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

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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.

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