Finance Sector Union statement on Commonwealth bank job cuts

The Finance Sector Union of Australia (FSU) has called on Commonwealth Bank of Australia (CBA) chief executive Matt Comyn to come clean and reveal his reported ‘secret plan’ to slash more than 10,000 jobs and close 300 branches.

FSU National Secretary Julia Angrisano said if the report is incorrect Matt Comyn must immediately notify the bank’s 50,000 staff that their jobs are not on the line.

“A reduction in staff and branch numbers of this magnitude would have a devastating impact on thousands of bank workers and their families around Australia,” FSU National Secretary Julia Angrisano said.

“The CBA is a highly profitable company which relies on its staff to deliver financial services to its large customer base and Matt Comyn is on the wrong track if he thinks shutting down branches and sacking staff will enhance the bank’s reputation in the community and increase profits,” she said.

In her letter to Mr Comyn, Julia Angrisano said:

“Unconfirmed speculation of this size can only lead to uncertainty and has far reaching negative impacts on employees.

“It is appropriate that you confirm or deny these reports to ensure workers know where they stand.

“Can you confirm if the CBA is currently making such plans as reported?”

“Can you confirm if the CBA plans on drastically reducing your branch network?”

“Can you confirm if the CBA has plans on reducing the branch network by approximately 300?”

Ms Angrisano said Matt Comyn and CBA Chair Catherine Livingstone were contrite and admitted the CBA’s many failings in evidence to the Hayne Royal Commission.

“However, as the CBA attempts to regain its reputation, it would be an outrageous act to now turn on staff and put thousands onto the unemployment queue,” Ms Angrisano said.

She said if the reports were correct,, comments from the CBA that it was working to improve ‘outcomes for customers’ and to run the bank ‘efficiently and effectively to invest in the future’ were farcical.

“Bank workers will be the losers if this plan goes ahead and they deserve the certainty of going home this weekend without the worry of wondering if their jobs, and incomes, are secure or not.”

“CBA customers will also be severely affected if 300 branches are closed down.”

“We know older people have resisted the push to move to internet banking and any further reduction in branch numbers will hit the CBA’s long-standing and most loyal customers hardest.”

/Public Release.