Colorado credit unions are launching a virtual job resource center and resume bank after PNC Financial Services announced plans to eliminate nearly 1,000 jobs tied to its acquisition of FirstBank.
The GoWest Credit Union Association said the new initiative is designed to connect displaced employees with career opportunities across the region's credit union system, where many institutions are actively hiring.
"These are experienced financial professionals who have spent their careers serving Colorado communities," said Jennifer Wagner, executive vice president and chief advocacy officer for GoWest. "If you're looking for a place where you matter, consider a career at a credit union."
The layoffs have renewed criticism from credit union leaders over continued consolidation among large financial institutions.
"When some of the largest financial institutions in the country acquire local banks, communities lose," Wagner said, arguing that decisions made by out-of-state institutions often reduce local jobs and community investment.
According to GoWest, 67% of bank assets sold nationally since 2012 have gone to out-of-state banks. Following the FirstBank acquisition, the group said 60% of Colorado bank deposits are now controlled by six out-of-state institutions.
Credit unions are also offering financial assistance programs for laid-off workers, including skip-a-payment programs and short-term emergency loans.
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