Feb 6 - Australia’s Finance Sector Union (FSU) sharply criticised ANZ Group on Thursday over a decision to reduce staffing across several divisions of Suncorp Bank, saying the layoffs are inconsistent with assurances the bank gave to workers when its takeover was approved.
In a statement, the union said: "ANZ has confirmed that 197 Suncorp Bank roles are being impacted, with 66 staff expected to lose their jobs. The majority of the impacted jobs are in Brisbane."
ANZ finalised its $3.3 billion purchase of insurer Suncorp’s banking business in 2024. At the time the deal was approved, the FSU says ANZ provided specific undertakings that would remain in place for three years: there would be no regional ANZ or Suncorp bank closures and no changes to the number of Suncorp branches in Queensland.
FSU National President Wendy Streets questioned the bank’s compliance with those undertakings, saying: "ANZ has said it is complying with its obligations; however, we have not seen the evidence to support that claim."
The union also noted that ANZ announced a separate programme of workforce reductions last September, under new chief executive Nuno Matos, which affected about 3,500 roles. ANZ said at the time those cuts would largely avoid customer-facing positions and that it would fulfil its commitment to preserving Suncorp Bank jobs.
Responding to the union’s criticism, an ANZ spokesperson reiterated the bank’s public commitments: "ANZ is firmly committed to meeting our commitments to the Federal and Queensland Governments, including maintaining regional branch numbers throughout Australia and no net job losses in Australia as a direct result of the acquisition."
The FSU said it has requested the Federal Government step in to ensure ANZ is held accountable for the assurances it provided at the point of sale.
Exchange rate used in reporting: $1 = 1.4730 Australian dollars.
Context and implications
The dispute centers on whether the latest round of role changes at Suncorp Bank divisions breaches the three-year undertakings ANZ gave when it completed the acquisition. The union highlights the number of impacted roles and the concentration of those positions in Brisbane as central concerns. ANZ maintains it will meet its obligations to government authorities and that the announced job reductions align with previous statements about limiting impacts on customer-facing roles.