The Commonwealth Bank is on a collision course with its own workforce as it struggles to strike a critical new enterprise bargaining agreement (EBA) while trying to lead the industry into the AI era.
With its old EBA having nominally expired last month, the Financial Services Union (FSU) has written to CBA staff revealing that months-long negotiations have stalled, with management unwilling to accept protections against AI or a moratorium on branch closures and offshoring.
At a time when staff are anxious that AI will change or replace their roles, while bank CEOs search for the flexibility needed to navigate an uncertain economy and technological upheaval, the breakdown of negotiations at CBA appears to be a harbinger.
“It is clear that CBA does not want to make any significant changes to the enterprise agreement that address employees’ key concerns. Their preference is to keep the status quo –– which has already seen 800 jobs cut this year, more work offshored to CBA India, and branches close across the country,” the FSU wrote.
