APRIL 10, 2024 — ANOTHER 220
Another round of layoffs saw 220 employees separated from the organization. USAA declined more specific information in what may be the sixth round of layoffs in the past two years.
According to a company spokesperson, “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 220 roles. USAA continues to hire, including approximately 2,900 jobs filled so far this year, but this reprioritization is necessary due to changing business needs. Employees are treated with care and compassion and provided with assistance to find new roles inside and outside of the organization.”
MAY 18, 2023 — ANOTHER 300 EMPLOYEES
In a third round of layoffs, the company is laying off another 300 employees.
According to a company spokesperson, “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 continues to hire but this reprioritization is necessary due to changing business needs.”
The running total is 900, including 475 in April 2023 and 130 in February 2023, from the bank’s mortgage service department.
APRIL 1, 2023 — 475 EMPLOYEES
The company has announced a cost-cutting initiative that will reduce expenses, office space, and layers of management.
The latest cuts will impact 475 employees.
According to a company spokesperson, "To continue providing members with exceptional service and competitive prices through this challenging economy, USAA has made a number of changes. Including realigning staff to meet USAA's "most important priorities. Unfortunately, reprioritizing work means we need fewer teammates in certain areas. These difficult decisions are a normal part of running a healthy business during an economic downturn,"
OCTOBER 3, 2018 — Original post.
San Antonio, Texas-based USAA (United Services Automobile Association), a Fortune-500 diversified financial services group, has announced that it will be reducing the headcount in its real estate lending operations and laying off 265 employees. 110 employees are located in San Antonio, and the rest in Phoenix, Arizona, and Tampa, Florida. USAA Bank President Chad Borton noted, “This decision was difficult, as we value our employees, and we appreciate that they go above and beyond for our members every day. However, it was necessary as we focus on continuing to provide members competitive mortgage products today and in the future.”
It is becoming increasingly difficult to remain competitive in mortgage lending due to weakening home sales and more stringent controls on re-financing existing loans. To be noted, the company has a stellar record of integrity and is trying to place employees in open positions.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?