Media releases

That’s because many of the BoQ OMBs are classified as small business employers as they have 15 or less employees meaning some of those left without a job will also receive no retrenchment payments.

While there’s an Expression of Interest process for staff to indicate their desire to move across to corporate employment, it’s not being made clear that if they don’t express interest they won’t have a job.

BoQ revealed in August that they will be cutting staff numbers and suddenly taking over Owner Managed Branches. The Finance Sector Union (FSU) and BoQ members are outraged that BoQ is operating in a manner designed to have OMB employees leave before those branches are taken over.  

FSU National Assistant Secretary Jason Hall said:

“We’ve written to Patrick Allaway, CEO and Managing Director of Bank of Queensland, demanding that he acts to ensure the workers who have been building their profits – and his sky-high pay packet – are protected by decent redundancy provisions, if they’re not offered an ongoing job with the Bank.

“BoQ staff – whether they’ve been working for the bank directly, or via an owner managed branch – have contributed to the $343M BoQ made in profit in FY2024. Patrick Allaway earned $2.054M in FY2024 while some of his staff are struggling to survive on $28 an hour.

“As at today, BoQ staff don’t even know how many jobs are going to be cut and from where. And those in OMBs are worried that if their job goes, they could be walking out with no severance pay. This is not the Australian way, it’s sneaky and shameful behaviour.

“Our members are stressed and concerned, worried they’ll find themselves without a job due to this BoQ Corporate surprise takeover.

“BoQ asked OMB employees to express their interest in positions for placement into branch roles once the takeover is completed. The problem is they haven’t explicitly told workers if they don’t EOI then they won’t have a role once under corporate control. That lack of clear communication could cost workers.

“Cuts like this will also have an impact on the remaining staff and customers who rely on the Owner Managed Branches as they will have less people providing the same service.

“This whole process has been a shambles. Patrick Allaway and the BOQ Board have neglected the frontline staff while they plot the takeover of the Owner Managed Branches.

“Here’s a business that earned $343M last year, proposing to cut staff numbers even before they’ve taken control of the branches, in an effort to reduce their overall costs.

“It’s extraordinary that they can propose reducing staffing numbers in those branches when the work remains the same. Remaining staff will be left to deal with the impact of under resourcing.

“The right thing to do for staff and customers as part of this takeover is to employ all the existing owner managed branch staff.

“Customers should be concerned by this – they won’t even guarantee the future of the branches once in corporate control.”

Media contact: David Imber – 0413 274 204