Commonwealth Bank of Australia to Downsize, Losing 10,000 Jobs

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Australian Commonwealth Bank wants to reduce jobs and expenses in the amount of about USD $2 billion (USD $1.93 billion).

According to media reports, the country’s largest creditor is considering the possibility of reducing its branches to 300 (at the moment there are almost 1000 of them). Specialists predict that it is planned to reduce the labour force by 25%. This trend may lead to an increase in the number of unemployed to 10 000-12 000 in the coming years.

The process of cutting jobs of such magnitude will be politically delicate because the banking sector is trying to regain its public trust, which was undermined by an investigation of illegal actions committed by financial industry experts and resulted in a number of offenses.