![](/sites/default/files/2024-08/b2e71f48066543d1b84d964a89b43e9f.jpeg)
Image by DALL·E Pic: Midjourney
Editors' Note: Many Fast News images are stylised illustrations generated by Dall-E. Photorealism is not intended. View as early and evolving AI art!
Bank trims its workforce,
Digital drive takes the lead,
Savings in the breeze.
Bank of Queensland to cut 400 jobs amid simplification and digital plan
Bank of Queensland will cut 400 full-time jobs across the business in order to save $50 million a year, a decision it has attributed to simplification and digital initiatives enabling productivity gains.
The news came as the bank confirmed it's returning all of its owner managed branch network - 114 locations - back to corporate branches. The decision was attributed to BOQ's ongoing digital transformation and is being positioned as a way to align the branch footprint with its digital and relationship banking model, with consolidation opportunities as customers continue to shift to digital channels.
BOQ expected to recognise a restructuring charge of $25m - $35m post tax, that will impact FY24 statutory net profit after tax, but said the initiative will deliver an annualised saving of approximately $50 million, in addition to BOQ's previously stated simplification target of $200 million cost savings by FY26.
Managing Director & Chief Executive Officer Patrick Allaway said: "The further simplification of our operating model and management structure will improve productivity and reduce operational risk. This will understandably be a difficult period for our people across the organisation and we are committed to supporting everyone through this process."
Partner Content from Salesforce
5 Business Uses for an AI Copilot
Make the Most of Your Marketing Budget with AI and Automation