What are the Gnomes of Zurich?

Gnomes of Zurich is a slang, and often derogatory, term referring to Swiss bankers.

How Do the Gnomes of Zurich Work?

A gnome is a mythical greedy creature that lives underground and guards money. Swiss banks are known for their secrecy, hence the term. Zurich is the largest city in Switzerland.

Why Do the Gnomes of Zurich Matter?

The British Labour party began using the term in the 1960s after the value of the British pound was declining; some politicians felt that speculators in Swiss banks were causing the problem. When the global financial crisis occurred in 2010, the term regained its popularity.