Bidenomics: Global Federal Credit Union is among many financial institutions laying off lending staff

By
Suzanne Downing
-
32

Global Federal Credit Union has laid off 78 Alaska workers, a result of economic policies from Washington that has created higher interest rates and slowed down borrowing. It’s not because customers quit the credit union after it went “global.” It’s because of trickle down economics and because elections have consequences.

Luckily for those workers, the job availability rate in Alaska is still high. There were over  27,000 job openings in March, the U.S. Bureau of Labor Statistics reports.

The credit union, a member-owned cooperative with more than 5,500 sites available to members in the shared-branch network in all 50 states, has laid off 187 people companywide in Alaska, Arizona, California, Idaho, and Washington. The jobs were primarily in the lending departments.

Headquartered in Anchorage, Global changed its name from Alaska USA Federal Credit Union this year. It is the 17th in the country for asset size, and among the largest credit unions by membership. Global Credit Union has nearly $12 billion in assets.

The credit union system remains well-capitalized and on a solid footing, according to the National Credit Union Administration, created by Congress to monitor, regulate, charter, and supervise federal credit unions. Deposits are insured, just as they are at banks.

But the banking and financial sector in general is suffering from Bidemonics — the policies of the Biden Administration that have driven borrowing rates higher and caused consumers to react by not taking out loans.

A few of the other institutions that have laid off workers this year:

Goldman Sachs Group, headquartered in New York, cut 125 jobs. Announced in February, the layoffs took place in June around the globe, including some in investment banking.

JPMorgan Chase & Co. Asia cut 20 investment-banking jobs in Asia as deals fell through, according to Bloomberg.

First Republic Bank, which collapsed earlier this year, was bought by JPMorgan Chase, which notified about 1,000 of the employees that they were being let go.

Bank of America, headquartered in Charlotte, N.C., cut 1,000 jobs in April and plans more this year, to control costs. Bank of America will also cut less than 200 jobs in its investment bank, according to American Banker.

PacWest Bancorp laid off around 200 employees at subsidiary Civic Financial Services, a residential real estate company it bought during the house-buying boom of 2021.

PenFed Credit Union, the third-largest credit union, cut 569 jobs earlier this year. That was 14% of its workforce, a result of the falling loan business coming from high interest rates.

32 COMMENTS

  1. Sadly Like ALL THE OTHER GOOD JOBS…i.e. Working for Companies with Good benefits, Offices in Other States/Locations..and the ability to work in different Depts. These Jobs are going Bye-Bye….All That’s left is the Service Industry/Low Paid/Menial Jobs…for ALOT LESS$$$…These Jobs Wont Be Coming Back….BP is Gone, So Is ARCO Alaska….Conoco Phillips is Smaller…Allowing Smaller Privately Held Companies (S Corps) into Alaska’s Petroleum & Oil/Resource Industries….And You Wonder WHY Alaska is Ranking AT or Near the Bottom for Jobs & Quality of Living/Work/Affordability….With Low Paying Service/Tourism/Temp. Jobs done By Outsiders who Come Up for the “BIG” Money (To Them, Compared to the Min. Wage Jobs Where They Come From) to Alaska for ALL of the SUMMER/TEMP/SERVICE Jobs….Then Go Back to the Cheap to Live States & Countries They came From…..Enuf is Enuf….ALASKA is Bleeding Out!!!!

  2. I didn’t quit quit them but they are no longer my primary credit union. Transitioning takes a while, but eventually I’ll pull completely out. Same with Alaska airlines.

  3. Biden is Jimmy Carter 2.0, except Biden has been using his office for stealing and colluding with his brother for 50 years. Everything he has done mirrors the mistakes Carter made as president and the results are all the same. Disastrous for the country.

  4. With electronic banking there is less need for tellers and overall administration. About the only need for cash anymore is to buy weed and banks will soon be able to serve the CBD businesses with checks and credit cards. Unfortunately it is always lower income citizens that are hurt most be less banking availability. Alaska USA screwed up with the name change, there is a lot of $$$ in the Alaska name. Should have been renamed Alaska Global IMO.

    • Only idiots and mindless sheeplike willing victims refuse to use cash, Frank.
      Every use of a credit card only feeds the parasitical Wall Street financial establishment.

  5. Solid footing? Yeah right! And the economy is in great shape. This house of cards is coming down folks. Happy fourth of July. Thanks to all you woke folks who voted for this demented fool and a big thanks to all the lazy folks who didn’t even bother. If we are lucky enough to make it thru the remainder of this administration’s term might I suggest getting off your #@$%!$# recliner! Seriously,,,,

      • more people out of the work force, “not looking for work”. THAT is reason for the “lowest unemployment rate…”. Should say, “lowest UNDERemployed since…”

        • Covid lockdowns permanently removed many businesses from the face of the Earth.

