Commonwealth Bank refuses to guarantee jobs against AI as 1000 workers axed

Key points

• Commonwealth Bank has declined to promise staff that artificial intelligence will not take their jobs. Chair Paul O'Malley faced questions at the annual general meeting about nearly 1000 staff affected by restructures, automation and technology changes over the year.
• Around 500 of them were redeployed to other roles. Chief executive Matt Comyn said AI could be the most significant technology shift the company has seen.
• The bank also agreed a deal with the Finance Sector Union giving its lowest-paid workers a 13 per cent pay rise over three years.