Cuts in Israel: hundreds of workers will be laid off Israel today

Cuts at the credit company Isracard: The company announced today (Wednesday) that the board of directors approved an efficiency plan.

As part of the streamlining, changes will be made to organizational structures, streamlining processes, reducing units and other adjustments.

As a result, the company anticipates that the implementation of the program will result in a reduction of approximately 250 jobs, which is approximately 12% of the total number of jobs.

Those who will be fired will be notified in the coming weeks, in order to create certainty.

The actual implementation will be phased, during 2023.

The plan is another step in the implementation of the business strategy led by the company, to focus on the defined growth engines and focus resources on them, as part of the company's adaptation to the challenges and changes in the market.

The first fruits of the strategic plan are already visible on the ground, in the form of double-digit growth in credit portfolios for private customers and the business sector, a decrease in various operating expenses and a business focus.

"reality necessity"

The efficiency plan is carried out in full cooperation with the employees' organization while examining a variety of solutions and assistance programs for employees who will leave the company.

Ran Oz, CEO of Isracard: "In accordance with the group's strategy and the developments in the competitive market in which we operate, we are making the company more flexible, efficient and focused.

This is so that we can lead Isracard to a significant competitive advantage and lead the market.

Unfortunately, as part of this process, reducing the status of employees is a reality."

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