Background and Relevance of the Investigation
An investigation has identified 890 accounts at the Swiss bank Credit Suisse with possible links to Nazis, according to U.S. Senator Chuck Grassley before the Judiciary Committee hearing on Tuesday regarding the facilitation of the Holocaust by banks.
Key Findings of the Investigation
Among these accounts are previously unknown World War II-era accounts of the German Foreign Ministry, a German arms manufacturing company, and the German Red Cross, as reported by Senator Grassley who chairs the committee and has been following the Credit Suisse investigation for years.
UBS’s Involvement and Response
UBS, which merged with Credit Suisse in an emergency deal in 2023, stated last year that it was working with former U.S. prosecutor Neil Barofsky to shed light on the Nazi-linked accounts that Credit Suisse had.
Both UBS and Credit Suisse have apologized and reached a global settlement in 1999 that ended claims and closed the controversy, according to Credit Suisse’s previous testimony before the U.S. Senate Judiciary Committee, describing the current investigation as a voluntary initiative.
Senator Grassley has received two reports and an update on Barofsky’s investigation status, he told reporters.
Expanded Scope of Credit Suisse’s Nazi Links
The review provided evidence that Credit Suisse’s relationships with the Nazi paramilitary SS organization were broader than previously known, as the SS economic arm maintained an account at the bank, according to records cited by Grassley.
Additionally, new details have emerged about a plan to assist Nazis in escaping to Argentina, Grassley added.
UBS’s Stance on Historical Dark Period
UBS acknowledged and deeply regrets that World War II was a dark period in Swiss banking history, as stated by Robert Karofsky, UBS’s Americas President.
Upon taking over Credit Suisse, UBS fully committed to resuming the investigation and has since taken extensive measures to facilitate Barofsky’s review, according to Karofsky.
“Now, with three years of experience, our priority is to complete this review so that the world can benefit from the upcoming final report’s conclusions,” he said.
Key Questions and Answers
- What is the investigation about? The investigation uncovered 890 Credit Suisse accounts with possible links to Nazis, including previously unknown World War II-era accounts of the German Foreign Ministry, a German arms manufacturing company, and the German Red Cross.
- Who is conducting the investigation? The investigation is being led by former U.S. prosecutor Neil Barofsky, working with UBS.
- What has been discovered about Credit Suisse’s links to Nazis? The investigation found broader connections between Credit Suisse and the Nazi paramilitary SS organization, with evidence of an SS economic arm account at Credit Suisse and details about a plan to help Nazis escape to Argentina.
- How are UBS and Credit Suisse responding? Both banks have apologized for their roles during World War II and reached a global settlement in 1999. UBS has committed to completing Barofsky’s investigation and taking measures to facilitate the review.
- When will the final report be available? The investigation is expected to conclude by early summer, with the final report anticipated by year-end.
