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Suncorp silent on claim executives face axe

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Suncorp is poised to announce “a raft of job cuts”, according to a report in today’s Australian Financial Review.

The article, in the newspaper’s Street Talk section, says the move will include “deep cuts to the insurance and banking giant’s executive ranks”.

Suncorp today declined to comment on the accuracy of the report. “We do not comment on market speculation,” a spokesman told insuranceNEWS.com.au.

The article says that CEO Steve Johnston will unveil the restructure, aimed at making the company “leaner and meaner”, this week.

“Sources said the restructure would include significant job cuts focusing on the group’s bloated executive ranks and act as further proof Johnston will not accept excess,” it says.