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Suncorp staff cuts rumoured

The Sydney Morning Herald reported that Suncorp "is considering a plan to axe 1500 jobs" though it doesn't elaborate. That figure is equal to about nine per cent of all employees.On Friday the group said net profit after tax for the year to June was expected to be between $525 million and $550 million. Last year Suncorp's NPAT was $1.06 billion. This is largely a function of the declining value in the group insurance reserves, and by more than most in the market anticipated.

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