Suncorp announces that a major restructure will lead to the loss of up to 550 jobs

11 September 2020

The Finance Sector Union of Australia (FSU) is consulting with its members over the announcement by banking and insurance company Suncorp that a major restructure will lead to the loss of up to 550 jobs.

“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.

“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.”

“This is the worst time to be unemployed and we know how difficult it will be for some of these Suncorp workers to find new jobs.”

“It is difficult to see how the loss of so many loyal employees and a process in which others will be forced to re-apply for their jobs, will not affect front line services to customers.”

Ms Streets said Suncorp recently reported a statutory net profit of $913 million.

“Suncorp is a profitable finance company and in these difficult times, with so many Australians out of work, if we can’t rely on companies like Suncorp to do the right thing by their employees, who can we rely on?”

Media contact John Hill 0412 197 079

Authorised by Julia Angrisano, National Secretary