The bank just confirmed with ABC News that it started consulting on its 400 job cuts this week.

This process will go until September 5.

We’re still waiting to confirm if this process will include people offering themselves up for voluntary redundancies.

BOQ has said some will be offered new jobs or “redeployed”.

Do you know more? Send me an email on terzon.emilia@abc.net.au for anonymous tipoffs.

The bank has just put out a statement to the ASX, where it has flagged “initiatives” to create a “simpler specialist bank”.

“The group has identified further opportunities to streamline its operating model as part of its ongoing transformation,” it reads.

“Progress in delivering on simplification and digitisation strategic pillars will enable further productivity gains with the reduction of up to 400 FTE roles across the business. 

“The Group acknowledges these decisions impact on team members.

“BOQ is working closely with those affected, offering redundancies or redeployment opportunities.” 

It says it expects a restructuring charged of $25 to $35 million post tax.
But that the intiative will save $50 million.

It is worth noting that BOQ already flagged these job losses in last year’s full year results.

This from ABC’s The Business last night.

This from David Taylor.

Australians who have hit the pavement in search of a job recently might have found it tough going, as bosses preference those already on staff for new roles.

“Companies are focusing, at the moment, more on their retention strategy than attraction,” Robert Half director Nicole Gorton said.

“So if they have the opportunity to upskill because there’s an opportunity gap with somebody and they can plug that with the existing staff, they will do that.”

This matches up with a new Deloitte employment report.

The Finance Sector Union (FSU) says workers at Bank of Queensland (BOQ) have had job losses “sprung on workers”, with 400 roles flagged to be going on top of 200 already announced.

The union for the workers says there has been a two-week consultation period proposed with the union by management, “which is not enough for such significant change”.

“The Bank needs to come clean on their plan as workers deserve better than death by a thousand cuts,” FSU national secretary Julia Angrisano said in a press release.

“How much are they cutting and what will the final impact on staff and customers be?”

We’ve reached out to BOQ for comment and to confirm whether these numbers are correct or not.

This just in from business reporter David Taylor.

Economists are warning that a private sector hiring freeze and further job losses have Australia on a path to a recession.

Recruitment firms say companies across the economy looking to fill new roles are preferancing existing staff over external hires.

It matches up with a new Deloitte employment report pointing to a private sector hiring freeze. 

The accounting firm also says it expects over 100-hundred thousand Australians to lose their job over this year and next.

Canberra University economics professor Leonora Risse says these numbers, and the rising unemployment rate, trigger the so-called “Sahm Rule” recession indicator.

That’s a US designed economic metric to warn governments to implement immediate support for the economy.

There are fresh warnings that Australia’s economy is heading toward a recession, as Deloitte flags a private sector hiring freeze.

The accounting firm surveyed 84 chief financial officers from Australia’s top 200 companies, who said they did not intend to hire externally for the foreseeable future.

Deloitte also expects over 100,000 Australians to lose their job over this year and next.

Labour market economist, Leonora Reece, told ABC News the pace of job losses suggests immediate government action is necessary to prevent an economic contraction.

“The whole point is to look at those numbers and look ahead and take some action now to prevent that from happening,” they say.

“Rather than waiting until the numbers eventually come through and look back and say oh yeah, now we’ve hit a recession.”

Good morning!

US stocks have ticked higher as more big companies deliver profit reports that exceed analysts’ expectations.

At close, the S&P 500 is up 0.4%

The Dow Jones Industrial Average is flat.

And the Nasdaq is up 0.6%.

Our local sharemarket is expected to open higher with ASX200 futures up 0.4%.

Oil is down, with Brent Crude trading at US$76 a barrel.

Gold is down to US$2,549 an ounce

And the Australian Dollar is lower, trading at 67.4 US cents.