Wescom Eliminates 100 FTE Positions

PASADENA, Calif. - Wescom Credit Union has eliminated as many as 110 full-time employee positions as it seeks to address financial losses the credit union experienced during 2007. Wescom reported negative earnings of $6.9 million during the first nine months of 2007 (CU Journal, Nov. 26).

Positions being eliminated at the credit union reportedly are being done through layoffs, attrition and the reduction of open positions, according to an e-mail sent to all Wescom employees by CEO Darren Williams and obtained by Credit Union Journal.

In a statement to the Credit Union Journal, Wescom CU spokesperson John Kearns said the $3.8-billion credit union would decline opportunities for an interview and would not provide a statement to media, saying WCU did not wish to respond to anonymous sources.

“Over the past 70 years Wescom has employed thousands of individuals,” Kearn said in an e-mail to the Journal. “It is our goal and intention for every employee to have a positive working experience while employed by Wescom. We, however, understand that it is not always possible and some employees leave Wescom dissatisfied.”

In the e-mail to employees Williams said he would be meeting in December with all employees on a CU-wide basis and would field all questions. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com