Just over a month after taking the reins at Bank of Queensland, George Frazis has made his first big executive hire, with the appointment of Ewan Stafford as chief financial officer.Stafford joins from Deloitte, where he was a partner in the consulting practice focusing on banking and capital markets.He has also worked at Telstra, where he was deputy chief financial officer, Australia Post, where he was group chief operating officer, and NAB, where he was executive general manager finance.He replaces Matt Baxby, who resigned in June.Frazis and his new CFO will have their hands full at BOQ, dealing with problems on a number of fronts.The bank's most recent financial report, for the half-year to the end of February, revealed that its core branch lending business is in decline, its branch network is shrinking and its lending processes and digital customer offering need an overhaul.The bank's income and profit were down, costs and loan impairment expenses were up and the ROE was a dismal 8.8 per cent. Its common equity tier 1 ratio fell and it cut its dividend.With little business growth in prospect it faces higher costs as it adjusts to the post-Hayne regulatory environment. And in December the anti-money laundering regulator Austrac issued a report that identified "potential compliance contraventions" at the bank.The branch network is under stress, with 11 closures during the half-year.The bank has acknowledged that it is having difficulty growing its branch network, some of which operates as a franchise system, because potential owner-managers are uncertain about the future of the industry.It has also acknowledged that its lending processes are overly complex. It has started an automation process that involves the use of automation and robotics.Other areas of weakness are its internet and mobile offerings, which it has conceded are "not delivering the customer experience customers expect in 2019".