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.
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 (www.wescorp.org) only features four executives on its management page, marking a drastic reduction from the previously long list of vice presidents.
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