Latest news with #FinanceSectorUnion
7NEWS
6 days ago
- Business
- 7NEWS
Bendigo Bank to close 10 branches in Queensland, Victoria and Tasmania
Bendigo Bank will close 10 branches across three states, with the bank blaming 'evolving customer preferences' for its decision. Regional areas in Victoria, Queensland and Tasmania will be impacted the most, with branches closing from August 1. Locations include Bannockburn and Korumburra in Victoria, Malanda in Queensland and Queenstown in Tasmania. Bendigo Bank said the decision was made following 'a review of evolving customer preferences, a reduction in business activity and an increase in costs'. Closing branches was a last resort, chief executive officer and managing director Richard Fennell said. 'Bendigo Bank has more branches per customer than any other Australian bank. We operate the second-largest regional branch network and the third-largest branch network nationally,' he said. 'To preserve what makes our bank unique, we must balance our physical network presence with the need to continue investing in the changing preferences of our 2.7 million customers.' Bendigo Bank says it's 'exploring opportunities' to redeploy staff working at the affected branches. Finance Sector Union National Secretary Julia Angrisano said the closures were a slap in the face for people in regional communities, especially in areas where there are now no other bank branches. 'Three Victorian communities — Bannockburn, Korumburra Yarram, along with Malanda in Queensland, and Queenstown in Tasmania will lose the last of their local bank branches. Also impacted are regional branches in Kings Meadows (Launceston, Tasmania) and Tully (in Northern Queensland),' Angrisano said. 'This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank's presence in regional Australia. 'For a bank which proudly has its regional centre hometown as part of its name, and is fondly known for its community branch network, this decision feels very 'big bank' for all the wrong reasons.' The Finance Sector Union has written to Fennell as well as local MPs of the impacted regional communities, in a bid to save the branches. 'The Finance Sector Union has also raised the issue of consumer and worker regulation of banking with new Assistant Treasurer and Minister for Financial Services Daniel Mullino MP,' Angrisano said. 'It is critical that the federal government step in and protect bank workers and customers given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first.' Bendigo Bank branches closing: Stream free on
Yahoo
6 days ago
- Business
- Yahoo
Aussie bank faces backlash for closing 10 branches: ‘Slap in the face'
Bendigo Bank has revealed it will be closing 10 branches in Victoria, Queensland and Tasmania from next month. The move has been described as a 'slap in the face' from the bank, with five regional communities now set to have no bank branches. Bendigo Bank said the 'difficult decision' was down to 'evolving customer preferences, a reduction in business activity and an increase in costs'. Banks have been increasingly moving to shut bank branches as people choose to do the majority of their banking online. The announcement comes after the federal government struck a deal with the Big Four banks to keep their regional banks open until at least mid-2027. About 36 per cent of bank branches in regional Australia have closed since 2017, leaving some communities without access to in-person banking. RELATED ANZ customer 'dumbfounded' by 'cashless' incident at bank branch Commonwealth Bank, Westpac reveal major payment change for millions of customers CBA, NAB, ANZ reveal $200,000 move borrowers making after RBA interest rate cuts Bendigo Bank chief executive officer and managing director Richard Fennell said the decision to close a branch was only ever a last resort. 'To preserve what makes our Bank unique, we must balance our physical network presence with the need to continue investing in the changing preferences of our 2.7 million customers,' he said. Finance Sector Union national secretary Julia Angrisano said the closures were a 'slap in the face' coming from one of the largest regionally based banks in Australia.'This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank's presence in regional Australia,' she said. 