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Bank to cut workforce after outsourcing deal

On Thursday, Bendigo and Adelaide Bank announced job cuts linked to new strategic partnerships with Infosys and Genpact, expecting to deliver savings of at least $65 million annually from the 2028 financial year.
Bendigo aims to overhaul its technology stack to gain access to global software engineering and AI talent, with partnerships estimated to cost between $85 million and $95 million in the next financial year.
The Financial Services Union criticized the move as a "dramatic and dangerous escalation" of job losses, while CEO Richard Fennell said the bank is committed to leading changes with "compassion, care and respect."
This announcement aligns with a broader trend across Australia's banking sector, where Westpac, NAB, and Commonwealth Bank have announced similar workforce reductions over the past year amid AI investment expansion.
Software companies like Atlassian and WiseTech Global also reduced staff in 2026, citing AI's influence on role requirements, signaling broader labour market disruption as businesses scale AI adoption.

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Sydney Morning Herald

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The Age

Lean Left

The ‘race to the bottom’ on AI job cuts has already started

Bendigo Bank is the latest to swing the axe as banks try to expand the use of AI to save costs. Unions are powerless to put that genie back in the bottle.

2 months ago·Sydney, Australia

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7NEWS Australia

Lean Right

Jobs to go as major bank announces cuts amid AI shake-up

The cuts are expected to save the bank at least $65 million a year.

2 months ago·Australia

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9News

Lean Right

Jobs to be impacted at Bendigo Bank as 'workforce changes' flagged

Jobs at Bendigo Bank are at risk after the lender confirmed a new round of operational changes tied to outsourcing deals with global firms.The bank said the changes "will lead to workforce changes" affecting employees across its technology and business operations teams, with consultation yet to begin and the full scope of job impacts still unclear.Chief executive Richard Fennell said decisions that impact staff are "never easy".READ MORE: 'We're…

2 months ago·Australia

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PerthNow

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News

Center

Bank to cut workforce after outsourcing deal

A major bank has unveiled a cost-saving plan, but it has not revealed how many jobs will be lost.

2 months ago·City of Perth, Australia

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The West Australian

Lean Right

Major bank to cut jobs as part of new tech deals

The bank will slash its workforce after agreeing two technology deals saving $65 million year-on-year.

2 months ago·Australia

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Australian Financial Review

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Bendigo joins bank jobs cull after reaching tech outsourcing deals

The regional lender says the cuts will save the business at least $65 million a year, about 10 per cent of its spending on staff pay last financial year.

2 months ago·Sydney, Australia

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