Finance Sector Union calls for job guarantees for Commonwealth Bank staff after job cuts
Commonwealth Bank is under serious fire from the Finance Sector Union after reportedly cutting ties with over 200 workers.
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The Commonwealth Bank of Australia has responded to criticism launched by the Finance Sector Union (FSU) — which has accused the bank of slashing hundreds of jobs.
According to the FSU, Commonwealth Bank has cut 224 jobs at a time when the bank is making record profits and should have instead maintained staff numbers. The union is calling for job guarantees for Commonwealth Bank staff in the upcoming Enterprise Agreement negotiations.
FSU National Secretary Julia Angrisano said that the bank‘s decision to cut jobs is a “naked grab for profits at the expense of bank workers who have kept the CBA functioning during the pandemic and the post-pandemic economic restart”.
She further noted that the bank has seen net interest income rise by 19 per cent, but that this was not enough for the CBA.
“The CBA has seen net interest income rise by 19 per cent as mortgage interest rates have gone up but that’s not enough for this bank,” she said.
“The CBA consistently puts profits before people and in this case, we know these jobs are being axed to boost profits. It’s an obscene and immoral decision which staff at the CBA don’t deserve.”
The job cuts are expected to come from Operations and Technology, the Cheddar online app venture, Financial Services and Risk Management, and Global Markets.
According to the union, most jobs will be lost in NSW, with 197 redundancies, followed by nine in Victoria, 16 in WA, five in Qld, and one job in SA.
Ms Angrisano also expressed concern about the bank’s decision to outsource 18 jobs, as well as its decision to close 13 branches this year. She argued that these closures and redundancies would force remaining staff to work harder and longer hours to cover the work performed by the retrenched workers.
The FSU has also called on the CBA to stop offshoring Australian jobs to India and to stop forced redundancies and branch closures.
It stated that job security is a key issue for its members at the CBA, and it will be pressing the bank to do more to guarantee job security in the upcoming negotiations.
Ms Angrisano claimed the bank also cut jobs in its financial crimes area. However this claim was refuted by a Commonwealth Bank spokesperson, who said “there are no changes to these teams”.
Commonwealth Bank would not comment on the exact number of jobs being cut.
“CBA employs around 52,000 people across Australia and internationally and since 2021 we have recruited more than 10,000 people, reinforcing our position as one of Australia’s largest employers,” a statement provided to news.com.au read.
“To support the continuous improvement of our customers’ experience, we regularly review the skills we need and how we’re organised. That means from time to time some roles and work will change or no longer be required.
“Where that happens, we will endeavour to find other roles for the people affected although that’s not always possible. Such decisions are never easy nor are taken lightly. In those cases we work closely with our people to provide career transition support.”
Originally published as Finance Sector Union calls for job guarantees for Commonwealth Bank staff after job cuts
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