🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

US Senators say Credit Suisse did not review all records when probing Nazi-linked accounts

Published 08/17/2023, 03:07 PM
Updated 08/17/2023, 03:36 PM
© Reuters. The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone Siu/File photo

By Chris Prentice and Brenna Hughes Neghaiwi

NEW YORK/ZURICH (Reuters) - Swiss lender Credit Suisse did not review all available records when it conducted an internal probe into the historical servicing of Nazi clients and Nazi-linked accounts, according to an investigation published by U.S. lawmakers on Thursday.

The bank failed to include numerous relevant records in its probe, according to details from an independent reviewer's report obtained and published by the Senate Budget Committee.

"Just under" 1,000 of 65,000 sets of records were available electronically for review, the report said.

The full report also revealed that the bank had blocked the former ombudsman overseeing the probe from seeing "critical" materials, the committee said in a statement.

"Out of respect for Holocaust victims and their families, we cannot turn a blind eye to these shortcomings," Republican Senator Chuck Grassley, the ranking member of the Senate Budget Committee, said in a statement.

Neil Barofsky, the former ombudsman, and AlixPartners, the consulting firm Credit Suisse hired to conduct the probe, did not respond immediately to a requests for comment.

A spokesperson for Credit Suisse referred Reuters to its April statement defending its review and raising concerns over the ombudsman's work.

Credit Suisse commissioned an investigation into allegations levied in 2020 by the Simon Wiesenthal Center, a Jewish human rights organization that teaches the lessons of the Holocaust, that the bank held potential Nazi-linked accounts and failed to disclose them.

The lawmakers have been pushing for Credit Suisse to continue its work to track down the value of assets of certain accounts held by Nazis at the bank in the post-1945 period.

© Reuters. The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone Siu/File photo

The committee previously accused the bank of hindering its own internal investigation.

The new details were first reported by Bloomberg.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.