attached to Swiss banking: stability, discretion and a long history with wealthy families and Swiss companies. It added an investment bank that could serve entrepreneurs from IPO to estate planning. Repeated fines, trading losses and the 2021 fund freeze undermined that trust, which was the product clients were paying for.
Deutsche Bank
How it makes money
Deutsche Bank makes money in four ways. The Corporate Bank earns net interest income on corporate deposits and loans plus fees from cash management, trade finance and securities services. The Investment Bank earns trading revenue in Fixed Income & Currencies (rates, credit, FX, financing) and fees from debt and equity origination and M&A advice; it exited equities sales and trading in 2019.
Growth strategy
The 2026-2028 strategy focuses on capital-light growth: gathering assets in the Private Bank (client assets of ~$956 billion (€846 billion) in Q2 2026, toward a ~$1.13 trillion (€1 trillion) 2028 target) and DWS, expanding Investment Banking & Capital Markets (EMEA market share up to 4.1% in Q2 2026), growing Corporate Bank fees, and funding investment with operating efficiencies, including AI-driven cost savings and…
Competitive advantage
Deutsche Bank's edge is its role as the main international bank for German and European corporates. Its euro cash-management, payments and trade-finance network ties it into clients' daily treasury operations, which creates sticky, low-cost deposits, while its Fixed Income & Currencies desks give those same clients hedging and capital-markets access that most domestic European rivals cannot match.
Questions about Credit Suisse vs Deutsche Bank
Which company has higher revenue — Credit Suisse or Deutsche Bank AG?
Credit Suisse reported ~$17.9B (FY2022), while Deutsche Bank AG reported ~$36.3B (FY2025). By last reported revenue, Deutsche Bank AG is the larger business, with Credit Suisse reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Credit Suisse vs Deutsche Bank AG?
Credit Suisse's market capitalisation stands at $3.3B, while Deutsche Bank AG's is $74.0B. Deutsche Bank AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Credit Suisse.
Which is more financially efficient — Credit Suisse or Deutsche Bank AG?
Credit Suisse generates $355k / employee in revenue per employee, while Deutsche Bank AG generates $404k / employee. Deutsche Bank AG shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Credit Suisse and Deutsche Bank AG make money?
Credit Suisse and Deutsche Bank AG generate revenue in fundamentally different ways. Credit Suisse: Credit Suisse ran a universal banking model with four divisions. Deutsche Bank AG: Deutsche Bank makes money in four ways.
Which company is valued higher relative to revenue — Credit Suisse or Deutsche Bank AG?
On a price-to-sales (P/S) basis, Credit Suisse trades at 0.2x P/S and Deutsche Bank AG at 2.0x P/S. Deutsche Bank AG commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Credit Suisse. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Credit Suisse bigger than Deutsche Bank AG?
By last reported revenue, Deutsche Bank AG (~$36.3B (FY2025)) is the larger company compared to Credit Suisse (~$17.9B (FY2022)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Credit Suisse vs Deutsche Bank overview