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ANZ takeover of Suncorp Bank sad news for employees?

By Alan J. McDonald

ANZ takeover of Suncorp Bank sad news for employees?

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.

Big four bank news: ANZ buys QLD Suncorp Bank for $4.9b | news.com.au — Australia’s leading news site