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U.S. Central Cuts 25 Employees and 25% Expenses

U.S. Central is forecasting $47.9 million in noninterest expense for 2009, compared to the $64.2 million it spent in 2008, which marks a 25% reduction.

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U.S. Central is forecasting $47.9 million in noninterest expense for 2009, compared to the $64.2 million it spent in 2008, which marks a 25% reduction.

According to NCUA spokesman John McKechnie, the conservator-led management team has eliminated many expense items related to staff compensation and perks, like incentive pay, merit salary increases, and tuition reimbursement. Twenty-five staff positions have been eliminated this year, although McKechnie did say some of them were vacant positions that will not be filled.

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