Bank of Queensland has confirmed mass redundancies, announcing the departure of 400 staff as it concedes its long-serving retail banking operation is “no longer sustainable”.
The Brisbane-headquartered company will take control of its 114 owner-managed branches — a decision prompted by customers’ shift towards digital banking in a “simplification of our operating model and management structure (that) will improve productivity”, chief executive Patrick Allaway said.
“Our heritage retail banking operating model that has served us well in the past, is no longer sustainable in its current state in a lower returning environment,” Allaway said.
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“The conversion of our branch network will provide flexibility in our product distribution and improve our ability to optimise margins.
“It represents a substantial change for our owner-managers, many of whom have long tenures with BOQ. We acknowledge, with immense gratitude, their important contribution to the 150-year history of BOQ and will work closely with them to ensure a smooth transition over the coming months.