"The bank stated that overall staff numbers grew by approximately 2,500 in the last financial year, reaching about 49,000."
CBA Announces 419 Job Cuts; Union Cites AI & Offshoring Fears
The Commonwealth Bank of Australia (CBA) has announced two rounds of job cuts, totaling at least 419 positions, citing program completions, role simplification, and a changing mix of skills. The bank has stated that its overall headcount has grown over the past year, while the Finance Sector Union (FSU) has expressed concern about ongoing redundancies and employee anxiety related to artificial intelligence (AI) and offshoring.
Timeline of Reductions
Two separate announcements regarding job cuts have been made:
February 2026 Cut (300 roles): CBA announced the elimination of 300 positions across its retail banking, institutional, and human resources divisions. Technology workers were significantly affected. The bank stated it routinely evaluates its skill requirements and had consolidated technology roles.
Current Cut (119 roles): CBA is eliminating an additional 119 roles. The bank cited the conclusion of internal programs, work simplification, and a changing mix of skills. The FSU noted that approximately one-third of these roles are at Bankwest, which transitioned to an online-only model in 2024.
Bank's Position and Workforce Changes
A CBA spokesperson stated that overall staff numbers grew by approximately 2,500 in the last financial year, reaching about 49,000. The bank cited ongoing movement through hiring, internal mobility, and recruitment in priority areas. The bank stated that roles are shifting, being created, or reduced as programs end and work is simplified.
CBA Chief Executive Matt Comyn has stated that the direct impact of AI on the bank's workforce is currently modest. He clarified that AI was not the direct cause of the specific job changes announced in February, but acknowledged that AI is expected to "reshape how work is done across CBA and the broader economy." Comyn identified growing demand for positions in financial crime, cybersecurity, and specialist engineering. He also stated the bank's preference to maintain a significant graduate program, with a higher proportion of graduate roles now in technology.
Employee Support Programs
CBA has implemented several initiatives related to workforce transitions:
- Skills Program: The bank has invested $90 million over three years in a new skills program. The program is designed to provide greater transparency about required skills, offer opportunities for internal placements, improve the identification of transferable skills, and facilitate participation in training programs, including those focused on AI.
- Transition Support: A voluntary four-week career transition program and an internal job vacancy hub have been established to support affected employees.
Union Response and Employee Sentiment
The Finance Sector Union (FSU) has criticized the job cuts. FSU national secretary Julia Angrisano expressed concern about ongoing job losses and has called on CBA to use its skills program to provide genuine redeployment and retraining opportunities.
The FSU reported that a survey of 1,700 CBA employees found:
- 72% were worried about job security due to AI and offshoring threats.
- 74% reported increased workloads.
- 50% had considered leaving the bank.
The union is currently negotiating a new enterprise agreement and has stated that job security is a priority.
Related Industry Context
Bendigo and Adelaide Bank earlier this month announced plans to cut costs by approximately $70 million through new technology partnerships. Specific job impacts were not disclosed. CEO Richard Fennell acknowledged the changes would be a challenging time for employees.