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With the restructuring, Postfinance wants to stop the decline in profits due to negative market interest rates and the lending ban, as announced on Tuesday by Postfinance. As part of the restructuring, 130 full-time positions will be reduced by the end of 2021. As the post office will be divided into four independent areas, 260 adjustments to the employment contract are also planned.
As Postfinance wishes to invest in a new digital bank and further development of the platform’s business, around 80 new jobs will also be created.
Over the years, the bank branch of Swiss Post has delivered millions of profits to the corporate treasury. As interest income and hence profits are shrinking in a context of consistently low interest rates, the state bank wanted to enter the lending and mortgage business.
Political rejection
However, the partial privatization of Postfinance required for this was only rejected in the consultation process in recent months. Politically, Postfinance which can grant mortgages has almost no chance.
Postfinance’s restructuring under the motto “Digital Transformation” can be seen as a flight forward. Postfinance chief Hansruedi Köng (53) announced: “Despite falling profits, we have successfully implemented numerous projects in the current strategic period and are well positioned to accelerate digital transformation.”
Depending on the partner
For political reasons, Postfinance only holds a limited banking license. It is not allowed to grant mortgages and corporate loans on its own and must collaborate with partner institutions.
Earlier this month, Zürcher Kantonalbank chief Martin Scholl (59) told VIEW that he didn’t think it necessary to grant mortgages for Postfinance. Criticism: “Postfinance has reaped large-scale savings with interest rates out of line with the market, which now turn out to be a big mortgage in times of negative rates.”
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