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Credit Suisse hid Nazi-linked accounts as recently as 2020

“Out of respect for Holocaust victims and their families, we cannot turn a blind eye to these shortcomings,” says Sen. Chuck Grassley.

Credit Suisse headquarters in Zürich, inaugurated in 1876. Credit: Roland zh via Wikimedia Commons.
Credit Suisse headquarters in Zürich, inaugurated in 1876. Credit: Roland zh via Wikimedia Commons.

As recently as 2020, investment banking and financial services giant Credit Suisse maintained accounts linked to Nazis.

Credit Suisse’s internal investigation into its historical Nazi ties was hampered by scoping restrictions and resulted in incomplete findings,” according to a release from Sen. Chuck Grassley (R-Iowa), ranking member of the Senate Budget Committee.

The committee finally received an unredacted report from Credit Suisse after “persistent and bipartisan oversight by the Senate Budget Committee,” including a letter from Grassley and Sen. Sheldon Whitehouse (D-R.I.), the committee chair.

According to the report, “64,000 sets of potentially relevant records related to Nazi-linked accounts are not part of Credit Suisse’s ongoing investigation.”

“Because of the Budget Committee’s investigation, Credit Suisse has agreed to review its potential support for Nazis fleeing justice following World War II via so-called ‘Ratlines,’” the release added. “However, even after repeated requests from the committee, the bank has failed to fully explain the exact scope of its ongoing investigation.”

“Out of respect for Holocaust victims and their families, we cannot turn a blind eye to these shortcomings,” Grassley stated. “We’ll continue pushing for a full and complete investigation at Credit Suisse until all questions related to these Nazi-linked accounts are resolved.”

“In our pursuit of transparency, accountability, and justice, we are leaving no stone unturned,” added Whitehouse. “Our inquiry has already brought to light new details about the quality of Credit Suisse’s internal investigation and prompted the bank to take additional action, underscoring the importance of seeing this bipartisan investigation through. Survivors of the Holocaust and their families deserve nothing less.”

UBS, another Swiss banking giant, acquired Credit Suisse in June.

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