Rates of change

18 February 2021 By Liam Proud Follow @liamwardproud

The Swiss bank trailed rivals in profiting from volatile markets in 2020. Boss Thomas Gottstein may hope for a better showing post Covid-19, but Credit Suisse’s trading strengths offer limited benefits to its main wealth division. Further shrinkage looks painful but sensible.

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Credit Suisse on Feb. 18 reported 22.4 billion Swiss francs of revenue for 2020, which was roughly the same as in 2019. Revenue in the Zurich-based group’s investment bank rose by 11% year-on-year to 9.1 billion francs.

Barclays, which also released full-year results on Feb. 18, said its revenue was 21.8 billion pounds in 2020. That was 1% higher than in 2019. The top line of the UK lender’s corporate and investment bank rose by 22% to 12.5 billion pounds.

Credit Suisse shares were trading at 12.62 francs at 0805 GMT on Feb. 18, down 0.6%. Barclays shares were down 1.1%.

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