CBA cuts 300 jobs as it prepares workers for an AI-driven ‘shift’
Sydney Morning Herald
by Millie MuroiFebruary 24, 2026
AI-Generated Deep Dive Summary
Commonwealth Bank of Australia (CBA) has announced the elimination of 300 jobs across its retail banking, institutional, and human resources divisions. The cuts disproportionately affect technology workers as part of a broader shift toward AI-driven transformation in the workplace. CBA CEO Matt Comyn emphasized that these changes aim to prepare employees for "higher value" roles by equipping them with new skills through a $90 million investment over three years. While the layoffs have sparked criticism, particularly from unions, Comyn stressed that AI is reshaping tasks rather than directly causing the job cuts. The bank also acknowledged its recent reversal on 45 planned cuts after realizing some roles were still essential despite AI advancements.
The move reflects a broader trend in the Australian banking sector, with competitors like ANZ and National Australia Bank implementing similar staff reductions last year. Comyn highlighted that while automation is increasing, its direct impact on CBA’s workforce remains modest at present. He pointed to growing demand for specialized roles in financial crime, cybersecurity, engineering, and skills such as critical thinking and customer engagement. The bank’s new program focuses on enhancing transparency about skill requirements, offering cross-departmental placements, and fostering opportunities for upskilling through AI-focused training.
The controversy over the job cuts underscores tensions between technological innovation and workforce stability. While CBA aims to future-proof its employees by shifting them into higher-value roles, critics argue that the bank’s $5.4 billion profit justifies better support for displaced workers. This debate highlights the broader challenge of managing workforce transitions during an era of rapid AI adoption. The outcome of these efforts will likely influence how other industries approach similar transformations globally, with implications for both employee adaptability and economic stability in the financial sector.
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Originally published on Sydney Morning Herald on 2/24/2026