12/12/2014 09:30 EST | Updated 02/11/2015 05:59 EST

CMHC Layoffs Will See 215 Jobs Cut Amid Restructuring

OTTAWA - The Canada Mortgage and Housing Corp. is cutting 215 jobs in a organization of the Crown corporation, which provides mortgage loan insurance and market statistics.

The federal agency said Friday the employees have been declared surplus and will see their jobs disappear at both CMHC's head office in Ottawa and its regional operations.

However, CMHC says it is adding to its staff in risk management and information technology, so the organization will only see a "small net reduction" in its overall staffing levels.

According to CMHC's 2013 annual report, it had roughly 1,900 employees.

Former investment banker Evan Siddall took over as chief executive at CMHC earlier this year.

The cuts follow a review by CMHC of its business and how it is organized. The organization said the new structure will result in more efficient processes.

"The goal of the organizational design process is to build a better CMHC," the federal agency said in a statement.

"This meant looking at all the activities we do in both regions and at national office to determine if they are being done most effectively or if they should be done at all."

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