LendingClub to Cut 225 Workers, Take Charges of $5.7 Million
LendingClub CEO Scott Sanborn
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LendingClub Corp. plans to cut 14% of its employees and take pretax charges of about $5.7 million as demand for the company’s loans declines.
The cuts will reduce the San Francisco-based company’s workforce by 225 employees, and trim compensation and benefits by about $25 million to $30 million this year on an annualized basis, the lender said in a statement Thursday. About $4.4 million of the charges will be in results for the fourth quarter of 2022.