According to the Bendigo Advertiser, Bendigo and Adelaide Bank is asking employees to consider taking 10 days unpaid leave. Sources inside the bank told media the bank cited "zero credit growth" as the need to undertake this measure.
Regional banks have faced considerable pressure from the Big Four since the financial crisis began 18 months ago. Consumers' flight to brand quality has resulted in 90% of new loans going to the major banks.
Mid-tier banks have also been calling on government to wind back the wholesale guarantee for major banks which they say have disadvantaged other lenders. The guarantees enable the Big Four to raise funds as much as 80 basis points cheaper than second-tier banks, building societies and credit unions.
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