Commonwealth Bank of Australia cuts 45 jobs in AI-driven transformation, sparks union criticism

Commonwealth Bank of Australia announced on Tuesday that it will cut 45 jobs as part of its broader strategy to integrate artificial intelligence into specific operational tasks. The decision has drawn criticism from a union, which accused the bank of failing to include its employees in the future of the economy. The bank stated that the job reductions are part of a transition to more automated processes, aimed at improving efficiency and focusing human resources on higher-value activities. While the exact roles affected have not been disclosed, the move highlights the growing impact of AI on traditional banking functions. A union representative expressed concern over the lack of communication and support for affected workers, arguing that the shift risks leaving employees behind as the industry moves toward greater reliance on technology. The union emphasized the need for a more inclusive approach to AI adoption, ensuring that workers are not left without opportunities or adequate transition support. CBA has not provided further details on the specific departments or functions where the cuts will occur. However, the announcement aligns with broader trends in the financial sector, where banks are increasingly investing in AI to streamline operations and enhance customer service. The bank’s decision comes amid ongoing discussions about the role of AI in the workforce, with many institutions facing pressure to balance technological advancement with employee welfare. Critics argue that without proper planning and support, automation can lead to job displacement and economic inequality. CBA has not commented on whether the affected employees will receive severance, retraining, or other forms of assistance. The union has called for transparency and a commitment to retraining programs to help workers adapt to the changing landscape.