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.
"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."
"We are laser focused on successfully executing our plan and on progressing toward our targets to ensure new Credit Suisse delivers sustainable value for all our stakeholders," the statement added. Switzerland's second-biggest bank has also begun a major overhaul of its business, cutting costs and jobs to revive its fortunes, including creating a separate business for its investment bank under the CS First Boston brand.loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned of a further "substantial" loss this year.
Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Akriti Sharma; Editing by Richard Chang
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