22 August 2023

The Commonwealth Bank has notified the Finance Sector Union (FSU) it is making more technology experts redundant following the bank’s huge profit announced earlier this month.

88 jobs will go from back-office locations in Sydney, Perth, Brisbane, Melbourne and Canberra.

Among the jobs being lost are the following classifications: project manager; business analyst; change manager; data architect; risk and control manager; cyber security manager; and service delivery manager.

The job cuts are part of a restructure that will impact 221 roles with some redeployed and 88 retrenched.

FSU Assistant Secretary Jason Hall said CBA announced a record $10.2 billion profit but the bank continued to seek ways to boost profit levels at the expense of jobs. The latest job losses follow another 251 back-office redundancies announced in June.

“How can the CBA justify cutting hundreds of jobs at the same time it is making record profits. CBA staff tell the FSU they are already overworked and the latest job losses are sending morale to rock bottom,” Mr Hall said.

“It is laughable that the CBA is telling its staff the job cuts will help the bank deliver services to customers more ‘rapidly, easily and safely’.”

“All they can see is colleagues being marched out the door and individual workloads increasing to an unsustainable level.”

“This is no way to run the biggest bank in Australia – these slash and burn tactics are designed to cut costs, increase profits and take the whip to those who remain.”

“The latest profit figures come from the hard work our members have put in over the past year. It is appalling that after all that effort, instead of being rewarded, these staff are losing their jobs.’

Media contact John Hill 0412 197 079

Authorised by Julia Angrisano, National Secretary