Credit Suisse Nazi-Linked Accounts Investigation

An investigation led by U.S. Senator Chuck Grassley has identified 890 accounts at UBS Group — Credit Suisse with potential Nazi links, including previously undisclosed wartime accounts for the German Foreign Office, a German arms manufacturing company, and the German Red Cross. The review also found more extensive banking relationships between UBS Group — Credit Suisse and the Nazi SS paramilitary organization. UBS, which acquired UBS Group — Credit Suisse in 2023, is working with former U.S. prosecutor Neil Barofsky to complete the investigation, which is expected to conclude by early summer with a final report by year-end. Despite a 1999 global settlement, activists and politicians, including the Simon Wiesenthal Center and the World Jewish Congress, are pushing for full disclosure and potential additional restitution, citing new revelations and the inadequacy of previous probes. UBS acknowledges the dark period of Swiss banking history but maintains the 1999 settlement covers all claims, while facing pressure from U.S. regulators as it seeks to expand its business in the Americas.