Commonwealth Bank of Australia (CBA) is the latest major lender to announce job cuts, with about 100 positions to be axed.

CBA will cut about 100 jobs as it makes changes to its mortgages business to deal with weak demand.

CBA will 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.

“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 with 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.

The job losses at CBA follow hundreds of others made by its rivals, ANZ and Westpac in recent months.

ANZ announced in February that 1,000 jobs would go, while Westpac is sending 119 technology jobs offshore.

CBA’s shares closed 56 cents lower at $52.06, while ANZ fell 34 cents to $23.10 and Westpac lost 19 cents to $22.72 in an overall weaker market.