Credit Suisse Probe Finds 890 Potentially Nazi-Linked Accounts

A new investigation into Swiss bank Credit Suisse has identified 890 previously undisclosed accounts with potential links to Nazi organisations, U.S. Republican Senator Chuck Grassley said February 3. The probe aims to shed light on the bank’s role during World War Two.

According to Grassley, the wartime accounts were held by entities including the German Foreign Office, the SS paramilitary group, and a German arms manufacturer. He did not provide details on the amounts held or the current status of the accounts. These organisations were part of the Nazi system that enabled the Holocaust, which claimed the lives of approximately six million Jewish people.

Investigation Details and Historical Context

The Senate Judiciary Committee, chaired by Grassley, heard testimony from U.S. lawyer Neil Barofsky, who was hired by Swiss bank UBS, Credit Suisse’s 2023 acquirer, to oversee the review. Barofsky, who previously investigated Credit Suisse, said the bank had been willing during the Nazi era to seize funds from Jewish account holders and transfer them to Nazi clients.

He also revealed that Credit Suisse’s financial ties to the SS were more extensive than previously known, including a dedicated SS economic account, and confirmed links to a scheme that assisted Nazis fleeing to Argentina.

UBS and Credit Suisse previously issued a global settlement in 1999 to resolve all Nazi-era claims. UBS called the current investigation voluntary and reiterated its commitment to transparency. Robert Karofsky, UBS Americas President, said the bank had taken extensive steps to support the review and aims to complete it by early summer, with a final report expected by the end of the year.

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