Herro Backs Credit Suisse’s Board But Warns Buyers Will Circle

One of Credit Suisse Group AG’s largest shareholders gave his backing to the beleaguered Swiss bank’s management but said without a turnaround an outside buyer might be the only way to revitalize it.

“The object now should be stabilization and then growth,” David Herro, chief investment officer at Harris Associates said in a Bloomberg Television interview Friday. “If they can’t do it, someone else has to.”

Herro’s firm owns about 5% of the bank, according to the lender’s website. Credit Suisse Chief Executive Officer Thomas Gottstein dismissed a report this week that his firm was a target ...