San Antonio-based USAA slashes 475 more jobs, citing economic worries
Published: Tue, 04/04/23
San Antonio-based USAA slashes 475 more jobs, citing economic worries
The cuts amount to a little more than 1% of the company's overall workforce of 37,000.
USAA will terminate its downtown leases at the end of this year and repay the city and county governments for their financial assistance.
Financial services giant USAA, one of San Antonio's largest employers, has cut more jobs from its payroll, according to an Express-News report.
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San Antonio Current
By Sanford Nowlin
Mon, Apr 3, 2023 at 9:18 am
USAA laid off 475 workers, or a little more than 1% of its overall workforce of 37,000, amid fears the economy is slowing, a company spokesman told the daily. The move comes after the enterprise shed office space, including its downtown San Antonio office lease.
USAA has already tightened its belt through other job cuts. In February, it fired around 130 workers in its mortgage group. That followed a "triple-digit" layoff across multiple departments last August and 90 additional cuts in the mortgage group a few months prior.
USAA still has 19,000 workers in the San Antonio area, according to the Express-News.
More than 136,000 workers were caught up in layoffs at U.S. companies during the fiscal quarter that ended last week, including mass firings at Amazon, Google and Meta, according to a Forbes analysis. That number exceeds the total for the prior two quarters combined, the magazine reported.
The U.S. economy has been roiled by inflation that spiked to a 40-year high and rising interest rates imposed by the Federal Reserve to tame those price increases.