Australia's largest bank, the Commonwealth Bank (CBA), is facing backlash after announcing plans to relocate hundreds of jobs to India while cutting local positions—despite reporting record-breaking profits.
The move has drawn sharp criticism from unions and employees, who accuse the bank of prioritising cost-cutting over loyalty to its Australian workforce.
Hundreds of Jobs Axed in Australia
CBA confirmed that it is eliminating several hundred roles across its operations in Australia, with many of these positions expected to be transferred to India. The decision comes as part of the bank's broader strategy to streamline operations and reduce expenses.
An internal memo seen by sources revealed that affected employees were informed of the cuts earlier this week, with redundancy packages being offered to some staff.
Outsourcing Amid Record Profits
The timing of the job cuts has raised eyebrows, given that CBA recently announced a staggering $10 billion in annual profits. Critics argue that the bank's decision to outsource jobs while enjoying such financial success is a betrayal of its workforce.
"This is corporate greed at its worst," said a union representative. "CBA is making billions, yet it's slashing local jobs to save a few dollars by sending work overseas."
Employee and Union Outrage
Affected employees have expressed frustration and anxiety over the sudden job losses. Many long-serving staff members now face an uncertain future.
Unions have vowed to challenge the decision, calling for greater transparency and demanding that the bank reconsider its outsourcing strategy.
Bank Defends Decision
In a statement, CBA defended the move, stating that the restructuring is necessary to remain competitive in a rapidly evolving banking sector.
"We are committed to supporting our employees through this transition and ensuring that we continue to deliver excellent service to our customers," a spokesperson said.
However, sceptics remain unconvinced, questioning whether offshoring jobs will ultimately benefit customers or simply boost the bank's bottom line.
