Commonwealth Bank of Australia to cut at least 100 jobs

COMMONWEALTH Bank of Australia (CBA), the country’s biggest lender, is cutting at least 100 jobs, mainly in its retail bank and technology units, the Australian Financial Review reported on Wednesday (Jul 26), citing sources.

The news comes more than a month after Westpac Banking laid off 300 jobs in its consumer and business banking segments.

CBA did not confirm to Reuters the number of employees that would be let go.

“As part of our focus on business improvement, we regularly review the skills we need and how we are organised. That means from time to time, some roles and work can change or may no longer be required,” a spokesperson for the bank said.

“There are no reductions to customer-facing team members who serve our customers in branch, on the phone or online,” they added.

CBA currently employs around 50,000 people across Australia and internationally. At the end of Mar 31, the bank had a cash net profit after tax of about A$2.60 billion, up from A$2.40 billion a year ago. REUTERS