Post by : Saif Rahman

The Finance Sector Union in Australia has vehemently criticized ANZ Group following the bank's announcement of job reductions affecting multiple divisions at Suncorp Bank. The union argues that this move has caught employees off guard and violates explicit promises made during ANZ's acquisition of Suncorp’s banking operations.

As per the union, 197 positions at Suncorp Bank are now under threat, with 66 staff members facing imminent job loss. A majority of these positions are located in Brisbane, raising significant concerns for local employment and the surrounding community. Many employees believed their jobs were secure but now feel let down.

Completion of the 3.3 billion Australian dollar deal for Suncorp’s banking division was finalized in 2024, contingent upon assurances from ANZ, including no closures of regional banks for three years and maintaining the number of Suncorp branches across Queensland.

The union contends these layoffs are inconsistent with the prior commitments made. According to Union National President Wendy Streets, while ANZ asserts compliance with its obligations, the union has not encountered clear evidence supporting this claim. She emphasized that workers were offered stability, which has now transformed into uncertainty regarding their careers.

This job reduction announcement follows ANZ's earlier plans to cut approximately 3,500 positions across the group, a decision linked to the appointment of new CEO Nuno Matos. At that time, ANZ reassured employees that job security for Suncorp Bank staff was a priority.

ANZ has defended its choices, asserting its loyalty to the commitments made to both the Federal and Queensland governments. A spokesperson for the bank mentioned that they will uphold the number of regional branches in Australia and ensure no net employment losses connected to the Suncorp acquisition.

In light of these assurances, the union has urged the Federal Government to intervene and rigorously evaluate the situation. They seek to hold ANZ accountable for the promises made during the takeover process.

Representing over 130,000 workers in Australia’s banking, insurance, and finance industries, the Finance Sector Union stresses that this matter significantly concerns trust and fairness, extending beyond mere figures. As talks unfold, numerous Suncorp Bank employees remain on edge, anxious about the future of their jobs and livelihoods.

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