USAA eliminates 300 more employees in new round of job cuts

USAA is one of San Antonio’s largest employees


SAN ANTONIO – San Antonio-based USAA is eliminating 300 employees in the latest rounds of layoffs this year.

USAA has been one of San Antonio’s largest employees for years. The organization employed 19,000 local workers in 2022, according to the 2022 Annual Comprehensive Financial Report from the city of San Antonio. However, another round of layoffs marks the third time the company has cut jobs this year, taking out another 300 employees from across the organization.

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“USAA continues to make necessary adjustments to run a healthy business and provide members with exceptional service and competitive prices. After careful consideration, we made the difficult decision to eliminate approximately 300 roles across most of our offices and different functions,” USAA spokesperson Christian Bove told the Business Journal. “USAA continues to hire but this reprioritization is necessary due to changing business needs.”

Bove also confirmed impacted employees are provided assistance to find roles “inside and outside of the organization.”

In February, the company removed 130 employees, with most coming from the bank’s mortgage service department. Another 475 jobs were eliminated in April, which represented just over 1% of the the organization’s total workforce.

The latest round of layoffs brings the total of eliminated employees to just over 900 in 2023.

Earlier this month, USAA posted losses on its annual balance sheet the first time in its 100 years of operation. The company reported just over $36 billion in revenue in 2022, which was a 3% decline from the previous year.

Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.

Click here to read this story in the San Antonio Business Journal.

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