WAUSAU, Wis.–Amid ongoing losses, Connexus Credit Union permanently laid off dozens of workers in May, adding to previous job losses that were announced in November of 2024, according to a new report.
The Wausau Pilot & Review reported that Laura Huggins, senior vice president of marketing at Connexus, declined to disclose how many local workers have been let go, but said three independent sources told the publication 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 report added.
The $4.2-billion Connexus CU notified the state in September of the initial layoffs, with a notice posted on the Wisconsin Department of Workforce Development website, according to the Wausau Pilot & Review.
Connexus CU reported a loss of $13.8 million as of March 30, with net worth of 7.28%. The credit union posted a loss of $115.2 million at year-end 2024.
More Than 90 Job Cuts
“After laying off 16 workers in November Connexus eliminated 18 more positions in January, according to internal emails shared with Wausau Pilot & Review,” the publication stated. “That brings the total number of job losses to 94.”
In a statement to Wausau Pilot, Huggins said the 90-year-old credit union is financially strong, but added, “Connexus, like many financial service organizations, faced challenges such as slower loan growth, higher funding costs, and rising delinquencies,” Huggins wrote.
The Pilot & Review cited a Jan. 30 communication sent to employees that “cited millions in average monthly losses as motivation for the changes. 2024 was a challenging year for Wisconsin’s sixth-largest credit union by assets.”
Plan in Place
“In 2024, despite our strong financial health, we experienced an average monthly net loss of $9.5M,” the communication stated, according to the Pilot & Review. “This was a reflection of the economy, high interest rates, increased delinquencies and cautious consumer behavior.”
Earlier this year, the credit union said it “launched a multi-year profitability strategic initiative to proactively anticipate and respond to rapidly changing market conditions, with Huggins saying the enhancements, which aim to streamline operations, will work to strengthen Connexus moving forward,” the publication said.