Local News

More potential job losses on horizon at Bendigo Bank

bendigo bank HQ and alexandra fountain jul 2019 pic GH 76404520 6242594484945682432 n

More job losses may be on the way at the Bendigo and Adelaide Bank this financial year.

It comes after the bank posted its results for the last financial year that saw a 6.6 per cent decrease in their full-year cash earnings.

The bank has said the cost of redundancies and a soft property market are behind the decline in its earnings last year.

Chief Financial Officer Travis Crouch says the bank is anticipating a $10 million dollar reduction in salary costs in the coming financial year as it works to re-size and re-shape the business.

He adds the money saved from the salary costs would then be re-invested into the business.

In the 12 months to June 30 this  year, 84 staff were made redundant, while six branches and 15 agency outlets were closed.

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