USAA, the San Antonio-based insurance and financial services company, has initiated another round of layoffs, affecting 220 employees. This marks at least the sixth round of job cuts within the past two years.

The company, which boasts a workforce of over 37,000 employees nationwide, did not specify the departments impacted by the recent layoffs. Similarly, details regarding the distribution of affected employees, particularly in San Antonio, where USAA stands as one of the largest employers with 19,000 employees, were not disclosed.

Affected employees, including those in remote and in-office positions, were notified of the layoffs this week. USAA emphasized that these adjustments are necessary to ensure the company’s operational efficiency and continued provision of exceptional service to its members.

“While USAA continues to hire, including approximately 2,900 jobs filled so far this year, this reprioritization is necessary due to changing business needs,” stated spokesperson Roger Wildermuth. He emphasized that affected employees are treated with care and compassion and provided with assistance to explore new roles both within and outside the organization.

USAA’s recent layoffs come amidst economic concerns, including the company’s first annual loss in a century in 2022, attributed to various factors such as inflation, increased claims, declining investment returns, and natural disasters. The company has also been navigating the transition back to office work following pandemic lockdowns.

Over the past two years, USAA has reduced its workforce by approximately 1,200 jobs, spanning various departments including mortgage, information technology, human resources, business continuation, and client advising. Despite these layoffs, USAA’s total workforce in the U.S. has remained relatively stable, as the company has continued to hire.

In response to industry trends and competition for talent, USAA has enhanced its employee benefits, including tuition-free education options and expanded access to family members. The company has also introduced a 401(k) match program for student loan payments.

USAA’s layoffs reflect broader trends in the insurance industry, with several companies implementing cost-cutting measures and restructuring efforts. As companies adapt to hybrid and remote work models accelerated by the pandemic, office space utilization has also undergone significant changes, exemplified by USAA’s relocation from downtown offices to its Northwest Side headquarters.