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Commonwealth Bank has laid off hundreds of workers in Australia and launched a hiring spree in
India just weeks after recording a $5billion profit.
The Big Four bank made the decision on Tuesday to cut approximately 300 roles
The Finance Sector Union said it will affect teams across retail, business and institutional banking, and human resources, with the majority of roles impacted in technology.
'A recent survey of CBA workers found job security is a major concern for 72 per cent of staff,' the Finance Sector Union said in a statement.
'Another 74 per cent said workloads had increased in the past year, and half said they had considered leaving.'
It also warned the bank that the new rollout of
AI across the workforce must not come at the expense of secure jobs.
Union national secretary Julia Angrisano said CBA had just posted over $5billion in half-yearly profit.
'Cutting the jobs of 300 workers is totally unacceptable,' she said
'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.
'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.'
Despite axing hundreds of jobs in Australia, Commonwealth Bank has been on a hiring spree in India, with more than 90 jobs available in the last month.
Listings on the bank’s careers site show a wave of new positions based at its Bangalore technology hub, spanning risk management, compliance, engineering and advanced analytics roles.
The bank increased its India-based workforce by 21 per cent to 6,788 in the year to June 2025, a 138 per cent increase since 2022.
Only a day after the news of CBA's job cuts, it was revealed that the embattled software company WiseTech Global planned to axe 2,000 of its 7,000 staff over a two-year period.
The cuts are due to begin in the product and development and customer service departments.
Software development has experienced its most significant shift in decades,' chief executive Zubin Appoo said.
'I am prepared to say this clearly: the era of manually writing code as the core act of engineering is over.
'AI amplifies the productivity of our expertise in logistics and trade, the rich datasets that WiseTech holds, and the network advantage that we have built over 30 years.
'And it allows us to move faster from ideas to real customer value through the efficiencies it brings in software development and product creation.'
Regards