New Layoffs At USAA Spark Economic Concerns
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- เผยแพร่เมื่อ 7 ก.พ. 2025
- More people in San Antonio are losing their main source of income after USAA announces a second round of layoffs, this year.
As one of San Antonio's largest employers reduces its workforce, we asked economy experts what this could mean for the city’s economy.
FULL STORY: news4sanantoni...
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I’ve been a USAA member since 1971. Why do they pay professional athletes to speak for them. What a waste of money.
USAA lost its way when they went from retired general officers to private sector executives in the position of CEO.
Exactly!
Yep!
When did that happen?
It’s called growth
@@HumptyMcFly they are not men. They are Devo.
I’ve been with USAA since 1968. It has evolved from serving its military members to serving its corporate bottom line. Totally lost its way when it went from retired military at its helm to bean counters.
USAA was a choice of military families but they kept increasing their premiums and priced many of us out.
You are correct. How many here commenting don't know this little fact?
Sounds like they're firing and re-hiring lower paid employees
True, they're liars. The technology hasn't changed, they're outsourcing.
Si se puede, Senor. My whole family will work for $20 a day, my mother, father, brother and his wife, even the baby, she good worker, strong arms and back.
@@DengShabu
Y'all are hired! Y'all start on Monday at 8am!!! 😶
Outsourcing to a bot. Change your skill set to something in demand. It’s like a typewriter typists. Never going to last
Thanks to democRATs
There was a time when USAA offered a real value for services like vehicle insurance.. I no longer find them competitive.. they need to find a way to return to their roots...
They won't, another company will take their spot, then 20 years later when that group of leaders retires, it'll go corrupt.
I had a claim 10 years ago when I hit a large rock in the middle of the road I presume fell off of a trailer or out of the bed of a truck and USAA did everything possible to get my truck fixed and provide a rental for me no matter how long it took. Last year I hit a deer and they limited the shop to 3 days to fix the damage but the parts were on back order so it took 2.5 weeks. USAA said "not our problem we are only paying for 3 days of your rental". USAA used to be a benefit of being a veteran but now the service sucks and they cost just as much as other insurance companies. No longer worth it. Used to be exclusive but now they exclusively screw veterans.
Found better car and home rates than USSA. The ones that complain about CEO pay etc know so much that isn't so. Envy is one of the greatest sins america has. Many americans have no issue taking from those that have to give to others. Put their foot in the other shoe and see how that changes. I laugh when i read a comment from someone who states that if the were wealthy they would do this or that. I remember when obama said, when you've made a certain amount you've made enough and the crowd cheered. Look at obama now.
Laying off ONE OVERPAID EXECUTIVE can save a lot of employees.
But that overpaid executive is a relative of a republican politician.
Nah. The overpaid executive is who decides who goes… i doubt any of those idiots would lay themselves off
@@boristheamerican2938 ok Mr Gump !
Exactly
🙀
I was a USAA member for decades. No tickets or crashes, they TRIPLED my rates because of “other bad drivers.” They said they couldn’t come close to a quote I got from Geico, so I left and never looked back.
That is why they are "laying off". Many military personal who have their insurance are to lazy to shop around, as are most americans.
USAA is a well regarded insurance company. But I suspect with any insurance company if you shop around, expect to get a cheaper rate. But don't count on the rate to remain low.
Exact same story here with my family. Bye bye USAA
Same! Zero claims in 40 years! Raised the premiums anyway, and when I inquired about other insurance, like for my horses or some stolen jewelry covered for 50 years (by a care giver) the theft claim was denied and the horse coverage was 5 times the horse’s worth!! Just the premium!!! For one 6 month period. Glad I left USAA long ago.
@@barbarabrown9269 that sounds right the cost of rebuilding a house is outrageous.
Been a member over forty years. Their auto accident claims service used to be second to none. Now it is horrible, have had to contact CEO's office each of the last two or three claims to get things done at all. Things have really gone down the tubes with auto claims service over the last five years. USAA said things would improve over the next two quarters; why don't I believe that?
