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Unemployment PostFinance expected to axe 500 jobs

Building with PostFinance sign

PostFinance, the bank of the Swiss postal service, has a public service mandate to provide banking services to all residents.

(Keystone)

PostFinanceexternal link, one of Switzerland’s leading financial institutions, expects to cut up to 500 full-time jobs by the end of 2020. The banking division of the Post Office has launched multiple measures to counter the erosion of profit margins and the resulting decline in revenues.

Two-thirds of the cuts will be absorbed by natural employment fluctuations, the financial giant said in a statement on Tuesday. A consultation process is being implemented. Employees affected by the move can submit proposals on how to avoid potential redundancies, limit their number and mitigate their consequences.

The group's steering committee will take a final decision in August. New positions will be created at the same time, the statement said.

This restructuring should enable PostFinance to increase efficiency, exploit savings potential in a targeted manner and reduce costs.

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