DENVER—The announcement by PNC Financial Services that it will eliminate nearly 1,000 jobs tied to its acquisition of FirstBank is drawing renewed criticism from Colorado credit unions, which said the cuts underscore the risks communities face when local financial institutions are absorbed by large out-of-state banks.
In response to the layoffs, Colorado credit unions have launched a virtual job resource center and resume bank aimed at helping displaced FirstBank employees connect with career opportunities across the credit union system. The effort is being coordinated through the GoWest Credit Union Association, which noted many credit unions in Colorado and surrounding states are actively hiring for positions aligned with the experience of affected workers.
“These are experienced financial professionals who have spent their careers serving Colorado communities. Credit unions value the talent and dedication of those professionals,” Jennifer Wagner, EVP and chief advocacy officer at GoWest Credit Union Association, 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.”
GoWest said credit union leaders had warned when the acquisition was first announced last fall that job losses and reduced local investment were likely outcomes. Wagner argued the layoffs reflect a broader national pattern in which large financial institutions consolidate control while local communities lose jobs and decision-making authority.
“Time and again, we see the same pattern: when some of the largest financial institutions in the country acquire local banks, communities lose,” Wagner said. “This is what happens when growth is driven by profits instead of people. Big banks answer to shareholders. Credit unions answer to their members.”
According to GoWest, national data show that since 2012, approximately 67% of bank assets sold have gone to out-of-state institutions. The association added that, following the PNC-FirstBank deal, roughly 60% of Colorado bank deposits are now controlled by six out-of-state banks.
GoWest also said local credit unions are offering support programs for workers impacted by the layoffs, including skip-a-payment options, short-term loans and other forms of emergency assistance. Information on employment opportunities and financial support resources is available through the association’s online resource center at GoWest Credit Union Association resource center