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Suncorp to shed jobs

by Staff Reporter7 minute read
The Adviser

As many as 500 job cuts could be on the cards at Suncorp as it looks to restructure its banking division.

According to today’s Sydney Morning Herald the bank has flagged staff cuts but it would not confirm the rumoured 500 figure.

"It's far too early to be specific about numbers or the time frame as we are still in the process of working through those issues," a Suncorp spokesperson told the Herald.

The job cuts will form part of the bank’s decision to split its business into core and non-core – or a ‘good’ bank and ‘bad’ bank as the market calls it – as a result of funding pressures, which were making parts of the business, such as commercial property lending, uneconomic.

Just over $38 billion has been hived off into its ‘good bank’ portfolio while $16.8 billion of poorly performing borrowings are currently in run-off.

 

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