The Commonwealth Bank is set to reduce its workforce by almost 200 positions this month, adding to a total of more than a thousand job cuts made by the company over the past year despite making a record profit.
The Financial Sector Union confirmed that 192 jobs will be lost from back office operations in Sydney, Melbourne and Perth due to an ‘automation initiative’.
The union has specified that out of the 192 jobs being cut, 87 will come from the bank’s home buying operations division, 47 from consumer finance, and 21 from the everyday banking team.
Subsidiary Bankwest will also lose nine staff from its lending arm.
The Commonwealth Bank is set to axe 192 jobs across back office operations in Sydney, Melbourne and Perth
Financial Sector Union National Secretary Julia Angrisano slammed the bank’s actions in light of the record $10.18 billion profit it reported for the last financial year.
‘It is clear that the CBA has no hesitation throwing workers onto the unemployment queue in its relentless campaign to cut costs and boost profits,’ Ms Angrisano said.
Ms Angrisano expressed doubt that the specialist roles being cut could be adequately replaced by automation at a time when the bank was already struggling to perform day-to-day operations with the staff that it has.
‘CBA has a huge problem with staff shortages and excessive workloads and cutting staff does nothing to reduce that concern for workers,’ she said.
‘It is hard to believe that the bank can afford to lose so many experienced staff at the same time that it has a significant overwork problem across the organisation.
Source: | This article originally belongs to Dailymail.co.uk
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