Yea they don’t care. Folks really are just on their own.
USAA went downhill since the hired the CEO in 2020 who makes millions now
That's because they ripped off a lot of their customers. Their bank accounts got hacked and drained. Look it up.
Hmmm
Envy is a sin.
@@fred-ts9pbso is greed !
They waste too much money sponsoring the NFL. It's vile!
They have a bunch of ads on conservative talk radio too.
Most all companies advertise. If advertising was not effective there would be no advertising. Americans are gullible whether it be from advertising or watching MSM.
@@fred-ts9pb You are right, the most gullible people listen to conservative talk radio.
I work from them .. They are laying off more employee , but their contractor head count is going up..
This. No benefits for 1099 employees.
@@mtnshelby7059I was about to say this😂😂😂. The government is doing the same thing. We’re becoming a GIG economy. That’s not a great thing. We’re all going to have to job hop. Us cyber analysts have been doing it. It’s a good short term plan but far from sustainable.
Fake news
USAA has been going off the cliff for a while. Mismanagement
Big time
They made the mistake of going after growth and changing their risk pool. All these expensive ads, their name splashed in every NFL stadium just wasted money. Fifty years ago I would walk by the original office on Grayson Street and know USAA was about service today the mega-campus shows that USAA is about growth.
USAA had to expand, the requirements they had originally was configured for a post-WW2/Cold War era 🇺🇸pre9/11 United States. Plenty of customers who were active duty, National Guard, Reserves and veterans in general to acquire and retain within that time span.
But now the demographics lately are trending towards a decidedly less-military immersed 🇺🇸USA.
And due to those changing demographics, USAA had no choice but to expand to compete or slowly watch itself wither away.
Military personal are not risky?
Well that sucks. USAA customer service has already been getting considerably worse than it was just 10 years ago. I think its time to find a new insurance company.
Not surprising since they’ve basically gone to SH*T !!! This from a FORTY YEAR member that’s actively looking for BETTER car insurance. The sad part is they don’t even give a sh*t that they’re about to lose me !
Same
They lost me after 40 years.
Companies ARE NOT loyal. Why are workers?
We’re not 😂😂😂
I learned many years ago not to commit your life to the corporation. At the end of the day the corporation does not love you regardless of how good of an employee you might’ve been. They will let you go without giving it a second thought to help improve the bottom line. Loyalty means nothing to the corporation.
Used to be a really good bank and place to get auto insurance from due to being a veteran, now it’s no better than many other places that any civilian can go through…. They had an edge by creating their own niche market but then they killed it by becoming like the rest of the market
They're laying off older workers who earn more with 26 year olds, relatable
USAA is almost exactly following Boeing’s playbook. F*CK the quality just concentrate on the VOLUME.
Insurance is a scam.
Making more money the less they need your services. Sure sounds like a scam.
It is a scam.
Not a scam,It is legalized EXTORTION!!!
No!. It is legalized EXTORTION!!!
No, it’s not chicken little.
I don’t know what happened at USAA, but they’re not the same company, that they were before.
Call it what it is. They’re not getting laid off, they are getting fired.
Laid off means they can be rehired. Generally fired employees will not be rehired.
it happened to me!
They let go of all of their high paid employees and replaced them with cheaper pay.
After 30 years being a USAA customer starting in 1976 I had to leave them because their home insurance was too high when I lived in Texas. They also increased the roof replacement deductible. I didn’t use their credit card for a long time and this year I let it lapse and they have closed that account. They were a great company back in the 80s when I bought my first home but I left them around 2006.
USAA is no longer a respectable bank, customers have already been leaving.
Navy Federal Credit Union is a much better option.
This company sucks. Has gone downhill fast due to terrible management.
As a republican I blame the unions even those they dont have any union members there.
Due to greed
Just your opinion of course.
@@fred-ts9pbcheck their BBB complaints and reviews. There are thousands with an average rating of 1 out of 5 stars.
