Bank of Queensland (BOQ) is set to axe jobs and automate some of its manual processes as part of an organisational restructuring aimed at reducing costs.

Plans include axing 50 employees from the bank’s existing workforce of 2,200 to reduce duplication of staff responsibilities.

The overhaul is estimated to cost $15m over the course of FY2016, and will be included in cash earnings in FY2016.

BOQ CEO and managing director Jon Sutton said: "We have redefined our strategy over the last 12 months and need to ensure our organisational structure continues to support this strategy.

"We are building a more flexible and efficient operating model, which is increasingly important given the accelerated pace of change in financial services. This will also improve the way we work by reducing duplication and manual processes and will assist us in finding better ways to share capabilities across the Group."