The investment was exited over the past three to four months, Herro, chief investment officer for international equities at Harris Associates, said. The Financial Times reported the sell-down earlier.
Harris Associates was the biggest shareholder in Credit Suisse for many years, but had cut its 10% holding toward the end of 2022 to 5%. The stock sank to a record low last week, following financial results last month that showed a larger-than-expected loss amid record outflows.
The bank’s shares were down about 1.2% to 2.75 Swiss francs ($2.93) at 11:42 am in Zurich. Shares of Credit Suisse have erased about 95% of their value since the summer of 2007 after years of scandals and losses. The bank has missed out on a rally at European peers that began late last year as monetary tightening boosted prospects for lending profitability.
Credit Suisse has been escalating efforts to win back clients and stem an exodus of senior staff that’s dealt a blow to its wealth business, which it sees as key to its revival. Customers withdrew an unprecedented 110.5 billion Swiss francs in Q4.
