Senate Budget Committee Investigation into Nazi-Linked Credit Suisse Accounts Yields Extensive New Findings, Reveals Bank’s Historic Pattern of Obstruction

WASHINGTON– Tens of thousands of documents uncovered as a result of a Senate Budget Committee investigation into Credit Suisse’s World War II-era accounts indicate extensive new evidence of previously unknown or only partially known Nazi-linked account holders. The bank failed to disclose these accounts during prior investigations. Sens. Chuck Grassley (R-Iowa) and Sheldon Whitehouse (D-R.I.) spearheaded the investigation in their capacities as Budget Committee Ranking Member and Chairman, respectively, during the 118th Congress. The Committee’s bipartisan inquiry has compelled a complete examination of Credit Suisse (now under the leadership of UBS) and its predecessor banks’ records by a third-party forensics team from AlixPartners Ltd. The investigation is being overseen by Independent Ombudsperson Neil Barofsky, who had been fired by the bank but was reinstated as a result of the Committee’s investigation.
At therequestof Grassley and Whitehouse, Barofsky produced aninterim updatethat reveals new details of Credit Suisse’s servicing of Nazi clients and their enablers, which the Committee released today. Barofsky credits his review’s progress as “a direct result of the Committee’s oversight.” Barofsky’s investigation remains ongoing; a final report is expected by 2026.
“From the beginning, the Senate Budget Committee’s bipartisan goal was to ‘leave no stone unturned’ in pursuit of justice for those wronged by Nazi atrocities. 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. While the 118th Congress may be over, the work to shine light on the darkest corners of Credit Suisse’s history continues. 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,”Grassley said. “I’m grateful for Senator Whitehouse’s partnership, the dedication of Neil Barofsky and his investigative team, and the newfound cooperation of Credit Suisse, under UBS’s leadership, for contributing to this ongoing effort to set the historical record straight.”
“Throughout this investigation, this Committee has been driven by a commitment to truth and justice for all who were victimized by Credit Suisse’s historical servicing of Nazi accounts, including Holocaust survivors and their families,”Whitehouse said. “I share Ranking Member Grassley’s commitment to leaving no stone unturned when it comes to investigating Nazis and their enablers in the pursuit of transparency and accountability. Our inquiry has already exposed new details about Credit Suisse’s servicing of Nazi clients and their enablers and has prompted UBS to take additional action to ensure a thorough review of all relevant records. As today’s update from Mr. Barofsky makes clear, UBS’s response to our investigation is already bearing fruit.  I look forward to UBS’s continued cooperation, and I remain committed to ensuring that this investigation leads to a thorough and complete report from Mr. Barofsky.”
Investigatory Timeline
Ongoing Investigation
Summary

Photo of a portion of the archives in Zurich, courtesy of Senator Grassley’s office. Barofsky and his team have full access to Credit Suisse’s private archives.
The Inf Department and American Black List

Example of an American Black List stamp found on a document in Credit Suisse’s Inf Department, provided by Barofsky.
Commission Cover-Up
Ratlines, Nazi Intermediaries and Additional Account Holders
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