Strategic HR
Bendigo Bank joins wave of job cuts, 145 roles at risk
Bendigo Bank joins ANZ, NAB and BOQ in announcing major job cuts, sparking fresh concerns over job security in Australia’s banking sector.
Bendigo Bank has become the latest Australian financial institution to announce job cuts, with 145 roles in its technology division expected to be affected under a new restructure. The move adds to what the Finance Sector Union (FSU) has called a “tidal wave” of redundancies sweeping through the banking sector.
The FSU criticised the decision, warning that customers and employees will ultimately bear the consequences. “Across the sector, workers are being asked to do more with less while fearing for their jobs,” said Julia Angrisano, national secretary of the union. She described Bendigo’s five-year plan as “nothing more than a roadmap for job destruction.”
The cuts come despite the bank reporting a net profit of $514.6 million for the year, down 8.4 per cent from 2023. In response, Bendigo Bank said the changes were part of its ongoing efforts to invest in innovation and adapt to shifting customer expectations. A spokesperson stressed that the organisation remains committed to consulting employees and providing support for those impacted.
Bendigo Bank’s announcement follows a string of recent job reductions across the sector. ANZ is set to slash 3,500 roles as part of a large-scale restructure, NAB confirmed 410 jobs will go with more positions moving offshore, and Bank of Queensland said it would cut 200 roles through a new outsourcing arrangement with Capgemini. Earlier this year, Commonwealth Bank of Australia also shed 164 jobs from its technology unit.
The rapid pace of job cuts is fuelling anxiety among employees about their future in an industry that continues to deliver strong profits. The FSU argues that the community banking model Bendigo promotes is being undermined by decisions that echo the strategies of larger rivals.
As Angrisano noted, “Three banks in less than a week have cut jobs. Add BOQ last week, and it’s clear this is a tidal wave of cuts hitting workers across the sector.”
The FSU criticised the decision, warning that customers and employees will ultimately bear the consequences. “Across the sector, workers are being asked to do more with less while fearing for their jobs,” said Julia Angrisano, national secretary of the union. She described Bendigo’s five-year plan as “nothing more than a roadmap for job destruction.”
The cuts come despite the bank reporting a net profit of $514.6 million for the year, down 8.4 per cent from 2023. In response, Bendigo Bank said the changes were part of its ongoing efforts to invest in innovation and adapt to shifting customer expectations. A spokesperson stressed that the organisation remains committed to consulting employees and providing support for those impacted.
Bendigo Bank’s announcement follows a string of recent job reductions across the sector. ANZ is set to slash 3,500 roles as part of a large-scale restructure, NAB confirmed 410 jobs will go with more positions moving offshore, and Bank of Queensland said it would cut 200 roles through a new outsourcing arrangement with Capgemini. Earlier this year, Commonwealth Bank of Australia also shed 164 jobs from its technology unit.
The rapid pace of job cuts is fuelling anxiety among employees about their future in an industry that continues to deliver strong profits. The FSU argues that the community banking model Bendigo promotes is being undermined by decisions that echo the strategies of larger rivals.
As Angrisano noted, “Three banks in less than a week have cut jobs. Add BOQ last week, and it’s clear this is a tidal wave of cuts hitting workers across the sector.”
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