Another blow to San Antonio's workforce hit this week when USAA, a staple in the local economy, announced the elimination of 220 positions. "After careful consideration, we made the difficult decision to eliminate approximately 220 roles," said Roger Wildermuth, USAA Public Relations Director, in a statement obtained by the Business Journal. The layoffs come amid both economic shifts and a reprioritization within the company, which also added roughly 2,900 jobs earlier this year.

The company characterized the layoff as a necessary adjustment for the organization, although the specifics regarding eliminated positions within the San Antonio-New Braunfels Metropolitan Statistical Area (MSA) remain undisclosed. Despite the cuts, USAA expressed a commitment to aid those affected, asserting that employees are treated with care and compassion and provided with assistance to find new roles inside and outside of the organization, according to the company.

Last year's financial struggles marked a historic downturn for USAA, which saw its first annual balance sheet losses in over a century of operation. Nonetheless, in a testament to its enduring market presence, USAA still topped the San Antonio Business Journal's 2023 Banks by Deposits List, boasting $98.69 million in local deposits. This was despite having to eliminate nearly 1,000 jobs throughout the year, including a significant cut in May where 300 jobs were slashed as part of structural adjustments.

History shows that USAA has navigated rough seas before, reducing its workforce by 475 in April of 2023, which amounted to just over one percent of its total workforce. The ongoing reductions and the balancing act of hiring versus layoffs cast a sharp light on the pressures faced by traditional financial institutions in an evolving economic landscape. As reported by KSAT, USAA reaffirms its intent to adapt and meet those changing business needs head-on.