The Bank of Queensland (BOQ) has confirmed it will axe 400 roles in a move to simplify and digitise operations.
In a statement to shareholders, the bank said a range of new transformative measures will boost productivity and leave hundreds of full-time jobs redundant.
“The Group acknowledges these decisions impact on team members,” the bank wrote.
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“BOQ is working closely with those affected, offering redundancies or redeployment opportunities.”
It’s unclear when the bank will begin the process or notify affected staff.
The job cuts are estimated to cause BOQ a restructuring charge of $25 to $35 million post-tax but will save the bank about $50 million annually.
The bank is also continuing to move towards digital banking.
As a result, all 114 of its owner-managed retail branches will be converted into corporate branches.
Owner-managers were notified of the decision today, with the aim to complete the conversion by March 2025.
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“While the Group acknowledges that customers are increasingly choosing to transact digitally, BOQ is committed to maintaining an appropriate physical presence in key markets, recognising that branches remain an important part of the banking experience for some customers,” the bank wrote.
BOQ chief executive Patrick Allaway acknowledged the impact these measures will have on employees across the board.
“This will understandably be a difficult period for our people across the organisation and we are committed to supporting everyone through this process,” he said.
But he stressed it will be a significant step forward to delivering a “simpler, specialist” bank.
“We have long recognised the need to address legacy complexity and structural challenges to change the way we do business,” he said.
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