In brief: Chinese P2P lender to reportedly close 60 offline stores, lay off 2,000 staff

• Dianrong, one of China’s biggest peer-to-peer (P2P) lenders, is shutting down 60 of its 90 offline stores and laying off an estimated 2,000 employees, a source told Reuters.
• The downscaling comes amid China’s ongoing crackdown on P2P lending platforms for risky practices and excessive leverage in the financial system. The country has seen a wave of P2P company collapses and frauds, triggering protests by angry investors who lost their savings.
• Dianrong was co-founded by Soul Htite, who was also behind US online lender LendingClub. The Shanghai-based fintech is backed by Singapore sovereign fund GIC and Standard Chartered Private Equity.

Source: Reuters