Union says CBA plan to cut 300 jobs 'totally unacceptable'

The Commonwealth Bank is expected to cut 300 jobs, a move slammed by the union as "totally unacceptable" in the wake of $5 billion in half-yearly profit.

CBA chief Matt Comyn announced today a $90 million Future Workforce Program to up-skill employees and help the bank prepare for change, in particular due to the impact of AI.

"Australia has to get really good at adopting this technology and whatever follows it," Comyn said.

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"This is a topic we have been thinking about for some time."

The bank would not comment on the 300 job cuts that the Finance Sector Union (FSU) said a decision was made on today.

The union said it was imperative that the CBA use the Future Workforce Program to support any displaced workers.

"The union understands the cuts will affect teams across retail, business and institutional banking and human resources, with the majority of roles impacted in technology," the FSU said.

FSU national secretary Julia Angrisano said job cuts in the wake of $5 billion in half-yearly profit were "totally unacceptable".

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"For years we have seen CBA continue to axe hundreds upon hundreds of jobs while raking in billions in profits – we've heard countless stories of CBA workers being tossed onto the redundancy pile and having to fend for themselves at the whim of the bank," she said.

"Which is why our union has fought hard for improved support for workers – stronger protections when AI or new technology is introduced in the workplace and genuine support for workers to retrain and redeploy into other areas of CBA.

"These are the very workers who helped generate CBA's massive profits. The least the bank can do is retrain and reskill workers, and provide opportunities for them to remain at CBA.

"This campaign is about securing a better way at CBA, one where profits are shared more fairly and workers have certainty about their future."

The FSU said that a recent survey found 72 per cent of CBU workers was concerned about job security, 74 per cent said workloads increased in the past year, and half said they had considered leaving the bank.

CBA has said AI-focused training has already been provided to more than 30,000 employees.

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