Harris Associates Sells Entire Credit Suisse Stake, FT Says
- Firm’s David Herro told FT it has divested full stake
- The exit comes as the Swiss bank’s stock hit a record low
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Harris Associates sold its entire stake in Credit Suisse Group AG, according to the Financial Times, ending ties with the firm after about two decades of ownership and piling further pressure on the Swiss bank’s leadership.
“There is a question about the future of the franchise,” the FT cited David Herro, chief investment officer for international equities at Harris, as saying. “There have been large outflows from wealth management.”