The Commonwealth Bank has allayed fears that it will shed jobs, stemming a growing anxiety over a contagion of jobs losses throughout the sector.

 

“We do not have any plans for major redundancy programs, we do not have any plans for offshoring. As analysts and investors, that does cause you to ask the questions, well what do you have plans for?,” CBA CEO Ian Narev said at an analyst’s briefing.

“What we have plans for is continued commitment to what we've been doing over the last couple of years to the continued strengthening or the capability which we are now demonstrating within our results and within the momentum of the business.”

 

The announcement by Mr Narev comes after the ANZ’s decision to sack up to 1000 jobs and Westpac’s plans to shed up to 560.

 

“There is no doubt that the decision and announcements made today by the Commonwealth Bank absolutely expose the lies that are told by Westpac and ANZ that the only way Australian banks can make money and deal with the difficult circumstances is to sacrifice Australian jobs by sending them overseas, or hard working Australians out onto the doll queues,” National Secretary of the Finance Sector Union Leon Carter told the ABC.

 

CBA posted a half-year profit of $3.6 billion, which represents a 19 per cent increase on last year’s result.