Latest news with #Bankwest
News.com.au
20-05-2025
- Business
- News.com.au
Bankwest, as part of Commonwealth Bank, axes 58 roles as it transitions to becoming ‘digital only'
Bankwest has announced another 58 job cuts as part of a broader cull by parent company Commonwealth Bank. The latest round affects 58 roles at Bankwest and 105 across CBA, with the majority based in New South Wales. The remaining cuts are spread across Victoria, Tasmania, Queensland and Western Australia. A CBA spokesman described the move as part of a regular review of how the bank delivers 'the best experiences and outcomes' for customers. 'Our priority is always to redeploy or re-skill for a new role or opportunity wherever possible,' they said, adding that CBA has brought on nearly 3,000 new hires since January. It's the second round of major lay-offs in as many months. In March, CBA shed 164 jobs from its technology division. For Bankwest, the cuts come as it transitions into a 'digital-only' bank. The WA lender closed its metro branch network last year, a move it said would streamline services and refocus on online customer experiences. The latest redundancies include roles within the now-defunct 130-person 'transition team' assembled to shift Bankwest's business customers to CBA. While more than 30 of those workers have secured ongoing roles within CBA in WA, 90 others are still navigating the redeployment process. Bankwest says the current round of cuts is part of 're-forming teams around customer needs.' A spokesman said the bank currently has more than 100 open roles in WA and will work with affected staff to connect them with reskilling programs and internal opportunities within the broader CBA group. The FSU has requested an urgent meeting with WA Treasurer Rita Saffioti and said her office had committed to raising the issue directly with CBA.
Sky News AU
19-05-2025
- Business
- Sky News AU
Finance Sector Union demands Commonwealth Bank of Australia justify job cuts after posting multi-billion dollar profit
The Finance Sector Union (FSU) has torn into Commonwealth Bank of Australia for slashing more than 150 roles just days after revealing a $2.6 billion quarterly profit in the latest skirmish between the major union and Australia's largest bank. CBA told workers 163 positions at the company will go, with 105 coming from the company's main arm and 58 from its Western Australia-based subsidiary Bankwest. The FSU said the bank told staffers about the cuts within days of revealing a six per cent profit increase in the March quarter over the same quarter last year. Of the 105 CBA jobs lost, 90 are located in New South Wales, while the remainder are in Victoria, Tasmania, Western Australia and Queensland. Jason Hall, the FSU's National Assistant Secretary, said the recent job losses brings the total cuts across CBA and Bankwest in the past year to almost 800. 'While CBA's profits have swollen in the past year, they have sacked almost 800 workers in piecemeal announcements, no doubt in the hopes that these smaller job numbers wouldn't be widely noticed,' Mr Hall said in a statement. 'CBA has provided insufficient detail about the latest job cuts to enable genuine consultation. The FSU has written to the bank seeking more information on the rationale for the cuts and the impact on remaining teams. 'CBA and Bankwest workers deserve job security but with announcements of job cuts every couple of months, they are instead wondering when and where the next axe will fall.' Mr Hall said the latest cuts are mainly in customer service roles and the job losses at Bankwest are 'particularly concerning' after CBA committed to 500 new roles in WA. 'Now these latest round of Bankwest cuts mean CBA has slashed almost 150 Bankwest jobs since the start of the year,' he said. 'CBA must explain to its workers and customers how it can justify these actions after another quarter of hefty profits.' A CBA spokesperson said the major bank has hired almost 3,000 people since the start of the year and is investing more than $2b this financial year in the bank's operations. 'Like many organisations, we regularly review how we are organised to deliver the best experiences and outcomes for our customers,' the CBA spokesperson said. 'That means some roles and work can change. Our priority is always to redeploy or reskill for a new role or opportunity wherever possible.' The fresh sackings follows the FSU demanding answers from CBA over the axing of 164 jobs from the bank's technology division. Just weeks after this, the FSU hit out over plans to axe 90 roles at Bankwest.
