Credit Suisse vs TD Bank: Revenue, Profit and Business Model
Credit Suisse had ~$17.9B of annual revenue in FY2022 and a net loss of ~$8.8B. TD Bank had ~$45.6B of annual revenue in FY2025 and ~$14.4B 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
TD Bank
- Latest annual revenue
- ~$45.6B (FY2025)
- Net income
- ~$14.4B
- Net margin
- 31.6%
- Revenue growth
- +10.2% 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. Credit Suisse experienced a historic collapse and was acquired by rival UBS in a state-orchestrated rescue for approximately $3.2 billion in 2023.
TD Bank
TD reported fiscal 2025 revenue of ~$48.8 billion (C$67.78 billion) and net income of ~$14.8 billion (C$20.54 billion); the reported figure includes the gain on selling its Charles Schwab stake in February 2025. On an adjusted basis, revenue was ~$44.5 billion (C$61.81 billion) (up 9%) and earnings were ~$10.8 billion (C$15.03 billion) (up 5%). Momentum carried into fiscal 2026: in the third quarter ended July 31, 2026, reported net income was ~$3.33 billion (C$4.62 billion) versus ~$2.4 billion (C$3.34 billion) a year earlier, adjusted net income rose 21% to ~$3.36 billion (C$4.67 billion), adjusted EPS was C$2.77, and total revenue was about $12.2 billion (C$16.9 billion). CET1 capital stood at 14.26% at July 31, 2026, which supported a completed ~$5.04 billion (C$7 billion) buyback in September 2026 and a newly announced program of up to $7.2 billion (C$10 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 |
TD Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$45.6B | ~$14.4B | 31.6% | +18.8% | Source |
| FY2024 | ~$38.3B | ~$6B | 15.6% | +7.8% | Source |
| FY2023 | ~$35.6B | ~$7.3B | 20.4% | +3.5% | Source |
| FY2022 | ~$34.4B | ~$12.4B | 36.0% | +11.2% | Source |
| FY2021 | ~$30.9B | ~$10.1B | 32.7% | — | Source |
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.
TD Bank
- Canadian Personal and Commercial Banking - Net Interest Income~25%
Interest income from loans and deposits in Canada generated CAD $16.70 billion in FY2025, up 6% from FY2024. Driven by residential mortgages, personal loans, and commercial lending funded by a CAD $398 billion deposit base. Net interest margin of 2.82%.
- Canadian Personal and Commercial Banking - Non-Interest Income~7%
Service charges, card services, insurance revenue, and fees generated CAD $4.50 billion in FY2025. Includes credit card interchange, overdraft fees, and commercial banking fees.
- U.S. Retail - Net Interest Income~18%
Interest income from US loans and deposits generated CAD $12.37 billion in FY2025, up 7% from FY2024. Net interest margin of 3.15%, higher than Canada due to the US rate environment. Operating under $434 billion asset cap.
- U.S. Retail - Non-Interest Income~5%
Service charges, card services, and wealth management fees from US operations generated CAD $3.37 billion in FY2025. Includes TD Auto Finance fees and TD Wealth (U.S.) contributions.
- Wealth Management and Insurance - Fees and Premiums~15%
Management fees on CAD $759 billion in AUA and CAD $601 billion in AUM, plus insurance premiums, generated net revenue of approximately CAD $9.0 billion after insurance service expenses of CAD $6.09 billion.
- Wholesale Banking - Trading and Advisory~12%
Trading-related revenue of CAD $3.47 billion and corporate and investment banking fees of CAD $2.73 billion generated CAD $7.99 billion in total wholesale revenue in FY2025. Includes TD Cowen contributions.
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.
TD Bank
How it makes money
TD Bank (Toronto-Dominion Bank) operates a diversified multinational retail, commercial, and wholesale banking business model across Canada and the United States. Revenue is generated through two primary engines: Net Interest Income (NII) earned on the spread between interest earned on residential mortgages, commercial loans, personal credit lines, and credit cards versus interest paid on customer deposits;
Growth strategy
TD allocated CAD $8 billion to share buybacks and plans to invest the remainder in organic growth, particularly in Canadian personal banking and wealth management. The Cowen acquisition added 1,700 employees and established TD as a meaningful player in US equities and investment banking, but the segment's return on equity of 15.0% in FY2025 remains below the bank's overall target.
Competitive advantage
TD Bank's advantage comes from Canadian banking scale, low-cost deposits, branch and digital reach, brand trust, wealth and insurance breadth, and strong capital ratios.
Questions about Credit Suisse vs TD Bank
Which company has higher revenue — Credit Suisse or The Toronto-Dominion Bank?
Credit Suisse had ~$17.9B (FY2022), while The Toronto-Dominion Bank had ~$45.6B (FY2025). By latest annual revenue, The Toronto-Dominion Bank 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 The Toronto-Dominion Bank?
Credit Suisse's market capitalisation stands at $3.3B, while The Toronto-Dominion Bank's is $201.0B. The Toronto-Dominion Bank carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Credit Suisse.
How does revenue per employee compare for Credit Suisse and The Toronto-Dominion Bank?
Credit Suisse has $355k / employee in revenue per employee, while The Toronto-Dominion Bank has $456k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Credit Suisse and The Toronto-Dominion Bank make money?
Credit Suisse and The Toronto-Dominion Bank generate revenue in fundamentally different ways. Credit Suisse: Credit Suisse ran a universal banking model with four divisions. The Toronto-Dominion Bank: TD Bank (Toronto-Dominion Bank) operates a diversified multinational retail, commercial, and wholesale banking business model across Canada and the United States.
Which company is valued higher relative to revenue — Credit Suisse or The Toronto-Dominion Bank?
On a price-to-sales (P/S) basis, Credit Suisse trades at 0.2x P/S and The Toronto-Dominion Bank at 4.4x P/S. The Toronto-Dominion Bank 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 The Toronto-Dominion Bank?
By last reported revenue, The Toronto-Dominion Bank (~$45.6B (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 TD Bank overview