USAA lays off a ‘triple-digit’ number of workers as U.S. economy shows signs of slowing

USAA, San Antonio’s third-largest employer, laid off a “triple-digit” number of people this week as the economy continues to lose steam, according to media reports.

As first reported by the Express-News, USAA Bank laid-off employees across several departments, some of whom had worked at the Fortune 500 company for “decades,” one former employee told the daily.

According to the Express-News, the layoffs included positions in human resources, client advising, information technology, and business continuation.

USAA could not confirm how many people had been laid-off but said in a statement to the Express-News that the layoffs are in response to “shifts in the marketplace.”

The U.S. economy shrank for a second consecutive quarter between April and June, leading some economists to say that the country is in a technical recession.

Even so, the Biden Administration has been hesitant to call it a recession, pointing to strong monthly jobs reports and robust consumer spending.

The latest round of job cuts comes mere months after USAA Bank cut ties with over 90 employees in its home lending department in March, citing a sudden drop in demand for mortgages, the Express-News previously reported.

Active home listings in San Antonio have nearly doubled in the past three months, according to the San Antonio Board of Realtors. Nationally, home sales were down 24.1% year-over-year in June, per a Zillow market report.

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This article appears in Aug 10-23, 2022.