Bendigo and Adelaide Bank
ASX:BENRegional bank operating in Victoria, South Australia, and nationally.
Reported Offshore Headcount
Confirmed
Estimated % of Workforce
N/A
Destination Countries
Modern slavery statement: suppliers utilise offshore locations. Outsourced service arrangements and offshore operations with contracted workers. Bank has less visibility over these.
Financial Context
Market Cap
$6.5B
Revenue
$2.0B
Net Profit
$500M
Financial data: FY2024.
In Plain English
- Bendigo and Adelaide Bank has confirmed offshore operations in 🇮🇳 India.
- Known outsourcing partners include Infosys, Genpact.
- 483 Australian jobs have been cut.
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
The Story
- October 2026Ahead of the annual meeting the FSU put a cumulative figure on the 2030 strategy: "since the Bank announced its 2030 strategy last year almost 600 employees have been shown the door". It said more than 145 staff were forced to work under inferior conditions after the Infosys deal and that jobs continue to be offshored to Genpact. The bank has made commitments, including seeking employee preferences where roles change, no transfers to Genpact on poor contract terms, and making blueprinting and knowledge transfer to overseas staff opt-in. The union says these "fall well short of the 10 job security demands". FSU National Assistant Secretary Nicole McPherson: "Bendigo Bank's so-called 2030 strategy has been nothing more than management hollowing out its local workforce." [Finance Sector Union]
- September 2026A running total for the restructure: the Finance Sector Union says about 600 Bendigo and Adelaide Bank jobs have been affected so far. Chief executive Richard Fennell is targeting as much as $75 million in annual savings through multi-year partnerships with Infosys and Genpact. The individual rounds recorded on this page sit inside that 600, so the figure is not added to them. [Grafa, reporting the AFR]
- September 2026The Australian Services Union said Bendigo proposed 137 redundancies as part of an ongoing restructure, sitting inside 299 job changes across consumer lending and customer care, with Adelaide staff expected to bear more than half the losses. The bank said its plans were not final and that it was still exploring redeployment, and tied the changes to its outsourcing deals with Infosys and Genpact. The 137 is the union's figure because the bank has published none. [ABC News]
- August 2026Bendigo Bank posted a $530 million profit for the 2026 financial year. The FSU used the result to tally the cost to staff: headcount is down 14% since the 2030 Strategy was announced the year before, 145 Bendigo Bank staff have been sent to work at Infosys, and remaining positions have been either eliminated or replaced with offshore labour via Genpact. FSU National Secretary Julia Angrisano: "Bendigo Bank's $530 million profit was only made possible by CEO Richard Fennell treating his staff and customers with complete disdain." A Bendigo worker quoted as Luke: "Everything's been ripped up and no one seems to know how anything works anymore." These are cumulative outcomes of the April 2026 Infosys and Genpact programme rather than a new round of cuts. [Finance Sector Union]
- April 2026Bendigo Bank signed a 7-year agreement with Indian IT giant Infosys (IT services, software engineering, AI tools) and a 6-year agreement with American firm Genpact (process optimisation). CEO Richard Fennell said the deals would save $65–75 million a year by FY2028, roughly 10% of Bendigo's wage bill. Bendigo shares jumped 5% on the news. The bank spent $652M on its 4,762 FTE employees last financial year. [Australian Financial Review]
- April 2026188 technology positions impacted in the first wave, 26% of Bendigo Bank's technology workforce. 155 employees will be transferred to Infosys by August 2026, and 33 jobs will be made redundant. 80 of these 188 roles sit at Bendigo Bank's CBD-based headquarters (8% of the bank's 1,000-strong local workforce). Affected roles are predominantly software engineers, senior software engineers and engineering managers. FSU disputed the cuts citing inadequate consultation, with potential escalation to the Fair Work Commission. [Bendigo Advertiser]
- April 2026FSU estimates total job losses across the bank could run into the hundreds, some reports suggesting up to 1,000 positions over the full program. Beyond technology (first wave), affected areas include business and agribusiness, lending assessment and fulfillment, third-party banking fulfillment, lending operations, customer processing, wealth operations, customer remediation, mortgage help, operational excellence, finance, financial crime operations, and contact centre functions. [Finance Sector Union]
- April 2026FSU National Secretary Julia Angrisano: 'The race to the bottom has well and truly started in Australia when it comes to AI adoption. The idea of Bendigo Bank being a community bank is now dead.' [Finance Sector Union]
- Late 2025Bendigo inked a multi-year agreement to use Google Cloud and Google AI. Combined with the April 2026 Infosys and Genpact deals, three global tech giants now sit inside Bendigo's technology stack and back office. [Australian Financial Review]
All facts sourced from public reporting. No editorial commentary. Click source links to verify.
