Wonga, a British payday loan company announced to axe nearly 33% of its staff just few days after financial watchdog constrained the payday loan firm to cap Interest Rate at 100%.
As reports say, the Competition and Markets Authority (CMA) said it was requesting online payday moneylenders to publish subtle elements of their items on no less than one value correlation site.
In response to wider regulatory crackdown on the industry, Wonga affirmed to axe nearly 325 jobs.
According to their statement, it needed to cut expenses by £25m as guidelines forced by the Financial Conduct Authority (FCA).
