Credit Suisse’s former top shareholder in the bank – #Credit #Suisses #top #shareholder #bank
March 5 (Reuters) – Harris Associates, one of Credit Suisse’s ( CSGN.S ) longest-standing major shareholders, has sold its entire stake in the Swiss bank after losing patience with its strategy to stem persistent losses and client migration, the Financial Times reported. news gives Sunday.
Despite a number of scandals in the group, Harris, who remained loyal, last August in the bank approx 10Although it announced its % share, it reduced it to 5% in January.
4 from Credit Suisse investors in October billion Swiss franc (4.27 billion dollars) after attracting and Saudi National After his bank removed him as a major investor, Harris began reducing his exposure, David Herro, vice chairman of Harris Associates, told the Financial Times.
Newspaper Herro was quoted as saying: “There is a question about the future of the franchise. There have been large outflows from wealth management.” Credit Suisse, in the fourth quarter of 110 billion Swiss francs (120 billion dollars) reported a sharp acceleration with the withdrawal of funds abroad.
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“We have many other options to invest in,” he said. “Rising interest rates mean that many Europe its finances are directed in another direction. Why go for something that burns capital when the rest of the sector is creating it now?”
Harris Associates did not immediately respond to a Reuters request for comment.
“We are ahead of schedule and have clear strategic objectives,” Credit Suisse said in an emailed statement to Reuters on Sunday.
“We are focused on successfully executing our plan and moving towards our goals to ensure that the new Credit Suisse delivers continued value for all of our stakeholders,” he said.
Switzerland’s second-largest bank has also begun overhauling its business, cutting costs and jobs to revive its fortunes, including creating a separate business for investment banking under the CS First Boston brand.
Credit Suisse last month 20It reported its biggest annual loss since the 2008 global financial crisis and warned of another “significant” loss this year after customers pulled billions from the bank.
($1 = 0.9357 Swiss francs)
Reporting by Gokul Pisharody in Bengaluru; Added by Akriti Sharma report; Edited by Richard Chang
Our standards: Thomson Reuters Trust Principles.
2023-03-06 02:37:42
Source – reuters
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