Why Commonwealth Bank of Australia (ASX:CBA) is closing some Bankwest branches

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.

Commonwealth Bank is one of the ASX's best known blue chips - check out these top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!