The redundancies are expected to save the business $50 million annually.
The Bank of Queensland has confirmed it will axe 400 roles in a move to simplify and digitise operations.
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. As a result, all 114 of its owner-managed retail branches will be converted into corporate branches. "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.
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