February 14, 2018 / 10:22 AM / 8 months ago

Activist RBR says Credit Suisse results show more action needed

ZURICH (Reuters) - Activist investor RBR Capital Advisors renewed pressure on Credit Suisse (CSGN.S) 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.

FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

“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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