Global Credit Union in Anchorage, Alaska, has cut 185 jobs in five states, or roughly 8% of its workforce.
The $11.7 billion-asset credit union told the Credit Union Times that the layoffs reflect reduced loan volume tied to elevated interest rates.
Most of the cuts were lending-related, though the credit union plans to cut some technology and project management positions. The credit union has operations in Alaska, Arizona, California, Idaho and Washington.
Laid-off employees will receive 30 days of severance and will be given preferential treatment for other job openings at the credit union.
The credit union rebranded from Alaska USA Federal Credit Union earlier this year.