Credit Suisse said today that it will take a 4.4 billion Swiss franc ($4.7 billion) hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk divisions. The scandal-hit bank now expects to post a loss for the first quarter of around 900 million Swiss francs. It is also suspending its share buyback plans and cutting its dividend by two thirds. Switzerland’s No. 2 bank, which has dumped over $2 billion worth of stock to end exposure to the New York investment fund run by former Tiger Asia manager Bill Hwang, said Chief Risk and Compliance Officer Lara Warner and investment banking head Brian Chin were stepping down following the losses. The Archegos hit eclipses the bank’s 2.7 billion Swiss franc net profit last year, with questions over how its exposure to Hwang became so big remaining unanswered. It is the second major scandal for Credit Suisse in just over a month after the collapse of Greensill Capital, with the bank’s shares down by a quarter since March 1. The bank’s board has launched an investigation into the Archegos losses and also begun a probe into its $10 billion supply chain funds which invested in bonds issued by Greensill. Read more.