Credit Suisse is a Swiss multinational investment bank and financial services company. Recently, the bank’s shares have fallen by 24% after its largest shareholder, Harris Associates, ruled out providing any further support to the bank.
Harris Associates is a mutual fund that owns approximately 9% of Credit Suisse’s shares. The fund’s decision not to provide any further support to the bank has led to a decline in Credit Suisse’s stock price, as investors become increasingly concerned about the bank’s financial stability.
This news comes after Credit Suisse was hit with a series of scandals and setbacks, including losses related to the collapse of Archegos Capital Management and the suspension of its dividend payout, as well as legal and regulatory issues.
Overall, the news about Credit Suisse’s declining share price and lack of support from its largest shareholder highlights the ongoing challenges faced by the bank, and underscores the importance of careful risk management and sound financial policies in the banking industry.
by CHAT AI