Which term for Swiss bankers was used by Labour politicians in the 1950s and 1960s?
Gnomes of Zürich Gnomes of Zürich Gnomes of Zürich is a slang term for Swiss bankers. Swiss bankers are popularly associated with extremely secretive policies, while gnomes in fairy tales live underground, in secret, counting their riches. Zürich is the commercial centre of Switzerland. After World War II, British Labour party politicians were worried about speculation against the pound undermining the economic regime. Economic growth in the United Kingdom was low, only half that of Germany and France. The demand for pound sterling started to fall. Although Swiss bankers had been criticised in Britain since the 1950s, the term "gnome of Zürich" originated
Swiss Private Bankers Association partner bears unlimited liability for all the commitments entered into by the bank. This is one of the main characteristics of private bankers. The term ‘private bankers’ is often confused with the term ‘private bank’, which refers more broadly to any bank focusing on private wealth management, most of which are structured as a limited company. To prevent improper use of the term ‘private banker’ by people or institutions that do not meet the legal definition, the Swiss Private Bankers Association registered ‘private banker’ and its linguistic variations with the Swiss Federal Institute of Intellectual Property in 1997. The SPBA