Jun
30
Avant Said to Slash Target for Online Lending, Reduce Staff
By-
New loans may drop by half from a monthly rate of $200 million
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Firm is offering severance to employees who voluntarily leave
Avant Inc., the online lending marketplace valued at almost $2 billion last year, is slashing a target for new loans and shrinking its workforce as the industry’s rapid growth falters, according to people with knowledge of the situation.
The Chicago-based firm expects originations will fall about 50 percent from a $200 million monthly rate, and plans to reduce the number of workers in line with that, one person with knowledge of the strategy said, without specifying how many people will leave. The people asked not to be named discussing internal decisions…
Avant Said to Slash Target for Online Lending, Reduce Staff
