Commonwealth Bank refuses to guarantee jobs against AI shift

Summarised from 2 outlets · Updated 14 Oct, 03:32 · Archive

Australia's largest bank has refused to guarantee that artificial intelligence will not cost more workers their jobs.

Australia's largest bank has refused to give staff assurances that artificial intelligence will not result in further redundancies. Commonwealth Bank chair Paul O'Malley faced repeated questions about job security at the bank's annual general meeting on Wednesday, held after 1,000 staff lost their jobs over the past year due to operational restructures, automation and technology shifts.

O'Malley said there was 'no ability to give a blanket commitment' given the rapid pace of technological change and competition from tech firms deploying AI globally. He said the bank remained committed to supporting employees and investing in their capabilities, but acknowledged that technology was changing so quickly that he could not guarantee every job going forward.

Chief executive Matt Comyn said AI was playing a key role for the company, citing its use to copy human voices and deter scammers. He described artificial intelligence as potentially 'the most significant technology shift' the bank had encountered, saying it presented an opportunity to improve productivity and strengthen services. The bank employs 50,000 staff and said it was important to the Australian economy and businesses nationwide.

How it is being reported

• Commonwealth Bank refuses to guarantee jobs against AI as 1000 workers axedThe bosses of a big-four bank have refused to guarantee that its use of artificial intelligence won’t cost more workers their jobs.The West Australian · 14 Oct, 03:23
• Commonwealth Bank refuses to guarantee jobs against AI as 1000 workers axedThe bosses of a big-four bank have refused to guarantee that its use of artificial intelligence won’t cost more workers their jobs.Perth Now · 14 Oct, 03:23

In this story: Commonwealth Bank · Paul O'Malley · Matt Comyn · Australia

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