Commonwealth Bank of Australia : To Cut 100 Jobs In Victoria
05/07/2012| 01:39am US/Eastern
Commonwealth Bank of Australia (CBA.AU) has become the latest of Australia's banks to cut jobs as it deals with a slowdown in lending growth.
Australia's largest bank by market value said on Monday around 100 positions will be lost as part of a realignment of its Victoria-based operations that will see its mortgage services processing site in Melbourne closed by the end of the year.
Most staff will be redeployed as CBA opens a new mortgages services retail office and boosts numbers in its mortgage services call centre, the bank said in a statement. Fluctuating customer demands and the low industry growth in home loan volumes, however, mean the bank will be forced to cut its overall headcount.
"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," said the statement. "We will continue to work with our staff over the next six months."
Where the other three major Australian banks have looked to outsource many of their back-office jobs abroad, CBA has committed to keep all call centre and operations functions onshore.
-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689; email@example.com