Harris Associates, one of Credit Suisse’s longest major shareholders, has sold its entire stake in the Swiss bank after losing patience with its strategy to stop persistent losses and a client exodus, the Financial Times reported on Sunday. | Reuters
“We have lots of other options to invest,” he added. “Rising interest rates mean lots of European financials are headed in the other direction. Why go for something that is burning capital when the rest of the sector is now generating it?”
In an emailed statement to Reuters on Sunday, Credit Suisse said, “we are ahead of our plan and have clear strategic objectives.”
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