After World War II, British Labour party politicians were worried about speculation against the pound undermining the economic regime.
[5][6] Although Swiss bankers had been criticised in Britain since the 1950s, the term "gnomes of Zürich" originated in a crisis meeting of the Labour politicians in November 1964.
[5] The phrase also gave name to the 1966 T. R. Fehrenbach book on the history and practices of Swiss private banking, The Gnomes of Zurich.
[10] The Wall Street Journal listed the gnomes of Zurich with the military-industrial complex, The Establishment, and Illuminati as part of the shadow government.
[5] In the early 21st century, Zürich bankers are still very wealthy, but less powerful compared to London, New York, Dubai, and Shanghai as leading financial capitals.