Cal Credit Card Company Plans Up to 220 Job Cuts After Losing El Al FlyCard License

Cal, a major Israeli credit card company, is preparing to reduce its workforce by 10% to 15%, potentially cutting 150 to 220 jobs by the end of 2025. This move follows the loss of the FlyCard loyalty club license from El Al Airlines earlier this year to competitor Isracard. FlyCard, with over half a million cardholders, was a highly profitable segment for Cal due to its high transaction volumes. In response, Cal launched a competing loyalty program, FlyAll, aiming to retain premium and airline customers, but industry analysts believe FlyAll has yet to match FlyCard's scale and is unlikely to do so soon.

The job cuts come amid a sensitive period for Cal, which is undergoing a sale process where Discount Bank plans to sell its entire stake to the Union Group, controlled by George Khoury, alongside Harel Investments. The revenue loss from FlyCard's departure and the need to cut operational costs challenge the company's profitability. Cal stated it regularly reviews costs as part of normal business and is currently focused on growing FlyAll, investing significant resources.

Additionally, Cal announced senior management changes on Tuesday. Tony Cohen, former CEO of MaccabiDent, was appointed Deputy CEO and Head of Customer Experience and Partners Division, replacing Lital Wexler who retired. Zoharit Yogev, formerly Deputy Head of Mortgages at Bank Leumi, became Vice President and Head of Business Customers Division, succeeding Odelia Moshe Ostrovski. These appointments are part of CEO Yafit Griani's leadership since her appointment at the end of 2025.