UBS Probes Undisclosed Nazi-Linked Accounts At Credit Suisse

Swiss banking giant UBS is investigating previously undisclosed Nazi-linked accounts at Credit Suisse, which UBS acquired in 2023.

The Simon Wiesenthal Center accused Credit Suisse of holding Nazi-linked accounts and failing to disclose them during earlier probes. I Photo: UBS Facebook

The inquiry, conducted with the help of independent ombudsman Neil Barofsky, comes in response to allegations of past cover-ups, Reuters reported.

The Wall Street Journal revealed that Barofsky had uncovered a cache of client files labeled "American blacklist," indicating connections to entities trading with Nazi affiliates. The findings were shared in a December 2024 letter to the U.S. Senate, suggesting signs of a potential cover-up during prior investigations.

"UBS is committed to contributing to a full accounting of Nazi-linked legacy accounts," the bank said in a statement. "Since acquiring Credit Suisse, we have prioritized a thorough and comprehensive review."

Barofsky, a former U.S. prosecutor who previously investigated the issue for Credit Suisse, is leading the current review and expects to deliver a final report in early 2026, according to the Journal.

The investigation traces its origins to allegations made in 2020 by the Simon Wiesenthal Center, a Jewish human rights organization dedicated to Holocaust remembrance. The center accused Credit Suisse of holding Nazi-linked accounts and failing to disclose them during earlier probes.