Skip to content
Subscriber Only

Chinese Online Lender Dianrong Plans 2,000 Job Cuts

  • Moves are to save costs and comply with regulatory pressure
  • The country’s P2P industry has nearly halved from its peak
Updated on

Dianrong, a Chinese peer-to-peer lender backed by Tiger Global Management and Standard Chartered Plc, is cutting thousands of staff and closing stores, according to people familiar with the matter, as it tries to reduce costs and comply with authorities’ efforts to shrink the industry.

Shanghai-based Dianrong plans to lay off as many as 2,000 employees and is shutting about 60 of its 90 brick-and-mortar outlets, which helped verify borrowers’ identities and qualifications, said one of the people, who asked not to be identified because they are not authorized to speak publicly. Disgruntled current and former employees have in recent days taken to social media to demand compensation.