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CBA concedes business banking changes will cut jobs
20 Aug 2004
The Commonwealth Bank has admitted that a restructuring of its business banking division will lead to job cuts in support and back-office functions. However a CBA spokesman said the job losses would be considerably fewer that the 200 claimed by the Finance Sector Union. The jobs were identified as part of the 3,700 positions to be lost under the "Which New Bank" restructuring program, but they won't occur until processes have been improved.
The FSU argues that the cuts will hit rural and regional areas the most, with "60 per cent of job losses occurring in business banking centres providing services to country areas".
Australian Financial Review, 20/8/04.
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