Top shareholder of Credit Suisse requests a reform of investment banks

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Last Updated on August 20, 2022 by Bitfinsider

According to a report from Bloomberg News on Friday, CREDIT Suisse Group’s largest shareholder Harris Associates has urged the Zurich-based lender to either fix its investment bank division or explore other options (Aug 19).

After previously owning 5.2%, Harris Associates last week reported a stake of more than 10% in Switzerland’s second-largest bank.

David Herro, the chief investment officer of Harris Associates, stated in an interview with Bloomberg TV that Credit Suisse would have to look into other options such as a sale, spin-off, or merger if it is unable to find ways for the investment bank business to generate sustainable returns in the coming year or two.

In response to a request for comment, Harris Associates and Credit Suisse both rejected.

In the second quarter, the company’s investment bank reported a pretax loss of US$1.17 billion, and it was anticipated that it would lose money once more this quarter before the year’s conclusion.

Ulrich Koerner, the head of asset management, was appointed as the bank’s new CEO in July. To assist the bank in recovering from a spate of scandals and losses, he was tasked with reducing investment banking and eliminating more than $1 billion in expenditures.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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