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

Commonwealth Bank CEO Matt Comyn has cautioned that artificial intelligence is likely to affect jobs in a wide range of industries.

The executive believes AI will fundamentally change jobs throughout the economy, and pretending it won’t have a big impact won’t help workers in the long run.

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

In a recent opinion piece, Comyn pointed out that the job market is likely to be unstable for the foreseeable future, both in the short term and over the next ten years.

In my research, I’ve found that while automation will likely handle some tasks and potentially reduce the need for certain jobs, other roles are actually projected to grow. It’s not a simple case of jobs disappearing, but rather a shift in what skills are needed.

He also noted that while jobs change, many will still have a similar basic structure. Comyn believes it’s more predictable which current job tasks might disappear than to imagine the completely new types of jobs that could be created in the future.

These changes will have a significant impact on people’s jobs. Like many large companies, CBA will be organizing some work into smaller teams. At the same time, AI will allow some employees to tackle more challenging tasks earlier in their careers, creating new opportunities. While this is exciting, it will also require effort from everyone. Being honest about these changes is crucial; pretending they won’t happen only leaves people unprepared.

2026 Layoffs Add to AI Job Cut Wave

This announcement follows ongoing job cuts driven by artificial intelligence within the tech sector. In April, Bloomberg reported that CBA plans to cut approximately 120 positions, after previously eliminating around 300 jobs two months prior.

Wix, the website-building company, is planning to lay off about 1,000 employees – roughly 20% of its workforce – in Israel and other countries, according to reports in Israeli news outlets.

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Someone recently put up a billboard that simply said, “Stop Hiring Humans.” While it sounds extreme, there’s a point to it. Throughout history, new technologies have replaced jobs. The Agricultural Revolution impacted farmers, the Industrial Revolution impacted skilled workers, and the internet wiped out entire industries. Artificial intelligence will likely do the same, but at an even quicker pace.

— Lark Davis (@LarkDavis) May 17, 2026

Tech companies in the US laid off 52,050 workers in the first three months of the year, a 40% increase compared to the same period last year, according to Challenger, Gray & Christmas. Globally, TrueUp reports over 144,000 tech job losses in 2026, and California is bracing for job displacement due to the rise of artificial intelligence.

As an analyst, I’m seeing clear signs that the impact of AI isn’t just about replacing specific jobs anymore. Comyn’s recent warning, combined with the layoffs we’re observing, indicates a larger shift – companies are actively reshaping their entire workforces to adapt to AI, not just making isolated changes.

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2026-05-26 09:06