News: UPDATE 1-Australia's Commonwealth Bank shuts project advisory team

• 5-person, Sydney-based team disbanded
• Members being allocated to broader specialised finance team
• CBA's role as adviser to Adani's coal mine ended last year

(Adds details about job losses at other banks, analyst comment))

Commonwealth Bank of Australia (CBA) (CBA) has shut its five-person project advisory team because of falling demand for its services, the country's second-biggest lender by assets told Reuters on Thursday.

The move comes about six months after CBA's role as financial adviser to Indian conglomerate Adani's multibillion dollar Carmichael Mine ended. While CBA did not give a reason for the termination, Adani said it had ended the bank's mandate due to holdups of the controversial coal project.

A CBA spokeswoman confirmed the disbanding of the Sydney-based team - headed by former Macquarie Capital and ANZ banking veteran Lloyd O'Harte. The spokeswoman said the team's members were being allocated to the bank's broader specialised finance team.

Australia's major banks are following in the footsteps of their global peers in cutting staff or shuttering unprofitable units to counter sluggish revenue growth.

Westpac Banking Corp (WBC) will cut up to 100 jobs within the institutional bank, according to a source with direct knowledge of the matter. Westpac declined to comment.

Changes are also expected at Asia-focused ANZ Banking Group (ANZ), according to other banking sources, following the promotion of Shayne Elliott to chief executive. ANZ also declined to comment.

Costs at CBA have ballooned 25 percent over the past three years compared to only a 10 percent rise in revenue, analysts at Morgan Stanley said in a report on Wednesday.

"We are going from a high revenue environment to a low revenue environment. The only thing you can do is fix costs. This is a global phenomenon," said CLSA analyst Brian Johnson.