San Antonio-based USAA confirmed Wednesday that it has laid off another 300 employees across the company.
This latest round of job cuts — the company’s second this year — comes just weeks after the financial and insurance giant reported its first loss in 100 years. USAA cited a challenging economic environment that includes the ripple effects of inflation, higher interest rates and $2.5 billion in insurance payouts.
USAA reported a $1.3 billion net loss for 2022, according to its annual report, down from a $3.3 billion profit in 2021, and just over $36 billion in revenue in 2022, a 3% decline from last year. The company’s net worth dropped to $27.4 billion from $40 billion.
The layoffs affected roles “across most of our offices and different functions,” spokesman Christian Bove wrote in a statement, which was first reported in the San Antonio Express-News. The company employs roughly 37,000 people, about 19,000 of those in the San Antonio area.
Bove wrote that USAA continues to hire, but it “continues to make necessary adjustments to run a healthy business and provide members with exceptional service and competitive prices.”
USAA is contracting in other ways as well. Last year it allowed the leases at its downtown offices at One Riverwalk Place and 300 Convent St. to expire.
Earlier this year, USAA laid off about 475 people, saying the cuts affected roughly 1% of its workforce. That followed at least 220 job cuts among the company’s real estate lending staff in 2022. Bove confirmed that USAA also cut a number of jobs across departments in August 2022.
“Impacted employees are treated with care and compassion and will be provided with assistance to find new roles inside and outside of the organization,” Bove stated.
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