January 19, 2021

The old Popular digital bank, Wizink, will lay off 210 employees

The old Popular digital bank, Wizink, will lay off 210 employees


MadridUpdated:

Banks that operate in Spain, including digital ones, continue making adjustments to improve their profitability. Wizink, a financial institution specializing in credit cards that was created at the time by Popular together with the Varde Partners fund and heiress of bancopopular-e's business, will undertake a restructuring that will involve the dismissal of 210 employees, 15.6% of the bank's staff, made up of 1,350 professionals.

Varde Partners has 51% of Wizink's share capital today and Santander still controls 49%, although last March the group chaired by Ana Botín agreed to sell that 49% to Varde, keeping that with the business of credit and debit cards of the old Popular. To date, Wizink manages 3,332 million euros in deposits and 3,785 million in credit, according to the latest balance sheets published by the Spanish Banking Association (AEB). The entity won 145 million last year, and in the first six months of the year just over 65 million.

With this restructuring, the management of Wizink seeks to reduce duplication in different areas and responds to the automation and digitalization of several processes, as well as regulatory criteria, as explained by the entity in a statement. This adjustment will lead to 210 dismissals; In fact, the company will initiate formal talks with the workers' representatives in the coming days to try to reach an agreement on the conditions of the job cuts.

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