Why it matters: CBA is the biggest bank in Australia and will report its full-year results on August 9.
It is cutting around 250 roles across the business.
CBA is fighting the union over a bid to make workers return to the office.
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.
Loading...
Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
