By Adam Haigh
August 21, 2025 at 12:45 AM UTC
Updated on August 21, 2025 at 1:20 AM UTC
Commonwealth Bank of Australia reversed a decision to cut 45 customer service roles due to new artificial intelligence technology after pressure from the country’s main financial services union.
The union took CBA to the workplace relations tribunal earlier this month as the company wasn’t being transparent about call volumes, according to a statement Thursday from the Finance Sector Union. The nation’s largest lender had said that the voice bot reduced call volumes by 2,000 a week, when union members said volumes were in fact rising and CBA had to offer staff overtime and direct team leaders to answer calls, the union said.
CBA’s initial assessment that the roles were not required “did not adequately consider all relevant business considerations and this error meant the roles were not redundant,” a CBA spokesperson said in a statement.
“We have apologized to the employees concerned and acknowledge we should have been more thorough in our assessment of the roles required,” the spokesperson said. Impacted staff are being offered the choice of continuing in their current roles, seeking another position or leaving the firm, the spokesperson added.
Chief Executive Officer Matt Comyn has been at the forefront of pushing technology in Australia’s banking sector and the firm this month unveiled a partnership with OpenAI to bring advanced AI to its customers and staff. Elsewhere, lenders around the world are grappling with the use of AI and its impact on jobs.
Read More: Wall Street Job Losses May Top 200,000 as AI Replaces Roles
Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, a Bloomberg Intelligence report said at the start of the year. Back office, middle office and operations are likely to be most at risk, according to the report.
The union called the decision to rescind the job cuts a “massive win” for members. In taking the bank to the tribunal, the union said CBA didn’t explain how roles were selected for redundancy, and also that it was hiring similar roles with messaging duties in India.
The Sydney-based bank said it was also reviewing internal processes to improve its approach in the future. The firm employs more than 51,000 staff.
Separately, rival National Australia Bank Ltd. earlier this week said it’s engaging with the finance sector union after errors were made in paying staff.
(Adds BI report on AI impact on jobs in sixth paragraph, and further details of union’s complaints in seventh paragraph.)
Source (Archive)
August 21, 2025 at 12:45 AM UTC
Updated on August 21, 2025 at 1:20 AM UTC
Commonwealth Bank of Australia reversed a decision to cut 45 customer service roles due to new artificial intelligence technology after pressure from the country’s main financial services union.
The union took CBA to the workplace relations tribunal earlier this month as the company wasn’t being transparent about call volumes, according to a statement Thursday from the Finance Sector Union. The nation’s largest lender had said that the voice bot reduced call volumes by 2,000 a week, when union members said volumes were in fact rising and CBA had to offer staff overtime and direct team leaders to answer calls, the union said.
CBA’s initial assessment that the roles were not required “did not adequately consider all relevant business considerations and this error meant the roles were not redundant,” a CBA spokesperson said in a statement.
“We have apologized to the employees concerned and acknowledge we should have been more thorough in our assessment of the roles required,” the spokesperson said. Impacted staff are being offered the choice of continuing in their current roles, seeking another position or leaving the firm, the spokesperson added.
Chief Executive Officer Matt Comyn has been at the forefront of pushing technology in Australia’s banking sector and the firm this month unveiled a partnership with OpenAI to bring advanced AI to its customers and staff. Elsewhere, lenders around the world are grappling with the use of AI and its impact on jobs.
Read More: Wall Street Job Losses May Top 200,000 as AI Replaces Roles
Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, a Bloomberg Intelligence report said at the start of the year. Back office, middle office and operations are likely to be most at risk, according to the report.
The union called the decision to rescind the job cuts a “massive win” for members. In taking the bank to the tribunal, the union said CBA didn’t explain how roles were selected for redundancy, and also that it was hiring similar roles with messaging duties in India.
The Sydney-based bank said it was also reviewing internal processes to improve its approach in the future. The firm employs more than 51,000 staff.
Separately, rival National Australia Bank Ltd. earlier this week said it’s engaging with the finance sector union after errors were made in paying staff.
(Adds BI report on AI impact on jobs in sixth paragraph, and further details of union’s complaints in seventh paragraph.)
Source (Archive)
