Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
WesCorp announces staff layoffs
SAN DIMAS, Calif. (7/6/09)--Western Corporate FCU (WesCorp) President/CEO Philip Perkins detailed Wednesday the final action of several cost-saving initiatives--including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. The initiatives include belt-tightening measures resulting from reviews of the processes supporting WesCorp’s product lines, including appropriate staffing levels and employee benefits. The goal, said Perkins, is to ensure WesCorp’s ability to continue to efficiently provide service to its 1,000-plus member credit unions. The decisions announced Wednesday will impact about 30 employees at WesCorp’s headquarters in San Dimas, Calif. Staff reductions will also affect another 60-plus people at branch locations. About one-third of the layoffs are effective immediately. The remainder will take effect over the next 12 months, as four branch locations devoted to check settlement are phased out at the time their leases expire, and operational processes are migrated away. WesCorp’s staff will drop by roughly 22% from beginning-of-year levels to when all of the planned branch location closings are completed by the middle of 2010. “We, like our members, recognize that business and economic conditions have changed profoundly,” Perkins explained. “We looked at the entire scope of our organization with a critical eye for increasing efficiencies and scaling staffing to match business levels. We are making these tough decisions in order to continue a high level of commitment to the products and services our members expect from WesCorp.” The analysis prompted WesCorp to advance some strategic plans already in place, such as those associated with converting to image check processing and phasing out branch processing facilities. It also allowed WesCorp to realign and reduce staffing and organizational resources to support WesCorp’s core competencies. “WesCorp regrets the impact these decisions will have upon its work force,” Perkins added. “We join, however, with many of our members in making the tough expense and staffing decisions necessary to meet today’s economic conditions.”


RSS print
News Now LiveWire
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
10 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
13 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
15 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
16 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
16 hours ago