CBA, ANZ, and Bank of Queensland have all received criticism from the FSU for a lack of clarity around redundancies.
The Finance Sector Union (FSU) has called for banks to be more transparent on their plans to offshore staff and make redundancies.
The union took aim at Australia and New Zealand Banking Group (ANZ) and its CEO, Nuno Matos, after it outlined plans on Monday to cut costs, while expanding its mortgage and business lending.
Last month, the major announced plans to cut its headcount by around 3,500 employees as part of major reforms to simplify the bank.
The FSU said ANZ is pursuing an aggressive cost-cutting agenda “without genuine consultation or care” for staff.
FSU national president Wendy Streets called for ANZ to show accountability by committing to no forced job cuts and being transparent about the bank’s use of AI and offshoring.
“If Mr Matos wants to talk to investors about growth and innovation, he should start with accountability and fairness,” she said.
Bank of Queensland (BOQ) was also in the union's crosshairs after the regional lender posted an annual profit of $383 million in its 2025 financial year, weeks after confirming 200 job losses linked to a deal with management consultancy Capgemini.
“Today’s profit result of $383 million shows BOQ executives are turning healthy profits, yet hundreds of Australian workers are left anxious about the future,” FSU national assistant secretary Nicole McPherson said.
The matter will be heard by the Fair Work Commission on 28 October, after the FSU raised two disputes.
The FSU also slammed the Commonwealth Bank of Australia (CBA) after the major announced plans to axe at least 45 staff and replace them with AI, before the bank was forced to backtrack following significant backlash.
CBA has also leaned heavily into offshoring, according to the FSU, announcing 283 redundancies across its technology and retail banking services teams in June, while simultaneously advertising a significant number of “near-identical roles” in India.
After pressure in the Fair Work Commission, CBA was forced to admit roles were being offshored to India, the union said.
The FSU urged CBA to detail its AI deployment and any offshoring plans, while consulting with staff.
“CBA’s backflips and admissions show pressure and panic, not principle. Workers deserve better,” McPherson said.
“AI and offshoring aren’t future risks; they’re real threats today. CBA needs to front up and be honest.”
[Related: FSU slams major banks for job losses]
