somewhat, but (a) I think this transition is mostly complete already and the Swiss economy has survived it so far, (b) banking in Switzerland is about 8% of GDP

somewhat, but (a) I think this transition is mostly complete already and the Swiss economy has survived it so far, (b) banking in Switzerland is about 8% of GDP, not significantly more than in many other developed countries and (c) a big chunk Swiss banking revenue is AFAIK still in the domestic market. Will it show up somewhere in a spreadsheet? Certainly. Will it destroy Swiss banking or Switzerland as we know it? Most probably not. [1] That being said, if 2008 has taught us anything, it's not to underestimate greedy bankers and their favourite puppy 'leverage'. [1] Some small private banks specialised on this sort of business may go under though.