Bank of Queensland
ASX:BOQRegional bank operating primarily in Queensland and across Australia.
Reported Offshore Headcount
213+
reported 1 Sept 2025, BOQ slammed over plan to axe 200 jobs and send work to India
Estimated % of Workforce
~6.3%
illustrative, not directly reported by the company
Destination Countries
Financial Context
Market Cap
$4.5B
Revenue
$1.8B
Net Profit
$300M
Estimated Wage Differential
~$18M/yr
CEO: Patrick Allaway
$2,134,000
27x avg Australian worker
Illustrative wage differential: if the 213+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$18M/yr (~6% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Every dollar paid offshore leaves the Australian economy, reducing local wages, tax receipts, and economic circulation. Why it matters
Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.
In Plain English
- In 2025, Bank of Queensland was reported to have 213+ offshore contractors and staff.
- This represents ~6.3% when compared to its current workforce of 3,400 (illustrative comparison only, not directly reported by the company).
- 🇮🇳 213+ staff reported in India in Finance, Call Centre.
- Known outsourcing partners include Capgemini, Coforge, Wipro.
- 248 Australian jobs have been cut, with all occurring during periods of offshore expansion.
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
The Story
- December 2025BOQ moved a further 48 financial crime team roles offshore via Capgemini, bringing total workforce cuts to approximately 550. BOQ's workforce shrank 9% during the year. [The Aussie Corporate]
- December 2025At BOQ's AGM, chairman Andrew Fraser was asked about outsourcing financial crime compliance to "an outsourced provider that does work offshore." He did not confirm details, stating the bank was "still consulting." [The Aussie Corporate]
- December 2025BOQ CEO received $1.6 million in share-based incentives during the same period. [The Aussie Corporate]
- August 2025BOQ announced approximately 200 job cuts, including 165 contact centre roles. The work was outsourced to Capgemini's India operations, with expected savings of "at least $30 million". [The Australia Today]
- August 2025The FSU said "BOQ staff deserve honesty and respect, not to be blindsided about the future of their jobs." [FSU]
All facts sourced from public reporting. No editorial commentary. Click source links to verify.
Department Breakdown
| Department | Country | Headcount | Confidence |
|---|---|---|---|
| Finance | 🇮🇳 India | 48 | Confirmed |
| Call Centre | 🇮🇳 India | 165 | Confirmed |
Offshoring Timeline
| Date | Department | Country | Headcount | Confidence |
|---|---|---|---|---|
| 1 Sept 2025 | Call Centre | 🇮🇳 India | 165 | Confirmed |
| 1 Dec 2025 | Finance | 🇮🇳 India | 48 | Confirmed |
Layoff Events
| Date | Headcount | Location | Department | Notes |
|---|---|---|---|---|
| 1 Dec 2025 | 48 | Australia | finance | Linked to offshoring record |
| 1 Sept 2025 | 200 | Australia | call_centre | Linked to offshoring record |
Consultancy Engagements
Other Banking Companies That Offshore
Other companies in banking with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| ANZ | ANZ | 14,300+ | 🇵🇭 Philippines🇮🇳 India |
| Commonwealth Bank | CBA | 10,000+ | 🇿🇦 South Africa🇮🇳 India |
| NAB | NAB | 7,347+ | 🇮🇳 India🇻🇳 Vietnam🇵🇭 Philippines |
| Westpac Banking Corporation | WBC | 2,000+ | 🇵🇭 Philippines🇮🇳 India |
| Macquarie | MQG | 1,800+ | 🇵🇭 Philippines |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“KPMG Australia offshoring 200 of 260 executive assistant roles to Philippines via Coforge. Savings: $17M/year. Australian EA salary ~$87K vs Philippines ~$10K.”
“BOQ moved 48 financial crime team roles offshore via Capgemini, bringing total cuts to ~550. Workforce shrunk 9% during the year.”
“BOQ cut ~200 roles (165 contact centre, 20 collections, remainder in retail/lending/audit) offshored to Capgemini India. Cost savings: at least $30 million.”
Spread the word
Offshore Watch runs on people passing it on. If this matters to you, share it. The more people who see it, the harder it is to ignore.
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
Read whyShow less
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
This started as an ASX 200 project and mostly still is. It has widened as stories landed from outside that list, so it now also covers employers that aren't ASX-listed, like Canva, Allianz Australia, SS&C and Crown Resorts, along with government departments and agencies. Companies get added when something surfaces about them, not by working through a list in order.
Australian companies are under no obligation to disclose where their work is done, and there is no register of offshored jobs. Everything here comes from something that surfaced publicly: an annual report, a modern slavery statement, a news article, a union statement, a government contract, or a tip from someone who was there.
So an absence usually means nobody has reported on that company and we haven't got to it yet, not that it keeps its work onshore. Some of the biggest offshorers say nothing at all. And because each figure counts only what a source actually stated, the real numbers can often run higher, sometimes much higher.
Every figure links to the source it came from, so you can judge it yourself rather than take our word for it. If you know something that is missing or wrong, tell us. Corrections are published, not quietly buried.
This profile reflects public information at the time of publication and may not match current operations. Is something wrong or missing about Bank of Queensland? Submit a correction. We welcome input from companies, employees, and researchers.