Union Deems CBA’s Plan to Cut 300 Jobs ‘Totally Unacceptable’

The Commonwealth Bank of Australia (CBA) is facing significant backlash after announcing plans to eliminate 300 jobs. This decision has been labeled “totally unacceptable” by the Finance Sector Union (FSU). The union’s criticism comes despite CBA reporting a remarkable half-year profit of $5 billion.

Job Cuts Amid Record Profits

CBA’s Chief Executive, Matt Comyn, revealed a $90 million Future Workforce Program aimed at upskilling employees. This initiative is designed to prepare the bank for evolving technological landscapes, particularly the impact of artificial intelligence (AI).

• Job Cuts: 300 positions to be eliminated across various sectors.
• Future Workforce Program: $90 million allocated for employee training.
• Recent Profit: $5 billion in half-year net profit.
• AI Training: Over 30,000 employees have already received AI-focused training.

Union’s Response

FSU’s national secretary, Julia Angrisano, has expressed that job cuts following such lucrative earnings are unacceptable. The union emphasizes the need for CBA to utilize the Future Workforce Program to assist affected workers. Angrisano stated that many roles impacted by these cuts would be in technology, retail, business and institutional banking, and human resources.

Worker Concerns

A survey highlighted several concerns among CBA employees:

• 72% of workers are worried about job security.
• 74% have experienced an increase in workloads within the last year.
• 50% have considered leaving the bank due to these concerns.

The FSU argues that employees who contributed to CBA’s profits deserve better support and job security. Angrisano stressed the need for improved protections, especially when new technologies like AI are introduced, and advocated for retraining and redeployment opportunities within CBA. Her comments underlined a commitment to advocate for a more equitable distribution of profits and job stability for workers.

As CBA moves forward with its Future Workforce Program, the focus will remain on how it addresses the significant job cuts and the concerns of its workforce. The developments at CBA will be closely monitored by both employees and industry analysts.