LendingClub to lay off about a third of employees due to coronavirus [Reuters]
LendingClub Corporation (LC)
Last lendingclub corporation earnings: 2/18 04:06 pm
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Source: Reuters
LendingClub to lay off about a third of employees due to coronavirus (Reuters) - Online lender LendingClub Corp ( LC.N ) said on Tuesday it would lay off 460 employees, including President Steven Allocca, as part of a restructuring plan to slash costs amid the economic fallout of the COVID-19 pandemic. The layoffs represent roughly a third of the company’s total workforce of 1,538 people as of Dec. 31. "COVID-19 is having an unprecedented effect on consumers, small businesses and the broader economy, including the credit markets, and has resulted in a current reduction in platform investor demand for personal loans," the company said in a regulatory filing. ( bit.ly/2VHB7fq ) LendingClub said it expects to incur termination costs of about $10 million in the rest of the year. The company also announced temporary salary reductions for its top executives. Chief Executive Officer Scott Sanborn will take a 30% cut to his base salary, while others will take a 25% reduction.
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LC
Earnings
- 4/30/24 - Beat
LC
Sec Filings
- 5/2/24 - Form DEFA14A
- 5/1/24 - Form 10-Q
- 4/30/24 - Form 8-K
- LC's page on the SEC website