As the mortgage industry continues to navigate a tumultuous market, many are finding ways to offset costs. USAA Bank is just one of the many companies downsizing to stay afloat.
The bank recently announced it will lose 265 employees in November, according to an article written by Patrick Danner for San Antonio Express- News.
Employees in the bank’s real estate lending operations and its “Real Estate Rewards Network” will be impacted.
Affected employees will be given 60 days to secure new employment, and are eligible to receive pay, services and tools to better help their transition.
If employees are unable to acquire new employment, they have the option to seek new positions within USAA.
However, if they decline to accept a position within the bank, they will receive a severance offer and outplacement services will assist them in gaining new employment, the company said.
Among the layoffs, more than 100 employees from San Antonio will be affected, the remainder will occur in Tampa and Phoenix.
From the article:
“This decision was difficult, as we value our employees and appreciate that they go above and beyond for our members every day,” said USAA Bank President Chad Borton. “However, it was necessary as we focus on continuing to provide our members competitive mortgage products today and in the future.”
