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The $6.3 billion Wescom Financial Credit Union in Pasadena, Calif., will lay off 72 employees from its wealth management division starting on April 21, according to Worker Adjustment and Retraining Notification Act (WARN) filings.
Last May, Wescom Financial Wealth Management completed the conversion of its broker-dealer and clearing relationship to LPL Financial LLC.
“This new partnership is a deliberate move to bolster our capabilities and ensure we continue to meet your needs with even greater financial solutions, resources and tools, while maintaining the personalized service you have come to trust,” the credit union said during last year’s conversion to LPL.
The layoffs will affect 40 employees in Anaheim, Calif., and 15 employees in Pasadena. At 16 other locations, at least one employee will be laid off, the WARN filing showed.
Wescom Financial’s fourth quarter Call Report showed it had a total workforce of 928 employees.
The credit union did not respond to CU Times‘ email and phone call requests for comment on Friday afternoon.
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