Neil Barofsky, an independent investigator hired by UBS after its 2023 takeover of Credit Suisse, told a Senate committee that nearly 900 previously undisclosed wartime accounts may be linked to Nazi institutions, including the German Foreign Ministry and the SS. The probe alleges Credit Suisse may have expropriated Jewish assets and helped finance ratlines to Argentina; related payments are estimated at about 17m Swiss francs. More than 150 key documents remain withheld, and the investigation is due to conclude by early summer with a final report at year-end.
Nearly 900 Nazi-Linked Wartime Accounts Found at Swiss Bank, Senate Probe Hears
Child survivors of Auschwitz pictured at the Nazi death camp in January 1945. Organisations that perpetrated the holocaust had accounts with Credit Suisse - Alexander Vorontsov/Galerie Bilderwelt/Getty
Nearly 900 previously undisclosed wartime accounts with potential links to Nazi organisations have been identified at a Swiss bank, U.S. senators were told during a Senate Judiciary Committee hearing.
Chuck Grassley, a Republican senator for Iowa, leading the Senate judiciary committee - Roberto Schmidt/AFP via Getty
Independent Review and Key Findings
Neil Barofsky, an American lawyer appointed as an independent investigator by UBS after its emergency 2023 takeover of Credit Suisse, told the committee that about 890 accounts are tied to organisations including the German Foreign Ministry, the SS paramilitary organisation and a German arms manufacturer. He said evidence suggests Credit Suisse was willing during the Nazi era to expropriate assets from Jewish account holders and transfer funds to Nazi clients.
Adolf Hitler reviewing troops at Nuremberg in 1935, accompanied by Heinrich Himmler - Print Collector/Getty
Mr Barofsky told senators that Credit Suisse’s banking relationships with the SS were broader than previously known and that the SS’s economic arm maintained an account at the bank. His review also identified links between the bank and networks that helped prominent Nazis flee to Argentina after the war, so-called "ratlines." Investigators say an Argentine-linked account at the Swiss bank facilitated bribes and payments now worth about 17 million Swiss francs (roughly £16 million).
Neil Barofsky is an American lawyer appointed by UBS to lead an independent investigation into its Nazi links - Roberto Schmidt/AFP
Withheld Documents and Political Reaction
The Senate panel pressed UBS officials over the apparent withholding of more than 150 documents that Mr Barofsky says have not been turned over to his team. "What we're talking about are documents that are relevant to the question of whether a Nazi had an account or didn't have an account at Credit Suisse," he said, adding he believes the missing files may list German clients, looted art and other core records.
"This conduct is absurd and a historic shame that'll outlive today's hearing," said Senator Chuck Grassley, who chairs the committee.
Senator John Kennedy told Robert Karofsky, head of UBS Americas, "If you owe more money, then by God, pay it," reflecting senators' anger over perceived bank resistance to disclosure and reparations. UBS executives denied allegations they were trying to silence Jewish groups such as the Simon Wiesenthal Centre, but said they would need legal protections from lawsuits before releasing some documents.
Context and Next Steps
UBS and Credit Suisse previously apologised in 1999 and reached a global settlement covering Nazi-era claims and potential future claims. UBS describes the current review as a voluntary initiative. Senate Judiciary Committee aides said the independent investigation is expected to conclude by early summer, with a final public report due at the end of the year.
What remains unclear: the exact balances and current status of the wartime accounts, the contents of the reportedly withheld documents, and whether further legal or financial consequences will follow the investigation.
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