Credit Suisse vs Western Union: Revenue, Profit and Business Model
Credit Suisse had ~$17.9B of annual revenue in FY2022 and a net loss of ~$8.8B. Western Union had $4.1B of annual revenue in FY2025 and $499.6M 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
Western Union
- Latest annual revenue
- $4.1B (FY2025)
- Net income
- $499.6M
- Net margin
- 12.3%
- Revenue growth
- -3.2% a year, FY2016–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.
Western Union
Western Union's revenue fell from $5.07 billion in 2021 to $4.05 billion in 2025. Part of the drop came from selling Business Solutions and leaving Russia and Belarus in 2022. Net income was $499.6 million in 2025, down from $934.2 million in 2024. In 2026, Q1 revenue was $983 million, flat on a GAAP basis. Q2 revenue was about $1.0 billion, down 1%, with GAAP EPS of $0.24 against $0.37 a year earlier. Management blamed weaker Americas retail and the delayed Intermex close, and said it would cut costs harder in the second half of 2026.
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 |
Western Union
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.1B | $499.6M | 12.3% | -3.8% | Source |
| FY2024 | $4.2B | $934.2M | 22.2% | -3.4% | Source |
| FY2023 | $4.4B | $626M | 14.4% | -2.6% | Source |
| FY2022 | $4.5B | $910.6M | 20.3% | -11.7% | Source |
| FY2021 | $5.1B | $805.8M | 15.9% | +4.9% | Source |
| FY2020 | $4.8B | $744.3M | 15.4% | -8.6% | Source |
| FY2019 | $5.3B | $1.1B | 20.0% | -5.3% | Source |
| FY2018 | $5.6B | $851.9M | 15.2% | +1.2% | Source |
| FY2017 | $5.5B | -$557.1M | -10.1% | +1.9% | Source |
| FY2016 | $5.4B | $253.2M | 4.7% | — | 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.
Western Union
- Transfer fees
Not separately disclosed
Fees customers pay to send money through retail agents or digital channels.
- Foreign exchange revenue
Not separately disclosed
Margin earned when a transfer is converted from one currency to another.
- Consumer Services
Second reporting segment
Bill payment, travel money, and other consumer financial 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.
Western Union
How it makes money
Western Union earns money mainly from transfer fees and from the margin between the exchange rate it gives customers and its own cost of currency. Most transfers are still sent or paid out through third-party agent locations, which receive commissions. Branded digital transfers through westernunion.com and the app made up 32% of Consumer Money Transfer revenue and 43% of its transactions in Q2 2026.
Growth strategy
Management calls its approach a dual-track strategy. One track is cutting operating costs in the legacy business. The other is investing in branded digital transfers, consumer services such as bill pay and travel money, and a planned U.S. dollar stablecoin. The Intermex acquisition is meant to strengthen retail remittances from the U.S. to Latin America.
Competitive advantage
Western Union holds money transmitter licenses across many jurisdictions, a widely recognized brand, a large retail agent network for cash pickup, and long-running compliance operations that are costly for newer entrants to copy.
Questions about Credit Suisse vs Western Union
Which company has higher revenue — Credit Suisse or The Western Union Company?
Credit Suisse had ~$17.9B (FY2022), while The Western Union Company had $4.1B (FY2025). By latest annual revenue, Credit Suisse is the larger business, with The Western Union Company 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 Western Union Company?
Credit Suisse's market capitalisation stands at $3.3B, while The Western Union Company's is $1.9B. Credit Suisse carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Western Union Company.
How does revenue per employee compare for Credit Suisse and The Western Union Company?
Credit Suisse has $355k / employee in revenue per employee, while The Western Union Company has $422k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Credit Suisse and The Western Union Company make money?
Credit Suisse and The Western Union Company generate revenue in fundamentally different ways. Credit Suisse: Credit Suisse ran a universal banking model with four divisions. The Western Union Company: Western Union earns money mainly from transfer fees and from the margin between the exchange rate it gives customers and its own cost of currency.
Which company is valued higher relative to revenue — Credit Suisse or The Western Union Company?
On a price-to-sales (P/S) basis, Credit Suisse trades at 0.2x P/S and The Western Union Company at 0.5x P/S. The Western Union Company 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 Western Union Company?
By last reported revenue, Credit Suisse (~$17.9B (FY2022)) is the larger company compared to The Western Union Company ($4.1B (FY2025)). 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 Western Union overview