Switzerland’s troubled bank has lost the support of one of its longest-standing shareholders.
Harris Associates has sold its entire stake in Credit Suisse, the investment company's deputy chair David Herro told the «FT» (behind paywall) in an interview Sunday.
The firm held as much as 10 percent of the bank last year but began winding down its exposure in October after Saudi National Bank became Credit Suisse’s top investor.
Financial Health
The bank’s strategy, repeated losses and large outflows from wealth management also led to the decision, Herro, who is also the chief investment officer at Harris Associates, told the newspaper.
The Swiss bank lost 111 billion ($119 billion)of outflows in the last three months of 2022, after a social media report questioning the bank’s financial health.
