Finance Sector Union lodges a dispute against the Commonwealth Bank over job cuts

The nation’s biggest bank, the Commonwealth Bank, is again under fire and this time is being taken to the Fair Work Commission over massive job cuts.

The nation’s largest bank, the Commonwealth Bank, has been taken to the Fair Work Commission over proposed jobs cuts that could see more than 10,000 staff put out of work.

The Finance Sector Union of Australia has lodged a dispute at the Commission over the proposed cuts, arguing that bank workers have a right to be consulted about potentially catastrophic changes that could impact their livelihoods.

This comes just one week after it was revealed CBA had been forced to repay 8000 staff up to $15 million in entitlements after a series of embarrassing blunders left many workers significantly underpaid.

MORE: CBA and Bankwest forced to repay $15 million

The FSU’s national secretary Julia Angrisano said CBA employees deserved to be kept up to date of any changes that could impact their jobs.

“We don’t accept the CBA’s claims that there are no plans to cut staff numbers by more than 10,000,” she said in an issued statement.

“The CBA has not denied media reports that there is a secret plan being developed to reduce staff numbers at the CBA by 20 per cent.

“These leaked reports that consultants are running their rulers over the bank’s operations are a source of serious concern for Commonwealth Bank staff who deserve to know what the Board and management of the CBA are planning.”

The nation’s biggest bank, the Commonwealth Bank, is again under fire over massive job cuts that could impact 10,000 jobs.

She said the union was taking action in the Fair Work Commission to force CBA under their enterprise agreement “to fully consult staff before taking action resulting in the loss of jobs.”

There has been ongoing reports saying the proposed cuts to more than 10,000 jobs could help reduce CBA’s annual costs by $2 billion.

FSU members have been asked to sign a petition urging the CBA to meet with the union to address possible job cuts.

Last week CBA and its subsidiary bank Bankwest had admitted they had started repaying workers who had been severely underpaid including missing out on salary, superannuation, interest and leave entitlements.”

But a CBA spokeswoman hit back at the reporting of significant staff cuts.

“The speculation around large scale reductions to our workforce is misleading and unnecessarily alarming,” she said.

“We will continue to consult with the FSU regarding any major changes that have implications for our employees and will be open and transparent as soon as any decisions have been made.”

CBA had a horror time during the recent financial services Royal Commission with its reputation tarnished after a long list of failures at the bank were revealed.

This included anti-money laundering and counter-terrorism financing laws, misconduct within its financial advice business and serious issues within its life insurance arm.

@sophieelsworth