USAA Layoffs 2024: US-Based Insurance and Financial Services Company Cuts More 220 Employees in Its Latest Round of Job Cuts Amid Fear of Economic Slowdown
USAA will be cutting more 220 people in its sixth layoff round in past two years. The USAA layoffs are resulted from the fear of the economic slowdown; however the company said that it will continue to hire people in the future.
San Antonio, April 15: USAA (United Services Automobile Association) reportedly cut more than 220 employees in its latest round of layoffs. The San Antonio-based financial service company employed 37,000 people globally. In the past two years, USAA layoffs led to 1,200 employees losing their jobs in a total of six rounds.
According to a San Antonio Express News report, USAA did not mention how many employees it had in San Antonio. On the other hand, the US-based insurance and financial service company's 19,000 employees ranked it among the largest employers in the metro area. The employees affected by the USAA layoffs will reportedly be notified by this week. Tesla Considering Layoffs? Employees Fear Job Cuts at Austin Gigafactory and Fremont Factory.
The report mentioned that USAA spokesperson Roger Wildermuth said the company would continue to hire, and it emphasised to have hired 2,900 employees this year. However, the spokesperson also said that USAA would make necessary adjustments to run a healthy business and provide exceptional services and competitive prices. He said, "Reprioritisation is necessary due to the changing business needs."
USAA spokesperson Roger Wildermuth reportedly added that the organisation's employees would be treated with care and compassion and provided assistance in finding new roles within or outside USAA. The report highlighted that the USAA layoffs resulted from concerns about the economic slowdown. It said that the company reported its first annual loss in 2022 and called the employees back to the offices after the pandemic. Checkr Layoffs 2024: Employee Background-Screening Firm Announces To Lay Off 92 Employees From Denver Facility in US on June 10.
USAA layoffs of the past two years resulted in 1,200 jobs getting cut. In March 2022, the company laid off 90 employees, and unknown numbers were cut in August 2022. In February 2023, the San Antonio-based insurance company let more than 130 people go. Followed by these layoffs at USAA, the company even cut 300 more 457 employees in March 2023 and 300 in May 2023. However, the company said the hiring will continue and maintain its workforce for the past two years, adding the USAA spokesperson.
(The above story first appeared on LatestLY on Apr 15, 2024 11:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).