Commonwealth Bank to cut jobs from its technology | Australian Markets

Banking giant Commonwealth Financial institution is anticipated to cut more than 100 jobs from its technology division.

Some 150 jobs will possible be culled from the bank’s Sydney operations, with the remaining roles to hit Melbourne, Brisbane, Perth, Hobart and Tweed Heads in NSW’s far north.

Finance Sector Union national secretary Jason Corridor stated the union would press the bank for “clearer answers” on the recent spherical of redundancies.

“On the one hand, CBA tells its shareholders that it is facing a skills shortage in Australia and it has a commitment to digital talent. And on the other hand, it cuts a further 164 jobs from its technology division,” Mr Corridor stated on Thursday.

“The CBA owes its workers an explanation for why its actions don’t match its words.”

It’s understood a letter from the bank to affected staff acknowledged that to be able to “deliver digital customer experiences faster, we will require enhanced skill-sets to support new ways of working”.

The ultimate redundancy determine will not be sure.

A Commonwealth Financial institution spokesman informed NewsWire the bank would search for redeployment alternatives for affected staff.

“Like all organisations, we regularly review how we are organised to deliver the best experiences and outcomes for our customers,” the spokesman stated.

“That means some roles and work can change. Our focus is on providing our growing team with the right skills for the evolving work.

“Our priority is always to redeploy or re-skill for a new role or opportunity wherever possible.

“We are working closely with every individual to support them with respect and care.”

Commonwealth Financial institution is Australia’s largest company with a market capitalisation of $261.7bn.

It boasts a worldwide worker base of some 53,000 and its tech division alone counts some 12,000 staff.

In calendar yr 2024, the bank employed 1200 technologists, together with engineers, cyber specialists and knowledge scientists, and invested about $1.1bn in tech to helps its operations.

Final month, the company reported internet income of $45.1bn for the six months to December 31, 2024 – a 6 per cent increase on the prior period.

Commonwealth Financial institution CEO Matt Comyn stated the outcomes mirrored the bank’s “disciplined operational and strategic execution”.

“Through supporting our customers and investing in our franchise, we have been able to deliver solid results for our shareholders, despite the weaker economic backdrop,” he stated.

“Our consistent financial performance demonstrates our disciplined operational and strategic execution and the bank’s deep customer relationships that help us understand needs and risks and deliver superior digital experiences.”