WAUSAU, Wis.—The $4.3-billion Connexus Credit Union has made additional cuts to its workforce, further trimming 18 positions in January following the layoff of 16 workers in November, the Wausau Pilot & Review reported.
The credit union informed the state about the initial layoffs in September through a notice posted on the Wisconsin Department of Workforce Development website. However, no such notice was issued for the recent round of staff reductions
A Jan. 30 communication sent to employees cited millions in average monthly losses as motivation for the changes, the Wausau Pilot & Review said, noting 2024 was a challenging year for Wisconsin’s sixth-largest credit union by assets.
“In 2024, despite our strong financial health, we experienced an average monthly net loss of $9.5M,” the communication states. “This was a reflection of the economy, high interest rates, increased delinquencies and cautious consumer behavior.”
The credit union lost $33 million in net income through September of 2024. Net worth stands at 9.23%, according to Call Report data.
The Wausau Pilot & Review reported that credit union officials went on to state that moving forward operating expenses will be closely managed. Non-elective 401(k) programs for 2024 will not be funded, while staffing for the member contact center has been realigned. The marketing department was also restructured.
All 18 employees have been informed their positions were eliminated, the Wausau Pilot & Review reported.