Well, I think you know this, but Vancity
was going through a bit of a difficult time
in 2023 and starting into 2024. We had to
do a lot of challenging things last year to get
the business back on good footing. What
I feel good about is that we've succeeded
in doing that—Vancity was in the black for
2024. We just finished the fiscal year. We're
set up to get back to a good level of profit-
ability in 2025 and start building on that.
In June of last year, Vancity laid
off around 200 employees. Do you
anticipate that being the end of
layoffs for the organization?
Yes, 100 percent. We had to really fix the
structure of the organization so that we could
be sustainably profitable as we start to grow
again. It enabled us to free up investment in
areas that are key for us. We know we need
to advance digital and technology platforms
so that they're way more competitive. In the
fall, the board approved a new strategy that
includes tripling our investment in technol-
ogy over the course of the next three years,
with a literal doubling in 2025.
Is that going to be focused on making
it easier for customers to access
features?
For sure—a truly competitive experience.
For years, people said that they appreci-
ate the personal touch of credit unions,
but they felt like you had to sacrifice on
the convenience side of things and the
digital experience. Well, our goal is to
let you have your cake and eat it too,
and I think we can do that.
In terms of getting back
in the black, obviously an
improved economy and
lower staff costs are going
to help with that bottom
line. What were some of the
other factors?
Wellington Holbrook has been the
CEO of Vancity Credit Union for just
over a year. Holbrook grew up in
Winnipeg, did a master's degree at
Oxford and has worked for financial
institutions across the country.
We met at Vancity's head office
to talk about the recent financial
challenges the credit union
has faced and how it's
paving the path forward
by Nathan Caddell
You were hired in
January 2024. How
have things been in
the last year and a bit?
Va n c i t y
