The Finance Sector Union has been highly critical of the move.
Bendigo Bank chief executive Richard Fennell said the bank reported cash earnings for the year of $514.6 million and statutory net loss after tax of $97.1 million, with the latter driven largely by an impairment of goodwill. Cash earnings for the year were down 8.4 per cent.
“Our customer numbers continue to grow strongly, up 11 per cent across the year to 2.9 million,” Mr Fennell said.
“Our customer numbers continue to grow faster than any other major or regional bank.”
The union said the result showed Bendigo Bank was financially strong, but instead of investing in staff and customers, it was closing branches where it was the last remaining bank branch in regional communities, closing its entire agency network, and accelerating the use of automation and AI.
Union national secretary Julia Angrisano said Bendigo had posted hundreds of millions in profit, but communities and workers were paying the price. Branches were closing, jobs were under threat, and customer service was being wound back.
“Workers have been told Bendigo’s five-year plan is about ‘optimising’ branches and ‘efficiencies’ through automation. We know what that means: fewer jobs and less face-to-face service for customers,” she said.
Bendigo Bank chief customer officer consumer Taso Corolis said the difficult decision to retire the agency model had been informed by evolving customer preferences leading to reductions in business activity, limited use of these services, and an increase in costs and compliance obligations.
Agencies closing in the northern Victoria and southern Riverina include:
St Arnaud, closing, October 17
Boort, October 23
Clunes, October 21
Alexandra, October 22
Mathoura, October 17
Jerilderie, October 13
Berrigan, October 23
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