Secret files reveal Credit Suisse covered up Nazi connections for decades
Hidden files reveal that the Nazi connections to Credit Suisse went deeper than previously known. A recent investigation has revealed astonishing facts.
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- A new look at the archives has revealed that Credit Suisse discovered accounts with Nazi connections in the 1990s, but these were never disclosed to investigators at the time.
- At the time, two committees of inquiry were investigating the controversial activities of Swiss banks during the Second World War.
- The archives have now been fully opened and more than 50 people have been tasked with the investigation.
"Credit Suisse concealed further evidence of Nazi connections for years and even tried to hide information from our congressional investigation," said US Senator Chuck Grassley following new findings by a US committee, according to the Wall Street Journal.
The committee is responsible for the State Department's Office of the Special Envoy for Holocaust Issues, which is seeking compensation for Nazi-era injustices. A new look at the archives has revealed that the bank discovered accounts with Nazi connections in the 1990s, but these were never disclosed to investigators at the time. At the time, two committees of inquiry were investigating the controversial activities of Swiss banks during the Second World War.
Nazi-related accounts discovered
The investigations at the time resulted in the two largest Swiss banks paying out more than one billion dollars in compensation to Holocaust victims. However, a new investigation has now revealed signs of a cover-up.
Several Nazi-related accounts have been discovered that were never disclosed to the investigators at the time. New details were also uncovered about an operational account that was controlled by high-ranking SS officers and a Swiss intermediary and was probably used to move looted assets, the Wall Street Journal explained.
There will be a final report in 2026
One important investigator was Neil Barofsky, who was hired by Credit Suisse in 2021 to gain new insights into the investigation at the time. However, the bank then felt that Barofsky had overstepped his boundaries and dismissed him.
However, this changed at the end of 2023 and Barofsky was reappointed after UBS rescued Credit Suisse. The archives were fully opened and more than 50 people were tasked with the investigation.
Barofsky told the Senate that his investigation team is expected to present a final report in early 2026.