TALLAHASSEE, Fla. – Southeast Corporate FCU, one of several struggling corporate credit unions announced more lay-offs this week, making a total of 28 staff reductions for the year.
Half of the reduction was created by attrition, while the rest was due to layoffs, including some this month. The $3.7 billion corporate now employs 107 individuals, down from 135 at the start of the year.
The staff cuts will save the corporate about $2.2 million, a decline of almost 20%.
“The additional cost savings realized from staff reductions will help put us on the road to rebuilding retained earnings,” said Southeast CEO Bill Birdwell, who also pointed out that no member-facing staff positions were lost.
Southeast reported a $20.9 million loss for 2009 through October.
Other struggling corporates, including Members United Corporate FCU, WesCorp FCU and U.S. Central FCU, have also announced job cuts in recent months.
