Dianrong Cuts Employees and Retail Locations

The Chinese p2p lender has laid off as many as 2,000 employees and is shutting down 60 of 90 brick and mortar locations; according to Business Insider the company has been accused of falling behind on wages and severance pay; Dianrong first started pulling back on the business 10 months ago even after securing a $70 million funding round; the news is part of a wider story in China as many p2p lenders are struggling or have gone out of business amid new government rules. Source