San Mateo, California-based Upstart, a lending platform that partners with banks and credit unions to provide personal and consumer loans using proprietary non-traditional credit underwriting based on non-FICO data such as education and employment, has announced a reduction in force to adapt to changing market conditions, decreasing loan originations and rising interest rates.
The reduction in force will impact 140 hourly employees, mostly support staff for loan processing.
According to a company spokesperson, “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.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?