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On The Record

Commonwealth Bank responds to the Financial Services Union

Commonwealth Bank responds to the Financial Services Union

Commonwealth Bank has responded to the FSU following a letter from its national secretary about media speculation of reductions to our workforce, including our branch network.

We have described these reports as misleading and unnecessarily alarming. CBA is committed to our people and are disappointed that speculation may be repeated as fact.

At our half year results in February, we indicated there was need to manage costs where it makes sense in terms of efficiency and as part of good business discipline. This is an ongoing focus for our business to enable us to invest in things that will make a measurable and long-term difference in the lives of our customers. 

With respect to our branch network, the suggestion that ‘300 of the bank’s network of branches is under consideration’ is incorrect and misleading. We remain committed to our decision to limit our review of branches in regional and rural towns during this financial year, given the conditions currently experienced in these areas.

We have also told the FSU that we will continue to consult with the union regarding changes that have implications for our employees and will be open and transparent as soon as any decisions have been made.