Commonwealth Bank secures a massive nine-floor office lease in Bengaluru’s Manyata Tech Park, India’s Silicon Valley, raising alarms over further Australian job cuts amid aggressive offshoring.
New Office Expansion in Bengaluru
The lease spans nearly 800,000 square feet in the 300-acre tech hub, which hosts giants like IBM, Microsoft, Nvidia, Rolls-Royce, and ANZ. Embassy REIT revealed in 2024 that the deal covers 1.4 million square feet with expansion options, marking its largest built-to-suit project for a global bank.
A bank spokesperson clarifies that the occupied space aligns closer to 800,000 square feet. The commitment, announced in August 2024, involves a new development in the same park where CBA’s team operates since 2020. Staff expect to relocate in 2027, though exact headcount remains undisclosed.
Union Raises Offshoring Concerns
Finance Sector Union national secretary Julia Angrisano expresses deep concern, noting CBA India’s workforce surged to 6,788 last financial year—a 138 percent increase since 2022. She views the lease as evidence of expansion at Australian workers’ expense after years of local redundancies.
“CBA is one of the most profitable companies in Australia, yet they continue to burn their social licence by treating Australian workers like mugs,” Angrisano states. “Instead of offshoring jobs overseas for cheaper labour and bigger profits, CBA must invest in local jobs by providing upskilling opportunities and allowing workers to grow into the jobs of the future.”
She demands transparency on the office’s necessity without offshoring and steps to rebuild employee trust.
Recent Job Cuts and Sector Restructuring
The move coincides with banking sector upheaval, including AI automation and consolidation. CBA eliminated around 300 technology roles in February after a record half-year profit exceeding $5 billion. Last year, 45 workers faced redundancy post-training chatbot systems that replaced them.
In 2024, the bank announced 283 redundancies in technology and retail banking while posting similar India-based openings.
Hiring Surge in India and Worker Surveys
CBA advertises over 60 roles in Bengaluru, covering AI, software engineering, and analytics. A recent FSU survey of members shows 72 percent worry about job security, citing AI and offshoring. Over half considered leaving in the past year.
