People First Bank jobs: Major organisation makes dozens redundant following merger

Weeks out from Christmas, a leading Australian financial institution with deep roots in Toowoomba has made workers redundant in its latest restructure.

Heritage Bank head office building in Ruthven St now displays the merged rebranded name of People First Bank, Friday, June 21, 2024. Picture: Kevin Farmer

Dozens of people have been made redundant in a restructure by the country’s largest customer-owned financial institution.

The restructure comes almost two years after Toowoomba’s Heritage Bank merged with South Australian Bank People’s Choice Credit Union, forming People First Bank.

Sixteen employees accepted redundancy packages in Toowoomba, a People First Bank spokesman said.

A further 13 positions were made redundant across Queensland.

Heritage Bank and People's Choice CEO Peter Lock revealing the new merger's name will be People First Bank.

“People First Bank is a national organisation with more than 2000 employees,” he said.

“All personnel decisions are made entirely on how we can best support our customers.

“They have nothing to do with where someone worked before the merger which was almost two years ago.

“In Toowoomba this year we recruited 36 new people with 16 others accepting redundancy packages as part of our restructuring.

“Across the rest of Queensland, we employed an additional 78 people with 13 positions being made redundant.

“Total redundancies in 2024 represented about 2 per cent of our overall workforce.”

The spokesman said the merger between Heritage Bank and People’s Choice “was, and always will be, a merger of equals which was strongly supported by both sides”.

“To suggest anything else is simply wrong,” he said.

“People First Bank is now one, united organisation which exists to help and support our customers, our employees, our communities and our environment.

“While there have been a small number of redundancies this year they have been spread across the organisation and the country, driven by our ongoing restructuring to deliver long-term efficiencies.

“There are absolutely no plans for any mass redundancies, as suggested.

“Our people in Toowoomba and Queensland are crucial to our business, both culturally and operationally. 

The new People First Bank Toowoomba head office.

“And our ongoing commitment to Toowoomba is exemplified by our new Head Office development in the city.”

Founded in Toowoomba in 1875, Heritage Bank was one of the oldest banks, initially starting out as a building society and is proudly part of Toowoomba’s history, supporting a number of integral community events, such as the Toowoomba Agricultural Show and the city’s Business Excellence Awards.

In October 2024, People First Bank reported growth in lending and retail deposits, bringing a 29 per cent increase in net profit and drawing in 47,000 new customers.

The bank revealed plans last month to build a new five storey, 600-staff office space in the Toowoomba CBD for completion in 2027.