ANZ Bank is planning to cut roles across multiple divisions of Suncorp Bank, a move that has drawn sharp criticism from the Finance Sector Union (FSU), which says the decision breaches commitments made when the bank acquired Suncorp in 2024.
ANZ has confirmed that 197 roles at Suncorp Bank will be impacted as part of organisational changes, with 66 employees expected to lose their jobs. The majority of affected roles are based in Brisbane, spanning divisions including Business Banking and Home Lending.
The FSU has condemned the cuts, arguing they contradict assurances given to employees, communities and governments during the acquisition approval process.
“ANZ made big promises to secure approval for the Suncorp acquisition, including commitments to protect jobs and invest in Queensland,” FSU national president Wendy Streets said in a statement. “These are empty promises. ANZ told staff and communities they would be looked after.
Instead, jobs are being cut.”
ANZ acquired Suncorp Bank after receiving approval from the Federal Treasurer in 2024, subject to a number of conditions. These included no net job losses in Australia as a direct result of the acquisition and no regional branch closures for a three-year period, measured through to mid-2027.
In a statement to HRD, an ANZ spokesperson said the bank remains compliant with those obligations.
“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 said.
“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.”
However, the FSU said it has not seen evidence to support ANZ’s claim that it is meeting its commitments, and has called on the government to intervene.
“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 latest cuts follow ANZ’s announcement in September last year that approximately 3,500 employees are expected to “depart” the group by September 2026 as part of broader workforce changes.
“These cuts are an insult to those conditions and are a disgrace for workers who rely on secure jobs in the finance sector,” the FSU said, adding that workers and communities were promised stability and security that has yet to materialise.