Press Release

PostFinance completes consultation process

  • PostFinance’s 2018 consultation process is now complete.
  • The Executive Board confirms the measures planned for 2019.
  • Proposals by staff are taken on board and followed up.
  • The company has agreed on measures with its social partners to accompany the redundancy package.

PostFinance operates in an extremely challenging market environment. The digital revolution is progressing at a rapid rate in the banking industry. Customer behaviour is changing as a result, and new competitors from other industries and countries are attempting to gain a foothold in payment transactions and retail banking. At the same time, PostFinance margins are gradually collapsing in the current negative interest rate environment, particularly due to the ban on issuing loans and mortgages. This is leading to a significant decline in revenue from interest operations.

To offset this negative development, at least in part, in the next few years PostFinance is planning to introduce various measures to increase efficiency, consistently exploit savings potential and hence reduce costs.

The Executive Board approves measures for implementation

The automation and digitization of processes as well as the restructuring of private/business customer advisory services will lead to job cuts in 2019. This is why PostFinance conducted a consultation process from 18 June to 13 July. Employees had the opportunity to submit proposals as to how job losses and changes to employment contracts could be avoided, limited in number or how the consequences could be mitigated.

The PostFinance Executive Board examined the feasibility and profitability of the proposals submitted and discussed them in detail. It received a number of good ideas, and took some of them on board and followed up on them. There were, however, no proposals that could feasibly replace the measures planned either individually or as a whole. The Executive Board therefore confirms the measures planned for 2019 and has approved them for implementation.

Wide-ranging mitigating provisions

PostFinance is aware of its social responsibility as an employer, and will implement the planned job cuts to coincide with natural staff turnover wherever possible. All employees who are affected will be eligible to benefit from the redundancy package. Furthermore, PostFinance has come up with wide-ranging mitigating provisions in collaboration with the transfair and syndicom social partners. These include the option to retire early from the age of 58 under considerably better conditions, or generous financial support for any further training.

Information

Johannes Möri
Media Spokesperson
079 354 08 39