USAA slashes 300 more jobs after reporting its first annual financial loss in a century

Financial services firm USAA — one of the San Antonio’s largest employers — has jettisoned 300 more jobs, a belt-tightening move that comes two weeks after it posted its first annual loss since 1923, the Express-News reports.

Company officials told the daily that the firings were spread across most of its offices and business lines. The enterprise still has 37,000 workers, roughly half of them in the Alamo City, where it’s headquartered.

The layoffs follow separate cuts in April and February that eliminated a total of 605 positions and a round last August that resulted in “triple-digit” job losses.

At the beginning of May, USAA reported a loss of $1.3 billion on sales of $36.3 billion for 2022. That compares to $3.3 billion profit on sales of $37.5 billion the prior year.

Officials with the USAA, which is heavily reliant on its insurance products, blamed the loss on record inflation, a rise in natural disasters and a drop in investment returns.

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This article appears in May 17-30, 2023.