That and the fact that they sold "banking secrecy" to the whole of Europe for the better part of a century only to betray all those promises in the 21st century.
Banking secrecy was removed due to peer pressure from EU and US, which together form a majority of exports for Switzerland. They just did make keeping the secrecy extremely costly in form of import tariffs on Swiss goods.
Originally intended as a fine example of government actually caring about privacy of its own citizens, then heavily misused by local and international banks, it just stopped making sense anymore at one point. Its still somewhat valid for its own citizens and AFAIK residents.
Banking together is cca 12% of Swiss economy, so the fantasy of some folks who read let's say alternative news about Switzerland ruining itself by losing banking secrecy didn't pan out. Swiss economy is much more reliant on tons of small/medium high quality manufacturing companies, or tourism rather than banking.
Originally intended as a fine example of government actually caring about privacy of its own citizens, then heavily misused by local and international banks, it just stopped making sense anymore at one point. Its still somewhat valid for its own citizens and AFAIK residents.
Banking together is cca 12% of Swiss economy, so the fantasy of some folks who read let's say alternative news about Switzerland ruining itself by losing banking secrecy didn't pan out. Swiss economy is much more reliant on tons of small/medium high quality manufacturing companies, or tourism rather than banking.