WAUSAU, Wis.—The layoffs at the $4.3-billion Connexus Credit Union continue.
Following layoffs of 16 workers in November and 18 employees in January, the credit union has reportedly laid off dozens of workers this month.
That brings the total number of job losses to 94, according to the Wausau Pilot.
The Wausau Pilot said Laura Huggins, senior vice president of marketing at Connexus, “stopped short of disclosing how many local workers have been let go.”
“Three independent sources told Wausau Pilot that 60 workers were immediately terminated on May 21 via a Zoom call, when affected employees were told to log off their computers at the end of the meeting. Their health insurance and other benefits will end May 31,” the news outlet stated. “Unclear is how many of those workers are in the Wausau area, and Mayor Doug Diny said he had not received any notification of the job losses since a hand-delivered notice in November.”
Connexus notified the state in September of the initial layoffs, with a notice posted on the Wisconsin Department of Workforce Development website.
A Jan. 30 communication sent to employees cited millions in average monthly losses as motivation for the changes, the Wausau Pilot 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 $115.2 million in net income in 2024 and $13.8 million through March of this year. Net worth stands at 7.28%, according to Call Report data.
In a recent statement to Wausau Pilot, Huggins said the 90-year-old credit union is financially strong – but cited economic challenges, elevated interest rates and wavering consumer confidence nationwide.
“Connexus, like many financial service organizations, faced challenges such as slower loan growth, higher funding costs, and rising delinquencies,” Huggins wrote.