The Commonwealth Bank of Australia is reducing its technology division workforce by 164 positions as part of a company review aimed at enhancing customer experiences and outcomes.
The big four bank said more than 12,000 people, including 1200 new people hired last year, were employed within the technology division.
But a review into the division has meant some jobs will be cut, with the bank saying it hopes employees affected will be reskilled and redeployed.
A spokesperson for CommBank stated, “Similar to other organizations, we conduct regular reviews of our structure to ensure the best results for our customers.”
“That means some roles and work can change. Our focus is on providing our growing team with the right skills for the evolving work.
“Our priority is always to redeploy or reskill for a new role or opportunity wherever possible.
“We are working closely with every individual to support them with respect and care.”
Commonwealth Bank currently has 400 technology roles open in Australia. 
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In February, the bank posted a half-yearly net profit of $5.1 billion, which was up from its previous half-yearly result of $4.8 billion.
The rise in profits is linked to increased core business activities and reduced loan impairment expenses, although this growth was partially offset by rising operating costs due to inflation and higher investment expenditures.
The Finance Sector Union said the 164 jobs being cut was “hypocrisy at its finest”.
“Much of their reasoning for these job cuts is very vague and cryptic,” the union said.
