The Financial Services Union (FSU) has revealed a full breakdown of roles to be made redundant at IAG, with 35 finance roles and another 19 across risk, technology and human resources to go as it consolidates group-level functions.

A total of 54 roles to be made redundant include nine in Group People, Performance and Reputation, seven in Risk, and three in Technology and Operation, the FSU said.

The changes were foreshadowed in May when IAG said it would “consolidate its group functions to better support its three operating businesses: Direct Insurance Australia, Intermediated Insurance Australia, and New Zealand”. It also announced the departure of Chief Insurance & Strategy Officer Tim Plant who left June 30. 

“We’re taking further steps to reduce complexity and to simplify our business operations,” an IAG spokesman told insuranceNEWS.com.au last week, when staff were first told of the planned redundancies.

“We’re consolidating certain corporate functions and moving some support services into our customer facing divisions. This will lead to more efficient decision-making.”

In late 2020, CEO Nick Hawkins marked his first day in the role by announcing a major restructure, splitting IAG’s Australia division into direct and intermediated divisions.