Swiss bank concealed the extent of cooperation with the Nazis
Investigators looking into Credit Suisse's links to Nazi-era accounts have uncovered new evidence that the bank failed to disclose during previous audits.
This is reported by the WSJ with reference to the leaders of the US Senate Budget Committee, UNN reports.
Details
Switzerland hoped that in the 1990s it had finally resolved the issue of its collaboration with the Nazis.
At the time, the country's two largest banks paid more than $1 billion in compensation to Holocaust victims. However, new documents from Credit Suisse's archives show a cover-up, and an investigation has revealed even more Nazi connections than previously known.
Independent investigators looking into Credit Suisse have recently discovered an archive of customer files labeled American blacklist. These were individuals and companies that had financed or traded with the Nazis or their allies.
By examining old registers and microfilms that had not been included in previous inspections, investigators also found evidence of concealment.
Hidden links
In the 1990s, during a wave of public outrage over the refusal to return funds to Holocaust victims, two commissions examined the role of Swiss banks during World War II. But Credit Suisse then withheld some important information.
Investigators found that the bank was aware of several accounts linked to the Nazis but failed to disclose them. In particular, they found an account controlled by high-ranking SS officials and a Swiss intermediary. This account was used to move and store looted assets. An Ombudsman who was fired and then returned
Independent Ombudsman
Neil Barofsky, a former US attorney, is leading the new investigation. In 2021, he was brought on board after the Simon Wiesenthal Center uncovered information about possible Nazi clients of Credit Suisse.
However, in 2022, the bank fired Barofsky in an attempt to downplay the importance of his findings. After Credit Suisse was acquired by UBS in 2023, Barofsky was reinstated.
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In December 2024, he informed the U.S. Senate that Credit Suisse and UBS had now fully opened their archives to the investigation. More than 50 employees are helping to examine thousands of documents.
Findings in the archives
Among the documents found was a registration card for an account linked to SS officers. In the 1990s, the bank claimed that such data did not exist.
Now it has been discovered that the document was stored in the archives but was not submitted to the commissions.
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The investigation also revealed that the bank's department stored data on customers, including those who were blacklisted by the United States for collaborating with the Nazis. A preliminary search of 99 known Nazis and their accomplices yielded 13 document matches.
Preliminary investigations
In the 1990s, commissions led by former U.S. Federal Reserve Chairman Paul Volcker and historian Jean-François Berger investigated the activities of Swiss banks during World War II. They found that the banks regularly ignored the theft of Jewish assets by the Nazis and prevented their return to families.
However, these investigations did not cover all accounts. Credit Suisse identified 14 clients with ties to the Nazis. UBS found two accounts - one belonged to the former president of the Reichsbank, the other was opened by the widow of an SS officer. The banks agreed to pay $1.25 billion to Holocaust victims and slave laborers.
New revelations
Barofsky informed the Senate that the team of investigators continues to study the archives and expects to complete the work by early 2026. Many accounts have been identified that were not previously identified or fully disclosed.
Senators Sheldon Whitehouse and Chuck Grassley, who are leading the congressional investigation, criticize Credit Suisse for years of concealing evidence.
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Grassley stated: “Credit Suisse has been hiding its ties to the Nazis for years and even tried to hide the information from Congress.
UBS confirmed its readiness to cooperate with the investigation:
“We are committed to a full analysis of the Nazi accounts previously held by Credit Suisse.
Recall
Earlier, UNN reported that the Swiss financial regulator (FINMA) expanded its legal powers after the collapse of one of the oldest and largest Swiss banks, Credit Suisse.