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European banks are locking away value. Alas, this is still not fertile ground for activist investors such as RBR Capital Advisors, which is targeting Credit Suisse. Firstly, there are too many other stakeholders – not least the regulators. Secondly, activists must spin a simple yarn to gain widespread support, and big banks are far from simple.
From a regulatory standpoint, the possible downsides are much greater than the upsides. If activism goes well, it will release value for shareholders.
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