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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 will improve productivity”, chief executive Patrick Allaway said.
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. “This will understandably be a difficult period for our people across the organisation and we are committed to supporting everyone through this process.” BOQ expects the 400 full-time redundancies, to be made “across the business”, will save it about $50 million a year.
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