9 October 2023

Commonwealth Bank cuts more jobs following record profits

The Commonwealth Bank has cut more than a thousand jobs in the last year, with more to go after a downturn in retail banking over the past six to 12 months which the CBA says has impacted “Everyday Banking” and “Home Buying Operations.”

The CBA has told the Finance Sector Union (FSU) 192 jobs will be cut from back office operations in Sydney, Melbourne and Perth, including some workers currently employed by BankWest.

Among the cuts are job losses in:

  • Consumer finance: 47
  • Everyday Banking: 21
  • Home Buying Operations: 87
  • BankWest Lending: 9

CBA has told the FSU “automation initiatives” in retail banking and home lending has allowed for “simplified processes” which it says is a further reason for job losses.

FSU National Secretary Julia Angrisano said the decision to make more staff redundant followed the CBA booking a full-year profit of $10.18 billion.

“It is clear that the CBA has no hesitation throwing workers onto the unemployment queue in its relentless campaign to cut costs and boost profits,” Ms Angrisano said.

“Workers in the financial services sector should be enormously concerned that Australia’s largest bank is now making workers redundant because of automation.”

“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.”

Ms Angrisano said the latest cuts brought the numbers of jobs lost at CBA in the past year to 1085.

Media contact John Hill 0412 197 079

Authorised by Julia Angrisano, National Secretary