A fresh investigation into Credit Suisse has uncovered 890 previously undisclosed accounts potentially linked to the Nazi regime, according to U.S. Senator Chuck Grassley. The revelation has intensified scrutiny of the Swiss bank’s role during World War Two. Grassley told reporters that the wartime accounts included entities such as the German Foreign Office, the SS paramilitary organisation, and a German arms manufacturer. Details remain scarce regarding the amount of money held in these accounts and their current status. Credit Suisse was acquired by UBS in 2023.
The Senate Judiciary Committee heard further details on the investigation led by U.S. lawyer Neil Barofsky, who was hired by UBS to oversee the probe. Barofsky, who previously led an investigation when Credit Suisse was independent, testified that the bank had obstructed his earlier efforts and subsequently terminated his engagement. He stated that Credit Suisse was willing to expropriate funds from Jewish accounts during the Nazi era, transferring them to Nazi clients. The investigation also suggests that Credit Suisse’s ties with the SS were more extensive than previously understood, with the SS economic arm maintaining an account at the bank.
Furthermore, new information has emerged regarding Credit Suisse’s alleged involvement in a scheme to assist Nazis in fleeing to Argentina, Barofsky added. UBS maintains that both UBS and Credit Suisse had previously apologised and reached a global settlement in 1999 to finalise all Nazi-era claims. UBS said it accepted the World War Two era was a dark period in the history of Swiss banking. UBS Americas President Robert Karofsky told the hearing that UBS is fully committed to getting the investigation back on track.
The investigation is expected to conclude by early summer, with a final report due by the end of the year, according to Senate Judiciary Committee aides. Credit Suisse is a global financial services company providing private banking, investment banking, and asset management services. UBS is a multinational investment bank and financial services company.
