Testifying on Tuesday before the Senate judiciary committee, which is chaired by Grassley, Barofsky said Credit Suisse had at the time seized funds from Jewish account holders and transferred them to Nazis.
Barofsky said his investigation had revealed that the bank’s relationship with the SS was more extensive than previously known and that the Nazi paramilitary organisation had an account with the bank.
The investigation also revealed that Credit Suisse helped finance a network that helped prominent Nazis escape to Argentina after the war.
Chairman Sen. Chuck Grassley (R-IA), October 07, 2025 (Credit: Alex Wong/Getty Images)Getty Images
Argentine authorities allegedly used an account at the bank to channel bribes to European officials to maintain the network, payments which today are equivalent to about £16 million.
US senators criticised UBS for failing to release more than 150 documents that were, Barofsky claimed, being withheld from the investigation and could be relevant in identifying more Nazi-linked individuals and tracking down records of German clients, looted art and valuables.
Grassley reportedly described the bank’s conduct as “absurd” and a “historic shame that’ll outlive today’s hearing”.
In 1999, UBS and Credit Suisse reached a settlement related to Nazi-era claims which included provisions intended to cover past and future related civil claims.
The full investigation is expected to conclude by summer, with a final report issued by the end of the year.
UBS said in response to the allegations: “We thank the Senate Judiciary Committee for the invitation to appear. We will continue to follow the facts, remain committed to transparency, and welcome the opportunity to help Congress fully understand the substantial effort invested in reviewing the historic Credit Suisse archives.”
