Bendigo and Adelaide Bank to cut jobs after striking new multimillion-dollar partnership deals

Bendigo and Adelaide Bank will slash its workforce after agreeing two technology deals saving $65 million year-on-year.

On Thursday, the bank announced their “strategic” partnerships with Infosys and Genpact to be “more efficient”.

In a statement, the company said: “The process and operational improvements expected to be delivered by these partnerships will lead to workforce changes, impacting people in our technology and business operations teams.”

However, the statement to the ASX failed to reveal how may jobs will be lost and how many staff members this will impact.

The new partnership has been said to be a “challenging time for our people, and we are committed to lead these changes with care and respect” by chief executive Richard Fennel.

“Decisions that impact our people are never easy.”

The partnership with the two firms are estimated to cost between $85 million and $95 million in the next financial year.

The bank has agreed to a seven-year technology service partnership with Infosys, a global Indian digital service and consulting company.

This is aimed to “provide access to global capabilities, software engineering and AI talent to deliver greater capacity to innovate”, according to Bendigo.

Their second partnership is a six-year business operations with Genpact, an agentic and advanced technology solutions company to “bring deep expertise in process optimisation and delivery”.

The bank hopes this partnership will “drive greater productivity and support stronger risk management”.

Bendigo and Adelaide Bank are one of many companies where technological change brought by artificial intelligence is leading to job losses.

In 2025, the bank joined NAB, Bank of Queensland and ANZ in announcing staff redundancies, with it axing 145 technology jobs impacting 637 workers.

This was followed by the bank’s partnership with Google in the following two months in November.

The trend moves beyond banks with leading software companies, Atlassian and WiseTech Global, also slashing jobs in 2026.

In March, Atlassian CEO Mike Cannon-Brookes said AI had influenced the “number of roles required in certain areas” with more than 1,600 of Australian workers from the company made redundant.