The insurance and financial services firm and major San Antonio employer USAA laid off about 475 employees companywide.
Facing what it called a “challenging economy,” USAA announced recently that it had laid off 1% of its total workforce.
The insurance and financial services firm employs about 19,000 people in San Antonio and just under that number in its offices in several major U.S. cities, according to its 2021 annual report. Company spokesman Christian Bove would not disclose which office locations or departments were affected by the layoffs, or whether the workforce reduction had any impact on third-party contractor positions at USAA.
Already this year, U.S.-based tech companies have announced more than 120,000 layoffs, according to a TechCrunch report citingAn insurance provider serving primarily veterans and their families members, USAA reported a net worth of $40 billion in 2021, according to its annual report. The company responded to 71 catastrophes in both 2020 and 2021, paying out millions of dollars in claims from weather-related events like damaging hurricanes and wildfires nationwide.
The company has also brought its workers closer to the fold. In December, USAA announced that it planned to vacate its two downtown San Antonio office towers and transition workers to the firm’s main campus at 9800 Fredericksburg Rd. The recent layoffs “are a normal part of running a healthy business during an economic downturn,” USAA said.
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