Australian Union Condemns ANZ Over Job Cuts at Suncorp Bank

Post by : Saif Nasser

Australia’s Finance Sector Union has strongly criticized ANZ Group after the bank announced job cuts across several Suncorp Bank divisions. The union says the decision has shocked workers and goes against clear assurances given when ANZ was allowed to buy Suncorp’s banking business.

According to the union, 197 roles at Suncorp Bank have been affected, and 66 employees are expected to lose their jobs. Most of these roles are based in Brisbane, raising serious concerns about the impact on local workers and the wider community. The union says many employees believed their jobs were secure and now feel betrayed.

ANZ completed its 3.3 billion Australian dollar acquisition of Suncorp’s banking arm in 2024. At the time, the deal was approved after ANZ gave firm promises to governments and regulators. These included a commitment that there would be no regional bank closures for three years and no reduction in the number of Suncorp branches in Queensland.

The Finance Sector Union says the current job cuts do not match those promises. Union national president Wendy Streets said ANZ claims it is following its obligations, but the union has not seen any clear evidence to support that statement. She added that workers were promised stability and are now facing uncertainty about their future.

The layoffs come after ANZ announced plans last year to cut around 3,500 jobs across the group. This move followed the appointment of new chief executive Nuno Matos. At that time, ANZ said most of the cuts would not affect customer-facing roles and assured staff that Suncorp Bank jobs would be protected.

ANZ has defended its actions, saying it remains committed to its agreements with both the Federal and Queensland governments. A bank spokesperson said ANZ will maintain regional branch numbers across Australia and ensure there are no net job losses directly linked to the Suncorp acquisition.

Despite these assurances, the union has called on the Federal Government to step in and closely review the situation. The union wants authorities to make sure ANZ is held accountable for the promises it made when the takeover was approved.

The Finance Sector Union represents more than 130,000 workers across Australia’s banking, insurance, and finance industries. It says this issue is about trust and fairness, not just numbers. As discussions continue, many Suncorp Bank employees remain anxious, waiting to see whether their jobs and livelihoods will truly be protected.