Bank of Queensland
ASX:BOQVerifiedReported 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
CEO Total Pay
$2,134,000
CEO earns
19x the average Australian worker
avg Australian salary $110K+/yr
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?
Financial data: FY2024. Estimate uses avg AU cost of $110,000+/yr (salary only, excluding super, office, recruitment) 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
- 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]
- 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]
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
Banking Peers
How Bank of Queensland's known offshore percentage (6.3%+) compares to reviewed banking peers.
| Company | ASX | Known Offshore* | Offshore Destinations |
|---|---|---|---|
| Bendigo and Adelaide Bank | BEN | Yes, % unknown | 🇮🇳 India |
| Judo Capital Holdings | JDO | None found | - |
| Westpac Banking Corporation | WBC | 5.4%+ | 🇵🇭 Philippines🇮🇳 India |
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.”