Credit Suisse Said to Face SEC Probe of Accounting Moves

U.S. regulators are investigating whether Credit Suisse Group AG improperly shifted money in its private banking unit to obscure a drop in asset growth amid a U.S. probe of tax evasion at Swiss banks, a person familiar with the matter said.

The Securities and Exchange Commission began investigating the conduct last year, said the person, who asked not to be identified because the matter isn’t public. The bank is also conducting an internal investigation to determine whether it violated accounting rules in the U.S. or Switzerland, according to a Senate report released yesterday.