Layoff Events
| Date | Headcount | Location | Department | Notes |
|---|---|---|---|---|
| 18 Sept 2026 | 137 | Australia | back_office | The ASU said Bendigo proposed 137 redundancies within 299 job changes across consumer lending and customer care, with Adelaide staff expected to wear more than half. The bank tied the changes to its Infosys and Genpact outsourcing deals and said the plans were not final. Recorded at the union figure because the bank has published none. |
| 9 Apr 2026 | 188 | Australia | technology | 188 technology roles impacted (26% of tech workforce). 155 transferred to Infosys by August 2026; 33 made redundant. 80 in Bendigo city HQ (8% of HQ workforce). Roles: software engineers, senior software engineers, engineering managers. |
| 1 Oct 2025 | 158 | Australia | technology | Bendigo Bank cut 145 jobs in technology division and 13 in mortgage help. FSU said workers were being blindsided and jobs were being offshored. 637 technology workers affected by restructure. |
Consultancy Engagements
| Vendor | Type | Contract Value | Status |
|---|---|---|---|
| Infosys | Managed Services | — 7-year IT service delivery agreement signed April 9 2026 (announced via ASX). Infosys to provide "significantly improved IT service delivery capability ... enhanced capabilities, software engineering and AI talent." Projected $65–75M annual savings by FY2028 (~10% of Bendigo wage bill). | Confirmed |
| Genpact | BPO | — 6-year agreement (announced April 2026) for process optimisation. Part of Bendigo's productivity program targeting $65–75M annual savings by FY2028. | Confirmed |
Other Banking Companies That Offshore
Other companies in banking with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| ANZ | ANZ | 11,500+ | 🇵🇭 Philippines🇮🇳 India |
| NAB | NAB | 7,000+ | 🇮🇳 India🇻🇳 Vietnam🇵🇭 Philippines |
| Commonwealth Bank | CBA | 6,935+ | 🇿🇦 South Africa🇮🇳 India |
| Westpac Banking Corporation | WBC | 2,000+ | 🇵🇭 Philippines🇮🇳 India |
| Macquarie | MQG | 1,000+ | 🇵🇭 Philippines |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“Ahead of the AGM the FSU said "since the Bank announced its 2030 strategy last year almost 600 employees have been shown the door", that "more than 145 staff were forced to work under inferior conditions" after the Infosys deal, and that jobs continue to be offshored to Genpact. The union said the bank's commitments, which include seeking employee preferences, no transfers to Genpact on poor contract terms, and making blueprinting and knowledge transfer to overseas staff opt-in, "fall well short of the 10 job security demands". FSU National Assistant Secretary Nicole McPherson: "Bendigo Bank's so-called 2030 strategy has been nothing more than management hollowing out its local workforce."”
“Secondary coverage of the AFR report on ANZ's technology restructure. The same AFR article records the wider sector position: at Bendigo and Adelaide Bank, ongoing restructuring has affected about 600 jobs so far according to the Finance Sector Union, as chief executive Richard Fennell targets as much as $75 million in annual savings through multi-year partnerships with Infosys and Genpact. The Commonwealth Bank has more than doubled its Indian workforce in the past four years, cut 170 technology roles that week, and restructured about 1,000 roles during the year with about half that number departing the bank. NAB was preparing to hire more than 1,000 more staff in its Indian and Vietnamese offices after cutting more than 400 jobs locally.”
