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Opinion
Paul J. Davies

Investors Have Deutsche Bank and Credit Suisse Upside Down

The stock market values the Swiss lender more highly than its German rival. That should be reversed.

Work is just beginning for Thomas Gottstein, chief executive officer of Credit Suisse Group AG

Work is just beginning for Thomas Gottstein, chief executive officer of Credit Suisse Group AG

Photographer: Chris J. Ratcliffe/Bloomberg

Credit Suisse Group AG had a horrible first quarter. Deutsche Bank AG had strong revenue growth, but that was tainted by some unexpected costs.

The Swiss bank is just beginning to fix a wealth of problems, while its German rival is nearing the end of an overhaul of its assets, staff and systems. Credit Suisse is losing market share in dealmaking and trading. Deutsche Bank just had its best fixed-income trading quarter in years and is winning back clients for takeover advice.