Too many staff in support functions and external contractors?
Reuters reports that Swiss hedge fund operator and Credit Suisse investor RBR Capital Advisors has shifted focus to shareholder activism, arguing that Switzerland’s second-biggest bank can create “enormous” value by replacing its IT platform and cutting jobs.
“After almost 15 years of operations, we have decided to close our RBR European Long Short Funds and focus our activities on activist investing,” the group, run by financier Rudolf Bohli, said in a statement posted on its website.
RBR - which has proposed breaking up Credit Suisse, whose management dismisses the need for such a radical step - had flagged such a move in December.
In a mail to investors seen by Reuters that included the line “Let’s make Credit Suisse great again”, RBR said Credit Suisse’s flagship wealth management business had too many staff in support functions and external contractors.
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