Credit Suisse vs UBS: Revenue, Profit and Business Model
Credit Suisse reported ~$17.9B of revenue in FY2022 and a net loss of ~$8.8B. UBS reported $49.6B of revenue in FY2025 and $7.8B 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
UBS
- Latest revenue
- $49.6B (FY2025)
- Net income
- $7.8B
- Net margin
- 15.7%
- Revenue growth
- +8.7% 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.
UBS
UBS Group earned USD 7.8 billion in net profit attributable to shareholders in 2025, up from USD 5.1 billion in 2024, with a 14.4% CET1 capital ratio. UBS AG consolidated total revenues were USD 47.7 billion; S&P Global-compiled revenue (net of interest expense) was USD 49.6 billion. Momentum continued in 2026: 2Q26 net profit was USD 2.8 billion versus USD 2.4 billion a year earlier, first-half profit reached USD 5.8 billion, reported RoCET1 was 15.4%, and invested assets hit USD 7.3 trillion. Integration expenses of USD 645 million in 2Q26 show the Credit Suisse cleanup is still under way.
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 |
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.
UBS
- Wealth management fees
- Net interest income
- Swiss banking fees
- Asset management fees
- Investment banking advisory
- Markets and trading revenue
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.
UBS
How it makes money
UBS earns most of its money from wealth management: recurring fees charged on client assets, transaction commissions, and net interest income on deposits and Lombard loans to wealthy clients. Global Wealth Management is the largest division, serving high-net-worth and ultra-high-net-worth clients across the Americas, Switzerland, EMEA and Asia Pacific.
Growth strategy
UBS is focused on integrating Credit Suisse, reducing duplicate costs, expanding global wealth management relationships, using technology to improve advisor productivity, growing asset management mandates, and keeping the investment bank focused on capital-light advisory and markets strengths.
Competitive advantage
UBS's advantage is the combination of Swiss banking trust, global ultra-high-net-worth coverage, more than USD 7 trillion in invested assets, and the ability to serve clients across wealth management, lending, capital markets, and asset management.
Questions about Credit Suisse vs UBS
Which company has higher revenue — Credit Suisse or UBS Group AG?
Credit Suisse reported ~$17.9B (FY2022), while UBS Group AG reported $49.6B (FY2025). By last reported revenue, UBS Group 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 UBS Group AG?
Credit Suisse's market capitalisation stands at $3.3B, while UBS Group AG's is $152.1B. UBS Group 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 UBS Group AG?
Credit Suisse generates $355k / employee in revenue per employee, while UBS Group AG generates $501k / employee. UBS Group 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 UBS Group AG make money?
Credit Suisse and UBS Group AG generate revenue in fundamentally different ways. Credit Suisse: Credit Suisse ran a universal banking model with four divisions. UBS Group AG: UBS earns most of its money from wealth management: recurring fees charged on client assets, transaction commissions, and net interest income on deposits and Lombard loans to wealthy clients.
Which company is valued higher relative to revenue — Credit Suisse or UBS Group AG?
On a price-to-sales (P/S) basis, Credit Suisse trades at 0.2x P/S and UBS Group AG at 3.1x P/S. UBS Group 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 UBS Group AG?
By last reported revenue, UBS Group AG ($49.6B (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 UBS overview