SAN DIMAS, Calif. – Western Corporate FCU (WesCorp) reported it is implementing numerous expense reductions, including the elimination of up to 90 employee positions, as it seeks to return to profitability.
The corporate reported a $7.6-billion loss in 2008. Interim CEO Philip Perkins, who was brought in by NCUA after WesCorp was placed in conservatorship, said the objective is to reduce expenses to 2003 levels.
WesCorp is cutting 30 employees at its headquarters office, and will eliminate 60 jobs at its branch locations, with approximately one-third of the reductions taking place immediately and the remainder phased in over the next 12 months as it closes its branch locations by mid-2010. Overall, WesCorp said staff is being reduced by approximately 22%.
“We looked at the entire scope of our organization with a critical eye for increasing efficiencies and scaling staffing to match business levels,” Perkins said.
