Another CBA restructure hits 221 jobs with 88 made redundant

As staff complain of being “overworked” the union slams the bank for cutting yet more roles, despite record profits.

The Commonwealth Bank of Australia (CBA) is cutting another 88 jobs as part of a restructure that will impact 221 roles in total.

The news comes on top of other job cuts after the bank scrapped 251 back-office roles in June.

It also follows staff anger at CEO Matt Comyn’s $10.4 million pay packet and on the back of a record $10.2 billion profit earlier this month.

The new cuts, affecting back office staff mainly from the bank’s technology function, will impact workers from CBA’s Sydney, Perth, Brisbane, Melbourne and Canberra locations.

The cuts follow staff outrage at CEO Matt Comyn’s salary and a record profit from the bank. Source: Commonwealth Bank

The Finance Sector Union (FSU) said the job losses affect project managers, business analysts, change managers, data architects, risk and control managers, cyber security managers and service delivery managers.

FSU assistant secretary Jason Hall said remaining staff have expressed concerns about being “overworked”.

“They’re moving to an agile format, cutting jobs to do the same amount of work with less people at the same time as organisations across the world that are rolling back agile,” Mr Hall told news.com.au.

“Our concern is that they’re just cutting too quick, too fast and the wrong roles.”

Of the 221 roles affected, 133 staff will be redeployed.

“With jobs like cyber security, you think they’d be investing more in,” he added.

“While none of these roles are going overseas I know they are starting to do some [cyber security] work overseas and that’s a concern for us.”

It comes as news.com.au previously spoke to a CBA customer service staff member who said she was living in fear of her jobs being offshored.

“The direction the bank is heading, Australian-based messaging agents believe their jobs are being offshored to the point where all messaging agents will be overseas,” Stephanie, in her 30s, from NSW, told news.com.au in June. “There is a lot of anxiety.”

Among the roles affected are cyber security jobs, a move slammed by the union amid a rise in cyber crime. Picture: Getty Images.

“It is laughable that the CBA is telling its staff the job cuts will help the bank deliver services to customers more ‘rapidly, easily and safely’,” Mr Hall added.

In a statement to news.com.au, a CBA spokesperson said: “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.

“Where there are roles that are no longer required in their current form, we work closely with our people to redeploy as many as possible.

“These decisions are never easy nor are taken lightly.”

Finance Sector Union associate director Jason Hall condemned the job cuts. Picture: Finance Sector Union.

Mr Hall added: “How can the CBA justify cutting hundreds of jobs at the same time it is making record profits. CBA staff tell the FSU they are already overworked and the latest job losses are sending morale to rock bottom.”

“All they can see is colleagues being marched out the door and individual workloads increasing to an unsustainable level.”

“This is no way to run the biggest bank in Australia - these slash and burn tactics are designed to cut costs, increase profits and take the whip to those who remain.”

“The latest profit figures come from the hard work our members have put in over the past year. It is appalling that after all that effort, instead of being rewarded, these staff are losing their jobs.’

It also comes just a few months after news.com.au spoke to customer service staff member at

The latest news follows fellow Big 4 bank Westpac cutting 300 roles in June.