The Commonwealth Bank's latest decision has ignited fierce backlash, with critics claiming it signals a definitive end for its West Australian subsidiary, Bankwest. On January 16, 2026, the Financial Sector Union (FSU) expressed alarm over CBA's announcement that it would no longer hire new employees under the Bankwest banner.
Adding fuel to the fire, the union highlighted plans to merge Bankwest’s enterprise agreement with that of the broader national workforce. This move raises significant concerns about the job conditions for approximately 1,400 Bankwest employees, potentially jeopardizing their rights and benefits.
This shift follows CBA's controversial decision in 2024 to shut down all physical Bankwest branches and ATMs, transitioning services to an online platform only. This closure was driven by a sharp decline in face-to-face transactions, particularly in regional areas, leading to the closure of 45 branches.
The FSU argues that this recent action undermines the fundamental principle of collective bargaining, asserting that workers should have a meaningful say in negotiations affecting their employment.
FSU National President Wendy Streets emphasized the implications of this decision: "CBA is essentially calling it quits on Bankwest by making this the end of Bankwest as an employing entity. They are attempting to erase the Bankwest brand, but our members have diligently worked to preserve Bankwest's unique culture and identity in Western Australia."
Furthermore, Streets pointed out that merging Bankwest employees with the larger pool of over 33,000 Commonwealth Bank staff creates an uneven bargaining landscape. "This is not just a simple internal reorganization; it fundamentally questions whether Bankwest employees will retain a true, democratic voice regarding their own pay and working conditions or if they will be absorbed into a larger workforce where their specific interests could easily be overlooked."
Historically, CBA purchased Bankwest in 2008 from the Bank of Scotland, which had acquired it from the Western Australian government in 1995, intending to eventually go public with 49 percent of its shares on the ASX before later repurchasing them in 2001.
Bankwest has deep roots, originally established in 1895 as the Agricultural Bank of WA, primarily catering to farmers, and later known as the Rural and Industries Bank (R&I) from the 1940s until it was renamed the Bank of Western Australia in 1994.
As the situation unfolds, Commonwealth Bank has been invited to share its perspective on these developments.
