Western Corporate Federal Credit Union eliminated 30 San Dimas, Calif.-based employees last 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.
"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," said WesCorp President/CEO Philip Perkins.
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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