CUNA Mutual Cuts Deeper

MADISON, Wis. - (03/13/06) – CUNA Mutual Group announcedmore lay-offs Friday, the fourth round over the past five months,and more are expected still. The credit union insurer said 55 morejobs will be pared–40 of them in Madison and 15 in Waverly,Iowa–bringing the number of jobs eliminated since lastOctober to 565. But Friday’s announcement, which affects thecompany’s Training & Development unit, came with theaddition of 43 new positions, making the lay-offs a net loss of 12positions. The moves, which follows 90 lay-offs in February, arethe latest in a series of restructuring initiatives undertaken bynew CEO Jeff Post since his hiring in January 2005. Companyofficials indicated there will be more job cuts. Evaluations ofbusiness units are continuing and there will no doubt be jobreductions as a result of those reviews,’ Rick Uhlmann, chiefspokesman for CUNA Mutual, told The Credit UnionJournal.