USU members are seeing what is happening in the banking sector. It is fair to say that many would have grave concerns that these trends will continue and impact the wider industry. 

Australia’s banking sector is once again under the spotlight. Despite posting multibillion-dollar profits, our major banks are continuing to offshore jobs, close branches, and increasingly replace loyal workers with artificial intelligence.

The numbers speak for themselves.

  • Commonwealth Bank reported a staggering $10.25 billion profit.
  • Westpac followed closely with $6.99 billion.
  • ANZ also posted $6.96 billion, while still announcing plans to slash 4,500 jobs which equates to 15% of their entire workforce
  • NAB, with a $6.96 billion profit, have axed 400 local jobs, replacing them with cheaper roles offshore.
  • Macquarie Bank pulled in $3.75 billion.
  • IMB Bank recorded a 30% increase in net profit, reaching $38.1 million.
  • NGM Group (formed from the amalgamation of Greater Bank and Newcastle Permanent) delivered a record profit of $131.1 million, almost double the $72.9 million in 2023.

And yet, while profits soar, workers and communities are paying the price through job losses, job redesign, restructures, and branch closures.

Human Cost of “Efficiency”

Behind these announcements are real stories of real people. Workers like Kathryn, a Commonwealth Bank employee of 25 years, who devoted her career to serving customers and even helped train the very AI chatbot that later replaced her.

After two decades of face-to-face service and years of building CBA’s online customer support, she was told at just one hour’s notice that her role was no longer required.

Her story is not unique. This is the human cost of automation and outsourcing: loyalty discarded, livelihoods upended, and communities left without the trusted support of local bank branches.

What’s Really Driving Change?

Banks argue that offshoring and AI adoption are about “efficiency” and “simplifying operations.” But with record profits in the billions, Australians are asking: how much is enough?

The contrast could not be starker: banks celebrate record financial results while cutting thousands of jobs. This isn’t about survival, it’s about profits before people.

Technology Will Shape the Future of Work

There’s no denying that automation and AI will play a bigger role in the finance industry. Technology can improve services, but it must not come at the cost of jobs and fair treatment.

Already, Telstra and Atlassian have announced AI-driven restructures. The banking sector is simply the front line of a broader shift that will touch every part of the Australian workforce.

Why Union Membership Matters More Than Ever

Along with other unions the United Services Union has been clear: workers must have a seat at the table when businesses adopt new technologies. Without union representation, employers will continue to pursue “efficiencies” that cut jobs, undermine conditions, and weaken job security.

Union membership is the best way to mitigate the negative impacts of workplace change. Through collective action, we can secure:

  • Redeployment opportunities instead of forced redundancies.
  • Fair consultation processes before changes are imposed.
  • Training and upskilling so workers are not left behind by technology.

Enterprise Bargaining: A Chance to Lock in Protection

Where enterprise bargaining is taking place, workers must seize the opportunity to not only demand higher wages but also stronger conditions that protect jobs and secure futures.

That means bargaining for clauses that:

  • Ensure fair processes around automation and offshoring.
  • Provide income and retraining support in the event of redundancies.
  • Guarantee transparency from banks about how technology will affect services and staffing.

The Bottom Line

History shows us that when employers chase cost savings at all costs, it’s union members who fight back and win fairer outcomes.

This is a timely reminder that the best way to protect your job is through union membership. In an industry driven by margins and “efficiencies,” and in one where technology is rapidly reshaping the future, workers need the collective strength of their union more than ever.

Whilst it is good to love your job the reality is that your employer can fall ‘out of love’ with you in a heartbeat. But, while banks may choose to see staff as just another cost line, we know the truth: you are the reason the finance industry delivers for customers and communities.

A Call to Action

If you are not yet a union member, now is the time to join. The more finance workers stand together, the stronger our voice becomes at the bargaining table, in consultation processes, and when holding banks accountable for the way they treat their staff.

Protect your job. Protect your rights. Protect your future. Join your union today.