Commonwealth Bank is cutting almost 200 jobs across three Australian capital cities, blaming a downturn in retail banking, a union representing workers said.
The Financial Sector Union said, following talks with Commonwealth Bank Australia, 192 jobs would be cut from Sydney, Melbourne and Perth in sectors including consumer finance, everyday banking, home buying operations and BankWest lending.
The jobs will end in November 2023 but some affected workers have been offered re-deployment.
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The jobs cuts had come as a result of “automation initiatives” in retail banking and home lending that has allowed for “simplified processes”, CBA told the union.
It also said there had been less interest in products such as “everyday banking” and “home buying operations”.
Commonwealth Bank has cut almost 200 jobs. Credit: Glenn Hunt/AAP
FSU national secretary Julia Angrisano said the decision to make more staff redundant followed CBA making a full-year profit of $10.16 billion.
“It is clear that CBA has no hesitation throwing workers onto the unemployment queue in its relentless campaign to cut costs and boost profits,” she said.
“CBA has a huge problem with staff shortages and excessive workloads, and cutting staff does nothing to reduce that concern for workers.
“The jobs being lost are specialists across a range of areas and it is hard to believe that the bank can afford to lose so many experienced staff at the same time that it has a significant overwork problem across the organisation.”
The FSU estimates 1085 CBA jobs have been lost in the past year.
CBA said the decision to cut jobs was not easy but was necessary to “improve” the business.
It added that since 2021 it had hired 10,000 new people.
“As part of our focus on constant business improvement, we regularly review the skills we need and how we organised,” CBA said.
“That means from time to time some roles and work will change or no longer be required.
“Our priority is to treat every individual with respect and care, taking time to talk with each employee impacted to understand individual circumstances and work with them on finding opportunities and building skills to support them for another role in or outside the bank.”
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