New Delhi, August 23: Bank of Queensland (BOQ) will reportedly lay off approximately 400 employees as part of its significant restructuring drive. The decision might be taken to streamline bank operations and shift towards a more digital-focused strategy. The layoffs will likely enhance efficiency and operational structure to modernise the Bank's services. As part of these restructuring measures, the Bank of Queensland might look to optimise its workforce and reduce costs.

As per a report of Economic Times, Bank of Queensland is set to lay off about 400 employees in a bid to restructure its operations. The layoffs are expected to affect various departments within the bank. According to a report of MSN, the BOQ has announced that it will lay off approximately 400 employees in order to make its operations simpler and digitise its operations. The Bank reportedly stated that it will be implementing various new measures to improve productivity.  As a result, the Bank will be eliminating several hundred full-time positions. Five9 Layoffs: CCaaS Provider To Lay Off 7% of Its Employees Amid Restructuring Efforts.

The decision to job cuts can be seen as an attempt of the Bank to enhance its digital capabilities, streamline processes and improve customer service. The restructuring plan is expected to adapt and make use of technological advancements to offer better services to its customers. The job cuts are expected to cost BOQ between USD 25 and USD 35 million after taxes for restructuring.

However, these layoffs will likely save the Bank about USD 50 million every year. Additionally, the Bank is focusing more on digital banking. Because of this shift, around 114 of the company's owner-managed retail branches will reportedly be converted into corporate branches. ReshaMandi Layoffs: Bengaluru-Based Startup Lays Off Its Entire Employees, Shuts Down Website Amid Financial Problems.

According to reports, BOQ's CEO, Patrick Allaway, has acknowledged that these measures will have a significant impact on employees. He further emphasised that it will be a challenging time for everyone in the organisation, and BOQ is looking forward to provide support to the affected employees throughout the process.

(The above story first appeared on LatestLY on Aug 23, 2024 03:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).