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Prosper Marketplace to slash staff, CEO to forgo salary

ProsperMarketplace Inc. plans to slash approximately 28% of its staff, andCEO Aaron Vermut will not receive a salary for the year, The Wall Street Journal reported May 3.

Part of the cuts will come from the closure of an office inUtah that makes loans for medical procedures, the news outlet said, citingVermut. 171 jobs will be cut in all.

The online lender's chief risk officer and top businessdevelopment executive are also leaving the company, according to the report.Brad Pennington was promoted to chief risk officer to replace the outgoingexecutive, Bloomberg News reported May 3, citing a person briefed on thecompany's plan.

The job cuts will primarily focus on marketing, humanresources, business development and some engineers, and the company willsublease an office space in lieu of previous expansion plans, the Journal noted.