890 bank accounts with links to Nazis in World War II were discovered at Credit Suisse

An investigation identified 890 accounts at the Swiss bank Credit Suisse with possible Nazi links during the Second World War, US Senator Chuck Grassley said this Tuesday, February 3, before a Judiciary Committee hearing on banks’ facilitation of the Holocaust.

The accounting includes previously undisclosed wartime accounts from the German Foreign Ministry, a German weapons manufacturing company and the German Red Cross, added Grassley, who chairs the commission and is monitoring the investigation for Credit Suisse.

UBS, which acquired Credit Suisse in 2023, said last year that it was working with former US prosecutor Neil Barofsky to clarify Nazi-linked accounts at the Swiss bank.

Both UBS and Credit Suisse apologized and reached a global agreement that put an end to the controversy in 1999, the bank highlighted in a statement before its testimony before the Committee, characterizing the investigation as a voluntary initiative.

Grassley received two reports and an update on the progress of the Barofsky investigation.

According to Grassley, who cited data, the investigation revealed evidence that banking relationships between Credit Suisse and the Nazi paramilitary organization SS were more extensive than previously known, with the economic arm of the SS maintaining an account at the bank.

Grassley added that new details had also emerged about a plan to help Nazis escape to Argentina.

UBS said it recognizes and deeply regrets that the Second World War was a dark period in the history of the Swiss banking system. “We approach today’s topic with due respect,” said Robert Karofsky, president of UBS Americas.

By acquiring Credit Suisse, UBS committed to resuming the investigation and has since taken extensive steps to facilitate the review, the official said.

“Now, with three years of experience, our priority is to complete this review so that the world can benefit from the findings of the upcoming final report,” Karofsky added.

According to advisors from the Senate Justice Committee, the investigation should be completed by early summer and the final report is expected by the end of the year.