One of Credit Suisse's large shareholders, Harris Associates, has reduced its stake in the bank by roughly half to about 5%, according to regulatory filings, as the Swiss bank struggles to regain the confidence of investors.
Switzerland's national flag flies above a logo of Credit Suisse in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File Photolarge shareholders, Harris Associates, has reduced its stake in the bank by roughly half to about 5%, according to regulatory filings, as the Swiss bank struggles to regain the confidence of investors.
Harris has been one of Credit Suisse's longest standing shareholders and remained loyal despite a string of scandals at the group. It had disclosed a stake of about from investors, outlining plans to cut thousands of jobs and shift its focus from investment banking towards its rich clients.Harris did not respond to a request for comment. Credit Suisse declined to comment.
The bank's efforts to turn around its fortunes followed some difficult months during which the group's shares were targeted byCredit Suisse said clients pulled funds out around that time at a pace that led the lender to breach some, underscoring the impact of volatility in its shares and social media speculation about its health.
The bank secured the backing of Saudi National Bank, majority-owned by the government of Saudi Arabia, which will invest up to 1.5 billion Swiss francs to take a stake of up to 9.9%. Reporting by Oliver Hirt and Noele Illien in Zurich; writing by John O'Donnell. Editing by Jane Merriman
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