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The SS’s economic arm used these accounts to profit from Jewish forced labor and the industrialized murder of millions, and the bank knew exactly who these clients were.
Investigators found documents stamped “Amerikanische schwarze Liste”—the American Black List used by Allied forces to identify Nazi-supporting entities. Credit Suisse saw those stamps but kept doing business anyway.
890 Accounts Hidden From Survivors
The newly discovered accounts include previously unknown ties to the German War Office, weapons manufacturers fueling Hitler’s war machine, and even the German Red Cross.
Credit Suisse concealed this information during the 1990s investigations that led to a $1.25 billion settlement with Holocaust survivors.
Jewish families searching for stolen assets after the Holocaust were often forced to produce death certificates—something impossible when six million Jews had been murdered without documentation.
In 2022, Credit Suisse even fired investigator Neil Barofsky, a former federal prosecutor, when he refused to limit his investigation. Grassley and Senator Sheldon Whitehouse had to subpoena the bank to gain access to records.
Nazi Gold and Ratlines: Argentina
Investigators also uncovered something chilling: Credit Suisse helped Nazi war criminals escape justice through so-called “ratlines”—escape routes to South America.
The bank leased a building in Switzerland where the Argentine government coordinated operations helping Nazis flee. Barofsky’s team identified accounts for three dozen people tied to these ratlines, enabling them to live comfortably in Buenos Aires rather than facing war crimes tribunals.
A 2020 report from the Simon Wiesenthal Center identified 12,000 suspected Nazis or sympathizers in Argentina who funneled money through Credit Suisse’s predecessor banks. Some of these accounts stayed open well into the 21st century, with at least 14 accounts active until 2020.
UBS Inherits the Mess
When UBS bought the failing Credit Suisse in 2023, they inherited the scandal.
UBS reinstated Barofsky and says it has spent hundreds of millions investigating the archives. Robert Karofsky, president of UBS Americas, told the Senate Judiciary Committee that over 50 employees are reviewing documents.
The scope is massive: investigators found 3,600 physical documents spanning 400 meters of cabinets, plus 40,000 microfilms stored in Credit Suisse’s “Inf Department,” which was never thoroughly reviewed during the 1990s settlement. These files show a “high relevance rate” for Nazi connections.
The $10 Billion Question
Ronald Lauder, president of the World Jewish Congress, says the 1990s settlement drastically underestimated the bank’s exposure. He estimates $5 billion to $10 billion could be owed.
Lauder, a key player in the original 1998 $1.25 billion deal, has assembled a team of former government lawyers under “Project Righteousness” to revisit the settlement.
UBS is pushing back, arguing that reopening the agreement exceeds the original investigation’s scope. They are also blocking access to 150 pages of internal communications from the 1990s, citing attorney-client privilege as litigation looms.
What’s Next
Grassley is demanding a public repository for researchers to examine the records. Even with Barofsky’s team working full time, reviewing all documents could take decades.
The forensic investigation is expected to conclude by summer 2026, with Barofsky’s final report due by year-end 2026. Grassley accused Credit Suisse of a “pattern of obstruction” lasting decades.
Banks, Profits, and Accountability
Swiss banks made billions facilitating the Nazi regime’s crimes. They paid what amounts to a rounding error, yet some accounts remained open for 75 years.
The Senate hearing came one week after International Holocaust Remembrance Day—a stark reminder of the millions of lives stolen.
Grassley’s investigation has ripped open a vault the bank spent three decades trying to keep sealed. If a bank can profit from the Holocaust, hide the evidence, fire investigators, and face no criminal consequences—what does accountability even mean?
