Commonwealth Bank of Australia (CBA) is set to reduce another 232 roles, with 172 positions expected to be made redundant, as the bank continues a series of workforce changes despite reporting a record $11 billion profit.
The latest figures were outlined by the Finance Sector Union (FSU), which said the new cuts bring the number of jobs CBA has reduced since January to more than 1,000.
Technology workers among those affected
Technology workers in Sydney are expected to bear the brunt of the latest changes, according to the FSU. Roles are also being impacted across Business Banking, the Chief Operations Office, Institutional Banking and Markets, Retail Banking Services, Financial Services, Risk Management and Human Resources.
The union said affected employees have rights under CBA’s Enterprise Agreement, including consultation rights when changes and redundancies are proposed.
The latest changes follow earlier reports of further job reductions across the bank, with the FSU raising concerns over the scale and pace of restructuring.
Union pushes for stronger job protections
The FSU said the latest cuts underline the need for stronger job security provisions in CBA’s new Enterprise Agreement.
The union is seeking stronger protections around organisational changes and redundancies, alongside commitments to upskill and train Australian-based employees for future roles.
It also wants CBA to retain work in Australia rather than cutting local positions or moving roles to its Indian operations.
Branch closures add to workforce changes
The FSU said CBA has also closed, or announced plans to close, 28 metropolitan branches.
The union is using the workforce reductions and branch closures as part of its case for stronger employment protections in negotiations over the new Enterprise Agreement.
The developments come as Australia’s banking sector continues to undergo changes to operating models, technology and workforce structures, with major lenders pursuing cost efficiencies and productivity gains.
CBA cites workforce transition support
CBA has previously said customer needs, technology and working structures continue to evolve, requiring regular reviews of team capabilities and organisational structures.
The bank said 500 employees whose roles were affected by changes in 2026 had transitioned into other positions within CBA.
“Where roles are impacted, we provide practical support to our people to transition to new roles, where possible, and we are supporting that with a $90 million Future Workforce Program. This includes a voluntary four-week Career Transition Placement program for hands-on experience in suitable vacant roles, as well as a new Career Transition Hub that brings together coaching, skills assessment and access to internal vacancies to help people navigate change,” spokesperson from CBA said.
CBA reported nearly $11 billion in net profit after tax for the year ended 30 June 2026, up 7% from FY25, with dividends also increasing.
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