CommBank Faces Backlash Over 164 Tech Job Cuts

Alright, let's talk about something that’s making waves in the finance and tech sectors right now—Commonwealth Bank of Australia (CBA) has announced job cuts in its technology division, and it’s raising a lot of questions.

So, here’s the deal: The Finance Sector Union (FSU) recently revealed that CBA is cutting 164 roles from its tech teams. This comes as a surprise, especially since the bank has been vocal about its commitment to expanding digital capabilities and hiring top engineering and digital talent. Despite having a workforce of over 12,000 in its tech division and even hiring 1,200 new employees last year, CBA has decided to review and restructure its operations, leading to these job losses.

The cuts seem to be hitting hardest at the bank’s Eveleigh and Harbour Street locations in Sydney, though some roles in Melbourne, Brisbane, Perth, Hobart, and Tweed Heads are also affected. The roles impacted include retail technology, the chief technology office, institutional banking and markets technology, and business banking technology.

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Now, here’s where it gets interesting. On one hand, CBA has been telling shareholders and the public that it’s facing a tech skills shortage in Australia and that it’s focused on growing its digital workforce. On the other hand, they’re slashing jobs in their technology division. FSU national assistant secretary Jason Hall has openly criticized the bank, calling the move contradictory and demanding a clear explanation for the layoffs.

CBA, for its part, says these changes are part of their ongoing efforts to “simplify” operations and “enhance capability.” They claim that in order to deliver digital customer experiences faster, they need enhanced skill sets to support new ways of working. But for those affected, this explanation seems vague and unsatisfactory.

What makes this decision even more controversial is that CBA just reported a massive half-year profit of $5.13 billion. This raises an obvious question—why cut jobs when the bank is clearly doing well financially? Last year, CBA also cut 105 tech roles and 116 jobs in retail operations, despite its strong financial performance. It’s no wonder that employees and industry observers are questioning the bank’s priorities.

The union is now stepping in to support affected workers, ensuring they receive their entitlements and seeking more transparency from the bank. Hall has emphasized that employees deserve honesty and clarity, rather than generic corporate statements that fail to explain why these job losses are necessary.

At the end of the day, this situation highlights a bigger issue in the tech and finance industries—how companies balance their digital transformation goals with workforce stability. If a bank as profitable as CBA is making these cuts, it makes you wonder what’s next for the industry. Will we see more companies making similar moves under the banner of “enhancing capability”? Only time will tell.

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CommBank Faces Backlash Over 164 Tech Job Cuts

CommBank Faces Backlash Over 164 Tech Job Cuts