Following the loss of FlyCard: CAL is expected to lay off up to 220 employees — 15% of its workforce
Credit card company CAL is planning to reduce its workforce by 10% to 15%, affecting 150 to 220 positions. This move follows the loss of the El Al FlyCard franchise to Isracard earlier this year.
Significant changes are expected at the credit card company CAL: following the loss of the El Al FlyCard club franchise to the company Isracard earlier this year, CAL is expected to carry out an efficiency move that will include a reduction of about 10% to 15% of the company's workforce. As of the end of 2025, CAL employs about 1,486 workers, so this is a potential reduction of about 150 to 220 positions.
The loss of FlyCard is considered a heavy blow for CAL. The club, which has over half a million cardholders, is considered one of the most profitable and strongest engines in the credit card market, thanks to the exceptionally high clearing volumes of the customers who are members of it. In response to the loss of the franchise, CAL launched the competing club FlyAll in an attempt to retain some of the aviation and premium customers. However, the market estimates that so far FlyAll is far from replicating the activity volumes and number of customers of FlyCard, and it is not expected to reach these numbers in the foreseeable future.
The shockwaves come at a particularly sensitive time for CAL. The company is in the midst of a sale transaction, in which Discount Bank will sell all its holdings in the company to the Union Group (controlled by George Horesh) together with Harel Investments. The damage to revenues as a result of the departure of FlyCard, along with the need to cut operating costs, puts the company's representative profitability to the test.
"As part of normal business moves, we are constantly examining the company's costs and expenses. At this stage, we are focused on the continued growth of FlyAll and are investing significant resources in it," CAL stated in response.
At the same time, CAL announced today (Tuesday) changes in the senior management line. Tony Cohen (formerly CEO of MaccabiDent) was appointed Deputy CEO and Head of the Customer and Partner Experience Division, replacing Lital Wechsler. In addition, Zoarit Yogev (formerly Deputy Head of the Mortgage Division at Bank Leumi) was appointed VP and Head of the Business Clients Division, replacing Odalia Moshe Ostrovsky. These are the key appointments of CAL CEO Yafit Griyani since she was appointed to the position at the end of 2025.
