The Bank of Queensland (BOQ) plans to cut approximately 400 staff, or 13%, by December 2024, aiming for A$250 million in cost savings by FY 2026. The bank will also incur A$115 million to A$125 million in pre-tax costs to convert 114 branches to corporate operations, with an expected annual cash NPAT benefit of A$20 million starting FY 2026. However, significant risks remain, including operational challenges and regulatory scrutiny, leading to a negative market sentiment and a maintained Sell rating on BOQ.
