Commonwealth Bank of Australia CEO Ralph Norris has reassured IT staff that large job cuts and offshoring will not follow the bank's project to revitalise its core banking systems.
Norris says the bank's local ICT operation is the right fit for the bank as it is hard for competitors to copy. He added that prices in India have gone up and staff turnover there has increased.
While some of the banks legacy systems work is delivered from India, Norris says there are no plans for "general job cuts".
CBA has contracted with SAP and Accenture to replace the bank's core systems in a A$580 million project.