Activist Takes Aim at Credit Suisse

Activist Takes Aim at Credit Suisse”

Activist investor RBR Capital Advisors is launching a campaign for breaking up Swiss bank Credit Suisse Group AG (CS) into three parts, the Financial Times reported on Monday.

Thiam, in the job since July 2015, has restructured the bank to focus on wealth management and less on investment banking, while the Swiss lender has been hit by billions in fines and write-downs.

The Financial Times reported Mr Bohli would unveil the plan at a conference in NY later this week, and has the backing of a former senior Credit Suisse executive.

Bohli has received prominent backing for his efforts: Gaël de Boissard, until 2015 co-head of the Credit Suisse investment bank, is reportedly backing the hedge fund.

"We have been in contact with Credit Suisse's leadership and we will present our views to the public shortly", an RBR spokesman said.

So far, RBR is understood to have built only a tiny stake in Credit Suisse, of between 0.2% and 0.3% of the share capital.

Credit Suisse on Tuesday said it remained focused on its strategy.

The bank is two years into a three-year restructuring plan created to improve efficiency, pivot towards high-growth areas such as wealth management and Asia-Pacific, and reduce the capital allocated to its investment bank. RBR and the former Wall Streeter will reportedly disclose details of the plan at a brokerage conference later this week. He has prominent support from the Swiss bank's former head of investment banking.

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