CUNA Mutual ContinuesCutbacks

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MADISON, Wis. - (02/03/06) – Big changes continue at CUNAMutual Group as the credit union insurer announced 90 more lay-offsThursday, the third round of job cuts in the last three months. The90 employees, 55 of them in Madison and 35 in Waverly, Iowa, willeither be replaced by outsourcing or have their jobs eliminated,according to Rick Uhlmann, company spokesman. The affected jobs arein the mailroom, records and program management. The job cutbackshave been coupled with the sale of the insurer’s mortgagebank, shaving the CMG workforce by about 510, including 415 inMadison. That amounts to about 15% of the Madison employees. Thelatest round of lay-offs are the extension of a companywide reviewthat was enacted under new CEO Jeff Post and will continue, saidUhlmann. “There are other areas in Madison and around thecountry that are being reviewed and may be subject of employeereductions,” he told The Credit Union Journal.

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