Commonwealth Bank of Australia announced it will cut approximately 120 jobs as the nation’s largest bank reviews roles and expands its use of artificial intelligence, according to Bloomberg. The cuts include 43 roles at Bankwest in Western Australia, with six positions affected by automation. This announcement follows another round of approximately 300 job cuts announced two months prior.
AI Training Program and Workforce Strategy
In February, Commonwealth Bank launched an A$90 million (US$64.3 million) Future Workforce Program designed to train existing staff in AI capabilities. A bank spokesperson stated the institution had approximately 49,000 employees after adding staff during the previous financial year. CEO Matt Comyn framed the retraining initiative as giving staff “more control over how their careers evolve.”
Previous AI Job-Cut Plan Reversed
The current cuts follow a significant reversal in the bank’s AI strategy. Last year, Commonwealth Bank dropped a plan to replace 45 customer service roles with AI after deploying an AI chatbot called “Bumblebee.” The Finance Sector Union had challenged the bank’s initial claims that call volumes were declining, with union members reporting that calls were actually rising and overtime was increasing. Following union pressure, the bank cancelled those redundancies and apologized to affected staff, acknowledging it had “not adequately considered all relevant business factors.”
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