(Bloomberg) -- 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.

Most Read from Bloomberg

• Mortgage Lenders Are Selling Homebuyers a Lie

• Holding Cash Will Be a Winning Strategy in 2023, Investors Say

• Forget Peak Oil Demand: A Thirst for Barrels Puts $100 in View

• China’s Cautious Growth Target Limits Help to World Economy

• World’s Riskiest Markets Stumble Into Crisis With Dollars Scarce

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.

Shares of Credit Suisse have erased about 95% of their value since the summer of 2007. 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 was quoted as saying in the Financial Times report. “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 has dealt a blow to its wealth business, which it sees as key to its revival. Customers withdrew an unprecedented 110.5 billion Swiss francs ($118 billion) in the fourth quarter.

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.

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.

Most Read from Bloomberg Businessweek

• Yellowstone Backers Wanted to Cash Out—Then the Streaming Bubble Burst

• FBI Documents Show Leonardo DiCaprio, Kim Kardashian Grilled for 1MDB Secrets

• Female Execs Are Exhausted, Frustrated and Heading for the Exits

• How Countries Leading on Early Years of Child Care Get It Right

• Microsoft Expands Game Pass as Regulators Fret Over Activision Deal

©2023 Bloomberg L.P.