Media releases

There’s no sustainable business without customers, and shareholders need to remind management and the Board of that.

BoQ revealed suddenly in August that they will be cutting staff numbers and taking over Owner Managed Branches (OMBs). The Finance Sector Union and BoQ members have been 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 have written to the CEO and will be attending the AGM. Patrick Allaway, CEO and Managing Director of Bank of Queensland, through an executive, refused to confirm BoQ will be protecting all workers from the takeover of OMBs. The Finance Sector Union has been standing up for workers and customers – both of whom benefit from a strong branch network.

“At the Bank’s AGM, shareholders have the opportunity to hold the Board and management accountable. Do they want an organisation that invests in the brand, its people and customers, or do they want to see costs continually cut risking a downward spiral as customers move to banks with a stronger branch and service footprint?

“There have already been at least 6 branch closures so far this year – Belmont (WA), Hillarys (WA), Geraldton (WA), Mount Pleasant (QLD), Werribee (Vic) and Tamworth (NSW). We are concerned that the 112 remaining OMBs may be closed too. Such slashing of branches is as good as putting a closed sign on dozens of communities encouraging them to take their banking elsewhere. Do shareholders want that?

“We know for certain now the expression of interest process is over that 200 staff are not being transferred across to the corporate BoQ brand (785 total staff are impacted, only 645 completed the EOI and 90% of those are remaining – that’s 580 of 785 staff). That’s 200 people who won’t be there for customers.

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

“As we come to Christmas, we remain concerned, and our members remain stressed and worried that they’ll find themselves without a job due to this BoQ Corporate surprise takeover.

“Here’s a business that earned $343 million last year, and they’re cutting 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.”

Media contact: David Imber – 0413 274 204