Latest news with #Commonwealth Bank
Yahoo
10 hours ago
- Business
- Yahoo
Major bank axes Aussie jobs as 'human cost' of AI revolution exposed: 'Massive job losses'
Commonwealth Bank is axing dozens of roles in its customer call centres and has cited artificial intelligence as the reason behind the cull. The major bank introduced a new chatbot system to answer customer inquiries in June. A total of 90 jobs are due to be cut by the bank, according to the Finance Sector Union (FSU). That includes 45 roles in direct banking that are being impacted by the new voice bot system and local customer messaging specialist roles who interact with customers through the bank's online chat. A Commonwealth Bank spokesperson told Yahoo Finance it was currently investing more than $2 billion into its operations, including frontline teams and technology services. RELATED Millions of Aussies warned as Hungry Jack's replaces drive-thru workers with AI Rare 50 cent coin sells for $3,050 due to 'unique' reason Aussie couple reveal 'cheaper' $400,000 housing solution as CBA backs growing trend 'To meet the changing needs of our customers, like many organisations, we review the skills we need and how we're organised to deliver the best customer experiences and outcomes. That means some roles and work can change,' the spokesperson said. 'Our investment in technology, including AI, is making it easier and faster for customers to get help, especially in our call centres. 'By automating simple queries, our teams can focus on more complex customer queries that need empathy and experience.'CBA briefed the union on the cuts last week and revealed the new voice bot, which identifies and verifies customers and provides balance checks, had reduced the volume of calls by 2,000 a week. The FSU has criticised the Big Four bank for axing frontline roles in favour of automation. The union said while it supported the use of new technology and AI in banking, it must be done in partnership with workers, not at their expense. 'Workers want a tech savvy bank, but they expect to be part of the change, not replaced by it,' FSU national secretary Julia Angrisano said. 'There is a human cost to this. You can't just replace frontline jobs with a voice bot and expect the same service for customers.' The FSU has also claimed the Commonwealth Bank is offshoring jobs to India, however, the bank has denied this. Commonwealth Bank noted it was one of the country's biggest employers, hiring more than 9,000 people in the 2025 financial year. It said it was looking at other internal jobs and re-skilling opportunities for impacted staff. 'Our priority is to explore opportunities for redeployment and to support affected employees with care, dignity, and respect throughout the process,' the spokesperson said. The bank employs some 38,000 staff in Australia, with around 3,000 working in call centres. Unions push for tougher regulation on use of AI It comes as Australian Unions seek tougher regulations around the use of AI in workplaces. The Australian Council of Trade Unions said it would use next month's Economic Reform Roundtable to call for a new set of mandatory enforceable agreements that would force employers to consult with staff before new AI technologies can be introduced into workplaces. Employers would be required to reach agreements around guarantees for job security, skills development and retraining, transparency over technology use, privacy and data collection and use protections. 'We can realise the potential productivity benefits of AI while protecting the Australian fair go in the AI age,' ACTU assistant secretary Joseph Mitchell said. 'But we can't wish away the major disruptions and social risks that the bad use of AI and other new tech poses, through massive job losses and the theft of creative and intellectual property by big tech companies.'Error in retrieving data Sign in to access your portfolio Error in retrieving data
The Australian
21 hours ago
- Business
- The Australian
Dollar soars: Expert reveals what could push AUD to new heights
The Australian dollar rose to a yearly high on Friday and could break through a key barrier on a US-China trade deal or higher than expected inflation. Australia's dollar jumped to a nine month high of 66.24 US cents on Friday, before slipping to 65.63 cents during Monday's trading. But in its latest trading note, the Commonwealth Bank says the Australian dollar surge could continue this week, as the US continues to announce trading deals following a temporary pause in its tariffs. 'AUD/USD will likely extend its gains this week if US trade developments are perceived to be positive and risk sentiment improves and more trade deals can be announced ahead of the 1 August deadline,' CBA wrote. The Aussie dollar has bit a new high for the year as Donald Trump announces new trade deals. Picture: NewsWire / Nicholas Eagar The big four bank estimates the global effective tariff rate will stand around 20 per cent from August 1. 'The US may announce more trade deals this week ahead of the 1 August deadline and/or an extension to the US-China trade truce, supporting risk sentiment,' CBA wrote. IG market analyst Tony Sycamore highlights positive headlines out of the US that could help the Australian dollar. 