Bendigo Bank adds to ‘tidal wave’ of cuts, scraps nearly 160 jobs: Financial Sector Union

Bendigo and Adelaide Bank has added to “a tidal wave” of job cuts across the banking sector by axing nearly 160 jobs, according to the Financial Sector Union.

With about 5000 jobs already cut by ANZ and National Australia Bank this week, the union said Bendigo was slashing 145 jobs from its technology division while eliminating another 13 in mortgage help.

It said the latest cuts followed Bank of Queensland’s decision last week to make 200 roles redundant and offshore part of its contact centre to India under a deal with CapGemini.

“Bendigo and BOQ like to market themselves as different, but they’re following the same playbook as the big banks,” FSU national secretary Julia Angrisano said.

“Workers are being blindsided, jobs are being offshored and customers are left with poor service,” she said.

“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.”

Bendigo, led by chief executive Richard Fennell, did not directly address the FSU claims but insiders privately dispute the numbers cited.

“The bank continues to explore ways of working that will improve productivity and deliver better customer experiences,” a spokesperson said.

It “reviews all parts of the business regularly and continues to prioritise investment in innovation that supports our business and meets the evolving expectations of our customers”.

“Bendigo Bank remains committed to consulting with our people whenever changes are identified that will impact them and ensures those impacted have the support they need.”

The FSU’s Ms Angrisano said customers would pay the price for the banking job cuts, “with longer wait times and reduced services, particularly at a time when lending will be more accessible to first-homebuyers”.

“Across the sector, workers are being asked to do more with less while fearing for their jobs.”

Bendigo ended the 2025 financial year in the red, posting a $97.1 million loss on the back of flagged hefty goodwill writedowns.

A better measure of its underlying performance, cash profit, was 8.4 per cent lower at $514.6m, supporting an unchanged final dividend of 33¢ a year.

Its shares were 1.1 per cent lower at $12.50 as at 10.25am.