Suncorp flags $133m COVID-19 hit as bank CEO heads to Afterpay

James Frost and James Fernyhough

May 11, 2020 – 9.33am

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Bancassurer Suncorp Group has revealed it is expecting to take a $133 million hit from COVID-19, confessed to underpaying its staff to the tune of as much as $70 million and announced the surprise resignation of the recently appointed CEO of its banking and wealth arm.

The Australian Financial Review understands the former boss of NAB's digital only-arm UBank has jumped ship to take up a role with controversial buy now, pay later firm Afterpay. The exact nature of the role is unknown.

James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years.

James Fernyhough writes about telecommunications, insurance and financial services. He's based in the AFR's Melbourne office.