Just days after ANZ Banking Group (ASX:ANZBY) revealed it would let 3,500 employees go by next September, in addition to cutting 1,000 contractors, Bendigo Bank will cut 158 jobs in a restructure that the Finance Sector Union (FSU) says will “gut” its technology teams.
The FSU, which represents banking workers, said the bank has flagged changes impacting a team of 637 technology staff, along with 13 roles in its mortgage help division.
According to the union, the move is part of Bendigo’s plan to “optimise” branches and drive “efficiencies” through automation. Staff in technology have been given six days to consult on the restructure, while those in mortgage help received only two days’ notice.
The FSU criticised the bank for rewarding executives while cutting jobs, noting it had recently reported a profit of A$514 million.
National secretary Julia Angrisano said Bendigo was “following the same playbook as the big banks”. She added: “Workers are being blindsided, jobs are being offshored and customers are left with poor service. They’re no different to ANZ or NAB.”
She warned that customers would face longer wait times and reduced services as experienced staff depart.
NATIONAL AUSTRALIA BANK LIMITED (ASX:NAB) will also slash more than 400 jobs.
"Like many businesses, we regularly look at the way we work and how we're structured to deliver the best experience we can for our customers," a NAB spokesperson said.
"While some roles are no longer required or may move location, we are also creating new roles across all locations as necessary, to ensure we are set up for success and can deliver better outcomes."
Bendigo Bank shares were down 1% to A$12.52.