Suncorp cuts management jobs in latest finance sector losses

afr.com:

Suncorp is putting a scythe through insurance management ranks, cutting 25 leadership positions as it tries rejigging structures.

This change is only hitting management positions so far, and Suncorp has told the Finance Sector Union that no other major change is coming ahead of an appeal decision early next year inselling its banking arm to ANZ.

Suncorp’s Steve Johnston has pushed for a new insurance operating model. Louie Douvis

Suncorp’s move marks the latest cuts for financial-services businesses: major banks have sliced more than 2000 jobs this year while Bank of Queensland told investors at its last results that 400 roles would be gone between this year and 2026. BoQ had previously flagged 250 roles were being chopped last year and this year.

FSU president Wendy Streets said BoQ had not been consulting about the job losses, and the union was calling for better discussions. “It has been like prying teeth getting information from them [BoQ],” she said.

Suncorp briefed the union on Monday. One source with knowledge of the changes said it was cutting area manager positions, what are called “business leaders” within the company.

Ms Streets said Suncorp had conveyed that project work would be available to staff who wanted to remain.

The cutbacks at Suncorp follow a rejig of its structure around three core insurance divisions: consumer, commercial and personal injury cover, and New Zealand. Those divisions were announced in August with executives Lisa Harrison, Michael Miller and Jimmy Higgins all named as the divisional heads.

Below them are senior leaders and a Suncorp spokesman confirmed on Monday that “last month senior leaders were appointed and have been working through the business leader structures that will best