'Some roles and work can change': CBA cuts 164 jobs from technology division

The Commonwealth Bank of Australia is cutting 164 jobs from its technology division after a company review to "deliver the best experiences and outcomes for our customers".

The big four bank said more than 12,000 people, including 1200 new people hired last year, were employed within the technology division.

But a review into the division has meant some jobs will be cut, with the bank saying it hopes employees affected will be reskilled and redeployed.

READ MORE: What will happen when Alfred actually makes landfall

"Like all organisations, we regularly review how we are organised to deliver the best experiences and outcomes for our customers," a CommBank spokesperson said.

"That means some roles and work can change. Our focus is on providing our growing team with the right skills for the evolving work.

"Our priority is always to redeploy or reskill for a new role or opportunity wherever possible.

"We are working closely with every individual to support them with respect and care."

Commonwealth Bank currently has 400 technology roles open in Australia.

READ MORE: Australia's largest petrol station opens in Melbourne's west

View gallery

Australia's most trusted brands revealed

In February, the bank posted a half-yearly net profit of $5.1 billion, which was up from its previous half-yearly result of $4.8 billion.

The increase was attributed to core business growth and lower loan impairment costs but was partly offset by higher operating costs due to inflation and an increase in investment spending.

The Finance Sector Union said the 164 jobs being cut was "hypocrisy at its finest".

"Much of their reasoning for these job cuts is very vague and cryptic," the union said.

DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play.