The Commonwealth Bank of Australia (CBA) has revealed that it will be making 221 roles redundant within its technology business division. Of these, 88 positions will be eliminated, with efforts to redeploy affected employees to other roles within the bank where possible.
The redundancies primarily impact staff based in New South Wales (NSW) and include roles related to risk, fraud, cyber security, and data protection. The bank’s decision to cut jobs in the technology business division comes shortly after the announcement of record annual profits totaling $10.2 billion.
A spokesperson from CBA noted that the bank regularly reviews its organizational structure and the skills required for its operations. They stated that decisions regarding redundancies are made after careful consideration and with a focus on treating every individual impacted with respect and care.
The bank emphasized that there will be no reduction in customer-facing roles, ensuring that services provided in branches, over the phone, and online will not be affected.
This announcement follows another recent round of job cuts reported by the Finance Sector Union (FSU) involving around 251 positions across CBA’s business banking and retail banking services divisions. The FSU had also indicated additional redundancies and redeployments in Sydney and Melbourne.