West Australian
11-05-2025
- Business
- West Australian
Cash splash all the rage for young West Aussies as older consumers bear brunt of cost crunch: Bankwest
Young West Australians continue to splurge on holidays, cars and at department stores, as the older generation bear the brunt of still-high interest rates and rental pressures. Fresh figures from Bankwest has highlighted the two-speed economy, with transaction volume growing 6 per cent year-on-year in April for generation Z as it falls 6 per cent for baby boomers. The bank's monthly analysis crunches the numbers on WA customer credit and debit activity to spot responses to fluctuating economic conditions. The categories where gen Z — those born between 1997 and 2012 — were splashing cash included car rentals, which posted a 25 per cent jump in the number of customers transacting. This was followed by airlines (up 18 per cent), electronic retailers (up 13 per cent) and department stores (up 9 per cent). Meanwhile, the number of transacting customers from all other generations declined in these spending categories. Overall, the number of transacting customers fell 6.5 per cent for both millennials and generation X, and a bigger 8.6 per cent drop for baby boomers. Volume transactions for all three generations posted similar contractions. Bankwest products general manager Peter Bouhlas said the current economic pressures facing West Australians were affecting different segments of the community in contrasting ways. 'We know housing and rental supply in Western Australia is incredibly tight, with Anglicare WA's recent rental affordability report finding no affordable dwellings in the entire State for some benefit recipients,' he said. 'Those fortunate to have a roof over their head are also facing headwinds, with cost-of-living pressures squeezing family budgets, resulting in people having to prioritise when and where they spend their money. 'The age of gen Z means they're the least likely of all generations to be property owners and the rental squeeze means many might also not be in that market, resulting in a disproportionate discretionary budget.' Meanwhile, Mr Bouhlas said it saw the impacts of those economic pressures on older generations.
Yahoo
28-03-2025
- Business
- Yahoo
Aussie bank under fire as 90 jobs at risk following digital move
Commonwealth Bank subsidiary Bankwest is under fire after announcing it will cut up to 90 roles over the next three months. The move means nearly 400 roles have been slashed since the Aussie bank closed its entire retail branch and ATM network last year. Bankwest confirmed it would axe its 130-person 'transition team', with 122 jobs impacted in Western Australia. The team was established in 2022 to move business banking customers across to CBA after the bank decided to withdraw Bankwest from business banking services. A Bankwest spokesperson said at least 32 impacted workers would move into new roles within the CBA group. The remaining 90 jobs not directly appointed to new roles will be able to 'explore new opportunities in the group'. RELATED CBA, ANZ, NAB, Westpac's major cash commitment confirmed in 2025 federal budget Centrelink blow for millions on JobSeeker, Age Pension as federal budget denies cash boost Centrelink win for 460,000 pensioners in $450 million federal budget move The Finance Sector Union (FSU) said the cuts went against CBA's promise to the Western Australian government to create 500 more jobs following last year's closures. 'Unfortunately the WA Government has been sold a pup here – 500 group roles were promised in return for Bankwest going completely digital,' FSU national secretary Jason Hall said. 'Instead, the bank continues to cut local jobs.'Bankwest said it had recruited Western Australians into more than 370 of the 500 roles redirected to the state and would aim to put some of the workers displaced from the transition team into vacant roles, including financial crime compliance, operations and customer service. Hall said workers were 'fed up of being at constant risk of losing their jobs', with customers and staff facing 'uncertainty' since the bank decided to withdraw from business banking. The FSU said it would seek an urgent meeting with WA Treasurer Rita Saffioti and ask her to 'immediately intervene'. Bankwest closed all 45 of its branches across Western Australia last year in its transition to become a wholly digital bank, with a further 15 converted to CBA branches. The bank said it was going digital due to changing customer behaviour, with 97 per cent of transactions now completed digitally and fewer than 2 per cent of customers visiting a branch regularly. The number of bank branches across the country dropped by 230 in the last financial year and by 1,615 compared to five years ago, the latest APRA data found. The major banks have committed to pause regional bank closures until July 31, 2027. CBA acquired Bankwest in 2008. The bank had no physical footprint outside of the state, having already closed all east coast outlets by early in to access your portfolio