'For a bank which proudly has its regional centre hometown as part of its name, and is fondly known for its community branch network, this decision feels very 'big bank' for all the wrong reasons.' Three Victorian communities, Bannockburn, Korumburra and Yarram, along with Malanda in Queensland and Queenstown in Tasmania will lose the last of their local bank branches. The Queenstown closure in western Tasmania means customers would have to drive more than two and a half hours to their nearest bank branch in Burnie. West Coast Mayor Shane Pitt has vowed to fight the closure and criticised the bank for not properly consulting with the community. Angrisano said the union had written to local MPs in affected towns, and the assistant treasurer and minister for financial services about the closures. The equivalent of 32 full-time roles will be impacted by the closures. In Victoria, branches will close in Ballarat Central, Bannockburn, Malop Street in Geelong, Korumburra, South Melbourne and Yarram. In Queensland, branches will close in Malanda and Tully North, while in Tasmania, the branches are Kings Meadows and Queenstown. Branches will close from August 1 to October 31. Bendigo Bank customers can continue to transact as normal at any Bendigo Bank branch, ATM or via internet banking, mobile banking or by phone. Customers can also transact in person using Australia Post's Bank@ in retrieving data Sign in to access your portfolio Error in retrieving data
ABC News
6 days ago
- Business
- ABC News
Bendigo Bank to close 10 branches, leaving some regional towns without financial services
The closure of 10 Bendigo Bank branches across Australia by late October will mean the end of in-person banking for residents in five regional communities. Australia's Finance Sector Union (FSU) says the closures are a "slap in the face" in areas already seeing a decline in services from multiple industries. It comes after the federal government struck a deal with the big four banks to keep their regional branches open until at least mid-2027. That deal was made in February 2025 in response to an avalanche of regional bank branch closures since 2017. In Victoria branches will close in Ballarat Central, Bannockburn, Malop Street in Geelong, Korumburra, South Melbourne and Yarram. In Queensland branches will close in Malanda and Tully North and in Tasmania Kings Meadows and Queenstown. Bendigo Bank's Bannockburn branch is the last brick-and-mortar bank in the south-west Victorian town. Golden Plains Shire Mayor Owen Sharkey said the impending closure felt like deja vu for locals, who were left without a bank for a year between Westpac shutting its branch in 1997 and Bendigo Bank opening in 1998. "This is the only bank that services not just Bannockburn, but all of our surrounding township, so it's come as a very abrupt announcement," Cr Sharkey said. Bannockburn sits within the Golden Plains Shire, which has one of the fastest growing populations of all regional local government areas (LGAs) in Victoria. "Whenever I go in you've got four or five people waiting in [the branch], so it's not like it was a completely empty bank," Cr Sharkey said. The mayor said it was disappointing that the community was not given more time to adapt. "Bendigo Bank did a fantastic job with community grants in the area … the community banks would have put in close to a million dollars over that last 20 years," Cr Sharkey said. Bendigo and Adelaide Bank Limited reported a statutory net profit after tax of $216.8 million for the half year ending December 2024. Finance Sector Union (FSU) national secretary Julia Angrisano said the decision to close the branches was "a slap in the face" for those who relied on them. "This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank's presence in regional Australia," Ms Angrisano said. Ms Angrisano said the union wanted to see legislation change to regulate banking as an essential service, as recommended by the Senate inquiry into regional banking that handed down its final report in 2024. She said the union had written about the issue to local MPs in affected towns, as well as the assistant treasurer and the minister for financial services. "It is critical that the federal government step in and protect bank workers and customers, given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first," Ms Angrisano said. A spokesperson for Bendigo Bank said the company was "proud of its regional heritage" and maintained more branches per customer than any other Australian bank. "To continue delivering for our customers and communities, we must ensure our branches are adequately supported and resourced," the spokesperson said. The upcoming closure of Bendigo Bank's Queenstown branch in western Tasmania leaves its customers a more than two-and-a-half-hour drive from their nearest branch. West Coast Council Mayor Shane Pitts told the ABC he was disappointed the news was already out in the community before the council was informed. "There was a community bank and then that was handed to the Bendigo Bank, which was a few years ago now," Cr Pitts said. "I was skeptical then that one day this bank would close. "They assured us that that wasn't going to be the case." He said even before the announcement of the closure, the branch was not offering a full suite of services and opening hours had been cut back. When queried about the closure of the Ballarat branch, the Bendigo Bank spokesperson said the proximity of other branches was a factor in decision making.
