The Finance Sector Union (FSU) has voiced strong opposition to ANZ’s recent move to reduce headcount at Suncorp Bank, raising concerns about potential breach of commitments made during the bank’s acquisition. 

According to the union, a total of 197 positions at Suncorp Bank will be affected, with 66 workers to be laid off.  

Most of the affected roles are in Brisbane. 

ANZ finalised its purchase of Suncorp Bank in 2024. 

While securing regulatory approval for the takeover, ANZ made assurances to the Queensland and Federal Governments, pledging there would be “no net job losses” in Australia directly tied to the deal for a three-year period.  

This condition is set to be reviewed until mid-2027. 

The FSU labelled these job cuts an “insult” to the terms agreed upon and described them as “a disgrace for workers who rely on secure jobs in the finance sector”. 

The union said that ANZ’s actions are not consistent with its previously stated obligations, emphasising that stability and job security had been promised to both staff and local communities. 

In an e-mailed statement to Retail Banker International, a spokesperson from ANZ said: “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. 

“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.”  

In September 2025, ANZ outlined measures to simplify operations and enhance focus on priorities.  

The measures included higher focus on non-financial risk management practices, as well as reduction in duplication and internal complexity. 

At the time, ANZ said that around 3,500 employees will leave the organisation by September 2026. 

Calling for government intervention, the FSU has now urged federal authorities to ensure ANZ upholds its commitments related to the acquisition.  

The union noted that this situation exemplifies what it described as “another example of CEO Nuno Matos being out of control.” 

Finance Sector Union national president Wendy Streets said: “ANZ made big promises to secure approval for the Suncorp acquisition, including commitments to protect jobs and invest in Queensland.  

“These are empty promises. ANZ told staff and communities they would be looked after. Instead, jobs are being cut. The government cannot allow a major bank to make binding promises to secure approval and then walk away from them. 

“This situation is completely unacceptable. The government must step in and take control.”