“The Australian Services Union said Bendigo and Adelaide Bank has proposed 137 redundancies as part of an ongoing restructure, sitting within 299 job changes across consumer lending and customer care, with Adelaide staff expected to bear more than half the losses. The bank said its plans were not yet final and that it was still exploring redeployment, and tied the changes to its outsourcing deals with Infosys and Genpact.”
“Bendigo Bank posted a $530 million profit for the 2026 financial year. The FSU says the headcount of Bendigo Bank staff has dropped 14% since the 2030 Strategy was announced last year, with 145 Bendigo Bank staff sent to work at Infosys and other positions eliminated or replaced with offshore labour via Genpact. FSU National Secretary Julia Angrisano: "Bendigo Bank's $530 million profit was only made possible by CEO Richard Fennell treating his staff and customers with complete disdain." A worker quoted as Luke said: "Everything's been ripped up and no one seems to know how anything works anymore."”
“188 technology positions impacted in first wave — 26% of Bendigo Bank tech workforce. 155 transferred to Infosys by August 2026, 33 made redundant. 80 of these 188 are in Bendigo HQ city — 8% of the 1,000-person headquarters workforce. Most affected are software engineers, senior software engineers, and engineering managers. FSU disputes the cuts citing inadequate consultation. FSU NS Julia Angrisano: "Bendigo Bank has all but admitted that its so-called productivity program is really a slash-and-burn program."”
“Bendigo & Adelaide Bank signed a 7-year IT service delivery deal with Infosys and a 6-year professional services / digital transformation deal with Genpact. CEO Richard Fennell said the bank "will lead these changes with care and respect." Previous restructure late 2025 affected 637 technology workers. Workforce changes will impact technology and business operations teams; design and consultation still pending.”
“Bendigo and Adelaide Bank will use Indian giant Infosys for IT services, software engineering and AI tools for the next seven years, and American IT company Genpact for process optimisation for six years. CEO Richard Fennell said the deals will save $65–75M per year by FY2028 — roughly 10% of Bendigo's wages bill. Bendigo already inked a multi-year Google Cloud/AI deal in late 2025. Headcount cuts not yet disclosed; the bank said it wanted to brief staff first. Job cuts will come in technology and business operations.”
“FSU National Secretary Julia Angrisano: "The race to the bottom has well and truly started in Australia when it comes to AI adoption. The idea of Bendigo Bank being a community bank is now dead." FSU estimates hundreds of roles affected, with reports of up to 1,000 positions across technology, business and agribusiness, lending, wealth, customer processing, financial crime, and contact centres.”
“Bendigo Bank cut 145 jobs in technology division and 13 in mortgage help. FSU said workers were being blindsided and jobs were being offshored. 637 technology workers affected by restructure.”
Additional Sources
Spread the word
Offshore Watch runs on people passing it on. If this matters to you, share it. The more people who see it, the harder it is to ignore.
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
Read whyShow less
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
This started as an ASX 200 project and mostly still is. It has widened as stories landed from outside that list, so it now also covers employers that aren't ASX-listed, like Canva, Allianz Australia, SS&C and Crown Resorts, along with government departments and agencies. Companies get added when something surfaces about them, not by working through a list in order.
Australian companies are under no obligation to disclose where their work is done, and there is no register of offshored jobs. Everything here comes from something that surfaced publicly: an annual report, a modern slavery statement, a news article, a union statement, a government contract, or a tip from someone who was there.
So an absence usually means nobody has reported on that company and we haven't got to it yet, not that it keeps its work onshore. Some of the biggest offshorers say nothing at all. And because each figure counts only what a source actually stated, the real numbers can often run higher, sometimes much higher.
Every figure links to the source it came from, so you can judge it yourself rather than take our word for it. If you know something that is missing or wrong, tell us. Corrections are published, not quietly buried.
This profile reflects public information at the time of publication and may not match current operations. Is something wrong or missing about Bendigo and Adelaide Bank? Submit a correction. We welcome input from companies, employees, and researchers.