Australia’s largest bank, the Commonwealth Bank, has sparked outrage by sending 100 jobs to India, despite recording massive profits.
The bank had notified the Finance Sector Union that it would be laying off 304 Australian workers in technology and retail roles last month.
However, it has now emerged that the bank has created 110 new jobs in India, including roles that were previously held by Australian workers.
Union Accuses Bank of “Bad Faith”
The Finance Sector Union’s national secretary, Julia Angrisano, has slammed the bank for breaching faith with its staff.
By hiring for the same jobs at its Indian subsidiary, CBA India, the bank has essentially lied to its workers, Angrisano said.
This is a shameful act from Australia’s richest company, and a clear example of bad faith, she added.
Bank’s Indian Workforce Doubles in Two Years
The Commonwealth Bank’s workforce in India has more than doubled in just two years, growing from 2,854 employees in June 2022 to 5,630 by June 2024.
Meanwhile, the number of staff in Australia has fallen from 38,153 to 36,572, with many retrenchments related to bank restructuring.
The union has accused the bank of preferring to outsource work to India for cheaper labor, and has demanded answers from the bank’s management.
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