Lending Club has chosen a new CEO to help guide it out of a lackluster 2016 fiscal year thus far.
Lending Club (NYSE:LC), a Peer-to-Peer (P2P)) lender, has shaken up its operations after the company navigated some dire straits over the past couple months – the strategy will see the installment of new CEO, along with 179 job cuts to its business in a bid to help rekindle its outlook and profit.
The decision comes during a time when share prices have been diving over the past few months, inflicting a series of blows on the P2P lender as it struggles with slower than expected growth expectations. After scoring a 52-week high of $17.52, shares of Lending Club have now settled at just $4.30 as of yesterday’s close.
Call for Leadership
The man tasked with reversing Lending Club’s fortunes is Scott Sanborn, a company mainstay, having served with the group for the past six years – he steps into the interim CEO role with immediate effect, following a snap resignation of the previous incumbent and founder Renaud Laplanche.
Mr. Laplanche's rapid fall from grace was instigated by an internal review that unearthed upwards of $22 million in near-prime loans that were sold to institutional investors that did not want them, consequently drawing a US Justice Department probe into the running of the company's loans book. In addition, Lending Club will be jettisoning 179 jobs, though did not specify what channel the cuts were relegated to.
According to a recent Lending Club statement on the job cuts: "In light of lower loan volumes in the second quarter and recognizing that fully restoring investor confidence may take time, the company has decided to reduce 179 positions in the organization."
Finally, Lending Club portended its loan originations in Q2 2016 to be lower than Q1 2016, which it hopes will see mitigated share reactions, already operating close to a 52-week low. For its part, the group has earmarked $15-$20 million of additional expenses related to the review and restructuring however, though investors are hoping that Sanborn will right the ship in the interim.
Lending Club (NYSE:LC), a Peer-to-Peer (P2P)) lender, has shaken up its operations after the company navigated some dire straits over the past couple months – the strategy will see the installment of new CEO, along with 179 job cuts to its business in a bid to help rekindle its outlook and profit.
The decision comes during a time when share prices have been diving over the past few months, inflicting a series of blows on the P2P lender as it struggles with slower than expected growth expectations. After scoring a 52-week high of $17.52, shares of Lending Club have now settled at just $4.30 as of yesterday’s close.
Call for Leadership
The man tasked with reversing Lending Club’s fortunes is Scott Sanborn, a company mainstay, having served with the group for the past six years – he steps into the interim CEO role with immediate effect, following a snap resignation of the previous incumbent and founder Renaud Laplanche.
Mr. Laplanche's rapid fall from grace was instigated by an internal review that unearthed upwards of $22 million in near-prime loans that were sold to institutional investors that did not want them, consequently drawing a US Justice Department probe into the running of the company's loans book. In addition, Lending Club will be jettisoning 179 jobs, though did not specify what channel the cuts were relegated to.
According to a recent Lending Club statement on the job cuts: "In light of lower loan volumes in the second quarter and recognizing that fully restoring investor confidence may take time, the company has decided to reduce 179 positions in the organization."
Finally, Lending Club portended its loan originations in Q2 2016 to be lower than Q1 2016, which it hopes will see mitigated share reactions, already operating close to a 52-week low. For its part, the group has earmarked $15-$20 million of additional expenses related to the review and restructuring however, though investors are hoping that Sanborn will right the ship in the interim.
Transak Secures Dual Licenses in Canada and Delaware for Crypto Access
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24