FSU Criticizes ANZ Over Suncorp Bank Job Cuts Amid Post-Acquisition Commitments

Australia’s Finance Sector Union (FSU) has strongly condemned ANZ Group’s decision to cut jobs across several Suncorp Bank divisions, arguing the move contradicts assurances made to workers and governments when the acquisition was approved. The criticism follows ANZ’s confirmation that 197 roles at Suncorp Bank are being impacted, with 66 employees expected to lose their jobs, most of them based in Brisbane.

ANZ completed its $3.3 billion acquisition of Suncorp’s banking business in 2024, a deal that was closely scrutinized by regulators and governments. At the time of approval, the bank gave formal undertakings that, for a period of three years, there would be no regional branch closures involving ANZ or Suncorp Bank, and no reduction in the number of Suncorp branches in Queensland. These commitments were seen as crucial protections for regional communities and workers.

The FSU claims the newly announced layoffs undermine those assurances. According to the union, while ANZ maintains it is complying with its obligations, it has failed to provide clear evidence to support that claim. FSU National President Wendy Streets said the union remains unconvinced that the job cuts align with the promises made during the acquisition process.

The controversy comes after ANZ announced 3,500 job cuts in September last year, marking the first major restructuring under new CEO Nuno Matos. At that time, the bank said most of the reductions would not affect customer-facing roles and reiterated that it would honor its commitment to retaining Suncorp Bank jobs following the acquisition.

In response to the latest criticism, an ANZ spokesperson stated that the bank is firmly committed to meeting all undertakings given to the Federal and Queensland Governments, including maintaining regional branch numbers across Australia and ensuring there are no net job losses directly resulting from the Suncorp Bank acquisition.

The FSU, which represents more than 130,000 workers across Australia’s banking, insurance, and finance sectors, has now called on the Federal Government to intervene. The union is urging authorities to closely examine ANZ’s actions and ensure the bank is held accountable to the commitments made during one of Australia’s most significant recent banking acquisitions.