Harris Associates stock picker David Herro sold the firm’s entire stake in Credit Suisse Group AG, ending ties with the bank after about two decades of ownership and piling further pressure on the troubled Swiss lender’s leadership.

The investment was exited over the past three to four months, Herro, chief investment officer for international equities at Harris Associates, said in an email. The Financial Times reported the sell-down earlier.

Harris Associates was the biggest shareholder in Credit Suisse for many years, but had cut its 10% holding toward the end of 2022 to 5%. The stock sank to a record low last week, following financial results last month that showed a larger-than-expected loss amid record outflows.

The bank’s shares were down about 1.2% to 2.75 Swiss francs ($2.93) at 11:42 a.m. in Zurich, having fallen as much as 2.6% earlier.

Shares of Credit Suisse have erased about 95% of their value since the summer of 2007 after years of scandals and losses. The bank has missed out on a rally at European peers that began late last year as monetary tightening boosted prospects for lending profitability.

“Rising interest rates mean lots of European financials are headed in the other direction,” Herro said in an interview with the Financial Times. “Why go for something that is burning capital when the rest of the sector is now generating it?”

Credit Suisse has been escalating efforts to win back clients and stem an exodus of senior staff that’s dealt a blow to its wealth business, which it sees as key to its revival. Customers withdrew an unprecedented 110.5 billion Swiss francs in the fourth quarter.

“We are ahead of our plan and have clear strategic objectives,” Dominik von Arx, a Credit Suisse spokesman, said in an emailed statement. “We are laser focused on successfully executing our plan and on progressing toward our targets.”

Herro also criticized Credit Suisse’s plan to spin out its investment bank under the leadership of Michael Klein. The proposal was “cumbersome” and would burn through more cash than Herro expected, the FT reported.

Herro said in August that the bank desperately needed to fix its investment bank or consider options such as a sale, spin-off or merger. Credit Suisse subsequently announced a planned carve out for the securities and trading unit and potential public listing by 2024, but added that the bank won’t be profitable until then.

Harris Associates owned Credit Suisse stock since the early years of this century and doubled down on its bet after the 2008 financial crisis. While Herro defended the bank when its troubles started, he grew more critical of the board as the lender struggled to fix its investment bank and move past losses and scandals.

The Saudi National Bank is now the largest holder in Credit Suisse, according to the Zurich-based lender’s website and data compiled by Bloomberg. The Qatar Investment Authority also boosted its stake after Credit Suisse issued new shares as part of a 4 billion Swiss franc capital raise late last year.

This article was provided by Bloomberg News.