Former top Credit Suisse shareholder Harris Associates sells out of bank:
CIO David Herro questions ‘future of franchise’ after years of scandal and client ...
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Major Shareholder Exits Credit Suisse Amid Ongoing CrisisHarris Associates sold its full 10% stake after Credit Suisse’s 7.3bn CHF loss and 111bn CHF client withdrawals in 2022.
- Harris Associates, a longtime major shareholder, fully divested its holdings in Credit Suisse.
- The bank reported a 7.3 billion CHF loss in 2022 alongside 111 billion CHF of client asset outflows.
- Concerns were raised about costly and opaque restructuring efforts, including the investment banking spin-off and asset sales.
- Credit Suisse’s share price hit an all-time low, reflecting eroding investor confidence despite strategic overhaul attempts.
The plan to restructure the investment bank, while a noble cause, is cumbersome and far more costly in terms of cash burn than we expected.— David Herro, CIO of Harris Associates, expressed frustration over Credit Suisse's restructuring plans.
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