Mortgage lender cuts workforce by 10%

Home Capital has reduced its workforce by around 10% as part of its cost-cutting drive.

The non-bank mortgage lender said Monday that it has “substantially completed” Project Expo, the expenses saving program that it launched earlier this year with the aim of saving an annualized $15 million.

The job losses impact 65 full-time positions in the lender’s operational, sales and underwriting division.

“We have taken important steps to ensure we achieve a more efficient cost structure, and we are now firmly focused on crafting and executing a strategy for Home Capital that will drive our growth as one of Canada’s leading alternative mortgage providers,” said Yousry Bissada, President and Chief Executive Officer. 

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