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.
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Motley Fool contributor Carin Pickworth owns shares of Australia & New Zealand Banking Group Limited, Commonwealth Bank of Australia, and National Australia Bank Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.