A recently concluded investigation revealed numerous individuals and entities linked to the Third Reich maintained ties with Credit Suisse, according to the Wall Street Journal.
The Wall Street Journal reports that Credit Suisse, a major Swiss bank, withheld critical information about its connections to the Third Reich from investigators during an ongoing inquiry.
Investigations into Credit Suisse and UBS in the 1990s failed to fully expose the extent of their collaboration with Nazi Germany, according to a Saturday article in the Journal.
These audits, conducted three decades ago, resulted in a $1.25 billion settlement from both banks to Holocaust victims who lost Swiss accounts or were used as forced laborers during World War II.
In 2023, UBS acquired Credit Suisse to prevent its collapse.
A new independent probe has uncovered a trove of client files labeled “American blacklist”—indicating ties to Nazi financing or trade—within Credit Suisse’s archives, the Journal reported.
The WSJ cited a letter sent to the US Senate in late December by Neil Barofsky, the probe’s lead investigator and a former US prosecutor. The letter revealed that the investigation had identified numerous individuals and legal entities connected to Nazi atrocities whose relationships with Credit Suisse were either previously unknown or only partially disclosed, with the full extent of the bank’s involvement not publicly revealed.
Among the discoveries was an account controlled by SS officers and a Swiss intermediary, used by businesses that promoted the Third Reich’s economic policies, including the seizure of Jewish-owned businesses and profiting from forced labor in concentration camps.
Barofsky stated that Credit Suisse may have concealed its Nazi ties during prior investigations by selectively releasing information, only providing data specifically requested without additional context.
Barofsky’s team is continuing the investigation, with the final report anticipated in early 2026, according to the WSJ.