Commonwealth Bank of Australia will cut about 100 jobs in Melbourne as it makes changes to its mortgages business to deal with weak demand.
CBA said it would close its mortgage services processing site in Melbourne at the end of 2012, and move some of the processing services to interstate centres.
Some staff will be redeployed, but the restructure is expected to result in around 100 redundancies, the bank said on Monday.
Most staff will be redeployed to other areas of CBA, and the bank plans to open a new mortgages services retail office in Melbourne, and increase staff numbers in its mortgage services call centre, CBA said.
"Our priority remains to redeploy the majority of the staff who work in that centre and we have been successful in identifying alternative opportunities for many of our staff," the bank said in a statement.
"We will continue to work our staff over the next six months."
The changes to the Melbourne mortgage services operations are a result of improvements in CBA's processes, fluctuating customer demands and the low industry growth in home loan volumes, the bank said.