LendingClub slashes roughly 30% of workforce as Covid-19 dampens demand for loans [CNBC]
LendingClub Corporation (LC)
Last lendingclub corporation earnings: 2/18 04:06 pm
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Source: CNBC
Lending Club banners hang on the facade of the New York Stock Exchange for it's IPO on December 11, 2014 in New York.Don Emmert | AFP | Getty ImagesLendingClubThe company, which pioneered online personal loans, said in aregulatory filingLendingClub CEO Scott Sanborn said the virus outbreak was having an "unprecedented effect" on consumers and small businesses, resulting in a drop in demand for personal loans. The move was necessary to "realign" staffing with the current business environment, he said."With these actions, we believe we are well positioned to achieve our long-term strategic goals and better serve our members, who will need us more than ever, once the economy stabilizes," Sanborn said in a statement.The company also said it was reducing executives' salaries by 25%. Sanborn, meanwhile, will take a 30% pay cut.LendingClub calls itself the biggest U.S. provider of personal loans, and had been part of the wave of tech-focused firms getting in on marketplace lending. The compa
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Sec Filings
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- 5/2/24 - Form DEFA14A
- 5/1/24 - Form 10-Q
- LC's page on the SEC website