Commonwealth Bank cuts 170 technology jobs

• Commonwealth Bank of Australia has cut 170 jobs within its technology division.
• The redundancy round follows two prior workforce contractions enacted by the lender earlier this year.
• The structural adjustments are driven by shifting project completion requirements and evolving skill demands.

Commonwealth Bank of Australia (ASX:CBA) has eliminated 170 roles from its technology division as part of an ongoing restructuring process.

The reductions follow an April announcement to cut 119 positions and a February initiative that removed approximately 300 roles from the business.

"Some tasks and skills required are changing, some roles are reducing as programmes finish, and new roles are being created," said a Commonwealth Bank spokesperson.

The organisation currently retains a total workforce of approximately 49,000 employees across its nationwide operations.

The bank stated that it continues to review the specific capabilities required to support its broader workforce transition strategy.

Following the announcement, the Commonwealth Bank share price was down at $131.45.

The corporate strategy matches wider banking industry adjustments, where institutions are managing technical staff levels alongside multi-million-dollar internal capability investments.

The bank previously established a $90 million workforce training programme designed to transition existing personnel into alternative positions within the firm.