I think it could happen. Even now the "new" Swissair (LX) will be over-sized, especially the MD-11s are too big. Zurich is not a very big market, it heavily depends on feeder traffic. What LH (?) now proposes would basically be a downgrading of Zurich to a regional hub with a number of important long-haul flights whilest MUC would get additional long-hauls. More cost-effective IMO.
Interesting that this statement comes when there are rumours folating around about a possible fleet swap between LH and LX. Latter is rumoured to be interested in 10 A340-300 from LH, former wants to get rid of some due to some over-capacity. Maybe swapping 10 A343 for a couple of MD-11s for LH Cargo and the surplus A330-200 to replace LH A340-200 on the medium-range runs?