DENVER— In the wake of an announcement by PNC Financial Services that it will lay off nearly 1,000 employees following its acquisition of Colorado’s FirstBank, the state’s credit unions have launched a virtual job resource center and resume bank aimed at connecting displaced FirstBank employees with career opportunities across the credit union system.
With credit unions operating throughout Colorado and the broader region, many are actively hiring for roles that align closely with the experience and expertise of affected workers, the GoWest Credit Union Association said in a statement.
The CU Daily had coverage of the job cuts here.
“These are experienced financial professionals who have spent their careers serving Colorado communities. Credit unions value the talent and dedication of those professionals,” GWCA EVP & Chief Advocacy Officer Jennifer Wagner said in a statement. “If you’re looking for a place where you matter, consider a career at a credit union, where the work is people-focused, community-driven, and built around making a real difference in members’ lives every day.”
‘Communities Lose’
The GoWest Association said that when the acquisition was first announced last fall, leaders across the credit union industry cautioned that job losses and reduced local investment were likely outcomes. Recent news confirms what many feared, and what history continues to show, the association added.
“Time and again, we see the same pattern: when some of the largest financial institutions in the country acquire local banks, communities lose,” Wagner added in a statement. “This is what happens when growth is driven by profits instead of people. Big banks answer to shareholders. Credit unions answer to their members. And right now, Colorado workers are feeling that difference in a very real way.”
The National Trends
According to the GoWest CU Association, national trends reinforce this reality. Since 2012, 67% of bank assets sold have gone to out-of-state banks. With this latest acquisition by PNC, Colorado is now seeing a similar shift, where 60% of bank deposits in Colorado are now held by six out-of-state banks.
“As control shifts to Wall Street and away from the people, so do decisions about jobs, branches, and community impact,” said Wagner. “The result is fewer local voices, fewer local jobs, and less accountability to the people who live and work there. Colorado is the latest unfortunate example of that. There’s nothing consumer-centric about eliminating nearly a thousand local jobs. These are real people and families being impacted at a time when job loss and unemployment are already too high.”
Additional Assistance
The GoWest Association added that credit unions offer skip-a-payment, short-term loans, and other assistance for people experiencing financial difficulty. Laid-off employees in need of support are encouraged to reach out to local credit unions for special short-term financial assistance offers.
