With bank card transactions down, Max, previously Leumi Card can also be slicing salaries of administration and the board of administrators by 10% till the top of the 12 months.
Israeli bank card firm Max is shedding 50 from its work pressure of 1,500. Max, owned by US personal fairness agency Warburg Pincus, and which was previously Leumi Card owned by Bank Leumi (TASE: LUMI), said , “as part of the streamlining measures required to reduce expenditure at this time,” and after, “the company could not reach agreement with the workers committee about postponing pay rises and reducing vacation pay etc.”
On the similar time, Max can also be slicing salaries of administration and the board of administrators by 10% till the top of the 12 months.
Max, like its rivals, has been immediately influenced by the coronavirus and the autumn in bank card transactions as a result of main sectors of the economic system have come to a halt. Particularly, the whole halt in use of bank cards abroad by Israelis has been a significant loss for the bank card firms as a result of it represents a major a part of the bank card firms’ income and profitability.
Max CEO is Ron Fainaro.
Printed by Globes, Israel enterprise information – en.globes.co.il – on Might 21, 2020
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