Former Top Shareholder Sells Entire Stake in Credit Suisse
Harris Associates, the largest shareholder of Credit Suisse Group AG, has sold its entire stake in the bank, according to reports from Reuters and Bloomberg. The move comes as Credit Suisse faces a series of challenges, including losses on its Archegos investment and fraud at its supply-chain finance funds.
Harris Associates, a Chicago-based investment advisory firm, had been a top shareholder in Credit Suisse for years. Its decision to sell its stake comes as a surprise, particularly given the bank’s efforts to improve its risk management and governance under new CEO Thomas Gottstein.
Credit Suisse’s stock price fell sharply following the news, with analysts warning of further challenges ahead for the bank. Some have speculated that Harris Associates’ decision may have been influenced by concerns over the bank’s risk profile and the potential for further losses.
Credit Suisse has not yet commented on the sale. However, in a recent statement, the bank acknowledged the challenges it has faced and its commitment to addressing them.
“We are taking decisive action to strengthen our risk management and control processes and improve the overall resilience of our business,” the statement read. “We remain fully focused on supporting our clients and delivering long-term value for our shareholders.”