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With the restructuring, Postfinance wants to halt the decline in earnings due to negative market interest rates and the ban on loans, as Postfinance announced on Tuesday. As part of the restructuring, 130 full-time positions will be eliminated by the end of 2021. Since the postal subsidiary will be divided into four separate areas, 260 employment contract adjustments are also planned.
As Postfinance wants to invest in a new digital bank and further development of the platform business, around 80 new jobs will also be created.
The Correo’s banking subsidiary turned over millions in profits to the corporate treasury over the years. Since interest income and therefore earnings are shrinking in the environment of persistently low interest rates, the state bank wanted to enter the loan and mortgage business.
Political rejection
However, the partial privatization of Postfinance that is necessary for this has only been rejected in the consultation process in recent months. Politically, Postfinance that can grant mortgages has almost no chance.
The restructuring of Postfinance under the slogan “Digital Transformation” can be seen as a flight forward. Postfinance Head Hansruedi Köng (53) announced: “Despite falling earnings, we have successfully implemented numerous projects in the current strategy period and are well positioned to accelerate digital transformation.”
It depends on the couple
For political reasons, Postfinance only has a limited banking license. You are not allowed to make mortgages or corporate loans on your own and you must work with partner institutions.
At the beginning of the month, the director of the Zürcher Kantonalbank Martin Scholl (59) told BLICK that he saw no need for Postfinance which granted mortgages. He criticized: “Postfinance has raised large-scale savings with non-market interest rates, which now turn out to be a large mortgage in times of negative interest rates.”
