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LendingClub Corp (LC.N)

LC.N on New York Stock Exchange

4.06USD
22 Jan 2018
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Latest Key Developments (Source: Significant Developments)

Lendingclub Appoints Patty Mccord To Its Board Of Directors
Tuesday, 19 Dec 2017 

Lendingclub Corp ::LENDINGCLUB APPOINTS PATTY MCCORD TO ITS BOARD OF DIRECTORS.LENDINGCLUB - ‍PATTY MCCORD HAS JOINED BOARD OF DIRECTORS, EFFECTIVE DECEMBER 13, 2017​.  Full Article

Lendingclub Q3 loss per share $0.02
Tuesday, 7 Nov 2017 

Nov 7 (Reuters) - Lendingclub Corp LC.N:Lendingclub reports third quarter 2017 results.Q3 adjusted earnings per share $0.03.Q3 loss per share $0.02.Q3 revenue $154 million versus I/B/E/S view $157.5 million.Q3 earnings per share view $0.03 -- Thomson Reuters I/B/E/S.Lendingclub Corp sees ‍Q4 total net revenue in range of $158 million to $163 million​.Lendingclub Corp sees ‍q4 adjusted EBITDA in range of $19 million to $23 million​.Q4 revenue view $173.6 million -- Thomson Reuters I/B/E/S.  Full Article

LendingClub rebrands asset management business
Wednesday, 25 Oct 2017 

Oct 25 (Reuters) - LendingClub Corp : :LendingClub rebrands asset management business, positions for growth.LendingClub Asset Management - ‍LC advisors, an investment advisor registered with SEC, has rebranded its asset management business​.‍LendingClub Asset Management -in weeks leading up to rebrand co facilitated auction of assets from its legacy funds​.  Full Article

LendingClub is shutting down five of its investment funds- WSJ
Wednesday, 25 Oct 2017 

Oct 25 (Reuters) - :LendingClub is shutting down five of its investment funds, including $318 million portfolio that had been marked by accounting issues- WSJ, citing documents‍​.  Full Article

LendingClub unit enters into a warehouse credit agreement ‍​ ‍​
Monday, 16 Oct 2017 

Oct 16 (Reuters) - Lendingclub Corp :LendingClub Corp - on Oct 10, unit of co entered into a warehouse credit agreement ‍​ ‍​.LendingClub Corp - ‍ pursuant to warehouse agreement, lenders agree to provide a $250 million secured revolving credit facility to warehouse - SEC filing​.LendingClub - Proceeds under facility may only be used to purchase certain unsecured consumer loans from co, related rights, expenses related to facility​.  Full Article

Lendingclub announces updated loss forecasts, changes to credit, interest rates
Friday, 14 Oct 2016 

Lendingclub Corp : Announcing updated loss forecasts, changes to credit, interest rates as part of regular and continuous adjustment process . Anticipate loans originated in H2 and going forward to benefit from changes to co's credit policy and co's interest rates . Effective October 14, 2016, interest rates on the Lending Club platform will increase by a weighted average of 26 bps . Rate increases are concentrated in grades F and G with marginal changes in other grades . Lendingclub - About 1 percent of borrowers who previously would have been able to obtain a loan under prior underwriting criteria will no longer be approved . Lendingclub - Interest rates on co's platform increased by weighted average of approximately 135 basis points from Nov. 2015 to June 2016 - sec filing . Lendingclub - Interest rate increases from Nov. 2015 to June 2016 were concentrated in grades D through G - SEC filing Source: (http://bit.ly/2e7Y1pE) Further company coverage: [LC.N] ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

LendingClub says concluded as of June 30, internal control over financial reporting was ineffective
Tuesday, 9 Aug 2016 

LendingClub Corp : Discloses In Form 10Q - As a result, concluded that, as of june 30, Co's internal control over financial reporting was ineffective . During the second quarter of 2016, identified a material weakness in internal control over financial reporting Source (http://bit.ly/2aK133V) Further company coverage: [LC.N] ((Bangalore.newsroom@thomsonreuters.com’;)).  Full Article

Lendingclub says Bradley Coleman named interim CFO
Tuesday, 9 Aug 2016 

Lendingclub : Lendingclub says "in q2, we purchased $135 million in loans and then resold the majority to investors" . Lendingclub says "we took steps to enhance asset quality and investor returns by increasing rates and tightening credit" during quarter . Lendingclub says "following May 9th, we faced a significant disruption in our capital supply" . Lendingclub says post May 9th, banks group were the most affected by announcements on may 9th . Rates rose by weighted average 135 basis points since Dec, bringing weighted average platform right on standard program to just over 13% . Reduced approval rates for some segments to eliminate 9% of higher risk personal loan population that exhibited propensity to accumulate debt . Custom personal loans amounted to $296 million or 15% of platform originations in the second quarter . In the interim, bradley coleman named interim CFO ((Bangalore.newsroom@thomsonreuters.com)).  Full Article

Lendingclub says exploring adding additional sources, structures of capital to increase resiliency, diversity
Tuesday, 9 Aug 2016 

Lendingclub : Roughly 51 percent of second quarter volume was originated prior to may 9 . Lendingclub says took $2.8 million in severance related costs in the second quarter . Lendingclub says plan to reduce/eliminate investor incentives by end of q3; sees higher level of investor acquisition cost in q4 . When co recently made job eliminations, made very little of those in technology engineering area . Slower origination growth during quarter was due to a slowdown in investor capital that occurred post may 9 . Lendingclub says over the long run, anticipate some higher level of investor acquisition cost as co continues to diversify investor mix . Lendingclub says expect origination volumes to be roughly flat for the next two quarters . Going forward, exploring adding additional sources, structures of capital to increase resiliency,diversity that would include committed capital . On unusual costs,co says had employee related severance cost; says those were "definitely" one-time costs, is "not anticipating repeating that" (Bangalore.newsroom@thomsonreuters.com) ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Lendingclub says exploring adding additional sources, structures of capital to increase resiliency, diversity
Monday, 8 Aug 2016 

Lendingclub : Roughly 51 percent of second quarter volume was originated prior to may 9 . Lendingclub says took $2.8 million in severance related costs in the second quarter . Lendingclub says plan to reduce/eliminate investor incentives by end of q3; sees higher level of investor acquisition cost in q4 . When co recently made job eliminations, made very little of those in technology engineering area . Slower origination growth during quarter was due to a slowdown in investor capital that occurred post may 9 . Lendingclub says over the long run, anticipate some higher level of investor acquisition cost as co continues to diversify investor mix . Lendingclub says expect origination volumes to be roughly flat for the next two quarters . Going forward, exploring adding additional sources, structures of capital to increase resiliency,diversity that would include committed capital . On unusual costs,co says had employee related severance cost; says those were "definitely" one-time costs, is "not anticipating repeating that" (Bangalore.newsroom@thomsonreuters.com) ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Russia's Sberbank plans crowdinvesting platform for small firms - sources

MOSCOW, Jan 19 Russia's biggest lender Sberbank plans to help small firms raise funds from private investors with a peer-to-business platform, three sources familiar with the plans said, competing with two other ventures that support the cash-starved companies.