@@boristheamerican2938🤣😂
USAA is no better than any other insurance. They kicked us off after we had to use them for services we pay them for
I hate those effing chatbots.
Wait till the end of the quarter when you see record profits.
Credit Unions are non-profit. Members own the credit union.
They made 2% profit on 42 billion revenue. They're not Chase or Wells Fargo
USAA 'profits' are distributed each year to its members. I get a check every December equal to two or three months' premiums.
Insurance companies are closing their doors in hight risk areas
Wait, we are getting news from the University of Incarnate Word? Can we get a perspective from Santa Claus?
Their customer service has gone way downhill
I sure hope Gronk is still getting a paycheck. His work is VERY important.
More people want to speak to a real person not ai
@@ceuser3555 AI over immigration any day !!!
Unfortunately those days will be coming to an end (they have been coming to an end for many years). If all conglomerates practice business the same way you’ll have no choice. This is communism.
USAA used to represent outstanding value and service to is association members.
AI chat box is garbage the stupid robot never steer you in the right direction. They need to get rid of that robot who is the CEO and replace him with AI.
Even if we lay offs we still have to pay the bills . So the companies make money both ways ..😢
I have been a USAA member since 1976 and the association of today is vastly changed from the one that I first joined. They dropped the requirement for all customers to be commissioned officers, customer service is no longer top line and the management looks like the same sort of financial MBA clowns that have driven other firms into the ground. Yes, it should serve the broader military community, but needs to remain selective in who is taken on as a client.
I was commissioned 2LT in 1976, and I insured my car with USAA soon thereafter. I have had all of my insurance policies with USAA for 48 years. Service and customer loyalty were paramount for decades. I think it is now time to shop for another provider.
So basically AI is replacing jobs in USAA - that is what is implied.
💯
I was a customer for maybe 30 years. Home and auto insurance + their credit card. Around 6 years ago. Something changed! Both insurance premiums started going up even though both had no claims. Next year, same thing! I called and argued my case in a nice way. What I got from the CSR was indifference and rudeness. Never expected that from USAA!
Now all I have is the credit card which I rarely use. Extremely disappointing how such a good company has gone downhill in such a short time😢
Have been banking with them for 15+ years. They have definitely went down hill in customer service over the last 3 years.
Isnt this the company that did a whole bunch of ads on conservative talk radio luring veterans to put their savings with them?
I used to have them and they were great for insurance and car loans. Thanks I went through a divorce and a subsequent bankruptcy so they discontinued lines of business with me and I haven't had them since 2008. My kids had them but told me they switched some time ago because they weren't cost competitive anymore. That was shocking to me.
I bet it has to do with the number of members finding better insurance elsewhere. We left them after our rates went thru the roof. As someone with no tickets or accidents, we are not going back unless they lower it.
AI
Considering you guys want to charge $286 a month more in State farm for the exact same policy I'm not surprised
Military personal may be gullible? They should shop around? I suspect the 10% discounts they get at a lot of places that others have to pay for with higher prices should pay for higher rates at USSA?
Companies should and will always strive for greater efficiency.
Employees should never assume their job is secure and always be considering their contingency plans should the current job go away.
No you are wrong. Efficiency at the expense of reliability leads to customers not coming back. You muist be a republican. Those are the types who would sell their seed corn to make their quarterly profits increase a bit more.
@@boristheamerican2938 where did I say reliability should be compromised?
@@boristheamerican2938 lots of times, greater efficiency will lead to greater reliability as well. Example, replacing a human with a robot, which is way more reliable, accurate, and trouble free than a human.
@@dancerjim Right in your post. Always strive for greater efficiency. The only condition you put on that was always. So according to your post if it is at the expense of reliability then it should be done.
@@dancerjim Does a robot go to the store and purchase your product?
Executives pulled in over 24 million last year, keep paying them that much and they actually come to believe they are worth it
AI chatbots are useless 99% of the time. They provide generic resoinses, often minicking the content already of the website, without abswering the actual question. Many are the modern version of a telephone tree type of prompt to you, followed by two or more options at each level. Waste of time.
