The latest Commonwealth Bank job cuts will eliminate about 120 roles as Australia’s largest lender expands its use of AI, as reported by Bloomberg.

According to a statement from the Finance Sector Union, 43 of the eliminated positions are at the bank’s Western Australia subsidiary Bankwest.

These include mobile lending managers. The union noted that six of the roles cut were directly affected by automation.

The reductions come two months after the institution announced a separate round of cuts that will claim about 300 roles. The union stated at the time that this was part of efforts to further embrace AI.

In February, Commonwealth Bank launched a A$90 million Future Workforce Program aimed at building AI skills among its existing employees.

A spokesperson for the bank said the institution grew its workforce during the previous financial year and regularly reviews the roles and skills required to serve customers.

The bank currently maintains about 49,000 staff.

“Some roles are shifting, new roles are being created, and some roles are reducing as programs finish, work is simplified and the mix of roles and skills across the bank evolves,”

the spokesperson said.

Last year, the bank reversed an effort to cut 45 customer service roles that it sought to replace with AI.

Featured image credit: Commonwealth Bank