The Commonwealth Bank of Australia (CBA) is cutting 164 jobs from its technology division following a company review aimed at “delivering the best experiences and outcomes for our customers.”
CBA employs over 12,000 people in its technology division, including 1,200 new hires from last year. However, the review has led to some job cuts, with the bank stating it will focus on reskilling and redeploying affected employees.
A CBA spokesperson emphasized that the company regularly reviews its organizational structure to ensure it is equipped to meet customer needs, and that the priority is to redeploy or reskill employees whenever possible.
The bank currently has 400 open technology roles in Australia. Despite the job cuts, CBA reported a 6.25% increase in its half-yearly net profit, which rose to $5.1 billion from $4.8 billion. This growth was attributed to core business expansion and lower loan impairment costs.
The Finance Sector Union criticized the job cuts, calling them “hypocrisy at its finest” and questioning the vague explanations provided by the bank.
