LendingClub lays off a third of employees, including key executives

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By Jennifer Kang
22 Apr 2020

Online lender LendingClub is laying off 460 employees, including the company president Steven Allocca, according to a regulatory filing on Tuesday, a broad restructuring that reflects plummeting loan origination volumes and investor demand in the time of coronavirus.

LendingClub, among the most active marketplace loan ABS issuers, announced Tuesday evening that it is activating a restructuring plan in light of the financial disruptions caused by Covid-19. The plan is a response to the "unprecedented effect" the pandemic has had on consumers and small businesses, which ...

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