An email says employees feel "maligned and disposable" as Suncorp pushes to sell its banking business "no matter the cost"
Employees at Suncorp have voiced their concerns about potential job losses following the stalled $4.9 billion takeover of the company's banking operations by ANZ.
In an email sent to Suncorp Group CEO Steve Johnston, a group of staff members from the insurance division expressed their frustration, claiming they have been left in a state of uncertainty since the Australian Competition & Consumer Commission rejected the ANZ deal earlier this year and a structural reorganisation was announced, according to a report by The Australian.
The email, signed by a group of employees ranging from executive managers to front-line staff, criticised the lack of communication and transparency from senior management, The Australian reported.
“We have been left rudderless and isolated by you and your direct reports,” the email said. “We, as your valued staff, feel maligned and disposable to the interests of you and the board in prioritising the sale of the bank, no matter the cost. Why are you and your team treating staff with such disregard as it has now been over 60 days since any update on structure, staff employment and livelihood have been impacted?”
The email also highlighted the mental toll on staff, particularly with the upcoming summer shutdown period in mid-December.
The employees expressed concerns that the focus on offloading the bank could lead to poorer outcomes for customers in areas such as claims management, banking queries, and insurance sales. They said they felt marginalised and called for better communication, transparency, and empathy from senior management during this period of uncertainty.
In a separate email to Suncorp's commercial and personal injury insurance chief executive, Michael Miller, staff members raised issues regarding the lack of communication about an upcoming business restructure. They acknowledged the need for cost efficiency but emphasised the importance of early, clear, and empathetic communication if positions were to be made redundant, The Australian reported.
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Miller acknowledged the feedback, admitting he “has clearly missed the mark on a number of occasions, which is not easy to hear, but I think your feedback is valid. I have forwarded your note to my team, so we can all take on the feedback, hope this was OK with you?”
Responding to the concerns raised in the emails and recent restructuring of insurance portfolios, a Suncorp spokesperson told The Australian that senior leaders were appointed in September and would continue to update their teams on any necessary changes following the establishment of the consumer and commercial and personal injury insurance portfolios.
The Queensland government's recent intervention in the legal challenge to the ACCC's rejection decision has potentially paused any restructuring changes, as it may not be favourable to cut staff when promises have been made to the government about preserving jobs in Queensland.
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