Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs.
Harris Associates sold its entire stake in Credit Suisse Group AG, according to the Financial Times, ending ties with the firm after about two decades of ownership and piling further pressure on the Swiss bank’s leadership.
Ulrich Koerner, Chief Executive Officer at Credit Suisse, said the troubled Swiss bank s executives would not receive any bonuses for last year after posting their biggest annual losses
Credit Suisse held an extraordinary general meeting, where it won approval for the capital increase to fund a recovery from the biggest crisis in its 166-year history.