According to a report in The Sydney Morning Herald, Bendigo and Adelaide Bank Ltd
(ASX:BEN) has asked staff to take 10 days in unpaid leave as it tries to cut costs amidst stiff competition in the market.
The paper says more than 5000 employees received an email asking them to consider the unpaid leave and decide by the end of the month.
Zero credit growth is being blamed for the measure, with the paper reporting spokesperson Owen Davies saying the economy is so flat and although the bank is still getting its share of lending it’s just flattened out.
In recent news, Bendigo and Adelaide Bank announced the appointment of Mike Hirst as CEO, replacing Rob Hunt.
Bendigo and Adelaide Bank’s 2008 result was its best in five years.
