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Report: CBA to restructure markets team, may cut staff

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Report: CBA to restructure markets team, may cut staff

Commonwealth Bank of Australia is restructuring its markets team and may let go of some staff to cut costs, The Australian Financial Review's Street Talk blog reported May 21.

The restructuring involves splitting salespeople from the trading team, the blog reported, without citing sources.

According to CBA's website, the markets team is responsible for all the bank's sales and trading activities within the global financial markets. It has four product areas: fixed income, foreign exchange, commodities and interest rates. Revenue of the division was down 13.2% year over year to A$341 million for the six months ended Dec. 31, 2017.

CBA's spokesman declined to comment.