Credit Suisse, now owned by UBS, is facing fresh accusations regarding its involvement with Nazi-era accounts. According to an investigation by the U.S. Senate’s investigative committee, Credit Suisse concealed key information about accounts that were linked to Nazi war efforts, with newly discovered documents supporting these claims.
The allegations are part of a broader investigation led by former U.S. prosecutor Neil Barofsky. His report reveals that during the investigation, several hundred accounts tied to Nazi intermediaries were uncovered. These intermediaries were involved in a range of activities such as hiding gold, concealing transactions for military supplies, seizing Jewish property, and supporting the Nazi war economy.
Among the uncovered accounts were those linked to a Nazi banker and a German company that exploited labor from concentration camp prisoners. The U.S. Senate committee claims that Credit Suisse was aware of these accounts but withheld important documentation during previous investigations, particularly in the 1990s.
In 1998, as part of a broader settlement, Credit Suisse and UBS, along with other Swiss companies, paid $1.25 billion in compensation to Holocaust victims. Following the discovery of these new accounts, UBS, which acquired Credit Suisse in March 2023, has pledged to ensure full transparency and cooperate with the ongoing investigations.
