A Wall Street Journal investigation alleges that global credit investment bank Credit Suisse held more than 100 accounts linked with the Nazis, and Nazi associates, some remaining active as recently as 2022.
The new findings come after the U.S. Senate Budget Committee released a report on the subject in April 2023, raising serious concerns over Credits Suisse’s historical Nazi party ties, and its role in facilitating financial services to war criminals.
Documents uncovered in 2024 by independent investigators found that some of the documents were hidden by the bank, to wash their image.
New findings have uncovered at least 70 Credit Suisse accounts linked to Nazis
New findings into Credit Suisse’s ties to the Nazis have uncovered at least 70 banking accounts linked to Nazi militants that fled to Argentina after the war. Most accounts were also opened after 1945. Remarkably, at least 14 of these 70 accounts remained open after the turn of the century.
Credit Suisse also conducted an internal investigation which uncovered another 99 accounts that were previously undisclosed. These accounts were also linked to Nazi officials and groups in Argentina.
An additional independent investigation revealed that some of Credit Suisse’s clients’ files 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.
Credit Suisse also allegedly purposely obstructed the probe into their links with the Nazis, mostly by limiting their access to crucial documents. They also fired Neil Barofsky, the independent investigator who led the probe.
The bank now faces increased pressure for accountability
The revelations made by the U.S. Senate Budget Committee’s probe had shone a spotlight on Credit Suisse but the new revelations have severely increased scrutiny on the bank. Calls for a more detailed and comprehensive investigation into Credit Suisse’s services to Nazi officials have increased, as further clarity and transparency are expected from the bank.
Jewish advocacy groups and lawmakers in the United States are leading the calls for further accountability over the bank’s past actions.
These discoveries are but the tip of the iceberg, as other Swiss-based banks have also been investigated over their role during the Second World War.
For instance, in the 90’s, Credit Suisse, and Union Bank of Switzerland faced a lawsuit that forced them to pay a settlement of $1.25 Billion in 1998 to holocaust survivors and their families. This lawsuit found that the banks withheld assets from Jewish clients, profited from dormant accounts, and accepted looted assets from Nazis during the war.
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