Their service is subpar, and their prices are astronomical!, and they're crooks!.... never again.
I don’t think people realize how bad the economy is about to get. But sure let’s let’s give a complete word salad dunce the keys to the falling apart car and hope for the best.
Yikes…
@@weatherlou buy American 🇺🇸
Been hearing that for a few years, still waiting. Ofcourse if Trump gets back into office and enacts his project 2025 its all over.
Oh you mean Trump…king of the word salads?
@@boristheamerican2938You know the author of project 2025 just endorsed heels up Harris right? 😂😂😂
@@darrylmuse9948 You just love to lie, dont you?
They must have been purchased by private equity.
WAIT Camelaaa said we have a GREAAAT econonimy and shit
who can afford during this great 3 year depression, cant pay mortgage or rent. let alone gas and food. insurance is last on the list not first, as homeless is up 100%
@@gregorypetka8799 buy American that’s how you save your country 🇺🇸
Umm the depression and price gouging started due to trump policies and trade wars. Don’t forget deregulation
@@MK-tq5ec Mergers
@@MK-tq5ecThat is patently false.
You're not living in the industrial revolution. The economies of all countries are globalized. The US makes more money exporting US made products than they do selling to average Joe's like yourself
Insurance agents getting fired is a sure sign of a slower economy
Could be? Maybe cash strapped people are shopping around that they should have already been doing allready. We were accepted at USSA because of father and father in law, several years ago. Never used them because of their higher rates. USSA makes many think they belong to an organisation that actually cares about them. it's a business like any other.
All that Money spent on those GRONK Commercials was a WASTE!
We did it Joe .
When I worked for USAA, 20+ years ago, at one of their regional offices, I was shocked. It is the ONLY place I ever worked where the employees were constantly in fear of being fired. Besides a visit to San Antonio, the only time I saw my upper manager was when he came to the office with the intent of firing someone. At that time, the company took care of the members, but not their employees. Now, it appears they are no longer taking care of the members either.
Sounds like the City is driving out another business.
Been with USAA for 30:years. They are terrible now. I recently divested my USAA Insurance products. The beginning of the end was when they opened memberships behind Military Officers. Now a, E-3’s 3rd cousin can become a member…
I'm 66, was a member with them since i was 24, no claims ever, fired them two years ago when they got greedy with their rates.
I do not understand what this whole AI nonsense that this is the new excuse like they used to say automation automation. We have to factor that in. They fire people and hire new people at a lower rate to do twice the job or fire a person who is making like $15 an hour to hire two people being paid at seven dollars.
The AI billionaires say customer service jobs will be taken over by AI within the next year. They don't have any idea where these people can go in terms of finding new work.
Corporate greed is driving inflation up, lowering living standard, and destroying the jobs market.
What does corporate greed have to do with USAA? It's a member-owned non-profit organization.
In Mexico we had this same problem, and it was even worse for being a third world shthole, but when the current president made illegal any kind of outsorcing most of these issues disappeared. So now it's either direct hire or nothing. I wonder why a country like Mexico could do it but a big country like USA can't?
CEO got a pay raise tho
Nobody cares .. we would care - however we cannot Even get insurance with them….. Thus, we could care less
"USAA President and CEO Wayne Peacock was paid at least $8.1 million in 2023, an increase of more than two-thirds of his 2022 compensation of $4.8 million."
I have been a member for over 40yrs. I have good luck with them in the Northeast. I own a property in FL that is a repaired sink hole and USAA will not write me a homeowners policy. Not only me, but they will not write a homeowners policy for me but for the other 3 retired COL'S that live on my street. USAA was founded because officers could not get insurance because they were too risky to insure because of their line of work. Any one who knows anything about Florida insurance law will tell you that it is almost impossible to get your homeowners insurance to pay a sink hole claim because the sink hole event must be immediate and your house must be have the county determine that the property is uninhabitable. The next county over had over 900 VA loans a year before the pandemic. USAA would not write policies for them as well. USAA had to spend big bucks on advertising for new customers when veterans who needed them were turned down.
