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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.

1 min read
  • 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.
Former top Credit Suisse shareholder Harris Associates sells out of bank
CIO David Herro questions ‘future of franchise’ after years of scandal and client exodus as shares hit new low
Financial TimesOwen Walker

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