The hospital's announcement was last night condemned by unions who said its proposals for elderly care amounted to "privatisation".
Chief Executive Frank Burns said the cuts were necessary, and that 50 new jobs would be created as a result of the savings.
The hospital trust - which has its main sites at Arrowe Park and Clatterbridge - plans to axe 35 management posts, get rid of 10 beds on the children's ward and close the dermatology ward at weekends. This was described as being the first phase of "belt tightening" measures.
They also plan to shut an elderly care ward at Clatterbridge, moving two more to Arrowe Park, and closing another medical ward at the Upton site in 2007/08.
Dave Laird of the TGWU, who led the campaign to save two elderly care wards at the trust's Victoria Central Hospital, said: "They accused us of self interest in Wallasey trying to save those wards.
"They denied it when we asked them about the future of the elderly wards at Clatterbridge, and now look what has happened.
"I'm disgusted at the management of the NHS, at the behest of this Government, effectively privatising care of the elderly. The owners of private nursing homes will be rubbing their hands with glee."