Bank says it remains firm in maintaining its commitment to the government
ANZ Bank is planning to cut roles across multiple divisions of Suncorp Bank in a move that has drawn strong backlash from the Finance Sector Union (FSU).
The bank has confirmed that 197 Suncorp Bank roles will be impacted, with 66 employees expected to lose their jobs.
The majority of the impacted jobs are in Brisbane, belonging to Suncorp Bank divisions including Business Banking and Home Lending.
But the FSU slammed ANZ's move, saying it contradicts the commitments the bank made to employees when it acquired Suncorp in 2024.
"ANZ made big promises to secure approval for the Suncorp acquisition, including commitments to protect jobs and invest in Queensland," said FSU national president Wendy Streets in a statement.
"These are empty promises. ANZ told staff and communities they would be looked after. Instead, jobs are being cut."
ANZ's commitment
ANZ acquired Suncorp Bank after receiving approval from the Federal Treasurer in 2024 in exchange for a number of conditions, such as no net job losses and no regional branch closures for three years.
This is measured over a three-year period and is expected to conclude in mid-2027.
A spokesperson from ANZ told HRD that the bank remains firm in maintaining its commitment to the government.
"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 spokesperson told HRD.
"As we make changes to our organisational structure to better reflect our priorities and business needs, we will treat our people with care and respect, and provide appropriate support throughout the process."
But FSU said it has not seen the evidence to support ANZ's claim that it is complying with its obligations, calling on the government to take action.
"The government cannot allow a major bank to make binding promises to secure approval and then walk away from them," Streets said.
"This situation is completely unacceptable. The government must step in and take control."
The cuts at ANZ follow the bank's announcement in September that it is expecting approximately 3,500 employees to depart the company by September 2026.
