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Following a Wall Street Journal report that some Credit Suisse accounts (acquired by UBS in 2023) with Nazi ties were not disclosed in previous investigations, UBS (UBSG.S) announced on Saturday that it is cooperating with an independent ombudsman to investigate these accounts.
The most recent investigation was led by Neil Barofsky, a former federal prosecutor and now a partner at the Manhattan-based law firm Jenner & Block LLP. In 2021, Credit Suisse engaged Barofsky to conduct an independent inquiry following concerns raised by the Simon Wiesenthal Center, a Jewish human rights organization, regarding potential undisclosed Nazi-linked accounts. During his investigation, Barofsky alleged that Credit Suisse bankers did not provide sufficient cooperation.
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“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,” said Sen. Chuck Grassley (R-Iowa), the US Senate Budget Committee’s former ranking member.
“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.”
“UBS is committed to contributing to a fulsome accounting of Nazi-linked legacy accounts,” the bank said in a statement on the allegations. “Since acquiring Credit Suisse we have made it a priority to ensure that the review is thorough and comprehensive.”
Swiss banks notoriously aided Nazi Germany during World War II. First, they acted as money launderers; the Swiss had no problem with letting the German government raid the bank accounts of the governments of the nations Germany occupied. They also allowed Germany to steal the money belonging to many people and organizations in those countries.
In addition, Swiss banks allowed Germany and German companies to continue to do business as usual, transferring monies between their accounts and those of other nations to cover trade debts and so forth. On that matter, however, it should be noted that this was long before there were any international systems in place for imposing sanctions on a nation, organization or an individual. And Switzerland was also neutral during the war.
But there was also the matter of what was done to Holocaust survivors and many other victims of the Nazis after the war. Swiss banks would not turn over accounts to the heirs of the murdered because no death certificates could be provide. And this was just one example of the sins committed by Swiss banks that were revealed a few decades ago.
Credit Suisse is a global financial services company headquartered in Zurich, Switzerland. It provides a wide range of services, including investment banking, wealth management, asset management, and retail banking. Founded in 1856, Credit Suisse has established itself as one of the leading financial institutions globally, serving corporate, institutional, and high-net-worth individual clients.
The firm has historically been recognized for its expertise in financial advisory, capital markets, and innovation in banking solutions. However, it has also faced challenges, including financial losses and legal controversies, leading to significant restructuring in recent years.
In March 2023, Credit Suisse was acquired by UBS in a government-brokered deal amid concerns over its stability, marking a significant moment in the financial industry. Despite these developments, the Credit Suisse brand remains a prominent part of global banking history.