'Whether the AUD/USD can extend those gains will likely depend on fresh tariff headlines, and inflation and jobs data in the US,' he said. The US and China will meet in Stockholm on Monday, aimed at tackling longstanding economic disputes between the two countries. The meeting in Sweden, led by US treasury secretary Scott Bessent and China vice premier He Lifeng, comes after the previous 90 day pause on tariffs in June. In June both countries announced more than 100 per cent tariffs on each other in a tit-for-tat escalation between world's two largest economies. This truce will end on August 12, and a failure to reach an agreement will send global supply chains into turmoil as both countries face tariffs of more than 100 per cent. RBA governor Michele Bullock explained why the central bank held rates in July. Photo: NewsWire/ Gaye Gerard Domestically a higher than expected inflation number could also see the Australian dollar jump. On Wednesday the Australian Bureau of Statistics will announce the CPI reading for the second quarter of this year, with any rise above 0.6 per cent for the quarter putting future rate cuts in doubt. The March quarter inflation figure was 2.4 per cent. AMP chief economist Shane Oliver said a lot of future rate cuts will come down to the CPI print. 'If the CPI is in line or just a little bit higher than the RBA forecast of 2.6 per cent rise in the trimmed mean for the year until June 30 then I think we will get a rate cut,' he said. 'But if it is 2.9 or even 2.8 then the RBA board might think lets wait a little longer.' Mr Sycamore told NewsWire the Aussie dollar won't run until later in the week, on the back of CPI data in Australia and jobs data out of the US on Friday. 'If there is a 4.3 per cent print, it gives the Aussie dollar the green light to push towards the mid 66s,' he said. At the July RBA monetary board meeting, the central bank shocked markets by holding the official cash rate at 3.85 per cent on the back of monthly inflation and jobs figures being stronger than expected. At the time governor Michele Bullock said the central bank could wait for the June quarterly figures to be released. 'Recent monthly CPI indicator data – which can be volatile and does not cover all items in the CPI – were broadly consistent with this expectation,' the RBA board said. Read related topics: China Ties
News.com.au
a day ago
- Business
- News.com.au
‘Extend gains': Aussie dollar could surge on US-China trade meeting
The Australian dollar rose to a yearly high on Friday and could break through a key barrier on a US-China trade deal or higher than expected inflation. Australia's dollar jumped to a nine month high of 66.24 US cents on Friday, before slipping to 65.63 cents during Monday's trading. But in its latest trading note, the Commonwealth Bank says the Australian dollar surge could continue this week, as the US continues to announce trading deals following a temporary pause in its tariffs. 'AUD/USD will likely extend its gains this week if US trade developments are perceived to be positive and risk sentiment improves and more trade deals can be announced ahead of the 1 August deadline,' CBA wrote. The big four bank estimates the global effective tariff rate will stand around 20 per cent from August 1. 'The US may announce more trade deals this week ahead of the 1 August deadline and/or an extension to the US-China trade truce, supporting risk sentiment,' CBA wrote. IG market analyst Tony Sycamore highlights positive headlines out of the US that could help the Australian dollar. 'Whether the AUD/USD can extend those gains will likely depend on fresh tariff headlines, and inflation and jobs data in the US,' he said. The US and China will meet in Stockholm on Monday, aimed at tackling longstanding economic disputes between the two countries. The meeting in Sweden, led by US treasury secretary Scott Bessent and China vice premier He Lifeng, comes after the previous 90 day pause on tariffs in June. In June both countries announced more than 100 per cent tariffs on each other in a tit-for-tat escalation between world's two largest economies. This truce will end on August 12, and a failure to reach an agreement will send global supply chains into turmoil as both countries face tariffs of more than 100 per cent. Domestically a higher than expected inflation number could also see the Australian dollar jump. On Wednesday the Australian Bureau of Statistics will announce the CPI reading for the second quarter of this year, with any rise above 0.6 per cent for the quarter putting future rate cuts in doubt. The March quarter inflation figure was 2.4 per cent. AMP chief economist Shane Oliver said a lot of future rate cuts will come down to the CPI print. 'If the CPI is in line or just a little bit higher than the RBA forecast of 2.6 per cent rise in the trimmed mean for the year until June 30 then I think we will get a rate cut,' he said. 'But if it is 2.9 or even 2.8 then the RBA board might think lets wait a little longer.' Mr Sycamore told NewsWire the Aussie dollar won't run until later in the week, on the back of CPI data in Australia and jobs data out of the US on Friday. 'If there is a 4.3 per cent print, it gives the Aussie dollar the green light to push towards the mid 66s,' he said. At the July RBA monetary board meeting, the central bank shocked markets by holding the official cash rate at 3.85 per cent on the back of monthly inflation and jobs figures being stronger than expected. At the time governor Michele Bullock said the central bank could wait for the June quarterly figures to be released. 'Recent monthly CPI indicator data – which can be volatile and does not cover all items in the CPI – were broadly consistent with this expectation,' the RBA board said.
