(Australia) Commonwealth Bank’s eagerly anticipated internal restructure will have the wraps taken off this week.The restructure, which is centred on improved customer service, was flagged at last month’s results announcement when the bank admitted it needed to undergo “major transformational change” in order to become “more competitive”.
CBA recently announced it planned to shed some 600 jobs – or three percent – of its 8000 retail banking staff following a review carried out by management consulting outfit McKinsey. Many expect the review to result in at least 3000 retail banking job losses.
Last month CBA announced a three percent year on year net profit increase of just three percent.