Hansjoerg Wyss received an MBA from Harvard University in 1965. He helped build West Chester, Pennsylvania-based Synthes into the world’s largest maker of bone fracture and trauma treatment devices before selling it to New Brunswick, New Jersey-based Johnson & Johnson.

No Agreement

Following the deal, Wyss told Credit Suisse, which also advised Swiss stock exchange-listed Synthes during the takeover, that he’d convert the proceeds into cash and securities, the Senate report said. His daughter transferred her money to the bank from Goldman Sachs in the second quarter of 2012.

Credit Suisse counted the funds as new assets under management, a move it only should have made after receiving a signed agreement from the customer, according to several executives interviewed by the subcommittee. The bank classified about 4.3 billion Swiss francs ($4.6 billion) of the family funds as net new assets, raising the total inflow to 5.8 billion Swiss francs for the first quarter of 2012.

At the end of that year, the bank reclassified another 900 million Swiss francs of the Wyss’s money, even though most of it hadn’t been invested, the report says. Rolf Boegli, former chief operating officer of the Swiss private banking operation, said the funds “would be a great favor for our division,” according to an e-mail cited in the Senate report.

‘Bank’s Problem’

Credit Suisse Chief Executive Officer Brady Dougan called Boegli’s e-mail “disturbing” and “very objectionable,” according to the Senate report. Dougan said the decision to reclassify assets based on a desire to help the appearance of the private banking division’s financial condition didn’t seem to follow the bank’s principles.

Wyss called it “the bank’s problem” in the interview with the Swiss newspaper and said it didn’t concern him.

The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York and listed in U.S. dollars.

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