Daily Mail
20-07-2025
- Daily Mail
EXCLUSIVE Teenage mum-of-two accused of recruiting underage girls for twisted bank boss reveals the astonishing sum she made in just 48 hours - as fresh details emerge about 'money row' at hotel room, before he later killed himself
The teenager allegedly behind a banking executive's underage sex charge - which triggered his suicide 48 hours later - bragged about making '$16,000 in two days'. Mother-of-two Shauntelle Went, 18, is accused of bringing the young girls to the Brisbane hotel room of high-flying Commonwealth Bank boss Christopher James McCann, 50, in May. When he opened the door, McCann changed his mind after a row over the price, and phoned the hotel's reception to demand the girls be removed. NSW Police swooped on the married father-of-two, from Curl Curl on Sydney 's northern beaches, as he arrived at Sydney Airport and extradited him to Queensland. On Monday, he was charged with one count of using the internet to procure children under 16, before he was granted bail to live with a friend on the Gold Coast. On Wednesday, he drove to a beauty spot at Springbrook National Park in the Gold Coast hinterland, where he plunged to his death. Queensland Police confirmed his death is not being treated as suspicious, with a report being prepared for the Coroner. On Monday, Brisbane Magistrates Court had heard McCann made arrangements with Went and agreed a price for her to bring her the two girls, aged 14 and 15. But the deal turned sour when she allegedly sent the young girls to the door of his room at the Sofitel Hotel in Brisbane's CBD while she remained in the lobby. After McCann queried the price, he then asked hotel staff to escort all three off the premises, the court was told. Went, who proudly promotes her sex services on social media, regularly posts teasing videos and encourages potential clients to 'ask for my prices'. Shortly after the incident which led to the charges against McCann, Went boasted on TikTok in June: 'Made like $16,000 in, like, two days.' She also shared a series of screenshots of instant bank transfers into her account to substantiate her income boasts. In another clip, the teenager taunts trolls who attacked her looks in a series of videos filmed on her sofa. 'I love how it's all you broke f***s saying she is ugly when I post about my OnlyFans,' she blasted. 'Stay mad. Stay jealous.' On Wednesday, Christopher James McCann drove to a beauty spot at Springbrook National Park in the Gold Coast hinterland, where he plunged to his death The court heard on Monday that McCann was accused of committing a 'terribly serious offence' by engaging the Brisbane teen to allegedly supply the young teens. 'You travelled interstate frequently,' Magistrate Louise Shephard told McCann. 'You formed some kind of connection with (Went). On May 14, police intercepted messages between you and her. 'The allegation is you... queried her about whether she had younger friends that she worked with.' McCann reportedly stood in the dock looking either down or straight ahead throughout the hearing. 'Later that evening, Went and the girls attended (the five-star Brisbane CBD hotel),' Magistrate Shephard continued. 'The two girls went to the room, and you contacted the front desk to ask them to leave. It is not alleged the girls entered the room.' The matter was referred by NSW Police to Task Force Argos, Queensland's child exploitation unit, and on July 8, a search warrant was executed at McCann's Sydney home. Christopher James McCann was also prohibited from having any contact with children, except for his own sons, and was required to stay with his friend in Queensland A prosecutor opposed bail, citing concerns McCann could reoffend and posed a risk to the community. McCann's barrister David Jones said his client's assets would be frozen, and that he had no prior criminal record. He told the court McCann was prepared to abide by strict conditions and remain in Queensland for the duration of proceedings. Magistrate Shephard noted McCann had been sacked by Commonwealth Bank in the wake of the charges. He was granted strict conditional bail, including an overnight curfew, a ban on encrypted messaging apps, and permission to use only one mobile phone. He was also prohibited from having any contact with children, except for his own sons, and was required to stay with his friend in Queensland. On Wednesday though, he drove from his friend's home to the beauty spot where he fell to his death. Went was also granted bail on Monday and is scheduled to return to court on August 4. If you or someone you know needs confidential support, contact Lifeline on 13 11 14 or Beyond Blue 1300 22 4636.
