Credit Suisse takes $4.7 billion hit from Archegos hedge fund scandal

Credit Suisse on Tuesday announced several high-level staff departures and proposed a cut to its dividend as it weighs heavy losses from the Archegos Capital saga.

The Swiss lender now expects a first-quarter pre-tax loss of around 900 million Swiss francs ($960.4 million), after taking a charge of 4.4 billion Swiss francs as a result of the scandal.

“The significant loss in our Prime Services business relating to the failure of a U.S.-based hedge fund is unacceptable,” CEO Thomas Gottstein said in a trading update.

Investment Bank CEO Brian Chin and Chief Risk and Compliance Officer…