Commonwealth Bank will close 114 of its branches to survive the coronavirus downturn
- Commonwealth Bank will close 114 branches amid the coronavirus pandemic
- The temporarily shut banks will be within 5kms of a branch remaining open
- Commonwealth Bank will reassign 500 staff members to meet online demand
- Here’s how to help people impacted by Covid-19
Commonwealth Bank will temporarily close 114 branches in the hope of surviving the downturn amid the coronavirus pandemic.
The Australian banking giant confirmed more than 500 staff members would be reassigned after a dramatic reduction of in-person visits to branches.
The bank would not tell Daily Mail Australia which branches would close.
A Commonwealth Bank spokesman said: 'Visits by customers to bank branches have fallen more than 50 per cent in some branches as people follow social distancing and lockdown requirements.
'Transaction volumes in branch have dropped significantly as a result while there has been a large increase in customers doing their banking online.'
Commonwealth Bank (pictured) will close 114 branches to survive the coronavirus downturn
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'This means we will temporarily close a number of branches across the country, primarily in metro areas,' the spokesperson said.
Commonwealth Bank said most of the branches it was shutting down would be within 5km of an open bank.
'We are stepping up our support for customers by planning to reassign, from May 7, about 500 branch staff to our call centres and online operations,' the spokesperson said.
Customers were encouraged to use the location tool on the Commonwealth Bank website to find if their local branch was open.
Several Commonwealth Banks have closed across regional New South Wales including a branch in Thirroul, in the northern suburbs of Wollongong, and a branch in Dubbo mall.
A branch has also closed in Mittagong, in the Southern Highlands region, and one in Wingham, near Taree.
ANZ, NAB and Westpac banks have also shut dozens of branches amid the pandemic and redistributed staff to work online.
Commonwealth Bank will reassign 500 staff members to meet online demand (file image)
