Suncorp Group is about to swing the axe on up to 550 jobs as part of a major restructuring, according to The Finance Sector Union of Australia.
Suncorp Group is about to swing the axe on up to 550 jobs as part of a major restructuring, according to The Finance Sector Union of Australia.

Suncorp to slash 550 jobs, union says

SUNCORP Group is about to swing the axe on up to 550 jobs as part of a major restructuring, according to The Finance Sector Union of Australia.

The union said Friday afternoon it was consulting with its members over the major restructure announced to staff.

Suncorp is cutting branches and other costs as more customers move to online transactions, a trend that has been accelerated by COVID-19. The jobs losses equate to about 5 per cent of its workforce.

"Suncorp is a large financial services company and should have the capacity to maintain its business operations through the global pandemic and the subsequent recession caused by COVID-19," said FSU Queensland Local Executive Secretary Wendy Streets.

"However, instead of valuing the staff it currently employs and planning for playing its part in rebuilding the Australian economy once the pandemic subsides, Suncorp has taken a short-sighted decision to make up to 550 roles redundant."

Ms Streets said this latest disappointing move comes after Suncorp announced 19 branch closures earlier this week.

 

Cost cutting
Cost cutting

"While Suncorp says 180 new roles will be created, there are no guarantees that any displaced employees will successfully be redeployed into these new roles."

Suncorp as of Friday afternoon had not confirmed the job losses.

Suncorp chief executive is Steve Johnston said the company would continue to adapt its business model to a post-COVID environment.

"Unfortunately, this means some people will leave the organisation and we will support our people through these changes," said Mr Johnston.

"Ongoing change is likely as we continue to implement the new model and ensure our business is well placed in this challenging environment."

Earlier this week Suncorp said it would close branches around Australia amid a major revamp of over-the-counter services it says had been sparked by falling customer traffic during COVID-19.

The closures include nine branches in both Queensland and NSW and comes amid increasing migration of banking services online, a trend that has been accelerated by the COVID-19 shutdown.

Suncorp said the number of job losses had yet to be determined but suitable staff would be offered positions in nearby branches that remained open or in the company's call centres.

 

 

Originally published as Suncorp to slash 550 jobs: union


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