OCTOBER 14, 2023 — 172 EMPLOYEES
The company has announced that it will lay off 172 employees, or about 14% of its workforce, in an effort to cut costs and that it expects to report a decline in third-quarter profit.
Chief Executive Officer Scott Sanborn noted,
“We continue to proactively implement various measures to navigate the persistent and ongoing macroeconomic headwinds and the resulting pressure in our marketplace, primarily driven by higher interest rates. Longer term, we expect marketplace revenue to rebound as we capture the historically large credit-card debt refinancing opportunity.“
JANUARY 13, 2023 — 225 LAYOFFS
The company has announced that it would lay off 225 employees, or 14% of its staff, as higher interest rates discourage loan demand. The company forecast fourth-quarter revenue that was below expectations.
LendingClub CEO Scott Sanborn …
"We have proactively implemented various measures to make this happen, including the very difficult decision to reorganize and reduce our workforce. These measures enable us to more closely align our expense structure to loan volume and revenue, while ensuring effective execution against our strategic priorities and long-term vision.”
“It's never easy to part with people who are not just outstanding contributors but also teammates and friends. We are working to help all our impacted teammates transition. We are providing bonus/incentive pay, making accommodations for foreign nationals on employment visas, providing ongoing support, and more."
JULY 16, 2019 — Original post…
San Francisco-based LendingClub, a peer-to-peer online lender connecting borrowers and investors, is continuing its restructuring activities. First, by converting the company’s underwriting of small business loans to a lead-generation and referral fee model; second, by capturing cost savings by transferring its online customer support operations from its San Francisco office to Lehi, Utah. Approximately 350 employees will be laid off during the transition period.
According to a company spokesperson, “This is one of those messages that, while I know it’s the right thing for the company, is tough to deliver. It means that ‘virtually all operations positions, including those supporting auto, will eventually no longer exist in San Francisco. Growing exclusively in San Francisco simply doesn’t make financial sense. Instead, we now have plenty of headroom to grow affordably in Lehi and access a new talent base in Utah.”
The company has just completed a reverse stock split to reduce the number of shares outstanding and to increase its attractiveness to institutional investors.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?