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Street Capital to cut 30 jobs as part of 'strategic realignment'

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Street Capital to cut 30 jobs as part of 'strategic realignment'

Toronto-based Street Capital Group Inc. will let go of 30 employees as part of its "strategic realignment." Street Capital Group is the parent of Street Capital Bank of Canada.

This will result in a one-time charge of about $2.5 million against income in the first quarter.

Duncan Hannay, president and CEO of Street Capital, said in a news release that the decision was difficult but necessary to improve Street Capital's profitability and to explore various avenues to strengthen the bank's capital base.