CEO of Australia’s Largest Bank Sees AI Workforce Consequences Across the Economy

Commonwealth Bank of Australia CEO Matt Comyn warned that artificial intelligence (AI) will impact jobs across many industries. 

The executive argued that AI will reshape work across the economy, and that downplaying its impact on jobs will not protect workers. 

CBA CEO: Pretending AI Won’t Cost Jobs Doesn’t Protect Workers

In an opinion article, Comyn noted that the future of work remains highly uncertain, both in the near term and over the coming decade. 

He explained that while certain tasks are likely to become automated and some positions may shrink, other roles are expected to expand. 

He also pointed out that many jobs could retain their overall structure even as their skills and responsibilities evolve. According to Comyn, it is far easier to predict which aspects of current work may vanish than to anticipate the entirely new forms of employment that could emerge.

“This will mean real change for people. At CBA, as in many large organisations, some work will be done by smaller teams. At the same time, some career paths will steepen as people use AI to take on more complex work sooner. This will create opportunities for many people, but it will be demanding for everyone. Pretending otherwise does not protect workers. It only ensures they are surprised later,” the executive wrote.

2026 Layoffs Add to AI Job Cut Wave

The statement comes as AI-driven job cuts continue across the tech industry. In April, Bloomberg reported that CBA will eliminate around 120 roles, following a separate round of layoffs announced two months earlier that affected roughly 300 employees.

Meanwhile, website-building platform Wix is reportedly preparing to cut 20% of its workforce, impacting around 1,000 employees across Israel and international operations, according to reports in the Hebrew media.

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US tech layoffs reached 52,050 in Q1, a 40% jump year over year, according to Challenger, Gray & Christmas. Global tracker TrueUp logged more than 144,000 cuts in 2026, with California already preparing for AI displacement.

Comyn’s warning and the job cuts suggest AI restructuring is moving from individual roles to broader workforce reshaping.

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