Commonwealth Bank Australia Cuts 192 Jobs due to Automation Initiatives
Key Highlights :
The Commonwealth Bank of Australia (CBA) recently announced that it will be cutting nearly 200 jobs across three locations due to automation initiatives. The Financial Sector Union (FSU) reported that the job losses will take place in Sydney, Melbourne and Perth, and will affect sectors such as consumer finance, everyday banking, home buying operations and BankWest lending. The affected workers will be let go by November 2023, however, some have been offered re-deployment.
The job cuts come as a result of automation initiatives in retail banking and home lending that have allowed for “simplified processes”, according to CBA. It also said that there has been a decrease in interest in products such as “everyday banking” and “home buying operations”.
FSU national secretary Julia Angrisano noted that the decision to make more staff redundant comes after CBA made a full-year profit of $10.16 billion. “It is clear that CBA has no hesitation throwing workers onto the unemployment queue in its relentless campaign to cut costs and boost profits,” she said.
The FSU estimates that 1085 CBA jobs have been lost in the past year. CBA said that the decision to cut jobs was not easy, but was necessary to “improve” the business. It added that since 2021 it has hired 10,000 new people.
It is important to note that while automation initiatives have allowed for “simplified processes”, they have also resulted in job losses. It is also important to note that CBA has a huge problem with staff shortages and excessive workloads, and cutting staff does nothing to reduce that concern for workers.
It is essential that CBA takes the time to talk to each employee who is impacted and work with them on finding opportunities and building skills to support them for another role in or outside the bank. It is also important that the bank continues to hire people in order to ensure that the staff shortage and excessive workloads are addressed.
