An ongoing investigation by a U.S. Senate panel has revealed that the troubled investment bank Credit Suisse concealed crucial information regarding accounts controlled by the Nazis during World War II. The Senate Budget Committee announced on Saturday that tens of thousands of newly discovered documents provide further evidence of account holders connected to the Nazi regime (VOA News). This investigation suggests that the bank failed to disclose these accounts during prior inquiries in the 1990s.

Following its acquisition by UBS, Credit Suisse agreed in 1998 to participate in a $1.25 billion settlement to resolve lawsuits from Holocaust survivors. Despite this, criticism remains regarding the bank's transparency about its historical dealings with the Nazis (SCMP).

The new findings include "3,600 physical documents" and "40,000 microfilms", which the Senate committee evaluated and determined have a "high relevance rate" concerning Nazi links. This revelation is based on an interim report by Neil Barofsky, a former prosecutor who had earlier been dismissed from his role as an "independent ombudsperson" by Credit Suisse in 2022 for allegedly limiting his investigative work.

Barofsky noted in a recent letter that since his reinstatement in 2023—a move prompted by the Senate investigation—he has experienced an "extraordinary level of cooperation" from Credit Suisse under UBS's leadership. However, he emphasized that the bank has not yet disclosed all pertinent information.

The investigation has revealed troubling details, such as accounts that were controlled by high-ranking SS officers. Barofsky reported that many of these client files bore stamps reading "Amerikanische schwarze Liste", or "American Black List", indicating connections to entities supported by Axis powers. One particular file is reportedly linked to dealings involving looted Jewish assets, a stark reminder of the tragic history surrounding these accounts.

In response to the revelations, UBS reaffirmed its commitment to providing complete records related to the former Nazi-linked accounts held by Credit Suisse’s predecessor banks and pledged to support Barofsky's efforts in uncovering additional details about this dark chapter in banking history. The Senate panel's investigation remains ongoing.