Word: cocca
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Dates: during 2000-2009
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...long-term effects of the agreement on the Swiss banking industry, however, are difficult to predict, experts say. "The settlement is a success for Switzerland and its financial center because it takes away a lot of pressure," says Teodoro Cocca, a former professor of wealth and asset management at the Swiss Finance Institute in Zurich. "But what is disturbing is that it contains elements of a 'fishing expedition,' and potentially other Swiss banks that have U.S. clients could be put under similar pressure." (See the top 10 tax dodgers...
...While the long-term damage to UBS may be difficult to gauge, experts say its reputation as a reliable institution has taken a beating. "Clients worldwide have lost trust in UBS's ability to protect their privacy," says Teodoro Cocca, former professor of asset and wealth management at the Swiss Banking Institute in Zurich. "This will affect UBS's attraction for wealthy clients - the main franchise of the bank...