Bendigo Bank to Cut Up to 80 Jobs in Offshoring Restructure

Bendigo Bank is set to eliminate up to 80 positions as it restructures operations and moves functions to an offshore provider. The move is part of the bank's ongoing "productivity program."

Functions from the Business and Agribusiness, Customer Enablement, and Financial Crime Risk departments are slated to be handled by US technology company Genpact in the coming months. The Financial Services Union estimates that as many as 80 employees could face job losses.

However, Bendigo Bank stated that its Financial Crime Risk team is expected to expand by 33 employees as a result of the restructure. This development follows the bank's earlier announcement of strategic partnerships with global technology firms Genpact and Infosys.

A spokesperson for Bendigo Bank confirmed that the institution is "reviewing business operations and processes" as part of its productivity initiative. "The process and operational improvements expected to be delivered will lead to workforce changes that will impact our people," the spokesperson said.

The bank indicated that specific details of the restructuring are still being finalized. A phased approach involving "blueprinting, design and consultation" is scheduled to begin in the upcoming months. The bank also stated it would explore opportunities for redeployment of affected staff "where possible."

Julia Angrisano, National Secretary of the Financial Services Union, urged the bank to invest in reskilling its current workforce. "Banks don’t offshore or outsource to improve efficiency; they do it for profit," Angrisano said, calling on Bendigo Bank to "do the right thing and ensure that its remaining Australian workers are reskilled and redeployed to other areas of the bank."

Angrisano also suggested that the bank should reconsider its agreements with Infosys and Genpact, advocating for alternative methods to streamline business operations that do not involve outsourcing labor.