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Credit Suisse’s Top Owner Urges Lender to Fix Investment Bank or Find Options

Bloomberg business news
WATCH: David Herro urges Credit Suisse to fix its investment bank.Source: Bloomberg

Credit Suisse Group AG’s largest shareholder urged the troubled lender to fix its investment bank or seek other options for a business that’s been at the center of steep losses over the past years.

If the Zurich-based bank can find a way for the unit to earn sustainable returns, that would be the preferred solution for shareholders, David Herro, the chief investment officer of Harris Associates, said in an interview Friday. But if it can’t be fixed within the next year or two, then options such as a sale, spin-off or merger must be explored, he said.