BoQ chairman blames ‘industry headwinds’ for share price fall

Lucas Baird and Ayesha de Kretser

Jun 1, 2023 – 3.55pm

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Bank of Queensland chairman Warwick Negus has told investors “industry headwinds” are responsible for a slide in the company’s share price, one day after two regulators slammed the board and management for continuing failings in risk management.

But the market was more sceptical, and Barrenjoey equities analysts warned the cost to remediate the long list of issues disclosed by financial crimes regulator AUSTRAC and the Australian Prudential Regulation Authority on Wednesday could blow out. They cut their target valuation of the company by $650 million.

Lucas Baird is a journalist based in The Australian Financial Review's Sydney office.

Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets.