The Commonwealth Bank of Australia (CBA) has announced the reduction of 164 positions within its technology division as part of a recent organisational review aimed at enhancing customer experiences and outcomes. This division currently employs over 12,000 staff, including 1,200 new hires from the previous year.
The bank emphasised its commitment to support affected employees, stating it plans to reskill and redeploy them wherever feasible. A spokesperson for CBA remarked that, like every organisation, they regularly assess their structure to optimise service delivery, which may lead to changes in roles and responsibilities. The bank’s focus remains on equipping its workforce with the necessary skills to meet evolving demands, with an assurance of treating each individual with respect and care during this transition.
Notably, CBA has 400 technology roles currently available across Australia, indicating ongoing opportunities for job seekers. Despite the layoffs, the bank recently reported a half-yearly profit of $5.1 billion, an increase from $4.8 billion in the prior year. This growth has been attributed to a rise in core business activities and reduced loan impairment costs, although it faced challenges from escalating operational costs linked to inflation and increased investment outlays.
The Finance Sector Union has sharply critiqued the bank’s decision to cut jobs, labelling it “hypocrisy at its finest” and questioning the clarity of the bank’s rationale for the layoffs. The union characterised CBA’s explanations as vague and cryptic, emphasising the need for transparency regarding such significant workforce changes.