Commonwealth Bank cuts 119 jobs amid AI transformation
The reduction follows 300 roles cut in February; roughly a third affect Bankwest. The Finance Sector Union says three-quarters of CBA staff fear job losses from AI and offshore moves.
Apr 23rd 2026 · Australia
Commonwealth Bank announced Thursday it is cutting 119 jobs, with the reductions attributed to completed programs, work simplification, and evolving skill requirements across the organization. The announcement comes just two months after CBA eliminated 300 positions in February, when the bank also launched a program preparing workers for changes driven by artificial intelligence. About a third of the latest cuts affect Bankwest, which transitioned to an online-only model in 2024, prompting widespread branch closures. The Finance Sector Union criticized the move, stating workers are still recovering from the previous cuts with no relief in sight. Swedish home appliance maker Electrolux simultaneously announced plans to cut 3,000 jobs over the next two years as part of a broader effort to streamline operations amid intense competition, particularly in North America, which accounts for roughly a third of the company's revenue. Electrolux also revealed it raised 9 billion kroner ($970 million) from shareholders and established a partnership with China's Midea to manufacture products for North American markets. The company, which employs approximately 39,000 people globally, expects North American demand to decline this year and has characterized the market as continuing to be challenging despite returning to profit last year following years of post-pandemic losses. The parallel job cut announcements reflect broader workforce transformation trends in the banking and corporate sectors. Banks in Australia and internationally have heavily invested in AI technology, signaling expectations of productivity gains through reduced headcount. An FSU survey found 72 percent of CBA workers expressed concern about job security due to AI threats and the possibility of Australian positions being moved overseas. The union is currently negotiating a new enterprise agreement with CBA and pushing for job security to be a priority issue. A CBA spokesperson noted the bank's overall workforce grew by approximately 2,500 people last financial year, bringing total staff to about 49,000, and said the company is expanding its support programs for workers affected by organizational changes.