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Credit Suisse Shareholder Says Archegos Is ‘Wake-Up Call’ (1)

March 31, 2021, 3:05 PM

David Herro said Credit Suisse Group AG’s expected losses from the Archegos Capital crisis should lead to sweeping changes to its culture and oversight practices.

“Risk controls still are not where they should be,” Herro said in an interview with Bloomberg Television Wednesday. “Hopefully this is a wake-up call to expedite the cultural change that is needed in this company.”

WATCH: David Herro, chief investment officer at Harris Associates, says Archegos is a wake-up call for Credit Suisse.
(Source: Bloomberg)

The chief investment officer of Harris Associates -- one of Credit Suisse’s largest shareholders -- said that while the damage can be repaired, Harris would re-examine its investment if changes weren’t forthcoming.

“If we believe that the management ...