Western Corporate Federal Credit Union eliminated 30 San Dimas-based employees this 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.
"The number of job positions eliminated was not a preordained goal but rather the result of a bottom-up review of business levels, activity trends, and related staffing, all measured against members needs," wrote WesCorp President/CEO Philip Perkins. "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."
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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