Evidence has emerged of previously known Nazi-linked bank accounts at Credit Suisse, a Swiss bank that is now part of UBS, according to the Senate Budget Committee.
The accounts were found among tens of thousands of documents that the bank did not disclose during earlier probes of possible Nazi ties. The Senate Budget Committee got involved after a whistleblower alerted the panel of Credit Suisse’s dismissal of an ombudsman, Neil Barofsky, who was overseeing the bank’s investigation. Barofsky has been reinstated.
“Our investigation has dug up more than just stones—we’ve found boulders. Credit Suisse hid additional evidence of Nazi ties for years and even tried to conceal information from our congressional investigation,” stated Sen. Chuck Grassley (R-Iowa), who was the panel’s ranking member in the last Congress.
“While the 118th Congress may be over, the work to shine light on the darkest corners of Credit Suisse’s history continues,” Grassley added. “Ultimately, it’s my hope to see these records preserved in a repository that researchers can reference to discover untold stories and future generations will learn from.”
Maram Stern, executive vice president of the World Jewish Congress, told JNS that “the interim update on independent ombudsperson Neil Barofsky’s investigation underscores the importance of a full accounting of Credit Suisse’s servicing of Nazi accounts.”
“In April 2023, the World Jewish Congress sounded the alarm about Credit Suisse’s abrupt firing of those tasked with investigating its alleged Nazi ties,” Stern said. “We are pleased that the bank has cooperated with the committee’s investigation and applaud Senators Grassley and Whitehouse for their dedication to this important matter.”
“As we approach the 80th anniversary of the liberation of Auschwitz, we must leave no stone unturned when searching for the truth about who enabled the financing of the Nazi killing machine,” he added.
Greg Schneider, executive vice president of the Conference on Jewish Material Claims Against Germany—the Claims Conference—told JNS that “the revelations thus far are completely unacceptable.”
“Countless hours and hundreds of millions of dollars were spent on forensic accounting, even being called, ‘likely the most extensive audit in history’ by the judge on the case, Judge Edward Korman,” Schneider said. “UBS had every opportunity to come clean. We eagerly look forward to the independent ombudsperson’s final report.”
“After decades of evading the truth, it’s time for Credit Suisse to be forthcoming and take responsibility,” Schneider added. “The six million murdered by the Nazis certainly deserve better.”
UBS, which bought Credit Suisse in 2023, said the investigation was continuing.
“UBS is committed to contributing to a fulsome accounting of Nazi-linked legacy accounts previously held at predecessor banks of Credit Suisse,” a company spokesperson told JNS.
“Since UBS acquired Credit Suisse in June 2023, we have made it a priority to ensure that the review is thorough and comprehensive and have re-engaged Neil Barofsky as independent ombudsman accordingly,” the bank said. “We are providing all necessary assistance to facilitate his work to continue to shed more light on this tragic period in history through the review conducted.”
The investigation began after the Simon Wiesenthal Center, a Jewish human-rights group named after a Holocaust survivor and Nazi hunter, began looking at foreign banks which continued to maintain Nazi and Nazi-affiliated accounts after World War II. The center shared its findings with Credit Suisse, which agreed to conduct its own investigation and brought on Barofsky as an independent watchdog.
But Barofsky was fired in 2022 and the Wiesenthal Center reached out to the Budget Committee, which then subpoenaed his findings. The committee disclosed that the bank was not fully examining its relationship with the Nazis, including those who fled to South America.
Credit Suisse rehired Barofsky in 2023, and in December 2024, the committee asked him for an update on the investigation. That led to the latest findings.
“Our inquiry has already exposed new details about Credit Suisse’s servicing of Nazi clients and their enablers and has prompted UBS to take additional action to ensure a thorough review of all relevant records,” stated Sen. Sheldon Whitehouse (D-R.I.), who chaired the committee in the last Congress.
