Home Capital cuts 65 jobs as part of cost-saving, head count down 10% since June

TORONTO – Home Capital Group Inc. (TSX:HCG) says it has eliminated 65 jobs from its workforce as part of a program to cut $15 million in annual costs.

The Toronto-based alternative mortgage lender says after factoring in the latest job cuts, the company’s head count has been reduced by 10 per cent since the end of June.

Home Capital said Monday it cut the 65 full-time positions from its operational, sales and underwriting division.

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In February 2017, the company announced an expense-savings initiative called Project Expo, which targeted annual cost savings of $15 million.

Home Capital says Project Expo is largely complete and it expects to achieve its goal.

However, the alternative mortgage lender says it is still facing elevated expenses after a run on deposits by customers in April, following allegations by regulators that it misled investors.