On Tuesday, February 3, United States Senator Chuck Grassley revealed that an investigation has uncovered 890 accounts possibly related to Nazis at Credit Suisse, a Swiss banking institution.
He disclosed this information before attending a hearing held by the Senate Judiciary Committee on the bank’s involvement in assisting Nazi massacres.
Grassley added that these accounts include those of the German Foreign Ministry, a German arms manufacturing company, and the German Red Cross from wartime, and this information is being made public for the first time.
UBS Group acquired Credit Suisse in an emergency merger in 2023. In 2025, UBS stated that they are collaborating with former U.S. prosecutor Neil Barofsky to disclose information on Nazi-related accounts held by Credit Suisse.
In testimony submitted to the Senate Judiciary Committee, the UBS Group stated that both UBS and Credit Suisse have apologized and reached a global settlement in 1999, thereby resolving all claims and disputes. UBS also mentioned that the current investigation is a voluntary action.
Senator Grassley told the media that he has received two reports and the latest investigation report from Barofsky.
Citing records, Grassley stated that the review results show that Credit Suisse had broader banking relationships with the SS, the Nazi paramilitary organization, than previously understood, even including the SS Economic Department opening accounts at the bank.
He also mentioned new details emerging about a plan to help Nazi members escape to Argentina.
UBS expressed deep regret for the records found and acknowledged that the World War II era was a dark period in the history of the Swiss banking industry.
According to a statement, Robert Karofsky, President of UBS Americas, stated that UBS has been fully committed to getting the investigation back on track since taking over Credit Suisse, and has taken multiple measures to assist Barofsky in his review work.
“Now, after three years, our top priority is to complete this review so that the whole world can benefit from the forthcoming final report,” said Karofsky.
An aide from the Senate Judiciary Committee revealed that the investigation is expected to conclude by early summer, with the final report set to be released by the end of the year.