Promise may cut more than 30 pct of staff-media

TOKYO, Nov 10 - Japanese consumer lender Promise Co Ltd <8574.T> is considering cutting more than 30 percent of its staff as part of a restructuring, the Sankei newspaper reported, citing an interview with the company's president.

The cuts would bring Promise's staffing below 2,000 people from the current 2,769, the newspaper said, citing an interview with Ken Kubo, who was tapped to head the consumer lender last month. [ID:nT170645] Japanese consumer lenders, which offer unsecured personal loans mainly to borrowers with weak credit, have been crippled by regulation that lowered maximum interest rates and court rulings forcing them to repay charges beyond the new limits.

In September, Promise's rival Aiful Corp <8515.T> announced it would cut half its staff and shut outlets in an attempt to restructure after warning of a $3.4 billion loss. [ID:nT55005].