Commonwealth Bank is cutting 20 jobs from its global markets division as the bank adjusts to slower business.
The division has 400 staff spread across Australia, Singapore, Hong Kong, New York and London.
The bank says the change means a more efficient allocation of resources in an increasingly cost-constrained environment.
Revenue at the bank’s Institutional Banking and Markets division was up just 1% to $1.268 billion for the full year to the end of June.
And the deterioration was worse in the second half of the year. In the six months to June revenue fell 6% to $615 million. This was blamed on “unfavourable derivative valuation adjustments”.
Staff were told of the job losses on Monday and the bank confirmed the cuts today.
“We have communicated changes within Global Markets that impact some individual roles,” says a Commonwealth Bank spokesperson.
“These changes create a more efficient allocation of resources to deliver results for our clients in an increasingly cost constrained environment.
“Our focus now will be to work with impacted employees to support them through this transition. We will provide them with appropriate counselling, support, redeployment or outplacement services.”