One of the largest shareholders of Credit Suisse hopes the bank‘s new chairman, Axel Lehmann, can steer the embattled lender through a turnaround. This is stated by David Herro of Harris Associates on the investor’s website. Harris Associates is the bank‘s third-biggest investor with a stake of 5%. They remained hopeful for the bank and its strategic plan. In a statement, Deputy Chairman David Herro said this. The U.S. fund manager had previously supported Lehmann’s predecessor.
Although they are disappointed to see the departure of Antonio Horta-Osorio from Credit Suisse, Herro stated that given his talents and the restructuring plan he initiated there and they 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. This is along with a timely execution of this new strategic plan, that Credit Suisse will not only be strengthened but revitalized. In December, Harris said that it was “100% supportive” of Horta-Osorio. This is after an internal investigation by the bank.
At that time, Herro described the infractions as minor. He called them distractions from the turnaround at the bank, which has been hit by a string of scandals and losses.