I worked there in 2000, and it was a great company, but I understand it’s been going down. I built a 7 million+ line of code VB5 program called Project Tracker and Report for Capco and the other subsidaries. I was in that building too. Pretty cool building.
worst management i've ever dealt with
AI is about to layoff everyone there…
Get ready. AI is slowly replacing traditional jobs and it won’t be obvious at first glance.
💯
As did the automobile. We adapt. Wasn't it obama that was going to bankrupt the coal industry? Told them they could get IT jobs etc.
Cheap labor.
Beautiful. A lot of employees are reserve Air Force officers who work 4 days a week at USAA then work an active duty day MPA mandays on Fridays at Joint Base San Antonio. Welcome to the real world of getting the ax...
Im considering leaving USAA and going to another bank.
Mow lawns wash windows pick up litter wash cars these are real jobs not ai
Layoffs are necessary for optimum efficiency.
I have been a member for 52 years. I got a auto policy $3,000 less a year at Progressive. I told my son and his is $5000 less a year. USAA has lost there way.
Good, that’s how business is done
Left after more than about 50 years, since they would not pay replacement cost in its entirety
.
Too many people stay there for too long.
AI could play a part in the decision?
Benefits too good for banking staffs.
However if profits < expense then staff reduction is unavoidable.
my Dad was retired Air Force and I grew up having their insurance since I can remember. today though it is just too expensive, other companies are cheaper
The question is - what do we do to keep USAA alive/surviving a difficult period! USAA lost a couple thousand employees but still employees many more! Save the golden goose!
Many more should buy their high priced insurance. That would keep them in business and hire more employees.
and people wonder why they have crappy service, it’s just going to get worse with this.
Great! USAA wouldn't let me pay my car insurance back in 2015, I dropped them,
I hope the go Bankrupt! "😮😂 Agreed destroys 😢😂
They are not competitive and rely on people not shopping around. I was one of them. After a low ball claim on a flooded vehicle ticked me off I realized how dumb I was for sticking with them blindly. I shop around every year for insurance now. Any banking or line of credit I do through navy fed, they haven't disappointed me in ~20 years.
oh yea..........but the the economy is getting better....lol
For investors and shareholders it is actually
For the top 10%. Finance capitalism is designed to keep most in debt and constantly struggling. 😳
Hire thinkers??? Hire people# that can invent new things, productsQQQ Yeah right!!!
@@TheWickster2024 your fault you should buy American 🇺🇸
As a veteran I tried to join USAA and get a quote for home and auto insurance.. USAA wouldn't provide a quote because I lived to far away from a fire department in rural West Virginia... but that's OK.. I still keep getting advertisements from them which I throw in the trash.. got good coverage from Erie Insurance... seems Erie is friendly to veterans than USAA
But hey they want to pay celebrity pitchmen like gronk
I believe they are the only car insurance company who will drop you (even if you never missed a payment!) if you file for bankruptcy.
Not true
Navy federal next
They’ve been slipping for many years now
You lay off 10, your stock increases; I lay off 12, mine increases more. Thats the cycle, not sales or research and development; which ever company "looks" leaner.
I don’t trust USAA. I read the reviews on several different places. I’ll stick with State Farm.
State Farm - IMHO - has been really difficult to deal with when it comes to house fires. Don't know about auto insurance.
I'm guessing that they are outsourcing jobs. Most, if not all, to overseas workers.
Gotta pay Gronk somehow
LOL
well its be cause they got caught with alot of bank fraud. so people are taking their money out.
Why the news crew avoid telling us what USAA manufactures?
Why don't you tell us?
"Yeah, it depends on how many people they lay off. But it will increase the unemployment rate." Where in the world did they find that idiot?
USAA used to be premium insurance...
In my day, it was available only to commissioned officers, later all active duty. Now available to all honorably discharged military, if they qualify. That created a much larger risk pool.
@@kennixox262usaa members children are also eligible for life. No military service required for them.