PITTSFIELD, Mass.–Greylock FCU has confirmed that some employees will lose their jobs following its investment in and partnership with a CUSO that provides back-office services.
The $1.6-billion Greylock FCU confirmed to the Berkshire Eagle that the job reductions will take place, but President and CEO John Bissell told the publication it will involve a “small percentage” of Greylock FCU’s 320-340 full-time employees, and emphasized to the publication that it is not making mass layoffs and certainly isn’t closing.
GCU Is Investor in CUSO
The report did not identify the CUSO, identifying it as having been established by the Credit Union of New Jersey, in Erving, N.J., and United Teletech Financial Credit Union in Tinton Falls,. N.J., but that would be Member Support Services, LLC, which provides back-office support services.
Greylock FCU invested $100,000 to join the CUSO. Bissell is a board member of MSS.
Bissell told the Berkshire Eagle the reduction in force will not be "a sudden, abrupt thing,” adding, “Greylock is not going anywhere. We’re here to stay.”
According to the report, functions at Greylock Federal that will be affected by the reductions, include information technology, loan services, asset quality and operations.
Workers affected have been asked to sign nondisclosure agreements, as a “standard business procedure,” Bissell told the Berkshire Eagle.
Seeking to Find new Roles
Bissell further told the publication the credit union is working to place as many of the workers as possible in other roles with the credit union, or with the credit union service organization that will take on those roles in the future.
The net reduction in workers won’t be known for two years, he told the Berkshire Eagle.