SYDNEY, April 24, 2026, 06:17 AEST
Commonwealth Bank of Australia will eliminate 119 positions, according to the Finance Sector Union on Thursday, marking another round of job cuts at the nation’s largest lender as it pivots toward automation and artificial intelligence. While the bank stopped short of confirming the figure, it acknowledged some jobs are being phased out as certain projects wrap, processes are streamlined, and the skillset across the organization evolves.
Timing’s key here. Back in February, CBA rolled out its A$90 million, three-year Future Workforce program and, in that same stretch, posted record first-half cash earnings—a crucial profit gauge for the sector. So these job cuts are arriving even as tech spending surges, not during any earnings slide. Automation—software or AI replacing traditional staff work—has rapidly become a flashpoint for labor across Australia’s banking industry.
The union reported that 43 of the job losses will hit Bankwest, with six positions linked directly to automation. It added that mobile lending managers—staff who guide customers through the home-loan process—are among those on the chopping block.
CBA told ABC it has a workforce of about 49,000 in Australia, adding headcount by around 2,500 across the group in FY25. Staff turnover remains a fixture, with hiring and internal shifts ongoing. For those impacted, the bank pointed to a four-week placement program and a career-transition hub as key support measures.
CBA’s February shake-up followed a year in which roughly 5,000 staff had already shifted into new positions, and over 30,000 employees completed AI-related training. Chief Executive Matt Comyn stressed that the main goal was to “transition people into higher-impact roles,” though he acknowledged the “pace of change remains highly uncertain.” CommBank
Last month, Comyn took a wider view, saying AI needs to boost productivity and living standards—“not valuations.” He also pointed out the technology’s role in stoking job-related anxiety. CommBank
Australian banking’s overhaul keeps picking up speed. Last month, NAB said it would axe roughly 170 positions and shift some roles offshore. Bendigo and Adelaide Bank, earlier this month, acknowledged tech-related job cuts. Meanwhile, ANZ’s aggressive cost push has already fed into a stronger quarterly profit.
The bank’s decision follows a robust half-year performance. Back in February, it posted a record A$5.45 billion first-half cash profit, helped by solid results in home and business lending as well as deposits. Michael Haynes of Atlas Funds Management pointed out that “growth in the business bank” was particularly notable, along with better execution in mortgages. Reuters
The mood has shifted. Last week, Westpac flagged that turmoil in the Middle East pushed it to boost provisions for bad loans, and on Monday NAB warned its first-half bad loan charges might double as borrowers feel the squeeze from pricier oil and slower growth. At CBA, if job cuts go deeper, union negotiations could get stickier, staff nerves may fray, and fresh doubts could emerge about Bankwest’s service levels—right as regulators caution banks not to let standards slip in the race for market share.
The union is pushing for job security, plus safeguards against offshoring and AI-fueled changes, to be baked into CBA’s new enterprise agreement now under negotiation. For its part, CBA says it’s boosting transition support for anyone facing changes.
