February 14, 2018 / 10:18 AM / 4 days ago

Activist RBR says Credit Suisse results show more action needed

ZURICH, Feb 14 (Reuters) - Activist investor RBR Capital Advisors renewed pressure on Credit Suisse for a strategic shakeup after Switzerland’s second-biggest bank reported its third consecutive annual loss on Wednesday, hit by writedowns on U.S. deferred tax assets.

“The results confirm that there is need for additional action. Now it is up to Credit Suisse to show alternatives,” RBR said in a statement.

RBR, which last year reported a Credit Suisse stake worth around 100 million Swiss francs ($107 million), has been pushing for a breakup of the bank and said last month the group could create “enormous” value by replacing its IT platform and cutting jobs.

$1 = 0.9344 Swiss francs Reporting by Oliver Hirt, Writing by Michael Shields; Editing by John Miller

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