San Antonio’s USAA Bank eliminates jobs on declining demand for home loans, refinancing
Projecting weakening demand for home loans, USAA Bank this week cut more than 100 jobs in its mortgage origination sales group. Pictured is USAA’s headquarters with downtown San Antonio in the background.this week issued pink slips to more than 90 employees in its mortgage origination sales group after forecasting a steep drop in loan demand.
The San Antonio bank’s real estate lending unit had staffing in place to fund 38,000 loans this year, but now projects a 34 percent drop to 25,000 loans, according to an email to bank staff from Thom Cianelli, the department’s head. The bank will encourage eligible employees to apply for openings in its mortgage servicing unit, other positions at the bank and within USAA’s property and casualty insurance business, he said. It also will offer transitional benefits.
A company spokesman said in an email Thursday, “USAA continually adjusts staffing based on ever-changing market conditions and to meet the demands of our membership.”
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