          Several people I know threw in the towel and retired. Wasn’t worth the fight anymore.

      • VC, that is such a disingenuous and fallacious retort that it merely highlights your own dishonesty and lack of good faith.

        Everyone with one quarter of a brain knows that the so-called “unemployment rate” spewed by the BLBS is pure propaganda, and utterly unreflective of the actual number of people who are unemployed in this country, by grossly understating the TRUE number of the unemployed.

        Really, you could not have demonstrated your bootlicking and shilling for the corrupt and illegitimate power establishment any more effectively.

  6. If the government FEMA camp Public Schools would have taught how money works we would understand what’s happening. Money only exists during the duration of a loan and then is destroyed. The money did not exist before the loan and will be destroyed at the end of the loan . Somebody took a loan out to make the dollar bills in your wallet exist.. Loans are not being generated for a variety of reasons but the outcome is the same, you will have less dollar bills in your pocket. Your money is under attack… your border is under attack, your precious children are being perverted, your food is under attack, your doctor has become a criminal, your history is being attacked, white people are under attack, your body along with the Earth is being genetically modified and synthetic, and as I sit here this morning the headline is the elites want to block the Sun, (they have been chemtrailing since the early 90s) means the world food supply will be cut in half. So who’s going out to rah rah the flag today?

  8. I’ve been a member of AKUSA since the 70s. They have have gone down hill on customer service, just like it seems everyone else has too. More then a few of us are moving our pennies to other places.

  9. Blaming these layoffs on Biden is a stretch. Zero interest rates during Covid and $32 Trillion in US Debt due to overspending caused inflation, causing the Fed to have to raise interest rates (which are still now in line with historic rates). You could say Biden and the D’s pulled the trigger on it with their ridiculously partisan spending bills to top off the bipartisan overspending binges.

    • Sadly everyone who was in DC is at fault here. Trump included.

      When you teach a population it’s more lucrative to stay home than work, spend well beyond your ability to ever pay it, and freeze large segments of the economy…this thing happens.

  10. The only people I see celebrating are the leftovers from gay month who are taking Health and Human Services Secretary Rachel Levine’s advice and celebrating a Gay Summer with their multicolored rainbow flags.
    Kornpop did a number on old Joey.
    The peanut farmer only destroyed the economy. Billy was only interested in making beer unlike Hunter and Uncle Frank

    Sick leaders from a warped and corrupt administration elected by sheep herded by the media and a demented FBI.

  11. Well, it may be true elections and counting math have consequences. It is not just a President who is elected. He brings a team doesn’t he. Some of the trogladytes may have very underground perspectives which are unsupportive of Americans priorities which leads to such constrictions. Perhaps we have woken up a bit and will do something different.

  12. Elections have consequences. Orange man was icky and made mean tweets.

    So, obviously, the economy had to be ranked.

  13. Encourage Kelly Thishbaka to run for Congress, and sign the Rank Choice Voting Repeal Initiative, for starters.. There is a Tsunamis on the horizon, heading this way. The only ones who will be left will be those on the High Ground. We will be needing Great Leaders to carry on. Kelly has proven herself to be a Great Leader. Remember the past, prepare for the future.

    • What a strikingly daft remark. That woman couldn’t manage a budget to save her soul and you want to toss her the checkbook along w/ everyone’s future? You are grossly confused.

  14. Drop Trou. Sounds like you voted for Mary Peltola. When Kelly was in DC her High Level Job was to make Government Agencies ACCOUNTABLE for the Taxpayer Money they received. In other words OUR Financial Watch Dog in DC.. She was a Lone Conservative in a DC Swamp of Socialist Democrats. She knows how to Fight Monsters.

  15. If they hadn’t done their credulous name change from Alaska USA to Global (Globo Gym?), perhaps they would have sufficient $$$ on hand to weather the storm rather than creating it. They must be very proud. Cheers –

  18. So it wasn’t that they spent tons of money switching company names in bad times, also many Alaskans didn’t want the name to change. Alaskans took pride in that it was an Alaska credit union. Or that their system was grossly outdated, and they tried to change it overnight without the simplest inkling of what they are doing? They craped on their employees and customers as they were too arrogant to do proper business. lol and in the end they fire the people by video call in groups like it was a lottery. Announce there will be layoffs at the meeting later that day and good luck to everyone that gets let go. Utter disgrace of a company.

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