20 February 2018
visit www.nextgenbanking.co.uk/

One thousand jobs to go as Commonwealth Bank re-invests in front line

22 August 2002  |  2372 views  |  0 Sydney3

Commonwealth bank of Australia is to halt its branch closure programme and spend A$120 million in improving front line customer service under a sweeping programme that will yield a total of 1000 job cuts.

The Australian bank foreshadowed the changes as it announced a net profit after income tax of A$2655 million for the year ended 30 June 2002, up 11% on the prior year.

The bank says it has completed a detailed review of service levels and is to spend A$120 million after tax over the coming year, with the aim of streamlining processes and improving responsiveness to customer needs. The one-time expenditure will cover systems changes, re-engineering of overall processes and staff redundancies.

The bank say that total staff numbers will be further reduced by 1000 by the end of this year as a result of eliminating duplication, inefficiencies and some back office processing. At the same time, there is expected to be an increase of some 550 positions, principally providing customer service.

As part of the commitment to improved service levels, the bank is to curtail its current branch closure programme, keeping high street outlets at their current level.

With over 1000 branches, the Commonwealth Bank’s branch network remains Australia’s largest, exceeding its nearest competitor by around 200.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Branches are here to stay, says Celent

Branches are here to stay, says Celent

16 July 2002  |  3495 views  |  0 comments
ANZ launches chip-based rewards programme

ANZ launches chip-based rewards programme

15 July 2002  |  5024 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comVisit www.vasco.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11671 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9282 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9118 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7766 views comments | 13 tweets | 11 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7190 views comments | 19 tweets | 18 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job