Credit Suisse vs Fannie Mae: Revenue, Profit and Business Model
Credit Suisse had ~$17.9B of annual revenue in FY2022 and a net loss of ~$8.8B. Fannie Mae had $29.4B of annual revenue in FY2024 and $17.4B of net income.
Latest financial snapshot
Credit Suisse
- Latest annual revenue
- ~$17.9B (FY2022)
- Net income
- ~-$8.8B
- Net margin
- -48.9%
- Revenue growth
- -18.4% a year, FY2020–FY2022
Fannie Mae
- Latest annual revenue
- $29.4B (FY2024)
- Net income
- $17.4B
- Net margin
- 59.2%
- Revenue growth
- +2.6% a year, FY2015–FY2024
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. Credit Suisse experienced a historic collapse and was acquired by rival UBS in a state-orchestrated rescue for approximately $3.2 billion in 2023.
Fannie Mae
Fannie Mae's financial results reflect the extraordinary cash-generating power of its $4.1 trillion guaranty book. In fiscal year 2024, Fannie Mae reported total net revenue of $28.50 billion (driven primarily by $25.2 billion in net interest income and guaranty fees) and net income of $17.40 billion. Under the terms of the 2019 letter agreement modifying the Senior Preferred Stock Purchase Agreement with the US Treasury, Fannie Mae is permitted to retain all quarterly earnings rather than sweep them to the US Treasury, allowing the enterprise to build its net worth toward capital requirements established under the Enterprise Regulatory Capital Framework (ERCF). By the end of 2024, Fannie Mae's retained net worth buffer approached $100 billion, providing an enormous cushion of private loss-absorbing capital to shield US taxpayers from potential housing downturns.
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 |
Fannie Mae
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $29.4B | $17.4B | 59.2% | +1.9% | |
| FY2023 | $28.8B | $17.4B | 60.4% | -2.8% | |
| FY2022 | $29.7B | $12.9B | 43.6% | -0.8% | |
| FY2021 | $29.9B | $22.2B | 74.2% | +18.3% | |
| FY2020 | $25.3B | $11.8B | 46.7% | +10.5% | |
| FY2019 | $22.9B | $14.2B | 61.9% | -4.5% | |
| FY2018 | $23.9B | $16B | 66.7% | +3.9% | |
| FY2017 | $23B | $2.5B | 10.7% | +3.3% | |
| FY2016 | $22.3B | $12.3B | 55.2% | -4.2% | |
| FY2015 | $23.3B | $11B | 47.1% | — |
Where the revenue comes from
Credit Suisse
- Wealth Management
Not formally reported
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
Not formally reported
Deposits, mortgages, business loans and corporate banking for Swiss households and companies; retained by UBS rather than spun off.
- Investment Bank
Not formally reported
M&A advisory, equity and debt underwriting, leveraged finance and trading, the most volatile part of the group.
- Asset Management
Not formally reported
Fees on mutual funds, real estate funds, index products, private markets and credit strategies for institutions and retail investors.
Fannie Mae
- Single-Family Guaranty Fees72.0%
Contractual ongoing guaranty fees paid by mortgage lenders to guarantee timely principal and interest on 30-year and 15-year residential mortgages.
- Multifamily Guaranty Fees15.0%
Credit enhancement and Delegated Underwriting and Servicing (DUS) revenue sharing on workforce, affordable, and student apartment properties.
- Retained Mortgage Portfolio & Investment Float13.0%
Net interest income earned on retained mortgage loans, liquidity portfolios, Treasury securities, and agency debt.
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.
Fannie Mae
How it makes money
Fannie Mae operates a massive, highly profitable secondary mortgage market securitization and credit guaranty business model divided into two principal reporting segments: (1) Single-Family Business (~88% of net revenue), which purchases conventional conforming single-family residential mortgages from primary lenders, securitizes them into Uniform Mortgage-Backed Securities (UMBS), and guarantees the timely payment o…
Growth strategy
Fannie Mae is pursuing three strategic growth pillars under CEO Priscilla Almodovar: (1) Modernizing the mortgage closing and appraisal process through Desktop Underwriter (DU), expanding value acceptance (appraisal waivers) and automated property inspection data to reduce homebuyer closing costs;
Competitive advantage
Fannie Mae's competitive moat is protected by an extraordinary combination of statutory privileges, ubiquity, and network effects. Its congressional charter establishes an implied government backstop that enables Fannie Mae agency MBS to trade with near-Treasury liquidity and ultra-tight spreads globally.
Questions about Credit Suisse vs Fannie Mae
Which company has higher revenue — Credit Suisse or Fannie Mae?
Credit Suisse had ~$17.9B (FY2022), while Fannie Mae had $29.4B (FY2024). By latest annual revenue, Fannie Mae is the larger business, with Credit Suisse showing 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 Fannie Mae?
Credit Suisse has a market capitalisation of $3.3B. A public market cap figure for Fannie Mae was not available (it may be privately held).
How does revenue per employee compare for Credit Suisse and Fannie Mae?
Credit Suisse has $355k / employee in revenue per employee, while Fannie Mae has $3.97M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Credit Suisse and Fannie Mae make money?
Credit Suisse and Fannie Mae generate revenue in fundamentally different ways. Credit Suisse: Credit Suisse ran a universal banking model with four divisions. Fannie Mae: Fannie Mae operates a massive, highly profitable secondary mortgage market securitization and credit guaranty business model divided into two principal reporting segments: (1) Single-Family Business (~88% of net revenue), which purchases conventional conforming single-family residential mortgages from primary lenders, securitizes them into Uniform Mortgage-Backed Securities (UMBS), and guarantees the timely payment of principal and interest to institutional investors worldwide in exchange for a recurring guaranty fee (typically averaging 45 to 55 basis points on the unpaid principal balance); and (2) Multifamily Business (~12% of net revenue), which finances affordable and market-rate apartment communities through its Delegated Underwriting and Servicing (DUS) lender network, sharing credit loss risk with approved commercial lenders.
Is Credit Suisse bigger than Fannie Mae?
By last reported revenue, Fannie Mae ($29.4B (FY2024)) 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 Fannie Mae overview