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USAA, a US financial services company that serves current and veteran military members and their families, has conducted another round of layoffs that will affect workers in the San Antonio area. USAA laid off 220 employees earlier this year and has stated that the layoffs are to reduce costs and increase profitability. The company has been in a deficit for the past few years with costs outweighing revenue, and this is partially due to rising inflation, high interest rates, and an uncertain economic market. The company was also required to pay millions of dollars in fines for violating the Bank Secrecy Act. A meeting this week informed employees that the cuts would affect the USAA Federal Savings Bank, and will lay off workers in the consumer lending, first-line risk, credit risk, bank operations, and data analytics divisions. USAA also stated that there are no additional rounds of layoffs planned.