U.S. Congress and Financial Oversight

Sen. Chuck Grassley says an investigation commissioned after UBS’s 2023 takeover of Credit Suisse has identified 890 accounts linked to the Nazi regime, including wartime accounts for the German Foreign Office, a German arms manufacturer and the German Red Cross. UBS hired former U.S. prosecutor Neil Barofsky to lead the review, and UBS Americas president Robert Karofsky is scheduled to testify before the Senate Judiciary Committee as lawmakers probe Swiss banks’ handling of Holocaust‑era assets. Karofsky’s prepared remarks, obtained by NBC News, say the bank’s priority is to complete the multi‑year review so its findings can be made public in a final report. The new account tally suggests prior inquiries understated Credit Suisse’s ties to Nazi‑related money and will renew scrutiny of whether victims’ families ever received full restitution. The hearing comes just a week after International Holocaust Remembrance Day and as critics online note that, eight decades on, pressure still falls on U.S. investigators and Congress to pry this history from major financial institutions, not on the banks themselves.