Around a third of employees are set to be let go at the non-bank lender, which has been exposed to some failed property developments.
Non-bank lender MaxCap, half-owned by US private equity giant Apollo Global Management, has taken an axe to its workforce this week amid a broader downturn in the private credit market.
The layoffs affected as much as one-third of employees and were finalised on Wednesday, one person familiar with the decision said.
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US fibre broadband provider Brightspeed, backed by Apollo, is in talks with creditors for $2B to $3B of new money as it struggles with about $10B of debt.
Apollo has launched a 10 billion euro European private credit platform backed by major global investors.
"Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech."
