Banks are cutting jobs left, right and centre across Australia and the FSU has slammed them for leaving workers in the ‘scrapheap’. (Source: AAP)
Bendigo Bank is the latest financial institution to announce sweeping job cuts, as thousands of bank workers across Australia face unemployment. The revelation comes just after NAB announced more than 400 workers would be made redundant, and ANZ would be cutting up to 4,500 roles.
The Finance Sector Union (FSU) said Bendigo is embarking on a massive restructure plan that will impact 637 technology workers, with 145 jobs to be axed in that department, along with 13 roles in mortgage help. A spokesperson for Bendigo Bank told Yahoo Finance the job cuts will improve productivity and deliver better customer experiences.
“The Bank 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,” they said.
“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.”
FSU national secretary Julia Angrisano said there is a “tidal wave of cuts” hitting workers in the sector at the moment, and it’s having a huge impact.
“Loyal workers are being thrown on the scrapheap while executives pocket bonuses,” she said.
“Customers, once again, pay the price when experienced technology and mortgage help staff are lost, with longer wait times and reduced services, particularly at a time when lending will be more accessible to first home buyers.
“Across the sector, workers are being asked to do more with less while fearing for their jobs.
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“Bendigo’s five-year strategy appears to be nothing more than a roadmap for job destruction. Workers and customers deserve better.”
Bank of Queensland (BOQ) also confirmed to Yahoo Finance last week that 200 roles could soon be made redundant, with many of them going offshore.
The FSU pointed out how Bendigo Bank is gutting its teams despite having a more than half a billion dollar profit from the last financial year.
“Bendigo and BOQ like to market themselves as different, but they’re following the same playbook as the big banks,” Angrisano said.
“Workers are being blindsided, jobs are being offshored and customers are left with poor service. They’re no different to ANZ, Commonwealth Bank or NAB.”
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Bendigo Bank is axing dozens of jobs and joins other banks like NAB and ANZ in sweeping restructure plans. (Source: Getty)
The FSU estimated that the Big Four Banks, NAB, ANZ, Westpac, and Commonwealth Bank (CBA), have cut 7,885 jobs this year alone.
That’s nearly double the 4,665 who lost their jobs last year.
CBA recently backflipped after announcing 45 roles were being made redundant as a new AI chatbot could take their job.
Single mum Kathryn was one of those people and told Yahoo Finance she had unwittingly trained the bot that replaced her.
The 63-year-old had told the bank that she was close to retirement after a 25 year career.
“I was loyal for so long, and this is the thanks I get,” the distraught worker said.
“I gave my heart and soul to the business. I wore the uniform with pride.”
Kathryn trained the CommBank AI bot that ended up making her role redundant. · Getty/Supplied/CBA
Those redundancies were on top of dozens of other roles that have also been cut in 2025.
Westpac revealed earlier this year that it was looking to cull at least 1,500 employees.
But ANZ’s restructure plan is by far the most brutal, with 3,500 jobs set to be cut by September next year, along with 1,000 contractor roles.
New CEO Nuno Matos said the changes were to “simplify the bank, strengthen its focus on its priorities and deliver for its customers”.
He noted that this would be “difficult news” for some of its staff and said some of the changes had already commenced.
“We are operating in a rapidly evolving and highly competitive banking environment,” Matos said.
“As we continue our strategic review, we are eliminating duplication and complexity, stopping work that doesn’t support our priorities and sharpening our focus on improving our non-financial risk management practices across the bank.”
Just a day later, NAB announced its restructure plan would impact 728 workers, and 410 jobs would be cut.
The bank said it intended to move some of those roles offshore.
“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.
“These decisions are always difficult and we understand the impact they can have on our colleagues.”
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