Switzerland Confronted with a Dark Chapter of Its Past
New research by the Wall Street Journal has uncovered a deeper connection between Credit Suisse and the Nazi regime than previously thought, shaking the bank’s credibility and Switzerland’s self-perception.
The investigation, led by US ombudsman Neil Barofsky, found a trove of documents with the label “American Blacklist” – accounts of individuals and companies that directly or indirectly supported the Nazi regime. These records, known to some investigators in the 1990s, were deliberately withheld from the public.
The discovery of an operational account used by high-ranking SS officers and a Swiss intermediary to manage and transfer looted assets has far-reaching implications, casting a harsh light on Credit Suisse’s selective transparency.
A culture of concealment has been revealed, with internal documents showing that top executives labeled reports of the bank’s Nazi connections as “excessively sanitized” and recommended they be left unaltered. The bank chose silence and calculation, knowing that full disclosure would irreparably damage its reputation.
The UBS, the new owner of Credit Suisse, has promised full transparency, with over 50 employees working to review the archives. A final report is expected in 2026.
The scandal raises a larger question: how does Switzerland, as a nation, deal with its historical responsibility? The recent revelations show that the country’s efforts to come to terms with its past, including large-scale compensation and public apologies, were often superficial and driven by self-interest.
For Switzerland, a country that prides itself on stability and the rule of law, this is a turning point. The demand for transparency is not a slogan, but a necessity. The story of Credit Suisse is a warning: moral integrity cannot be sacrificed for profit. If Switzerland truly wants to learn from its past, it must confront the shadows of its history without reservation. Only then can it ensure that the much-vaunted Swiss compromise between neutrality and responsibility is more than just a phrase.