Credit Suisse Loses One of Its Biggest Backers
- Herro says Harris Associates sold out over the past months
- Harris Associates was top shareholder in bank for many years
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Harris Associates stock picker David Herro sold the firm’s entire stake in Credit Suisse Group AG, ending ties with the bank after about two decades of ownership and piling further pressure on the troubled Swiss lender’s leadership.
The investment was exited over the past three to four months, Herro, chief investment officer for international equities at Harris Associates, said in an email. The Financial Times reported the sell-down earlier.