- Harris Associates, a US investment manager, has sold its entire stake in Credit Suisse after years of scandal and client exodus.
- Credit Suisse’s SFr4bn ($4.3bn) fundraising saw Saudi National Bank supplant Harris as the top investor.
- Harris is not convinced that Credit Suisse’s latest radical restructuring can turn round the fortunes of the 167-year-old lender.
- The bank’s shares hit an all-time intraday low of SFr2.52 on Thursday and are down 77 per cent over the past two years.
- The two largest shareholders in Credit Suisse are now the Saudi National Bank and the Qatar Investment Authority.
Financial Times — Companies — Banking — Financial Institutions — Investment Banking — Wealth Management
Former top Credit Suisse shareholder Harris Associates sells out of bank
Harris Associates, a US investment manager, has sold its entire stake in Credit Suisse after years of scandal and client exodus. Credit Suisse's shares have hit an all-time low and are down 77% over the past two years.