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Major bank to axe up to 600 jobs

Clareese Packer
·1-min read
BOC Stock
The Bank of Queensland is tipped to slash up to 600 jobs. Picture: NCA NewsWire /Jono Searle

A major bank is tipped to cut up to 600 jobs, while consultations with employees has reportedly begun.

The Bank of Queensland is set to cut up to 600 jobs across retail operations, marketing and human resources, according to The Australian.

BOC Stock
The Bank of Queensland is tipped to slash up to 600 jobs. Picture: NCA NewsWire /Jono Searle

Sources reportedly told the masthead the move was part of a simplification and digitisation drive.

NewsWire has contacted BOQ for comment.

The bank previously axed 250 jobs last year following the 2021 purchase of ME Bank.

News of the job cuts have been revealed following the bank’s most recent interim results from April that list the bank’s goal of cutting about 400 jobs by the 2026 financial year.

Bank of Queensland AGM
BOQ chief executive officer Patrick Allaway previously said the bank was addressing a drop in interim cash profit. Picture: NCA NewsWire / John Gass

BOQ’s chief executive officer Patrick Allaway previously said the bank was “addressing new pathways and additional initiatives” to ensure targets were met after a drop in interim cash profit was reported in April.