The Commonwealth Bank is cutting 251 jobs from IT, Business Banking and Retail Banking Services roles, pushing more hard-working staff onto the streets at the same time as it continues to report massive profits.
The CBA’s third-quarter profits of $2.6bn, up 10%, was still not enough for the bank to maintain staff numbers as it eyes an even larger profit for the year.
Finance Sector Union National Secretary Julia Angrisano said union members are complaining about significant workload and staffing issues at the CBA at the same time the bank is cutting more jobs.
“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 jobs being lost are in Sydney and Melbourne, with 822 roles made redundant, 571 workers redeployed and 251 retrenched.
Job categories being cut include analyst; data architect; portfolio manager; engineer; risk manager; product manager; software engineer; merchant risk manager; broker support consultant; and manager customer outcome.
“It is unclear how the work of the Business Banking, IT and Retail Services can be covered with so many jobs being lost,” Ms Angrisano said.
“CBA staff are concerned that the job losses will lead to further workload problems for remaining staff which will ultimately impact on customers.”
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