Popping over for the odd skiing trip or visiting Davos for some Alpine conferencing is about as much of Switzerland as most bankers are likely to encounter. Other than that, there is not the huge lure for bankers that many have speculated.

Bloomberg: While U.K. bankers may grumble about rising taxes when they join peers this week at the World Economic Forum in Davos, Switzerland, few are likely to return as permanent residents.

Many bankers will have partners and families to consider and, when it comes to the things that matter beyond an unpleasant tax regime, London still has a lot to offer. As one interviewee put it:

The new taxes don’t undercut London’s importance as a global financial center or the lure of its theaters, museums and restaurants.

And another…

London is attractive to individuals in a way that more mono- cultural cities such as Paris, Geneva and Hong Kong will never be able to match.

And a relocation agent in Geneva remained sceptical:

“I’m reading that hundreds of people are coming, but like bird flu there’s a lot of hype”

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More agile companies such as hedge funds may be able to pack their bags and skip town at the drop of a hat, but for institutions employing thousands of people it’s not so simple. Major financial centres like London and New York were not built in a day and nor will they be quickly displaced.

And for those pissed off enough to want to leave the UK, a warmer climate might be nice.