Bendigo Bank Cuts 158 Jobs Despite $514 Million Profit, Union Says 'Community Banks' Mirror Big Four
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Bendigo Bank will eliminate 158 positions across its technology and mortgage divisions, affecting 637 workers total in a restructure announced this week that has drawn sharp criticism from the Finance Sector Union.
The regional lender will axe 145 technology jobs and 13 mortgage help positions, giving workers as little as two days to review the changes before implementation.
The cuts come one week after Bank of Queensland eliminated 200 jobs and moved half its contact center operations to India through outsourcing firm CapGemini, marking the latest in a wave of banking sector layoffs.
"Bendigo and BOQ like to market themselves as different, but they're following the same playbook as the big banks," Finance Sector Union National Secretary Julia Angrisano said. "Workers are being blindsided, jobs are being offshored and customers are left with poor service."
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Bendigo's technology staff received six days of consultation on the restructure, while mortgage help workers got just two days—timeframes the union says prevented meaningful worker input.
The FSU escalated the matter to the Fair Work Commission after Bendigo failed to provide sufficient information about the changes and offered only a three-day extension to consultation periods.
Angrisano said the cuts follow a pattern across the sector, with ANZ and NAB also announcing job reductions in recent weeks despite strong profit margins.
"Three banks in less than a week have cut jobs—ANZ, NAB and now Bendigo. Add BOQ last week and it's clear this is a tidal wave of cuts hitting workers across the sector," she said.
Bendigo reported a $514 million profit in its most recent results. The bank's five-year strategy focuses on branch optimization and operational efficiencies through automation.
The union warned customers will face longer wait times and reduced services as experienced technology and mortgage staff are eliminated, particularly problematic as lending accessibility increases for first-time homebuyers.
"Across the sector, workers are being asked to do more with less while fearing for their jobs," Angrisano said. "Workers and customers deserve better."
Mencari contacted the Bendigo Bank Media Team and still waiting for their comment.
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