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Oct 2, 2017

Home Capital cuts 10% of workforce, expects $15 million in future savings

The building housing the headquarters of Home Capital Group is seen in downtown Toronto

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Canada's biggest non-bank mortgage lender Home Capital Group Inc (HCG.TO) said on Monday it had reduced its workforce by about 10 per cent since the second quarter and reaffirmed its expectation to achieve about $15 million in future savings.

The company, which had initiated a cost-savings program in February, had 816 active employees as of June 30.

Home Capital said it is still facing high costs after investors withdrew more than 90 per cent of funds from the mortgage lender's high-interest savings accounts.

The withdrawals accelerated when the Ontario Securities Commission accused Home Capital of making misleading statements to investors about its mortgage underwriting business.

The company reached a settlement with the commission in June and accepted responsibility for misleading investors.

Home Capital said on Monday that it does not expect to record any further significant expenses as part of the program.

The lender had previously incurred restructuring costs of about $9.7 million after tax in the first half of 2017.