Commonwealth Bank (CBA) is the latest lender facing scrutiny over redundancies. This time, however, the major bank has been accused of offshoring the roles to India.
In June, the bank said it would make 283 jobs redundant across its technology and retail banking divisions.
The Finance Sector Union (FSU) filed an application with the Fair Work Commission (FWC), regarding the roles. CBA agreed to a review of the roles, in response, denying that any roles were being moved overseas.
Commissioner Katrina Harper-Greenwell noted that CBA eventually acknowledged a link between some of the redundancies and existing roles in its Bangalore operations. The bank later stated it, "regrets not recognising earlier that two Product Owner positions were being transferred to India as part of the restructuring."
A CBA spokesperson told Australian Broker: "Two of the 283 roles reviewed were product owner roles located in Australia where the majority of the team and the work was being performed in India. However, in June 2025 we provided a rationale that these two roles were no longer required. This information was provided to the FWC and the FSU.
"The review has been completed and has been resolved. This is reflected in a memorandum from the FWC to the FSU and CBA," the spokesperson added.
Despite reassurances that local positions were not being filled offshore, the FSU is now alleging the bank has advertised for similar roles in India. FSU applied to the FWC for review. The FWC asked CBA to improve transparency around the offshoring of jobs.
"CBA initially denied any direct replacement of jobs in Australia, but were directed by the Commission to carry out a review which uncovered that two roles were in fact being sent offshore," said FSU National Secretary Julia Angrisano. "The bank subsequently removed 30 online job ads for roles in India that had the same job titles as roles being cut here."
The union group also found that employment numbers at CBA India were up 21% in the last year. Meanwhile, CBA reported a $10.2 billion profit after tax in August.
"CBA is making billions in profit while trying to cut jobs in Australia and expanding operations offshore," Angrisano added.
Meanwhile, the major bank appears to be doubling down on its direct-lending channels. The lender rolled out several borrower incentives this year — including up to 300,000 Qantas Points and exclusive variable rates — available only through its direct digital channels, effectively bypassing brokers.
But CBA is just one player in a wider industry shift. ANZ has flagged plans to axe 3,500 roles in the next year, while National Australia Bank (NAB) recently eliminated more than 400 positions. Bendigo Bank also said it plans to cut approximately 145 jobs.
