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Commonwealth Bank slammed for 1,085 job cuts

CBA has been branded as ‘relentless’ by the Finance Sector Union.

Eliza Bavin
·Personal Finance Editor
Updated ·2-min read
A composite image of a Commonwealth Bank branch and office workers sitting on building stairs in the city enjoying their lunch.
Commonwealth bank has been called out after axing even more jobs. (Source: Getty / AAP)

The Commonwealth Bank (CBA) has cut more than a thousand jobs in the past year, with more to go.

CBA said the job cuts had come after a downturn in retail banking over the past six to 12 months, which the bank said impacted “Everyday Banking” and “Home Buying Operations”.

CBA told the Finance Sector Union (FSU) 192 jobs would 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:

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  • Consumer finance: 47

  • Everyday Banking: 21

  • Home Buying Operations: 87

  • BankWest Lending: 9

This comes after the other major banks have also gone on a job-cutting spree. NAB cut 222 jobs last month and Westpac has axed a total of 751 jobs so far this year.

Aussies losing jobs to automation

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

FSU national secretary Julia Angrisano said the decision to make more staff redundant followed CBA posting 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,” 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.”

Angrisano said the jobs being lost were specialists across a range of areas and it was “hard to believe” the bank could afford to lose so many experienced staff.

The latest cuts bring the number of jobs lost at CBA in the past year to 1,085.

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