November 30, 2017 / 8:23 AM / in a year

Credit Suisse, RBR at odds over activist investor's stake

ZURICH, Nov 30 (Reuters) - Credit Suisse said on Thursday activist investor RBR had reduced its holdings in Switzerland’s second-biggest bank from the 0.2 percent RBR had announced in October.

A spokesman for RBR, however, denied any stake reduction.

Credit Suisse’s head of communications also told Reuters the bank, which on Thursday presented plans to boost shareholder returns in 2019 and 2020, was unlikely to make acquisitions at the moment.

Nearing the final year of a major restructuring which has involved cost cuts expected to reach 3.2 billion Swiss francs ($3.25 billion) by the end of this year, the bank would be reducing net headcount in the medium term, he said.

$1 = 0.9856 Swiss francs Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Michael Shields

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