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BRIEF-Home Capital substantially completes Project Expo, cuts workforce

Published 2017-10-02, 02:54 p/m
© Reuters. BRIEF-Home Capital substantially completes Project Expo, cuts workforce
HCG
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Oct 2 (Reuters) - Home Capital Group Inc HCG.TO :

* Home Capital substantially completes Project Expo; expects to achieve $15 million in future annual cost savings

* It has substantially completed Project Expo, an expense savings initiative announced in february 2017

* Expects to achieve approximately $15 million in future annual cost savings as previously targeted

* Approximately 65 full-time positions in company's operational, sales and underwriting division were impacted

* Taking into account changes made, head count measured from end of Q2 2017 has been reduced by approximately 10%

* Does not expect to record any further significant expenses with respect to Project Expo other than those recorded up to end of Q2

* Still faces "elevated expense levels related to liquidity event" that occurred earlier this year

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