An investigation by the Wall Street Journal has revealed that Credit Suisse, a global investment bank, held more than 100 accounts linked with the Nazis, and Nazi associates, with some remaining active as recently as 2022.
The new findings were released following an investigation by the United States Senate Budget Committee, which raised serious concerns over Credits Suisse’s historical ties to the Nazi party and its role in facilitating financial services to war criminals.
Documents uncovered in 2024 by independent investigators found that some of the documents were deliberately hidden by the bank.
At least 70 Credit Suisse accounts linked to Nazis discovered
New findings into Credit Suisse’s ties to the Nazis have uncovered at least 70 bank accounts linked to Nazis who fled to Argentina after the war. Most accounts were opened after 1945. Remarkably, at least 14 of these 70 accounts remained open after the turn of this century.
Credit Suisse conducted an internal investigation which uncovered another 99 previously undisclosed accounts. These accounts were also linked to Nazi officials and groups in Argentina.
An additional independent investigation revealed that some of the client files held by Credit Suisse were stamped with an “American blacklist” label, which was used to designate those who financed or traded with the Nazis or Axis powers during the war.
It has been alleged that Credit Suisse purposely obstructed the probe into their links with the Nazis, mostly by limiting access to crucial documents. The bank even fired the independent investigator who led the probe, Neil Barofsky.
Credit Suisse faces pressure for accountability
The first set of revelations made by the U.S. Senate Budget Committee’s probe had placed a spotlight on the bank, with the second set only increasing the scrutiny of Credit Suisse. Calls for a more detailed and comprehensive investigation into its services to Nazi officials have increased.
Jewish advocacy groups and U.S. lawmakers are leading the calls for further accountability, clarity and transparency about the bank’s past actions.
These discoveries may be but the tip of the iceberg: other Swiss-based banks have also been investigated over their role in providing financial services to Nazis during the Second World War.
For instance, in 1998, a lawsuit against Credit Suisse and the Union Bank of Switzerland found that the banks withheld assets from Jewish clients, profited from dormant accounts, and accepted looted assets from Nazis during the war. The entities were required to pay a settlement of US$1.25 billion to Holocaust survivors and their families.