LendingClub Cutting 460 Staff in Response to Reduced Loan Volume

Yesterday, LendingClub shared that they were laying off 460 people, accounting for 30% of their workforce; the cuts were across every division as the company looks to have staffing which reflects the current business environment; there were also cuts in the C-suite with Steve Allocca, the president of LendingClub for 3 years leaving the company on May 12; the company also cut their Chief Marketing Officer, Alexandra Shapiro; remaining executives are taking a 25% pay cut with Scott Sanborn taking a 30% pay cut; LendingClub currently has a diverse set of investors and some of those investors haven’t pulled back; in fact some have increased volume; we will undoubtedly hear more about the impact of COVID-19 when LendingClub announces earnings on May 5. Lend Academy

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