C Suisse CEO urged to 'squeeze' firm

Stress Test

'Let’s not take the easy way out. Let’s sweat it a bit'.

Credit Suisse CEO Tidjane Thiam should avoid tapping investors for funds by getting more out of the company first, said one of the bank’s biggest shareholders.

'There have been all these whispers about a capital raise; let’s try to do without a capital raise', David Herro, chief investment officer for international equities at Harris Associates in Chicago, said in an interview. 'Let’s just try to squeeze the business a little harder. Let’s not take the easy way out. Let’s sweat it a bit'.

Bloomberg News reports that Harris Associates, which has held stock for over a decade, is the fifth-biggest shareholder of Credit Suisse with a 4.1% stake, according to data compiled by Bloomberg.

Herro was 'very supportive' of former CEO Brady Dougan even when Credit Suisse hit a 20-year low in June 2012 after the Swiss central bank urged the company to raise capital. Credit Suisse tapped shareholders for funds in July that year.

To access the complete Bloomberg News article hit the link below:

Thiam Should ‘Squeeze’ Bank Before Tapping Owners, Herro Says

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