UBS probes secret Nazi-linked accounts at Credit Suisse
Wall Street Journal reports ombudsman uncovered cache of client files marked ‘American blacklist’
05 January 2025 - 17:23
byGnaneshwar Rajan and Surbhi Misra
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UBS and Credit Suisse logos. Picture: REUTERS/DADO RUVIC
Bengaluru — Swiss bank UBS says it is working with an independent ombudsman to shed light on Nazi-linked accounts after the Wall Street Journal reported that some accounts at collapsed bank Credit Suisse, which UBS bought in 2023, had not been disclosed in earlier investigations.
The newspaper cited a December 2024 letter from the ombudsman to the US Senate that said his probe had uncovered a cache of client files marked “American blacklist”, a designation for those trading with Nazi-affiliated entities, and revealed signs of a cover-up during past reviews.
UBS said on Saturday it was working with ombudsman Neil Barofsky, a former US prosecutor previously engaged by Credit Suisse to look into the issue, to lead a review aimed at addressing the legacy of Nazi-linked accounts held at predecessor banks of Credit Suisse.
“UBS is committed to contributing to a fulsome accounting of Nazi-linked legacy accounts,” the bank said in a statement. “Since acquiring Credit Suisse ... we have made it a priority to ensure that the review is thorough and comprehensive.”
Barofsky told the Senate his team of investigators expected to issue a final report in early 2026, the Journal reported.
Credit Suisse had commissioned its investigation after allegations levied in 2020 by the Simon Wiesenthal Centre, a Holocaust-focused Jewish human rights organisation, that the bank held potential Nazi-linked accounts and failed to disclose them.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
UBS probes secret Nazi-linked accounts at Credit Suisse
Wall Street Journal reports ombudsman uncovered cache of client files marked ‘American blacklist’
Bengaluru — Swiss bank UBS says it is working with an independent ombudsman to shed light on Nazi-linked accounts after the Wall Street Journal reported that some accounts at collapsed bank Credit Suisse, which UBS bought in 2023, had not been disclosed in earlier investigations.
The newspaper cited a December 2024 letter from the ombudsman to the US Senate that said his probe had uncovered a cache of client files marked “American blacklist”, a designation for those trading with Nazi-affiliated entities, and revealed signs of a cover-up during past reviews.
UBS said on Saturday it was working with ombudsman Neil Barofsky, a former US prosecutor previously engaged by Credit Suisse to look into the issue, to lead a review aimed at addressing the legacy of Nazi-linked accounts held at predecessor banks of Credit Suisse.
“UBS is committed to contributing to a fulsome accounting of Nazi-linked legacy accounts,” the bank said in a statement. “Since acquiring Credit Suisse ... we have made it a priority to ensure that the review is thorough and comprehensive.”
Barofsky told the Senate his team of investigators expected to issue a final report in early 2026, the Journal reported.
Credit Suisse had commissioned its investigation after allegations levied in 2020 by the Simon Wiesenthal Centre, a Holocaust-focused Jewish human rights organisation, that the bank held potential Nazi-linked accounts and failed to disclose them.
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