FinanceCH

Comparis Layoffs

March 2023

Comparis announced a layoff affecting 0 employees (10% of its workforce) in March 2023. The company operates in the Finance sector.

People Affected

Percentage

10%

Announced Date

Mar 2, 2023

About

Swiss online comparison portal Comparis is laying off at least 10% of its workforce, affecting its 175 employees, as it initiates a consultation process. Founder Richard Eisler cites a "failed growth strategy" and a prolonged, costly dispute with the Swiss Financial Market Supervisory Authority (Finma) as key reasons. The Finma enforcement procedure, initiated in July 2022, argues Comparis operates as an insurance intermediary and must register as such, potentially leading to the disgorgement of profits since 2015. This has forced the company to set aside millions in provisions, despite internal legal assessments deeming the risk low. The conflict, ongoing for nearly four years, has critically impacted the company's financial stability, leading to this significant restructuring in March 2023.