Connexus CU Plans for Layoffs in November
The employees include indirect loan processors, underwriters, managers and quality control associates.
The $4.8 billion Connexus Credit Union said it plans to permanently lay off 16 employees who work remotely in November.
The Wausau, Wis.-based credit union’s WARN notification was posted on the Wisconsin Department of Workforce Development website on Thursday.
The employees who will be laid off are six indirect loan processors, four underwriters, three quality control associates, one underwriter manager, one indirect loan processing manager and one indirect processing lead, according to the credit union’s WARN notification.
“Connexus plans to permanently lay off these employees effective November 11, 2024,” the credit union’s WARN notification stated. “The affected employees do not have any bumping rights. Of the employees who will be laid off, 11 live in Wisconsin.”
There are 737 Connexus employees, according to its second quarter Call Report filed with the NCUA.
The credit union did not respond to a CU Times request for comment about the reasons for the layoffs.
2024 has turned out to be a challenging year for Wisconsin’s sixth largest credit union by assets.
Connexus ended the second quarter with a loss of $25,725,832, compared to $12,141,569 in income at the end of 2023’s second quarter, according to NCUA financial performance reports. The credit union also recorded a loss at the end of this year’s first quarter of $22,534,762, compared to an income of $233,613.
The credit union’s total loans dropped to $4,376,214,585 in June from $4,660,378,562 in March of 2024, while in the same time frame Connexus’ assets fell to $4,810,958,738 from $5,197,148,962, according to NCUA financial performance reports.