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.
“BOQ is working closely with those affected, offering redundancies or redeployment opportunities.”
9News.com.au understands the bank has begun the process and notified 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.
