What if your job could disappear overnight—and the only explanation you got was a cold, silent algorithm?

In a move that sent shockwaves through the industry, the Commonwealth Bank of Australia (CBA) announced just two months ago its plan to ax 45 customer service representatives, replacing them with an artificial intelligence chatbot. The public backlash was swift and fierce—so fierce, in fact, that the bank hastily reversed its decision. But peel back the curtain, and a very different story is playing out that no amount of PR spin can cover up.

Across the financial sector, the rise of AI is quietly reshaping the job market, cutting thousands of positions with barely a whisper. Workers like Dhanushi Jayatileka, a four-year CBA veteran, say they’ve seen their teams shrink, workloads shift to 'the machine,' and security slip away—all while employers deny any link to automation. 'We’re literally teaching the machine to take our jobs,' Jayatileka says, her words echoing the fear and frustration felt by many. Despite CBA’s official line—that her redundancy was unrelated to AI—the writing is on the wall for white-collar staff everywhere.

Experts warn that these cuts are just 'the tip of the iceberg.' Professor Manju Ahuja from the University of New South Wales points out that most AI-related job losses aren’t even recorded. Research from the University of Queensland agrees: if your job can be standardized, it can be automated. That means roles in sales, customer service, and junior admin are on the chopping block, with AI-generated newscasts about workforce reductions becoming all too common.

The cold, hard numbers are impossible to ignore. ANZ plans to let go of 3,500 employees by 2026, even as it rolls out its AI assistant 'amie.' Telstra, Australia’s telecommunications giant, has already cut 2,800 jobs and is pushing further, with nearly all staff now using Microsoft Copilot. Their annual reports boast hundreds of millions in labor cost savings—and make no secret that AI-powered efficiency is a key driver. Yet, each time, executives insist these job losses have nothing to do with AI, echoing a well-worn script heard across the corporate world.

Bank of Queensland, meanwhile, cut 200 roles and partnered with global consultancy Capgemini to speed up their AI transition. Westpac slashed 1,500 positions, and even tech darling Canva axed most of its technical writers. The official story? Changing business needs, not AI. But as more companies quietly streamline their workforce, the AI generated newscast about layoffs is becoming a grim reality for many Australians.

This isn’t just happening Down Under. In the US, a Stanford study found that one in eight junior positions in AI-exposed fields have vanished. Unemployment among recent grads remains stubbornly high, with companies like Salesforce and CrowdStrike opting for automation over new hires. The promise of AI freeing people for higher-value work? For some, it’s a dream. For others, like former CBA worker Kathryn Sullivan, it’s a bitter irony—AI isn’t helping her do her job better; it’s taking her job away.

As this AI revolution races forward, one thing is clear: the headline ‘AI generated newscast about job losses’ is no longer a warning. It’s the new normal.