SAN ANTONIO – San Antonio-based USAA is laying off 220 employees.
“After careful consideration, we made the difficult decision to eliminate approximately 220 roles,” USAA Public Relations Director Roger Wildermuth told the Business Journal. “USAA continues to hire, including approximately 2,900 jobs filled so far this year, but this reprioritization is necessary due to changing business needs.”
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The company called the latest round of layoffs a “necessary adjustment” for the organization. It is unclear how many positions were eliminated in the San Antonio-New Braunfels MSA.
Employees impacted by the layoffs are “treated with care and compassion and provided with assistance to find new roles inside and outside of the organization,” according to the company.
Last year, USAA eliminated almost 1,000 jobs. In May, 300 jobs were eliminated as part of “necessary adjustments to run a healthy business.” In April 2023, 475 jobs were cut, which represented just over 1% of the organization’s total workforce.
Last year was the first time in its 100-year history that USAA posted losses on its annual balance sheet. In spite of those losses, USAA led Business Journal’s 2023 Banks by Deposits List, with $98.69 million in deposits within the San Antonio market.
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Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.