Major shareholder sells interest in Credit Suisse

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Major shareholder Harris Associates has sold all of its shares in Credit Suisse. For more than twenty years, the asset manager had a large position in the Swiss bank, but began selling its shares in October 2022. The final departure of Harris Associates is the next blow to Credit Suisse, which recorded an all-time low on Thursday last Thursday.

Major shareholder Harris Associates has sold all of its shares in Credit Suisse.  For more than twenty years, the asset manager had a large position in the Swiss bank, but began selling its shares in October 2022.  The final departure of Harris Associates is the next blow to Credit Suisse, which recorded an all-time low on Thursday last Thursday.
Major shareholder Harris Associates has sold all of its shares in Credit Suisse. For more than twenty years, the asset manager had a large position in the Swiss bank, but began selling its shares in October 2022. The final departure of Harris Associates is the next blow to Credit Suisse, which recorded an all-time low on Thursday last Thursday. (ANP / AFP)

According to FD journalist Mathijs Rotteveel, the reason that Harris Associates has sold the shares of Credit Suisse has everything to do with the restructuring that is coming at the Swiss bank. “He doesn’t see that happening,” says Rotteveel about CEO Jonathan Harris. “He has a lot of questions about it and it has cost him a lot of money in recent years, so I think he wants a fresh start.”

Rotteveel does not dare to say exactly how much money Harris has invested in Credit Suisse, although he does know that Harris Associates entered the market in 2009 at 23 Swiss francs per share, while a share is now worth 2.75 Swiss francs.

Big player

The fact that a major player such as Harris Associates is withdrawing from a bank such as Credit Suisse says more than enough about confidence, according to Rotteveel. “When the restructuring plans were presented, there were already many questions from shareholders,” he continues. ‘There are too many of them. For example, they want to make it a more boring company, without exciting activities. The investment bank needs to get out, the securitization division needs to get out, but Harris Associates doesn’t like the way they’re being sold.’

It is yet another blow to Credit Suisse, which saw 110 billion Swiss francs flow out of the asset management department in the fourth quarter of 2022. Customers were afraid of the collapse of the bank. In total, some 200 billion Swiss francs will have flown away in 2022 – reducing Credit Suisse’s total balance sheet from 750 billion to 550 billion in 2021.


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