**CBA Faces Backlash for Replacing Australian Jobs with Indian Hires Amid Rising Unemployment**
The Commonwealth Bank of Australia (CBA) is under fire from the Finance Sector Union (FSU) for hiring over 100 software engineers in India—roles identical to those it recently made redundant in Australia. The FSU revealed that CBA India is recruiting for positions such as Senior Software Engineer and Data Engineer, mirroring the 631 Australian jobs cut between March and June 2024. The union has accused CBA of acting in „bad faith,” arguing that the bank’s claim that these roles were no longer needed in Australia is contradicted by its overseas hiring spree. FSU National Secretary Julia Angrisano called the move „outrageous” and vowed to challenge CBA before the Fair Work Commission for allegedly breaching its Enterprise Agreement.
CBA has defended its actions, citing a shortage of local tech talent and emphasizing the need for specialized skills in areas like AI and cybersecurity. The bank has significantly expanded its Indian workforce, nearly doubling its headcount from 2,854 in 2022 to 5,630 in 2023, while cutting 2,581 Australian jobs in the same period. Critics argue this shift prioritizes cost savings over local employment, especially as Australia’s unemployment rate climbs to 4.3%. The controversy highlights broader tensions in the banking sector, with other major banks like Westpac and NAB also offshoring tech roles to India.
Despite CBA’s claims of transparency, the timing of its layoffs—amid economic uncertainty and rising underemployment—has fueled public outrage. The bank’s CEO, Matt Comyn, has justified the strategy by pointing to India’s skilled workforce and university partnerships, but the FSU remains unconvinced. Angrisano condemned the move as a „shameful act” by Australia’s richest company, accusing CBA of exploiting cheaper labor overseas while leaving local workers jobless. As the debate over offshoring and AI-driven job cuts intensifies, CBA’s actions underscore the growing challenges facing Australia’s tech and financial sectors.
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