Commonwealth Bank to cut around 250 jobs
Commonwealth Bank has told staff it is cutting an estimated 251 jobs across its IT, business bank and retail bank in an effort to reduce costs.
It follows cuts at Sydney-based rival Westpac, which has slashed 400 roles inside the bank and another 400 from contractors as part of a push to reduce headcount by a fifth against its 2020 levels. Meanwhile, analysts warn that the market may be too bullish on expectations for CBA’s performance on costs this year.
It was first revealed by The Australian Financial Review’s Street Talk column.
Commonwealth Bank will report its full-year results on August 9. Bloomberg
In a statement on Wednesday afternoon, Finance Sector Union national secretary Julia Angrisano said it would shift more pressures on to already overworked staff.
“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,” she said.
The job losses are concentrated in Sydney and Melbourne. The union said 822 roles were made redundant, but the bank would redeploy 571 workers.
CBA employs about 49,200 full-time equivalent employees, with the cuts representing less than a percentage point of its overall workforce. It does not affect bank branch roles.
“As part of our focus on business improvement, we regularly review the skills we need and how we are organised. That means from time to time some roles and work can change or may no longer be required,” CBA said.
“These decisions are never easy nor are taken lightly.
“Our priority is to treat every individual with respect and care, taking time to talk with each employee impacted to understand individual circumstances and work with
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