Capital One has laid off 60 people in the investment division of its Calgary, Alberta, office.
The company said the cuts will take effect in March, but some of the positions were eliminated last month as part of a broader restructuring.
Capital One says the cut will bring its Calgary office down to 70 people by the end of the year.
The Calgary office is one of Capital One’s main financial centres and is a major hub for the Canadian mortgage market.
The cuts come as the company faces increased competition in Alberta.
It has been forced to slash spending in Calgary, where it operates several mortgage-focused business models.
In August, the Alberta government announced that it would impose a five per cent surcharge on mortgages issued by mortgage giants Mortgage Resolution Corp. and Prosper Mortgage Inc., and an additional three per cent on mortgages backed by companies that do not offer mortgages through Capital One.
In a statement, Capital One said it will “continue to take prudent and responsible steps to align with the evolving mortgage industry.”