LendingClub lays off a third (~500) of employees
Anyone know what roles were impacted? How was the layoff announced? What’s the feeling inside the company? https://www.reuters.com/article/us-lendingclub-layoffs/lendingclub-to-lay-off-about-a-third-of-employees-due-to-coronavirus-idUSKCN223368?il=0
U.S.
CATASTROPHE - They picked a bad time to buy a bank ago with their entire cash position.
High risk high reward amirite
But banks have cash? I don't see the problem 🙃
It is unfortunate when people lose their position. Hopefully the folks that lost their jobs had a side hustle.
Doordash delivery??
Could be worse, like Dell.
Are these the people that email me daily about getting a loan to start a business?
Lot of engineering role and 30 % of total workforce, everyone else gota pay cut too I got 15%, now wondering why I joined this company
What was your offer? They were giving out crazy offers when I interviewed there. Looks like reckless spending to me.
Definitely not crazy, market was good and now its not
How did they do the layoff?
Managers called the affected people
So sorry. Hope everyone lands on their feet.
My friend (who got laid off) said that they did the firing bottom up
I hate lending club, terrible returns
Really the worst service. The whole thing seems like a scam.
What do you mean? I took a personal loan at 9.5%APR. what should i be careful about??
So I take it they had little cash at hand or recurring revenue compared to operating expenses?
Ya, they just spent all their cash on an acquisition back in early Q1. Bad call.
LC is actually well capitalized at this time. Senior Management determined the most efficient use of that capital is putting it into the bank (no pun intended...) rather than paying employees.
“Lot of engineering role and 30 % of total workforce...” also a chunk of their peoples team
It was a shit show from the start. Look at their stock
Yup, great ticker symbol though
LC!!!