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☆ Credit Suisse shares are a 'steal,' say new Saudi backers after taking 9.9% stake
▼ + stars: | 2022-10-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. The bank is reportedly set to become the second-largest shareholder of Credit Suisse, second to Harris Associates. It also aims to cut its cost base by 15%, or 2.5 billion Swiss francs, by 2025. The SNB chairman cited Credit Suisse's investment banking unit as the Achilles' heel of the company, accentuated by the current climate of increased market volatility. "The biggest overhang for Credit Suisse, over the past couple of years ... has been the volatility of the performance of their investment bank," he told CNBC.

ZURICH/NEW YORK, Oct 28 (Reuters) - After months of reflecting, Credit Suisse's chairman Axel Lehmann revealed an overhaul "to rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". On Thursday, Credit Suisse outlined plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients. Credit Suisse said its clients pulled funds in recent weeks at a pace that led the lender to breach some regulatory requirements for liquidity, underscoring the deep impact of wild market swings and social media speculation about its health. It will separate its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets. And that's the pond that Credit Suisse is swimming in."

☆ Harris Associates welcomes Credit Suisse's approach to improving performance
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Oct 27 (Reuters) - Harris Associates, a shareholder of Credit Suisse Group (CSGN.S), said on Thursday it welcomed the "aggressive" approach the Swiss bank was taking to improve its performance. "We welcome the aggressive approach CS (Credit Suisse) is taking to stabilize and improve the performance of both the investment bank and the group as a whole," the activist Chicago-based investor said in a statement. Harris said in another email it has consistently held a stake of around 10% in Credit Suisse. Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it. read moreReporting by Saeed Azhar Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Watch CNBC's full interview with Harris Associates' David Herro
▼ + stars: | 2022-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Harris Associates' David HerroDavid Herro, Harris Associates partner, joins 'Squawk on the Street' to discuss rising inflation, the global economy, and more.

☆ International equities have almost never been this attractive, says Harris Associates' David Herro
▼ + stars: | 2022-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInternational equities have almost never been this attractive, says Harris Associates' David HerroDavid Herro, Harris Associates partner, joins 'Squawk on the Street' to discuss rising inflation, the global economy, and more.

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