USAA Faces New Round of Layoffs

SAN ANTONIO

SAN ANTONIO – Staff members at USAA, a prominent insurance and banking conglomerate based in San Antonio, are reportedly facing another wave of job cuts, indicating a continued pattern of layoffs driven by shifting business requirements. The scale of the layoffs and the departments affected have not been publicly announced thus far.

A Wave of Job Cuts

USAA Director of Public Relations, Roger Wildermuth, has confirmed the layoffs but refrained from disclosing the departments targeted or the number of job cuts. There is currently no online record to indicate if a Worker Adjustment and Retraining Notification (WARN) was issued.

Wildermuth explains, “We regularly evaluate our operations and adjust to serve our members more efficiently. USAA continues to hire across the company in line with changing business needs, including more than 8,300 jobs filled so far this year, and remains committed to providing our members exceptional products and services.”

Pattern of Layoffs

This recent round of layoffs is the second in 2024 alone, following over 200 positions being eradicated in April. The previous year saw a trio of layoffs; an estimated 130 jobs were cut in February 2023, subsequently followed in March by approximately 475 roles being phased out citing an “economic downturn.” In May 2023, another 300 roles were eliminated.

All these layoffs occurred within the troubling context of USAA experiencing its first-ever corporate loss in 2022 of $1.3 billion.

Leadership Changes at the Helm

This year, USAA’s leadership also underwent considerable changes with CEO Wayne Peacock announcing his retirement. Peacock will retain his post till the first half of 2025.

Continued Performance Despite Challenges

Despite the layoffs and changes in leadership, the insurance services provided by USAA have been ranked above those of other major competitors. In 2024, Forbes recognized USAA as the top high-value insurance company for military members and veterans.