As part of a growing cost-saving initiative, an additional 48 roles within the financial crime team will be moved offshore under an ongoing partnership with consultancy firm CapGemini, bringing the total number of job reductions to around 550.
The Brisbane-based bank revealed the update following its annual general meeting, reaffirming its dedication to a cost reduction strategy launched in August. So far, approximately 200 positions have been transferred to CapGemini, many of which are now based offshore. The action is part of a broader organisational restructure that has triggered concern among staff groups and drawn attention across the financial sector.
The bank claims outsourcing will help streamline processes and enable a stronger focus on business banking. However, finance union representatives argue that the decision is undermining key risk and compliance functions. Internal surveys show growing unease among financial crime employees, who feel more uncertain about their roles within the bank.
Concerns have been amplified by the timing of the changes. BOQ is currently working to transition ME Bank customers to its digital platform, overhaul its home lending unit and reassure investors with $1.6 million in share-based incentives for the chief executive. Meanwhile, the overall workforce has shrunk by 9% compared to earlier in the year.
The bank appears to be shifting towards a leaner and more digitally driven model, though its reliance on outsourcing for essential functions raises questions about whether it can maintain compliance standards and internal expertise. Analysts have noted that while such moves may deliver short-term cost savings, they could also lead to long-term consequences for customer confidence and organisational culture.
