Western Corporate Federal Credit Union eliminated 30 San Dimas-based employees this week, adding to the 60 branch processing staff the NCUA had previously announced would be let go over the next 12 months. WesCorp's staff will drop by roughly 22% from January 2008 to mid-2010.
"The number of job positions eliminated was not a preordained goal but rather the result of a bottom-up review of business levels, activity trends, and related staffing, all measured against members needs," wrote WesCorp President/CEO Philip Perkins. "Such a loss of talent is regrettable. However, if WesCorp is to be viable, we cannot and must not avoid this painful course of action."
WesCorp announced it will undergo additional cost-saving initiatives, with the goal of rolling back expenses to 2003 levels. Other cuts will come in employee benefits and increased efficiencies.
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Perkins said he anticipates more than $25 million in expense savings for WesCorp as a result of the job cuts, along with previously announced branch closures in several cities, the termination of employee benefits including defined benefit plans and the reduction of 401(k) matching.
The $20 billion corporate's Web site only features four executives on its management page, marking a drastic reduction from the long list of vice presidents previously featured.
"WesCorp regrets the impact these decisions will have upon its workforce," Perkins said. "We join, however, with many of our members in making the tough expense and staffing decisions necessary to meet today's economic conditions."
Michelle Samaad contributed to this report.
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