Harris Associates, one of Credit Suisse's major shareholders, has sold its stake in the Swiss bank over the past few months, the deputy chairman and chief investment officer of the activist Chicago-based investor, David Herro, said on Sunday.
"There is a question about the future of the franchise. There have been large outflows from wealth management," the newspaper quoted Herro as saying. Credit Suisse reported a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs.
In an emailed statement to Reuters on Sunday, Credit Suisse said, "we are ahead of our plan and have clear strategic objectives."
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