Would you credit it?

Do not adjust your set. CSFB grew faster than UBS in the third quarter. Equities and fixed-income revenues outpaced the rival Swiss investment bank on both a quarterly and annual comparison. Only in M&A advisory could UBS deliver faster revenue growth over the same period last year. Unfortunately, CSFB’s impressive performance says more about where it has come from than where it is going. This is a firm that is still trying to restore revenue-generating capabilities that vanished with aggressive...