Bankwest's new 'just enough bank' slogan seems to have taken a literal turn as it lays off 130 roles just two days after unveiling the new digital-only branding.
Bankwest's new 'just enough bank' slogan seems to have taken a literal turn as it lays off 130 roles just two days after unveiling the new digital-only branding.
Bankwest on Wednesday confirmed its 130-person ‘transition team’, tasked with migrating customers from Bankwest to Commonwealth, would be cut.
It came after the 2022 decision by CBA to halt its subsidiary’s business banking offering and will affect 120 employees based in Western Australia.
In a statement to Business News, a Bankwest spokesperson said the winding back the transition team was always the intended move.
“Bankwest announced in February 2022 the transition of business banking to CBA," the spokesperson said.
"This decision enabled Bankwest to prioritise investment in delivering leading retail banking services for customers nationwide, with CBA continuing to offer market-leading business products and services across Australia.
“Since the February 2022 announcement, the business banking transition team has been supporting customers through this change, and these colleagues have shown exceptional care for their customers during this period.
“The program of work for the transition team was always due to be time limited, and the finalisation of the business banking transition program will result in the roles of approximately 120 WA-based colleagues being impacted.”
The group said, however, that many of the staff would find a role elsewhere in the business.
“At least thirty-two of these impacted colleagues are expected to be directly appointed to new roles in the CBA Group. 90 WA-based colleagues who will not be directly appointed to new roles, and who are currently on either Bankwest or CBA contracts will explore new opportunities in the group,” the spokesperson said.
“The CBA Group, including Bankwest, employs more than 5,000 Western Australians, and it has successfully recruited Western Australians into more than 370 of the 500 roles redirected to WA, announced in early 2024.
“More than 100 open WA-based roles are currently being actively recruited for, including opportunities in financial crime compliance, operations and customer services teams, offering new career pathways for Western Australians in next generation banking jobs.”
There are a combined 37 WA-based jobs currently being advertised across the Bankwest and CBA brand online.
In a statement following revelation of job cuts, the Financial Sector Union said the move was a slap in the face” and contradicted the company’s commitment to make 500 new jobs in WA via Bankwest’s conversion to an online-only bank.
“Especially given the uncertainty over the past three years for staff and customers. Staff are understandably anxious about what this means for them,” the FSU statement said.
“CBA has already cut 260 roles, bringing Bankwest job cuts to nearly 400, most of which are in WA. We are requesting a meeting with Treasurer Rita Saffioti to call on the WA government to step in and address this urgently.
“The government has been sold a pup, and must hold CBA accountable for abandoning Bankwest staff, along with their customers and local communities.”
