He Swiss bank UBS said Saturday it is working with an independent ombudsman to shed light on Nazi-linked accounts, after the Wall Street Journal reported that some accounts at the collapsed bank Credit Suissewhich UBS bought in 2023, had not been revealed in previous investigations.
The Journal cited a December 2024 letter from the ombudsman to the U.S. Senate that said its investigation had uncovered a set of client files marked as an “American blacklist,” a designation for those who deal with Nazi-affiliated entities. , and revealed signs of a cover-up during previous reviews.
UBS UBSG.S said it was working with independent ombudsman Neil Barofsky, a former US prosecutor who had previously been hired by Credit Suisse to investigate the matter, to lead a review aimed at addressing the legacy of accounts linked to Nazism held in Credit Suisse’s predecessor banks.
“UBS is committed to contributing to a full accounting of legacy accounts linked to Nazism,” the bank said in a statement. “Since we acquired Credit Suisse (…) we have made it a priority ensure the review is thorough and complete“.
Barofsky told the Senate that his team of investigators hopes to issue a final report around early 2026, the Journal report added.
Credit Suisse had commissioned its investigation following accusations in 2020 by the Simon Wiesenthal Center, a Jewish human rights organization that teaches the lessons of the Holocaust, that the bank owned possible accounts linked to Nazism and had not revealed them.
