Chanticleer

Bank of Queensland boss Patrick Allaway says retail banking is in structural decline and big changes are needed. All bank investors should heed his warning.

Updated Aug 22, 2024 – 3.40pm, first published at 11.57am

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

There’s a simple truth at the heart of the sweeping changes Bank of Queensland announced on Thursday, including a further 400 job losses, the abandonment of its long-standing franchised owner-manager model at a cost of up to $125 million, and big cuts to the group’s medium-term return and cost targets.

Australian banking has changed forever, and there will be no return to the fat profit margins and big returns of the past.

Loading...

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Introducing your Newsfeed

Follow the topics, people and companies that matter to you.

Find out more

Read More

Latest In Financial services

Fetching latest articles

Most Viewed In Chanticleer

anyone articles