San Antonio-based financial services firm USAA is laying off another 220 employees, marking its sixth round of pink slips over the past two years, the Express-News reports.
Company officials declined to say which departments were affected and how many of the cuts occurred at its Alamo City operations, which employ 19,000 people, according to the daily. USAA has 37,000 workers nationwide.
“USAA continues to hire, including approximately 2,900 jobs filled so far this year, but this reprioritization is necessary due to changing business needs,” Public Relations Director Roger Wildermuth told the Express-News.
In the past two years, USAA has jettisoned roughly 1,200 positions, affecting its IT, human resources, client-advising and business-continuation departments along with the mortgage unit of its USAA Federal Savings Bank, according to the daily.
Before this week’s announcement, the most recent job cuts occurred in May 2023, when USAA laid off 300. Days prior, the business reported its first annual loss in a century, which officials blamed on inflation, dwindling investment returns and a spike in natural disasters affecting its insurance division.
Despite the recent rounds of belt tightening, USAA’s total employment has remained steady because the business continues to fill other job openings, Wildermuth told the Express-News.
Subscribe to SA Current newsletters.
Follow us: Apple News | Google News | NewsBreak | Reddit | Instagram | Facebook | Twitter| Or sign up for our RSS Feed
Related Stories
USAA slashes 300 more jobs after reporting its first annual financial loss in a century
San Antonio-based USAA slashes 475 more jobs, citing economic worries
USAA lays off a ‘triple-digit’ number of workers as U.S. economy shows signs of slowing
San Antonio-based USAA lays off workers for second time this year
USAA quietly relocated its banking business out of San Antonio this spring
This article appears in Apr 3-16, 2024.
