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This is on top of 200 job losses already linked to work being outsourced to CapGemini, with plans for around 550 CapGemini roles required to do BOQ’s work.

The latest cuts leave specialised compliance teams depleted and unsettled ahead of a critical AGM.

The move comes as new FSU survey data shows widespread concern inside BOQ with 65 per cent of workers surveyed having considered leaving in the past 12 months.

In the past year, just 22 per cent of workers felt secure in their jobs at BOQ and only 17 per cent of workers believing BOQ is a better employer than a year ago.

Job security fears are on the rise, with 70 per cent saying offshoring to CapGemini has increased their job security fears, and 49 per cent believe BOQ leadership does not listen to staff.

The union said BOQ was eroding capability at the very moment regulators and customers expect more, not less.

The union said the decision comes shortly after BOQ reported a nine per cent reduction in employee FTE in its annual report, excluding branch conversions, demonstrating a sustained pattern of downsizing.

FSU officials will attend Tuesday’s AGM to press the CEO and Board on job security, offshoring, and the future of financial crime capability at the bank.

The FSU said workers have consistently warned that offshoring core compliance functions threatens operational integrity and places frontline workers under escalating pressure and had taken two disputes to the Fair Work Commission due to BOQ’s lack of transparency around the CapGemini deal.

Finance Sector Union National Secretary Julia Angrisano said:

“BOQ is stripping out its financial crime teams and offshoring that work to CapGemini — while expecting the rest of the bank to absorb the risk and bear the cost.

“Workers had endured wave after wave of restructuring, with no sign the bank’s executive team intended to restore stability.

“These cuts don’t just hit jobs, they hit capability, culture and trust. You can’t outsource compliance and still claim you care about customers or staff.

“When 60% of financial crime staff say offshoring has worsened their job security, you know this isn’t a transformation, it’s a reckoning.

“The BOQ Board must explain on Tuesday: how many roles are left, how they plan to keep regulatory standards, and whether they intend to keep building a bank — or just hollowing one out.”
 

Media contact: Stephanie Lim on 0424 160 521 or [email protected]