Upstart lays off 7% staff amid weakening demand for loans

Lending giant Upstart has laid off about 140 employees — or 7% of its total workforce — who help process loan applications, sources told TechCrunch.
The cloud-based AI lending platform notified its affected employees about the layoff on Tuesday. Upstart had about 2,000 employees, according to the company, which confirmed the layoffs.
“Given the challenging economy, we are making this difficult decision for the long-term health of the company. We do not expect any further layoffs, and continue to hire for roles that are strategic to our business,” Upstart spokesperson Mike Nelson sa

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