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Big Credit Suisse investor Harris backs new chairman


© Reuters. FILEPHOTO: On July 5, 2016, a man entered the Credit Suisse offices located in Manhattan, New York City. REUTERS/Brendan McDermid

ZURICH, Reuters – One the biggest shareholders Credit Suisse (SIX) has supported the bank’s new chairman Axel Lehmann. This was announced Wednesday by the Tages-Anzeiger newspaper.

Harris Associates, third-largest investor, held a 5.5% share, according to Refinitiv Data. However, it maintained its confidence in the bank as well as its strategic plan, David Herro, deputy chairman, told the paper.

[The American fund manager was previously supportive of Lehmann’s predecessor. He resigned following flouting COVID-19 quarantine regulations.

“We are disappointed that António Horta-Osório has left Credit Suisse, given his talents and the restructuring plan he has initiated,” Herro said in a statement.

We remain positive that Credit Suisse with its various management additions, such as the appointment of Axel Lehmann, and other senior management appointments over the last eight months will be strengthened and revitalized by the prompt implementation of the new strategic plan.”

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Harris claimed it was 100% supportive of Horta Osorio’s December statement after an investigation revealed that he had broken COVID-19 again.

Herro called the infractions minor at the time and said they were distractions from bank turnaround, which had been rocked by several scandals.

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