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.
Facilities are also on the chopping block. The corporate has axed landscaping and parking lot repairs budgets, and will consolidate workspace so it can potentially earn sub-lease income.
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