The Bank of Queensland will axe up to 400 jobs and acquire more than 100 franchised businesses in a move its chief executive Patrick Allaway says is aimed at simplifying the business.
The Bank of Queensland will slash up to 400 jobs and acquire more than 100 franchised businesses in a restructure its chief executive Patrick Allaway said was aimed at simplifying the business.
“We have long recognised the need to address legacy complexity and structural challenges to change the way we do business,” Allaway said in a statement to the ASX on Thursday morning. Allaway said the bank would make up to 400 full-time roles redundant at a one-off cost of up to $35 million, which would save the bank $50 million over the next two years.
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