Alaska’s largest credit union laid off 185 employees this week in five states, including 78 in Alaska, in response to a downturn in lending activity.
Most of the cuts at the credit union have come in its lending operations, from an overall workforce of 2,240 people spread across Alaska, Arizona, California, Idaho and Washington, he said. Smaller staff reductions will occur in the project management and technology departments.Proportionally fewer cuts are happening in Alaska than in the Lower 48, he said. Half the company’s workforce is located in Alaska, and those operations are seeing about a 7% reduction in staff.
“That’s what organizations have to do,” he said. “You have to shift people around to meet the demands as the demands of the business change.” The higher rates this year contributed to the collapse of major banks, such as California-based Silicon Valley Bank. The higher rates devalued long-term bonds held by that bank and others, hurting their ability to raise cash when investors pulled deposits.banks and credit unions operating in Alaska, including Global Credit, are typically much smaller than the banks that failed. They operate differently and are on solid ground, they said.
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