Big Credit Suisse investor Harris "hopeful" for bank's turnaround (updated)

TX AG

19/01/2022 16:15

(Updates with original English language statement)
    ZURICH, Jan 19 (Reuters) - One of the largest shareholders
of Credit Suisse  CSGN.S  hopes the bank's new chairman, Axel
Lehmann, can steer the embattled lender through a turnaround,
David Herro of Harris Associates said on the investor's website.
    Harris Associates, the bank's third-biggest investor with a
stake of 5%, according to Refinitiv data, remained hopeful for
the bank and its strategic plan, Deputy Chairman David Herro
said in a statement.
    The U.S. fund manager had previously supported Lehmann's
predecessor, who resigned after flouting COVID-19 quarantine
rules.  urn:newsml:reuters.com:*:nL1N2TW0J0
    "Although we are disappointed to see the departure of
Antonio Horta-Osorio from Credit Suisse given his talents and
the restructuring plan he initiated there," Herro said in a
statement, "we remain hopeful that with the various management
enhancements, including the appointment of Axel Lehmann and the
numerous appointments that have been made in the last eight
months to the executive board, along with a timely execution of
this new strategic plan, that Credit Suisse will not only be
strengthened but revitalized."
    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 and Simon Jessop; Writing by Brenna
Hughes Neghaiwi; Editing by Clarence Fernandez)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))