Contact Us 
(03) 9650 4555 ANZ takeover of Suncorp Bank sad news for employees?
By Alan J. McDonald
ANZ Chief Executive, Shayne Elliott, sees $260m in annual synergies from the recent Suncorp Bank deal.
McDonald Murholme queries; is this “code language” for a proposed reduction in the number of employees in the combined entity? Will there be less service and less competition in Queensland banking by common ownership of ANZ and Suncorp?
The USA thrives because it has a competitive banking sector with hundreds of banks, not a shrinking handful. Recent reports that the ANZ have been losing its share of home mortgages might explain one of the needs for the takeover.
Employees adversely affected by the takeover should be ready to take legal advice, not merely rely on their union, which may have to accept redundancies as a fact of life. Regrettably the reduction in the number of banks reduces the options for alternative employment for persons dismissed.
It also opens up the possibility of culling employees in breach of the Fair Work Act which prohibits terminations where a substantial reason is age, gender, martial status, physical attributes and the making of a workplace complaint.
Sign up to our free newsletter to receive important updates in human resources and employment law.
-
High Uni Fees but Academics Underpaid
-
Reserve Bank interest rake hike and job losses
-
Labour Shortages, Inflation, Recession Looming and Workplace Disputes
-
Paid Family and Domestic Violence Leave is to Be Introduced in Australia: Here’s How It Affects You
-
Virtual assistants; mumpreneurs’ secret weapon
-
McDonald Murholme Guide to the Fair Work Act – The Australian