The cuts are concentrated in the business bank, retail bank and the IT division.
In a statement on Wednesday afternoon, Finance Sector Union national secretary Julia Angrisano said it would shift more pressures on to already overworked staff.
CBA employs about 49,200 full-time equivalent employees, with the cuts representing less than a percentage point of its overall workforce. It does not affect bank branch roles. Westpac is just over halfway through its reduction effort, and employs roughly 38,000 people. The bank has wound down its premier banking division – a product dedicated to customers earning over $300,000 a year but not enough to qualify for the private bank – as part of the changes.CBA will report its full-year results on August 9, when consensus estimates forecast revenue to jump 8.8 per cent to $27.1 billion. However, net profit is expected to fall 5.4 per cent to $10.2 billion.
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