News.com.au
20-05-2025
- Business
- News.com.au
‘Emphasis on office attendance': NAB changes WFH policy
National Australia Bank is increasing the number of days staff are expected in the office. Most employees will need to increase from two to three days a week, while team leaders are required to make an appearance in person four days a week instead of three. The most senior leaders at NAB are already required in the office five days a week. It is a move the Finance Sector Union has slammed as 'completely unnecessary'. In an internal memo announcing the new rules last week, seen by the Australian Financial Review, the bank's group executive of people and culture Sarah White said the company was building towards an 'office-based working model,' according to the publication. The email stated NAB's current 'ways of working are evolving' as the bank aims to bolster the number of hours staff work in the office since Covid-19 lockdowns. Ms White told in a statement the changes would happen 'later in the year' and NAB would consult with employees before implementing the push for more office time. 'We continue to evolve our ways of working to foster an engaging work environment that is fair and flexible for colleagues and good for customers,' Ms White said. 'NAB is implementing an increased emphasis on office attendance because it supports collaboration, teamwork and problem solving for customers.' Ms White claimed the bank was 'taking an approach that ensures flexibility and supports all colleagues to respond to personal-life circumstances'. 'NAB is commencing a period of consultation with colleagues prior to the implementation, and we are committed to listening to, and considering, colleague feedback regarding our ways of working before any changes come into effect,' she said. The Finance Sector Union (FSU) has labelled the change to working from home as 'completely unnecessary,' highlighting that it came only a week after the bank revealed a $3.5 billion half year cash profit. 'These profits prove we can (and do) deliver results no matter where we work,' the union argued. The FSU has written an open letter to NAB CEO Andrew Irvine strongly opposing the increase in mandatory office attendance. The letter said any move to scale back flexible working in 2025 was 'regressive'. It highlighted concerns for workers' mental health and morale, those employees with family and caring responsibilities, and the financial pressure some may face with the added cost of commuting. FSU national president Wendy Streets told The Australian 'a lot of members' said they would quit. ANZ and Commonwealth Bank require staff to spend half their work time in the office, while Westpac's policy is at least two to three days a week in the office. Earlier this year, launched The Great Aussie Debate, a wide-ranging, 50 question survey that has uncovered what Australians really think about all the hot topics of 2025. Over two weeks, more than 54,000 Australians took part in the survey, revealing their thoughts on everything from the cost of living and homeownership, to electric vehicles and going shoeless in supermarkets. From the survey, it was clear the majority of Aussies prefer a hybrid approach to work, where possible, with 61.59 per cent favouring between 1-4 days at home. The most popular response was 1-2 days at home at week, with a further 21.11 per cent preferring 3-4 days working remotely. Of the respondents, 28.77 per cent believe full time office work is best. However, there was an interesting detail in the statistics. The age group most likely to choose this option have hit retirement age. More than half (51.18 per cent) of the 70+ group want people in the office five days a week.
Yahoo
19-05-2025
- Business
- Yahoo
NAB staff threaten to quit after bank jumps on major work trend: 'They will walk'
NAB has asked staff to increase the number of days they spend in the office each week. The bank has joined a growing number of businesses moving away from the work-from-home model (WFH), however, the move has left many upset. Staff were told about the directive via an internal memo, which will impact junior workers and team leaders. Finance Sector Union national president Wendy Streets has slammed the decision as "completely unnecessary". 'People are not prepared to turn back the hands of time. They've found a new, fairer, more efficient way of working, they're not going to be dragged back to the past," she said. RELATED Major WFH update for Aussie workers: 'Isn't going anywhere' Common $358 a day expense the ATO lets you claim on tax without receipts Money crisis sparks capital city exodus as Australians embrace 'new frontier' According to the Australian Financial Review, when the announcement was made last week on the bank's internal messaging system, it was hit with hundreds of shocked, angry and broken heart emojis, indicating staff were not happy about the decision. NAB senior executive Sarah White said the bank was "evolving" its policies to focus more on an "office-based working model" because it supports "collaboration, teamwork and problem solving for customers". Junior staff will increase their in-office days from two to three days a week, while team leaders will go from three to NAB leadership were forced to come into the office five days a week last year and their attendance is unchanged. But Streets said this increase could cause shockwaves for the Big Four bank and "damage the very culture NAB claims to value". 'We don't believe there is any business case for staff to return to the office more,' she said. 'A lot of members are telling us they will walk and they will leave." Westpac currently has a minimum of two days a week in the office for staff, while ANZ and Commonwealth Bank workers have to come in for half of their rostered days. This is part of a much broader move in the Australian corporate landscape. Amazon, Tabcorp, Woolworths and Coles are some of the other major employers that have recently ordered workers back into the office. The Australian HR Institute (AHRI) recently found that 45 per cent of employers now have a minimum requirement for staff to be in the office between three to five days a week. More than 80 per cent of the nearly 1,000 people surveyed expected hybrid working would either increase or stay the same at their organisation over the next two years. The most popular work arrangement was three days in the office at 32 per cent. Interestingly, Robert Half's survey of 500 employers found there had been a 'domino effect' in this return-to-office (RTO) trend. An overwhelming majority (84 per cent) of employers said other businesses' RTO mandates influenced their own arrangements. But Angela Anasis, Executive General Manager of Randstad Australia, told Yahoo Finance workers across the country are digging in their heels at this push to return to the office. 'Given people are prepared to walk away from a job if they're forced back into the office, employers should carefully consider how to incentivise attendance, focusing on the carrot rather than the stick," she said.
