BECU Cuts 85 Jobs With Reorganization

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BECU said it is eliminating 85 staff positions as part of an internal reorganization.

The credit union, which until recently was known as Boeing Employees Credit Union, said the job cuts include both management and non-management positions distributed among its 30 locations in the Puget Sound area.

Gary Oakland, BECU's CEO, told The Credit Union Journal the reorganization is about "focusing our attention on an integrated method of delivering our products and services." He predicted it will lead to additional cross-selling opportunities.

"In the past, our focus has been product-based. Now, all products will be headquartered in one part of the credit union. So, there no longer will be a structural impediment to offering members additional loans or services when they come in for an auto loan or a mortgage."

According to Oakland, the new structure will centralize product and delivery channel development, but will decentralize the sales force and allow sales people to better assist members.

Employees were notified of the layoffs Oct. 19, and their last day of work will be Nov. 19, Oakland said. After the cuts, the CU will have about 820 staff members.

BECU is the largest credit union in Washington state and one of the 10 largest in the United States with 380,000 members and more than $4.8 billion in assets. Membership is open to all Washington residents.

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