BRIEF-Iou Financial eliminates chief technology officer position

Thu Sep 22, 2016 5:26pm EDT
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Sept 22 (Reuters) - Iou Financial Inc:

* Iou Financial announces restructuring to accelerate path to profitable growth

* In connection with plan, Iou has eliminated its chief technology officer position

* Says plan includes a reduction in company's operating expenses as well as a workforce restructuring

* Iou Financial announces restructuring

* Restructuring plan that will begin in September 2016

* Cost reduction actions once implemented are expected to lower operating costs by about 15% to 20% to $2.0 to $2.2 million for Q4 2016 Source text for Eikon: Further company coverage: