Queue warning as CBA cuts jobs
The Commonwealth Bank has confirmed that it will cut 600 positions from its retail banking network and has refused to rule out further job losses. The 600 cuts come on top of 1,600 positions lost in the retail area in 2002. The positions to be cut include lending and frontline staff, including 20 tellers.
The Australian Consumers' Association said it's hard to see how cutting 600 frontline jobs can do anything but decrease service levels to customers. The Finance Sector Union warned that more cuts are likely, which will further increase bank queues. Analysis of bank staff numbers shows that about 22,000 jobs have been cut from the other major banks since 1998: ANZ Bank is down from 32,000 to 22,500, Westpac from 33,200 to 26,100 and NAB from 46,300 to 41,400.