Swiss private banks made easy money in the bull market, when client portfolios soared and, with them, fees. They are in less good shape now.

Falls in assets under management, due to lower markets, is one reason. Then there is the G20 clampdown on tax evasion, which thrust Switzerland’s private banks into the limelight – far from where their traditional clients like to be. However much they might complain about foreign interference, Swiss bankers must shoulder much of the blame.