Commonwealth Bank secures a massive nine-floor office lease in Bengaluru’s Manyata Tech Park, a hub for tech giants like IBM, Microsoft, Nvidia, Rolls-Royce, and ANZ. The site spans 300 acres and employs over 150,000 people, drawing firms with India’s skilled workforce.

Lease Details and Bank’s Position

The lease covers 1.4 million square feet with expansion options, marking a significant built-to-suit deal. A CBA spokesperson clarifies the occupied space totals about 800,000 square feet and emphasizes no major workforce shifts. “We committed in August 2024 to occupy space at a new development in Embassy Manyata, where our team has operated since 2020,” the spokesperson states. Teams plan to relocate in 2027, though exact staffing remains undisclosed.

Union Raises Alarms Over Offshoring

Finance Sector Union national secretary Julia Angrisano voices deep concern, noting CBA India’s headcount surged to 6,788 last financial year—a 138% increase since 2022. She views the lease as evidence of expansion at Australian workers’ expense, following years of local job reductions.

“CBA remains one of Australia’s most profitable firms, yet it erodes trust by treating local workers dismissively,” Angrisano says. “Rather than offshoring for cheaper labor, CBA should invest in upskilling Australians for future roles.”

Angrisano demands transparency on the office’s purpose absent offshoring plans and steps to restore employee confidence.

Recent Job Cuts and Hiring Trends

The move aligns with banking sector restructuring, where AI, offshoring, and consolidation eliminate thousands of roles. CBA axed 300 tech jobs in February after a record $5 billion half-year profit. Earlier, 45 workers trained chatbots that replaced them.

Last year, 283 redundancies hit technology and retail teams while similar Indian roles opened. Over 60 positions in AI, software engineering, and analytics now advertise at the tech park.

Employee Survey Highlights Insecurity

A recent FSU survey of CBA members reveals 72% fear for job security, citing AI and offshoring. More than half considered leaving in the past year. Angrisano notes this exposes CBA’s ongoing offshoring pattern.