EMCC European Monitoring Centre on Change

Wizink

Company/Organisation:
Wizink

Geographic Location

Country: Spain

Company

Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 1520
Group: Värde

Employment Effects

Announcement Date: 12-06-2020
Planned Job Reductions min: 144
Type of Restructuring: Internal restructuring
Direct Dismissals: 144

Additional Information

The Wizink bank specialised in credit cards has announced a collective layoff plan affecting 144 employees out of a total of 1,520 in Spain. This decision is due to the problems derived from COVID-19 and the consequent drop in credit consumption, but also due to the economic consequences of a Supreme Court ruling on the interest rate linked to revolving cards. Thus, the company has set aside €142 million of its budget for court cases. In any case, the income balance account was positive last year (2% incomes increase and 13% cost reduction) and the bank is looking at widening its commercial offer to include services other than credit cards.

Sources: