Union Protests CBA’s Recent Bankwest Decision
Following the announcement of significant changes by the Commonwealth Bank of Australia (CBA) regarding its subsidiary Bankwest, union concerns have escalated. The shift includes a move where new employees will no longer be hired under the Bankwest brand.
Concerns Raised by Financial Sector Union
The Financial Sector Union (FSU) has criticized CBA’s decision, suggesting it signals an end to Bankwest as a distinct employer. The union warns that more than 1,400 staff members risk losing their current working conditions due to a planned merger of Bankwest’s enterprise agreement with that of CBA’s national workforce.
Closure of Bankwest Branches
In 2024, CBA shut down all Bankwest branches and ATMs, transitioning to an online-only service model. This decision was driven by a decline in over-the-counter transactions, particularly in regional areas.
- 45 Bankwest branches were closed.
FSU National President Wendy Streets stated, “CBA is essentially calling it quits on Bankwest by making this the end of Bankwest as an employing entity.” She emphasized that merging the agreements undermines the workers’ ability to negotiate fairly.
Future of Employees and Bankwest Brand
A Bankwest spokesperson acknowledged the alignment of employment conditions within the CBA group over the past 17 years. They stated that the bank still aims to maintain a unique identity as a digital bank while offering career development opportunities.
In line with its digital transformation, Bankwest launched a new app and website last year, as part of a campaign titled “Just Enough Bank,” which received promotional support across various media platforms.
Historical Context of Bankwest
Bankwest was acquired by CBA in 2008, having been purchased from the Bank of Scotland, which had obtained it from the Western Australian government in 1995. Over the years, Bankwest has undergone several name changes and has a rich history dating back to 1895 when it was founded as the Agricultural Bank of WA.
This ongoing situation has raised critical questions about the future of Bankwest’s workforce and the integrity of its brand in light of CBA’s strategic decisions.
As developments unfold, CBA has been approached for further insights and comments on these changes.
