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OVERVIEW
UBS and Credit Suisse are the two largest Swiss banks.After the economic downturn, the banks decided to cut back their investment banking activity and increased their focus on the wealth management business in view of stricter regulatory requirements. The banks share similar business models and derive revenues from similar streams.
In this dashboard, Trefis compares key revenue metrics for two of the largest Swiss banks.
Credit Suisse has a more diversified, although smaller business compared to UBS
Total UBS Revenue
Total CS Revenue
UBS reported $31 billion revenues in 2018 with Wealth Management division contributing more than 55% of total revenues.
Credit Suisse's revenue in 2018 stood at $21.5 billion with Investment Bank and Wealth Management both contributing approximately 40% to total revenues.
Since 2015, UBS's revenue has declined at an average annual rate of 1.7% primarily due to sub-par performance of its investment bank while its Wealth Management business has flourished
On the flip-side, Credit Suisse has lost $3.8 billion to total revenue at an average annual rate of 5.4% mainly due to the bank's decision to scale-down its securities trading business
#1. INVESTMENT BANKING REVENUE STREAMS:
#1.4 Credit Suisse's FICC Trading Revenues Are 1.5x That For UBS
Credit Suisse's FICC trading revenues of $2.4 billion was 1.5x to UBS. However, UBS was generating a higher yield from its operations. As of 2018, UBS's average yield stood at 4.8% while Credit Suisse's average yield was 3.1%
UBS FICC Trading Revenue = [ A x B ]
Yield on Capital [ A ]
FICC Trading Assets [ B ]
Credit Suisse FICC Trading Revenue = [ C x D ]
Yield on Capital [ C ]
FICC Trading Assets [ D ]
#1.5 However, UBS's Equity Trading Revenues Are Almost Double Credit Suisse's
On the contrary, UBS has a much larger Equity trading desk. UBS's equity trading revenues of $3.9 billion were 50% more than Credit Suisse's $2.6 billion.UBS's generates
higher trading yields and also employs more trading assets in its equity operations.
UBS Equities Trading Revenue = [ A x B ]
Yield on Capital [ A ]
Equity Trading Assets [ B ]
Credit Suisse Equities Trading Revenue = [ C x D ]
Yield on Capital [ C ]
Equity Trading Assets [ D ]
Also, UBS 's Asset Management Revenues Nudge Ahead Of Credit Suisse
UBS Asset Management Revenue [ A x B ]
Avg. Fee as % of AUM [ A ]
Asset Under Management [ B ]
As of 2018, UBS's asset management revenues stood at $1.8 billion - roughly 20% more than that of Credit Suisse's $1.5 billion.
Moreover, UBS's asset management division was manages more than double the asset managed by Credit Suisse's.
Credit Suisse Asset Management Revenue [ C x D ]
Avg. Fee as % of AUM [ C ]
Assets Under Management [ D ]
Related Analysis
UBS vs HSBC: A Detailed Comparison Of Operating Metrics
UBS vs Credit Suisse: A Detailed Comparison Of Operating Metrics
Revenues For UBS's Wealth Management Business Could Cross $19 Billion In Five Years
Deutsche Bank's Business Model Has Changed Considerably Over The Last Decade, And More Changes Are Underway
Revenues For Credit Suisse's Wealth Management Business Could Cross $10 Billion In Five Years
How Has The Securities Trading Portfolio Of European Banks Changed Over The Years And What's The Forecast?
All Trefis Financial Services Data