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Credit Suisse Paying $90 Million Penalty for Misrepresenting Performance Metric

A former executive agreed to settle charges that he was a cause of Credit Suisse’s violations.

An SEC investigation found that Credit Suisse veered from its publicly disclosed methodology for determining net new assets (NNA), a metric valued by investors in financial institutions to measure success in attracting new business. Disclosures stated that Credit Suisse was individually assessing assets based on each client’s intentions and objectives. But Credit Suisse at times instead took an undisclosed results-driven approach to determining NNA in order to meet certain targets established by senior...