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Major bank announces more branch closures: ‘Difficult decision’


The Commonwealth Bank of Australia (CBA) has confirmed it will close down a further three branches in Sydney, Perth and Melbourne, despite reporting a half-year profit of more than $5 billion.

The Finance Sector Union (FSU) revealed on Friday that the bank was set to close branches in the Sydney suburb of Guildford, Wanneroo in WA and at the Mountain Gate branch in the Victorian suburb of Ferntree Gully.

“Customer demand at our Guildford, Wanneroo and Mountain Gate branches have progressively declined, with transactions down by half over the five years before the coronavirus pandemic,” a CBA spokesperson told

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“After a recent review, we made the difficult decision to permanently close these branches.”

The Commonwealth Bank of Australia confirmed it will close down three branches in Sydney, Perth and Melbourne despite a recent report of massive profits. File image. Credit: AAP

However, the CBA spokesperson added there will be “no job losses” as a result of the branch closures.

“We’ve redeployed the vast majority of staff from branches that have closed, and work closely with our people to support securing appropriate comparable roles suitable to their needs,” the spokesperson said.

“There are no job losses as a result of these three metropolitan closures.”

The announcement of the metropolitan closures comes after the CBA reported in February that profits jumped to $5.15 billion for the half year ended December 31, 2022 — a 9 per cent increase from the year before.

The FSU said the move to close the branches was “further disadvantaging” older customers.

FSU National Secretary Julia Angrisano said the CBA should extend its commitment to hold a moratorium on all branch closures while the Senate continues its investigation into regional branch closures.

“The CBA should stop all branch closures across the country and wait until the findings of the Senate Inquiry are delivered before it even thinks about shutting more branches,” Angrisano said.

“The CBA is the most profitable bank in Australia and can afford to put customers, communities and staff first.

“Unfortunately, CBA only thinks about its super profits at the expense of everyone.

Angrisano added the closure was increasing the workload of staff across all branches and departments.

“This is not sustainable and the FSU will be telling the bank how unhappy staff are in the current round of enterprise agreement negotiations.”

“We know 53 per cent of CBA staff are thinking of moving on and finding better paying jobs.”

Despite the announcement, the CBA said it remained “committed” to maintaining a large branch presence in the country.

“We remain committed to maintaining the largest branch presence in the country and continue to invest around $60 million per annum to upgrade or open new branches where we see customer demand,” the spokesperson said.

“When considering closing a branch, we take a range of factors into account.

“Central to this is ensuring that our customers will continue to have access to banking services following a closure, including through our own channels, or via [email protected].

“For these three branches, customers can continue to access multiple nearby CBA branches.”

The spokesperson also confirmed the CBA would not close any regional branches while the Senate inquiry is underway this year.

“As we (publicly) confirmed in February 2023, following consideration of a request from the Senate Committee, CBA will not close any regional branches while the Senate Inquiry is underway in 2023.”

Westpac also announced in February that it would shut 20 branches across Queensland, Victoria, NSW and South Australia this year.

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Source: 7News