CBA slashes jobs in automation push
Commonwealth Bank is axing nearly 200 back office jobs in Sydney, Melbourne and Perth, taking total staff cuts in the last year across Australia’s biggest bank to over 1000.
Commonwealth Bank’s decision to slash nearly 200 roles in an automation push has come under criticism from the union representing its workers.
The Finance Sector Union said CBA’s decision to cull 192 jobs across several divisions including its Bankwest brand, risked pushing more work onto fewer staff despite the bank’s healthy full-year profit.
The FSU on Monday said CBA had told the union the 192 jobs would go from back office operations in Sydney, Melbourne, and Perth, with staff now facing the finalisation of redundancies.
The union reported 87 jobs would go in CBA’s home buying operations division, followed by 47 jobs in consumer finance.
A further 21 jobs in the CBA’s everyday banking team will be slashed, while BankWest’s lending arm will lose 9 staff.
The FSU said CBA had told it “automation initiatives” in retail banking and home lending were allowing the bank to cut jobs and simplify processes.
CBA has rolled out a number of automation processes throughout the bank in recent years.
The bank launched Unloan, its digital home loan application platform, in May last year offering discounted products to borrowers.
FSU national secretary Julia Angrisano said CBA had “no hesitation throwing working onto the unemployment queue” after posting a $10.18bn full year profit.
“Workers in the financial services sector should be enormously concerned that Australia’s largest bank is now making workers redundant because of automation,” she said.
“CBA has a huge problem with staff shortages and excessive workloads and cutting staff does nothing to reduce that concern for workers.”
Ms Angrisano said the jobs being cut at CBA were specialist roles.
“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 across the organisation,” she said.
The latest job cuts come in the wake of several rounds by CBA chipping away at staff numbers.
CBA moved to axe 221 back office roles in August, including targeting another 88 back office roles, after taking aim at 251 roles in July.
A CBA spokesman said the bank regularly reviewed “the skills we need and how we are organised”.
“That means from time to time some roles and work will change or no longer be required,” he said.
“These decisions are never easy nor are they taken lightly.”
CBA employs almost 53,000 staff across its business.
The broader banking sector has faced a period of job cuts as higher costs weigh on balance sheets.
CBA is due to hold its annual general meeting on Wednesday.
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