Australia’s four major banks – ANZ, Commonwealth Bank (CBA), NAB, and Westpac – are continuing a worrying trend of large-scale redundancies, with thousands of positions cut over the past year.
Banks aim to boost profits, reduce operating costs, manage workforce changes, and accelerate digital transformation.
ANZ alone announced cuts of 3,500 full-time roles and 1,000 contractor positions, while NAB laid off 410 employees and relocated 127 jobs offshore. Westpac has cut around 1,000 positions and is considering an additional 1,500 layoffs. CBA has reduced 45 call center roles, implementing AI chatbots to handle customer queries.
Experts warn that ordinary Australians will feel the impact immediately, as customer service suffers due to reduced human staff. Today Money expert Joel Gibson highlighted that customers will increasingly rely on digital tools and AI, with no guarantee of lower fees despite cost savings.
Finance Sector Union president Wendy Streets emphasizes that banks should invest in upskilling employees to work alongside AI, rather than sending experienced staff offshore, which also raises data privacy concerns.
These mass layoffs occur amid a cost-of-living crisis, making it harder for displaced workers to find new jobs, while banks continue to report billions in profits.
