The banking group ANZ is facing scrutiny over its ongoing integration of Suncorp Bank, with more than 130 roles to be cut across transformation and integration teams. Under the 2022 merger agreement with the Queensland and federal governments, ANZ committed to no net job losses for three years. Recent redundancies may undermine this pledge, sparking concern from union representatives.
Suncorp Bank, which brought in 1.2 million customers and nearly 3,000 employees when absorbed into ANZ, is undergoing a gradual restructure. Some business areas, particularly in home lending, are struggling to fit with ANZ’s centralised franchise model. As part of the streamlining, product lines including savings accounts and term deposits will be phased out by May 2025, with customers transferred to ANZ-branded alternatives.
The latest cuts include at least 35 positions in Suncorp’s retail banking division, around 40 in transformation and a further 60 in integration. Overall, ANZ plans to eliminate nearly 3,500 internal roles and close to 1,000 contracts with external consultants. About 1,500 of these positions have already been cut. The remaining 2,000 redundancies, due by September 2025, remain unspecified and are contributing to ongoing uncertainty within the workforce.
The broader effects on staff and operations go beyond short-term adjustments. Internal reports highlight cultural clashes and misaligned systems, while the Queensland government is seeking reassurance that the merger complies with legislative commitments. Although the Metway Merger Act includes provisions to protect jobs and branches, the ongoing job cuts are prompting renewed political and union action.
