Commonwealth Bank Mulls Plan to Cut 10,000 Jobs, Paper Says
- Australia’s largest lender may close 300 branches, report says
- Cuts would be sensitive as banks struggle to win back trust
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Commonwealth Bank of Australia is working on a plan to cut more than 10,000 jobs and about A$2 billion ($1.4 billion) of costs, the Australian newspaper reported, without saying where it got the information.
The nation’s largest lender is said to be considering closing as many as 300 of its almost 1,000 branches, the paper said. A reduction of 25 percent of its workforce could see 10,000-12,000 jobs go in coming years, the report said.