Commonwealth Bank to cut 250 jobs says Finance Sector Union

The number of CBA customer-facing staff would not be reduced, he said.


CBA did not provide details of why the jobs were being cut, but the increasing digitisation of finance has prompted banks to remove some back-office jobs. Last month, the union said Westpac had also cut several hundred positions.

CBA, Australia’s biggest bank, is set to report its full-year earnings to the market on August 9, at a time when banks continue to benefit from historically low levels of bad debts, despite signs of the growing financial pressure on borrowers from higher interest rates.

Analysts expect the bank will report cash earnings of about $10 billion for the year to June. A recent note from Morgan Stanley forecast CBA would lift its final dividend to $2.35 a share, which would be higher than the final dividend peak from 2019, when it paid $2.31 a share.