Volkswagen Financial Services
The banking subsidiary of VW has 7,000 employees in Germany.
FrankfurtThe bank daughter of Volkswagen-Konzerns, Volkswagen Financial Services, has earned so much in the past year as never before. The operating result was 2.6 billion euros – far more than traditional banks in Germany retract. Nevertheless, CEO Lars Henner Santelmann wants to save – from the year 2025 annually 850 million euros, as he said on Monday.
Jobs should also be eliminated as part of this efficiency program. At present, the bank has a good 7,000 employees in Germany. According to human resources manager Christiane Hesse, there could be 800 fewer jobs by 2025. The reduction is essentially controlled by fluctuation and socially acceptable solutions.
VW Financial Services is already extremely lean compared to traditional banks, with a cost / income ratio of currently 49 and very few branches. That means the bank has to spend 49 cents to earn one euro. The goal is to reach a value of 40.
20 million contracts in stock
VW Financial Services provides financing for VW cars and wagons from other manufacturers, through loans and leasing – both to private customers and to companies. Only 20 percent of the profits come from Germany, the majority comes from other European countries and from North America.
Current club events
The bank currently has a good 20 million contracts in its portfolio and is expected to reach 30 million by 2025. Wants to grow They also on the used car platform Heycar. The online used car exchange was founded in October 2017 by the VW financial division. Last year, the financial division of Daimler with a share of 20 percent. Currently, 385,000 cars are listed on the platform.
The target is 600,000 to 700,000. According to Santelmann, this year’s decision is whether Heycar should also start in other countries. In terms of profit, VW Financial Services is aiming to hold the 2.6 billion euros from last year, as CFO Frank Fiedler said. In 2017, the company earned slightly less with almost 2.5 billion euros.
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