Investigation finds wider Nazi ties at Credit Suisse, lawyer to testify Tuesday

A lawyer who has been conducting a yearslong investigation of Credit Suisse’s World War II–era history says he uncovered previously unreported relationships between the bank and Nazis, according to a 75-page written statement he is expected to deliver at a Senate hearing on Tuesday.

Credit Suisse is now part of UBS. Neil M. Barofsky’s written testimony says Credit Suisse or Swiss banks that later merged with it held accounts for the German foreign office, for an SS officer who managed funds for the Nazi paramilitary force’s economic arm, and for a Nazi arms manufacturer.

The statement also cites previously unreported forced transfers of Jewish assets into Nazi-controlled accounts and says Credit Suisse rented an office to, and provided banking services for, an Argentine government agency that helped Nazis flee to Argentina. Mr. Barofsky’s statement says, "What the investigation has found to date shows that Credit Suisse’s involvement was more extensive than was previously known," and praises UBS for being cooperative and for rehiring him after Credit Suisse fired him.

In his written testimony, Rob Karofsky, the president of UBS Americas, said that when UBS took over Credit Suisse it "fully committed" to getting Mr. Barofsky’s work back on track. The bank agreed nearly three decades ago to take part in a $1.25 billion settlement with Holocaust survivors.

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