Media releases

• Media releases
• Banks
• CBA

The Finance Sector Union (FSU) says the Commonwealth Bank must use its newly announced Future Workforce program to support workers displaced by CBA’s decision today to cut approximately 300 jobs.  

This comes just weeks after CBA posted a record half yearly profit of over $5 billion. 

The union understands the cuts will affect teams across retail, business and institutional banking and human resources, with the majority of roles impacted in technology. 

The FSU says it has long called on the bank to strengthen redeployment, retraining and redundancy protections, and had worked closely with CBA to make these conditions a reality for workers through this program. 

The program will provide AI training on new technology and help workers upskill within the bank.

The union says it will now hold CBA to its commitments, with an expectation that the workers displaced by these 300 job cuts are provided with genuine redeployment and retraining opportunities, and the option to remain with CBA should they choose.  

The union says that while the bank’s commitments are welcome, workforce transition measures must be enforceable and written into the next Commonwealth Bank Enterprise Agreement, not left to management discretion. The FSU will be watching closely and negotiating for binding safeguards.

A recent survey of CBA workers found job security is a major concern for 72 per cent of staff. Another 74 per cent said workloads had increased in the past year, and half said they had considered leaving. 

The union warned that the rollout of AI must not come at the expense of secure jobs. 

Last year, 45 CBA workers, including Kathryn Sullivan, were made redundant after training chatbot systems that ultimately replaced their roles.

It was a catalyst for the union’s discussions with CBA to strengthen protections for workers, and a stark example of why binding job security safeguards must accompany the introduction of AI in the workplace.

FSU members will tomorrow launch their campaign for – A Better Way at CBA – demanding secure jobs, fair pay and strong, enforceable protections as Enterprise Agreement negotiations begin. 

Workers are calling for better pay and rewards, secure jobs, a stronger change and redundancy process, guaranteed retraining pathways, safe staffing levels and clear protections around artificial intelligence and worker data. 

Finance Sector Union National Secretary Julia Angrisano said: 

“At a time when CBA has just posted over $5 billion in half yearly profit, cutting the jobs of 300 workers is totally unacceptable. 

“For years we have seen CBA continue to axe hundreds upon hundreds of jobs while raking in billions in profits – we’ve heard countless stories of CBA workers being tossed onto the redundancy pile and having to fend for themselves at the whim of the bank.  

“Which is why our union has fought hard for improved support for workers – stronger protections when AI or new technology is introduced in the workplace and genuine support for workers to retrain and redeploy into other areas of CBA.  

“These are the very workers who helped generate CBA’s massive profits. The least the bank can do is  retrain and reskill workers, and provide opportunities for them to remain at CBA.  

“This campaign is about securing a better way at CBA, one where profits are shared more fairly and workers have certainty about their future.”  
 

Media contact: Kate Shuttleworth – 0447 418 726