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keystone-sda.ch
![Postfinance will cut 130 jobs by the end of 2012.]()
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Postfinance will cut 130 jobs by the end of 2012.
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keystone-sda.ch
![According to Postfinance boss Hansruedi Koeng, his bank is well positioned despite falling profits.]()
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According to Postfinance boss Hansruedi Koeng, his bank is well positioned despite falling profits.
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Keystone
![Because of the low interest rate environment, Postfinance is making less and less profit.]()
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Because of the low interest rate environment, Postfinance is making less and less profit.
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keystone-sda.ch
![The head of Zürcher Kantonalbank, Martin Scholl, like other cantonal bank bosses, is resisting a Postfinance that is allowed to grant mortgages.]()
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The head of Zürcher Kantonalbank, Martin Scholl, like other cantonal bank bosses, is resisting a Postfinance that is allowed to grant mortgages.
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With the restructuring, Postfinance wants to stop the declining profits due to negative market interest rates and a ban on loans, as Postfinance announced on Tuesday. As part of the restructuring, 130 full-time positions will be cut by the end of 2021. Since the postal subsidiary is to be divided into four independent areas, 260 employment contract adjustments are also planned.
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Since Postfinance wants to invest in a new digital bank and in the further development of the platform business, around 80 new jobs are also to be created.
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The banking subsidiary of the Post delivered millions in profits to the group coffers over the years. Since interest income and thus profits are shrinking in the persistently low interest rate environment, the state bank wanted to enter the lending and mortgage business.
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Political rejection
However, the partial privatization of Postfinance that is necessary for this has only been rejected in the consultation process over the past few months. Politically, Postfinance that can grant mortgages has almost no chance.
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The restructuring of Postfinance under the motto “Digital Transformation” can be seen as a flight forward. Postfinance boss Hansruedi Köng (53) reports: “Despite falling profits, we have successfully implemented numerous projects in the current strategy period and are well positioned to accelerate the digital transformation.”
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Dependent on partner
For political reasons, Postfinance only has a limited banking license. It is not allowed to grant mortgages and corporate loans on its own and must work with partner institutions.
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At the beginning of the month, the head of Zürcher Kantonalbank Martin Scholl (59) told VIEW that he saw no need for Postfinance that gave mortgages. He criticized: “Postfinance has collected savings on a large scale with non-market interest rates, which now turn out to be a big mortgage in times of negative interest rates.”
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Published: October 27, 2020, 2:15 p.m.-Last updated: October 27, 2020, 4:24 pm–Related posts:
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