Commonwealth Bank to cut up to 100 jobs in its Melbourne based mortgage division

The Commonwealth Bank will cut up to 100 jobs in its Melbourne based mortgage division.

The banking giant said it is making the changes due to weak demand.

“The Commonwealth Bank can confirm that it advised staff in its Melbourne mortgage services operations that it will be making a number of changes in its mortgage services operations as a result of constant improvement in our processes, fluctuating customer demands and the low industry growth in home loan volumes,” the bank said in a statement.

Some staff may be redeployed, but the restructure is expected to result in around 100 redundancies, the bank said in a statement.

The bank said the changes will include:

• Opening a new mortgage services shop front in Melbourne.
• Closing mortgage services processing in Melbourne at the end of the year.
• Increasing the number of roles in our Melbourne mortgage services call centre.
• Moving some processing services to our interstate centres.

“While many people will be redeployed into other areas in the bank, there will be some roles (around 100) which will be made redundant.”

“Where there are redundancies we will provide appropriate counselling, support and outplacement services.  However, 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 Commonwealth Bank has given a commitment to not move any Australian jobs offshore and will continue to retain all call centre and operations processing functions within Australia.