Australian Finance Union Criticizes ANZ Over Job Cuts at Suncorp Bank

Post by : Saif

Australia’s Finance Sector Union has strongly criticized ANZ Group after the bank confirmed job cuts across several Suncorp Bank divisions. The union says the decision goes against promises ANZ made to workers and governments when it took over Suncorp’s banking business.

According to the union, 197 roles at Suncorp Bank are affected by the changes, and 66 employees are expected to lose their jobs. Most of these positions are based in Brisbane, raising concerns about the impact on local workers and families. The union says these cuts have caused fear and uncertainty among staff who believed their jobs were protected.

ANZ completed the purchase of Suncorp’s banking business in 2024 in a deal worth 3.3 billion Australian dollars. At the time, the sale was approved after ANZ gave clear commitments. These included promises that for three years there would be no regional branch closures and no reduction in the number of Suncorp Bank branches in Queensland.

The Finance Sector Union says it is not convinced that ANZ is honoring these promises. Union national president Wendy Streets said the bank claims it is meeting its obligations, but the union has not seen clear proof to support this. She added that workers were assured stability and are now facing job losses instead.

The job cuts come after ANZ announced in September last year that it would reduce its workforce by 3,500 roles. This was one of the first major steps taken by the bank’s new chief executive, Nuno Matos. At that time, ANZ said most of the cuts would not affect customer-facing jobs and stressed that Suncorp Bank roles would be protected.

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

Despite this assurance, the union is calling on the Federal Government to step in. It wants authorities to closely examine ANZ’s actions and make sure the bank is held accountable for the commitments it made during the takeover process.

The Finance Sector Union represents more than 130,000 workers across banking, insurance, and finance in Australia. It says this issue is not just about numbers, but about trust, fairness, and the future of workers who were promised job security. As the debate continues, many employees are waiting anxiously to see whether those promises will be upheld.

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