One of Credit Suisse's longest-standing investors has sold its stake in the company.
Clients continue to pull money from the beleaguered Swiss bank following years of scandals.
Harris Associates has sold its holding of Credit Suisse shares following a buying spree in 2009.
- The U.S. investment manager held as much as 10% of Credit Suisse’s stock in 2022.
- Harris Associates sold its stake after Saudi National Bank became the largest investor in Credit Suisse, according to Harris' chief investment officer David Herro.
- "Credit Suisse has been a drain of time and value for years,” Herro told the Financial Times.
- Credit Suisse shares reached an all-time intraday low of $2.70 (2.52 Swiss Francs). Stock in the company is down 77% over the past two years.
Zoom Out:
- As part of a major corporate restructuring, Credit Suisse announced plans on Oct. 27 to spin out its capital markets and advisory operations into an entity called CS First Boston.
- The restructuring came after Credit Suisse posted a loss of $346M (342M Swiss Francs) in the third quarter of 2022.
- Credit Suisse has been accused of crimes and irregularities such as money laundering and breaking international sanctions. In February 2022, it became the first major bank to face a criminal trial in Switzerland.
