12.05.23

Credit Suisse Reinstates Independent Ombudsperson to Review Nazi-Linked Accounts as a Result of Budget Committee Investigation

Bank previously inexplicably terminated the official, leaving blind spots in the forensic search for Nazi-linked records

WASHINGTON, D.C. – As a result of an ongoing bipartisan Senate Budget Committee investigation, Credit Suisse has agreed to reinstate Independent Ombudsperson Neil Barofsky to oversee the bank’s internal investigation into its historic servicing of previously undisclosed Nazi-linked accounts. 

Credit Suisse was approached in 2020 with credible information that it had held potential Nazi-linked accounts that had notbeen previously identified or disclosed. The bank retained Neil Barofsky of Jenner & Block LLP in June 2021 to oversee its internal review.  However, in February 2023, Senate Budget Ranking Member Grassley received credible allegations of potential wrongdoing related to Credit Suisse’s handling of its internal investigation, including the questionable termination of Mr. Barofsky.  

Following news that Credit Suisse was reinstating Mr. Barofsky to oversee the review, Senate Budget Committee Ranking Member Chuck Grassley (R-Iowa) and Chairman Sheldon Whitehouse (D-R.I.) issued the following statement:

“A clear-eyed and historically complete evaluation of Credit Suisse’ servicing of Nazi-linked accounts demands painful facts to be met head on, not swept aside.  Mr. Barofsky’s initial report uncovered troubling details about the bank’s history and exposed unnecessary limitations Credit Suisse imposed on its own investigation into historical wrongdoing.  The bank’s decision to remove Mr. Barofsky in light of those findings was all the more troubling.

“At our insistence, Credit Suisse has agreed to dig deeper into its own history, and Mr. Barofsky will again oversee this review.  We look forward to receiving the latest installments of the findings of the bank's investigation—fully reviewed by Mr. Barofsky—in the coming months.”