News.com.au
18-07-2025
- News.com.au
Former CBA executive Christopher James McCann's final days after child procurement charge
A fortnight ago, Christopher James McCann was living a life of relative anonymity in Curl Curl. The married father-of-two travelled frequently interstate as the head of health and social infrastructure at Commonwealth Bank in Sydney — a position he'd held for the past 11 months. Behind the scenes, however, NSW Police officers and State Crime Command's Sex Crimes Squad had established Strike Force Coalhurst in March to investigate the 50-year-old over his alleged attempts to procure teenage girls for sex at his Brisbane hotel room. The matter had been referred to the Queensland Police Service's child exploitation unit, Taskforce Argos. The months-long investigation by both police services culminated in Mr McCann's arrest at Sydney Airport and extradition to Queensland on July 10. On Monday, Mr McCann was charged with a single count of using the internet to procure a child under 16 for a sexual act at Brisbane Arrests Court, where he was granted bail to reappear on August 4. Forty-eight hours later, his body was found at Springbrook National Park, a popular tourist and bushwalking spot on the Gold Coast. Shocked tourists witnessed police cars and an ambulance speed past them as they made their way back to their holiday homes. 'A report will be prepared for the Coroner following the non-suspicious death of a man at Springbrook yesterday (Wednesday),' a Queensland Police spokesperson said. On Monday, the court was told police alleged Mr McCann – who had worked in corporate finance, including at ANZ and Westpac, for more than two decades – had formed a 'connection' with his co-accused, sex worker Shauntelle Elizabeth Went. It is further alleged Mr McCann was organising to use the 18-year-old's services while in Brisbane in May but queried if she had any 'younger friends' she worked with. 'You made an arrangement and agreed on a price to use Ms Went's services and that of two underage girls,' magistrate Louise Shepherd said in her summary of the police allegations. The teen girls, aged 14 and 15, and Ms Went allegedly attended the Sofitel Hotel, but Ms Shepherd said it was not alleged the girls went up to Mr McCann's room. The court was told Mr McCann was no longer employed by Commonwealth Bank as a result of the charges. His financial accounts had also been frozen by detectives. Police opposed Mr McCann's bail, claiming there was a risk of further offending and general safety to the community Ms Shepherd also said Mr McCann would not necessarily serve any time in custody if convicted and granted him bail on strict conditions. He had to live with a university lecturer friend near Mudgeeraba, about 20km north-east of Springbrook and not have contact with children except his own sons. Mr McCann's lawyer David Jones KC took issue with affidavits filed by the arresting officer that he said engaged in 'speculation' and were lacking in objectivity. He also pointed to an affidavit prepared by a clinical psychologist who did not even assess his client. Mr Jones said the police material was speculative and engaging in 'fortune telling', telling the court his client was not in a show-cause position and therefore had a prima facie case for bail being granted. 'What would ordinarily be against an applicant, they have flipped,' Mr Jones said. 'So the fact he's 50 years old with no criminal history, doesn't use drugs, doesn't drink – ordinarily for everybody else, that would be a benefit, but for him, that's a disadvantage.' Ms Shepherd granted Mr McCann bail – ordering him to report to police once a week, not to drink or use illicit drugs and be subject to drug testing. He was also ordered to possess only one phone. Ms Went was also granted bail during an application before Ms Shepherd. The court was told Ms Went was receiving a disability support pension and received money through her OnlyFans account, but she did not perform in-person sex work. Both Mr McCann and Ms Went had been due to return to court on August 4.
