Spokane-based Global Credit Union has cut 20 positions, or 11 percent of its work force, to streamline costs.
The reductions were announced Monday.
“The reason, very simply, is the economy,” said Ed Neunherz, senior vice president for corporate communications.
Company managers took the action so that operations in the near future are not disrupted as the financial service industry deals with credit problems.
“Our primary mission is to take whatever steps are needed to protect our members,” he said.
The credit union, which has offices in Eastern Washington and North Idaho, will have about 165 workers after the layoffs, Neunherz said. It also has about 50,000 members, he said.
No branch operations are affected by the cutbacks. Global Credit still plans to open branches in in Coeur d’Alene and Spokane Valley in the next several months.
Neunherz also said no tellers will lose jobs. “Our front-line people, for now, are not on the table,” he said. Those positions are considered critical in order to ensure reliable service to the credit union’s customers, he said.
The 20 positions cut are in communications, business development, card management and accounting, Neunherz said.
Company President and CEO Jack Fallis posted a Web site message saying the measures are regrettable but necessary. “Our national economy continues to stumble, and I predict a bumpy road ahead,” Fallis said.
“Here at Global we remain well-capitalized, and our delinquency and loan losses remain significantly lower than other financial institutions. By tightening our belts now, we will be even stronger when we emerge from this economic cycle.”