The Swiss Post aims to make its financial-services unit more profitable and is about to implement its plan. It will affect hundreds of employees in the coming year, according to a media report.
Postfinance, the financial-services arm of Swiss Post, last year penned «Victoria 2017-2020», a program designed to make structures and processes more efficient. The negative side to improved efficiency was the outlook of sweeping job cuts.
Now, the company seems to be ready to implement its plans, according to a report by «Blick» newspaper (in German). The consultative procedure will start today with a view to turn the planned measures into practice next year.
Office Space to Go
The measures will affect 460 members of staff next year and 40 will be released, according to the report. Several hundred more will be asked to relocate to other offices and pay cuts are to be expected.
Postfinance will reduce office space in line with the cuts in the number of staff it has. The centers in Kriens and Muenchenstein are two places that may be shuttered next year, according to «Blick». A further office in St. Gallen may also have to go and staff at these centers will have to move to the so-called contact center in Netstal.
Decline in Interest Income
The document processing will be moved to Swiss Post Solutions, a decision that will affect 120 members of Postfinance staff. The company executive will inform about the next steps in November, «Blick» said.
One of the reasons for the activities by Postfinance are declining profits from interest income. With negative interest rates, companies such as Postfinance are finding it difficult to generate enough profit through this business.
