The Financial Sector Union has raised concerns over the Commonwealth Bank of Australia's (ASX:CBA) plan to stop hiring new employees under its Bankwest subsidiary, warning that the move could weaken workers' ability to negotiate pay, conditions, and job security specific to the entity.
"This move also sets up a situation where around 1,400 Bankwest employees could be forced to bargain alongside more than 33,000 Commonwealth Bank workers. That is not a level playing field," FSU national president Wendy Streets said.
The union said Bankwest staff oppose the plan and have launched a petition addressed to CBA CEO Matt Comyn, urging the bank to preserve Bankwest as a separate entity and respect workers’ rights to negotiate under their own enterprise agreement.
At the time of reporting, Commonwealth Bank of Australia's share price was $154.76.