‘Rivers of gold are gone’: BoQ and banking’s brutal new reality
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.
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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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
