USAA Federal Savings Bank is feeling the effects once again of the continued dip in the housing market as it has cut more jobs in its effort to focus in other areas. The banking arm of San Antonio-based insurance giant, USAA laid off 130 employees in its mortgage department as homebuying continues to slow from the height of the COVID-19 pandemic, the San Antonio Express-News reported.
USAA Bank is offering a paid transition and career workshops to the employees that were cut. Others can apply for open positions within the bank if they’re eligible. Bradley Russell, a spokesperson for USAA Bank, told the Express-News that the cuts were made to invest “more heavily in growth areas and scaling back or stopping work in others.”