Big Credit Suisse investor Harris backs new chairman - paper

TX AG

19/01/2022 06:25

ZURICH, Jan 19 (Reuters) - One of the largest shareholders
of Credit Suisse  CSGN.S  has backed the embattled bank's new
chairman, Axel Lehmann, the  Tages-Anzeiger newspaper said on
Wednesday.
    Harris Associates, the bank's third biggest investor with a
stake of 5%, according to Refinitiv data, said it retained
confidence in the bank and its strategic plan, Deputy Chairman
David Herro told the paper.
    The American fund manager had previously supported Lehmann's
predecessor, who resigned after flouting COVID-19 quarantine
rules.  urn:newsml:reuters.com:*:nL1N2TW0J0]
    "We are disappointed that António Horta-Osório has left
Credit Suisse, given his talents and the restructuring plan he
has initiated," Herro said in a statement. 
    "But we remain confident that Credit Suisse, with the
various additions to management, including the appointment of
Axel Lehmann and the numerous senior management appointments
made over the past eight months, will not only be strengthened
but revitalized with the timely implementation of this new
strategic plan."
    In December, Harris said it was "100% supportive" of
Horta-Osorio after an internal investigation by the bank found
he had breached COVID-19 rules a second time.  urn:newsml:reuters.com:*:nL8N2TF249
    At the time, Herro described the infractions as minor,
calling them distractions from the turnaround at the bank, which
has been hit by a string of scandals and losses.

 (Reporting by John Revill; Editing by Clarence Fernandez)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))