Job losses planned by Bank of Queensland (BOQ) and sprung on workers yesterday are not only disrespectful, but will inevitably impact customers and the service they receive by the bank.
The Finance Sector Union was told by BOQ management yesterday that there will be 400 roles cut affecting all divisions of the Bank. These are on top of the 250 job losses that have already been cut in the past 12 months. It brings the total number of job losses at BOQ to 650.
There has been a two-week consultation period proposed with the union by management – which is not enough for such significant change.
Quotes attributable to Finance Sector Union (FSU) National Secretary Julia Angrisano:
“The Bank needs to come clean on their plan as workers deserve better than death by a thousand cuts. How much are they cutting and what will the final impact on staff and customers be?
“It’s not good news for workers or customers, as both are going to suffer.
“As part of a pledge to the market to deliver $200 million in productivity by 2026, BOQ have already axed 250 jobs. Confirmation of a further 400 jobs cut is a devastating blow to workers at BOQ.
“We’re particularly concerned about the very short consultation timeframes that have been proposed – two weeks is not enough for such a significant change. This seems more perfunctory than genuine.
“Make no mistake, when BOQ says it’s undertaking simplification, customers and workers know it means job cuts.
“Further cuts mean that the remaining workers will be left to pick up the pieces and will be expected to do more with less, having an impact on work demand and adding to the expectations on them.
“The Bank had to set aside $50 million as part of an enforceable undertaking because it failed to correct risk management issues. Workers are paying the price for management’s poor risk governance practices.
“Workers are walking around feeling that they have a target on their backs, waiting for the axe to fall on them. Workers are incredibly anxious about their futures and deserve certainty as they make their own plans for themselves and their families.
“BOQ workers deserve greater job security. The lack of transparency about the future is adding stress and concern for workers already struggling with cost-of-living pressures.”
Media contact: Stephanie Lim – 0434 160 521
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