BECU to Cut More Employees from Payroll

TUWKILA, Wash. – In a second round of layoffs in nearly four months, BECU announced on Oct, 19 that it will cut 85 employees from its payroll. The $4.8 billion credit union cut 70 jobs in July. The cuts, which bring BECU’s employee count down to 820, were made after several internal functions were reorganized to allow more staffers to handle member requests, according to BECU. Both managers and nonmanagers are included and the layoffs will occur at BECU’s 30 Express Service Centers throughout the Puget Sound region. Despite a strong capital position; reserves well above requirements; net income growth; and membership growth at a “record pace,” the changes were made to simplify BECU’s approach to product management, marketing and member service, according to a statement. “These changes are aimed at matching service levels to members’ needs and controlling expenses, so the credit union can enhance its competitive position and advantageous rates for members,” according to a statement. BECU was chartered in 1935 to serve Boeing Company employees but expanded to a community charter in August 2002 to serve all of Washington’s residents. It recently touted the success of a direct mail piece that led to 20,000 new members joining BECU over the past year. BECU serves more than 370,000 members.