Bankwest, a subsidiary of the Commonwealth Bank of Australia (CBA), has abruptly cut 58 roles in a move that signals a further step toward its ongoing transition into a digital-only bank. These latest redundancies are part of a broader restructuring effort that includes 105 job cuts across the wider CBA group, spanning several Australian states.
According to news.com.au, the timing of the announcement comes shortly after a previous round of layoffs, underlining the pace at which the institution is reshaping its operations. While Bankwest’s strategy continues to evolve, Commonwealth Bank has disclosed few specifics about what the transition will ultimately entail.
Restructuring Spans Five States and Multiple Teams
The latest job reductions are concentrated in New South Wales, with other affected roles spread across Victoria, Tasmania, Queensland, and Western Australia. A CBA spokesman described the move as part of “a regular review of how the bank delivers the best experiences and outcomes for customers.”
“It’s our priority to always redeploy or re-skill for a new role or opportunity wherever possible,” the spokesperson added, noting that nearly 3,000 new hires have joined the group since January.
These cuts follow a previous round in March, when 164 roles were eliminated within CBA’s technology division, underscoring the scale of structural change underway at one of Australia’s largest banking institutions.
Digital-Only Model Reshapes Bankwest Operations
Bankwest has been steadily advancing its digital-only transformation, a strategy it reinforced in 2023 with the closure of its metropolitan branch network in Western Australia. The transition is designed to refocus operations on online customer experiences and streamline delivery models.
Among those affected by the current redundancies are members of the now-disbanded 130-person “transition team”, created to support the migration of Bankwest’s business customers to CBA.
According to the bank, more than 30 employees from that team have secured ongoing roles within CBA in WA, while approximately 90 others are still navigating the internal redeployment process.
A Bankwest spokesman stated the layoffs reflect a broader structural adjustment, saying the bank is “re-forming teams around customer needs.”
Internal Support and Ongoing Recruitment
Bankwest currently has over 100 open roles in Western Australia and says it will continue working with impacted staff to connect them with reskilling programs and internal opportunities within the wider Commonwealth Bank network.
The group emphasized its ongoing commitment to internal mobility and staff development as central to its transformation strategy.
Union and Government Involvement
The Finance Sector Union (FSU) has called for an urgent meeting with Western Australia Treasurer Rita Saffioti to discuss the job cuts and their implications. A spokesperson from Saffioti’s office confirmed that the matter would be raised directly with CBA.
Bankwest’s latest move adds to the growing list of Australian banks reshaping their workforce in response to changing customer preferences, accelerating the shift toward digital banking models and away from traditional branch services.
