{"id":77807,"date":"2021-04-06T08:42:22","date_gmt":"2021-04-06T12:42:22","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=77807"},"modified":"2021-04-06T08:56:29","modified_gmt":"2021-04-06T12:56:29","slug":"credit-suisse-takes-4-7-billion-hit-from-archegos-hedge-fund-scandal-execs-step-down","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2021\/credit-suisse-takes-4-7-billion-hit-from-archegos-hedge-fund-scandal-execs-step-down.html","title":{"rendered":"Credit Suisse takes $4.7 billion hit from Archegos hedge fund scandal; execs step down"},"content":{"rendered":"\n<p>(CNBC) <a rel=\"noreferrer noopener\" href=\"https:\/\/www.cnbc.com\/quotes\/CSG.N-CH\" target=\"_blank\">Credit Suisse<\/a> on Tuesday announced several high-level staff departures and proposed a cut to its dividend as it weighs <a href=\"https:\/\/www.cnbc.com\/2021\/03\/29\/credit-suisse-exits-positions-with-hedge-fund-warns-of-losses.html\">heavy losses from the Archegos Capital saga.<\/a> 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.<\/p>\n\n\n\n<p>\u201cThe significant loss in our Prime Services business relating to the failure of a U.S.-based hedge fund is unacceptable,\u201d CEO Thomas Gottstein said in a trading update.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2021\/04\/06\/credit-suisse-cuts-dividend-on-hit-from-hedge-fund-scandal-investment-bank-head-and-chief-risk-officer-step-down.html\">To read this article:<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(CNBC) 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 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-77807","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/77807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=77807"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/77807\/revisions"}],"predecessor-version":[{"id":77809,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/77807\/revisions\/77809"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=77807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=77807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=77807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}