Media releases

The union says CBA is raking in billions in profit yet still tries to save a buck by sending jobs offshore for cheaper labour, rather than investing in its own staff and local jobs.

In addition, the FSU said employment numbers at CBA India had increased by 21% (from 5,630 to 6,788) since last year, marking a massive 138% increase since CBA first began reporting those numbers in 2022. In contrast, Australian employment numbers at CBA had decreased by 2.74% since 2022, reinforcing CBA’s agenda of offshoring local jobs, which the union called “un-Australian.”  

These job cuts are not genuine redundancies, they are the result of an aggressive offshoring and automation agenda that undermines job security, erodes service standards and devalues skilled, frontline roles.

The hypocrisy is compounded by CBA CEO Matt Comyn’s position on the Federal Government’s Productivity Roundtable, despite overseeing mass job losses in pursuit of shareholder profit.

The union has been collecting accounts from members, with devastating stories emerging about the impact of CBA’s continued offshoring of jobs.

It’s been discovered CBA has also been ‘stealth offshoring’ – where tasks being done by local Australian workers are gradually transferred to newly established teams in India. Australian workers are then directed to train those workers only to later find themselves without a job.

The FSU filed a dispute at the Fair Work Commission on CBA’s decision to cut 283 local technology jobs while advertising jobs with the same title but based in India.

A conference was held on August 8 and the dispute on whether these were genuine redundancies continues.

The FSU supports the use of new technology and AI in banking, but said workers need to have a say and be part of the process for how it’s implemented.

Finance Sector Union National Secretary Julia Angrisano said:

“CBA is Australia’s wealthiest bank, yet it is systematically undermining local workers, shunting jobs offshore and replacing skilled workers with untested automation.

“Our members have made it clear: they want secure jobs today and the training needed for the jobs of the future. Instead, CBA is discarding Australians in the name of profit. This is as un-Australian as you can get.

“This is not innovation, it’s cost-cutting at the expense of workers, customers and communities. If this is Matt Comyn’s idea of productivity, it’s no wonder trust in the banking sector is at an all-time low.

“CBA publicly preaches productivity and innovation while quietly eroding local jobs. This hypocrisy cannot go unchallenged.”

FSU members at CBA said:

“Personally, I’m exhausted by the ongoing offshoring efforts of CBA. They’ve severely damaged the engineering culture we once had. Around half of my team is now based offshore in India, and the impact on delivery had been significant. It has also made the office a lonelier place, as I now have fewer local peers.”

“My job was offshored, and I was ‘managed’ to another area. That caused me so much mental anguish and stress that I was unable to sleep as I couldn’t complete the tasks asked of me, and I had no option but to leave. The CBA is not the awesome company it’s led Australia to believe. I was left jobless.” 

Media contact: Kate Shuttleworth – 0447 418 726