The Commonwealth Bank of Australia (ASX: CBA) owned Bankwest will close 29 branches along Australia's east coast and cut 200 jobs as customers move towards mobile banking according to The Australian.
The report maintains Bankwest will keep only 14 branches on the east coast, but will attempt to find roles for the 200 staff within CBA's operations.
The rise in online banking usage has revolutionised the way Australians do their banking, and Commonwealth Bank is looking to cut costs.
Commonwealth Bank shares are $75.10 – still well below its share price of $81.40 at this time last year.
Regional areas are the first to lose their big bank presence with Australia and New Zealand Banking Group (ASX: ANZ) planning to close its regional Corowa branch in October and National Australia Bank Ltd (ASX: NAB) closing its Naroomba branch.
Any branch exodus only provides opportunity for regional favourite Bendigo and Adelaide Bank Ltd (ASX: BEN) which prides itself on its rural presence.
