Search Results for: lending club

John Mack Pinned on Lending Club on CNBC

John Mack, a bit of a legend in the banking world who garnered the nick-named Mack the Nice (in contrast to some other less savory nicknames for other iBankers), visited the studios of CNBC this morning to discuss a broad range of topics.  Mack is… Read More

Balance Sheet: Lending Club Buys Own Loans as Chatter Increases of Potential Acquisition

In a recent article in WSJ.com, an analyst report is referenced stating Lending Club (NYSE: LC) is buying more of its own loans.  While it was labeled as a “mixed indicator” it is also a vote of confidence in the assets as Lending Club shifts… Read More

Report: Renaud Laplanche Wants to Buy Lending Club & Take it Private

Reuters is reporting that former Lending Club CEO Renaud Laplanche is seeking financial backing to purchase Lending Club (NYSE: LC) and take it private. According to the report, Laplanche has been in discussions with various banks and private equity groups about financing a bid for the… Read More

Lending Club Raises Interest Rates, Updates on Loan Programs While Postponing Shareholder Meeting

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Lending Club (NYSE:LC) has filed an 8K with the Securities and Exchange Commission (SEC) indicating it has raised interest rates once again in response to the evolving marketplace.  According to Lending Club, “Effective June 7, 2016, Lending Club’s platform interest rates are increasing to boost… Read More

LendingRobot Launches First “Pro” Feature for Robo-Advisor for Lending Club Loans

LendingRobot is “doubling down” on Lending Club. As the largest marketplace lending platform in the US fights back to regain its sea-legs, Lending Robot, a provider of analytical tools for retail investors in marketplace lending assets is launching a new feature to improve investor returns. Despite… Read More

Tianqiao Chen’s Holdings in Lending Club Include Sizable Call Options

It was reported earlier this month that billionaire Tianqiao Chen, founder of Shanda Interactive Entertainment, had taken a significant stake in Lending Club (NYSE:LC).  Shares of Lending Club have cratered since the resignation of former CEO Renaud Laplanche. The move by Chen appeared to be an… Read More

Will Citi Buy Lending Club Loans? What Does this Mean for the Marketplace Lending Industry?

Shares in Lending Club (NYSE:LC) jumped last week as chatter popped up in a report in WSJ.com that Citigroup may be purchasing, or perhaps providing financing, for their loans.  This is the second round of positive news as it was recently revealed that Chinese billionaire Tianqiao… Read More

Lending Club Finally Gets a Break as Tianqiao Chen Takes Stake in Marketplace Lending Firm

Lending Club (NYSE:LC) has been pounded by bad news this month. Following the announcement that founder and CEO Renaud Laplanche had resigned for alleged improprieties at the online lender, the bad news avalanche began.  One day it was a subpoena, the next it was a… Read More

Lending Club’s New CEO Tells Investors: We Are in a Strong Financial Position

Following a series of unfortunate events, acting CEO of Lending Club (NYSE:LC) Scott Sanborn has offered relatively good news to the individual investor base. According to his recent letter, Sanborn stated that he is continuing to remain confident in the the lending platform as well as his team…. Read More

Blood in the Water: Lending Club Receives Subpoena from NY Department of Financial Services

Lending Club (NYSE:LC) will remember May as the month from Hell as the hits just keep on coming. Following the forced resignation of founder and CEO Renaud Laplanche on May 9th due to loan irregularities, Lending Club has received a series of bad news. From… Read More

Lending Club CEO Scott Sanborn Sends Letter to Investors

Lending Club (NYSE:LC) CEO Scott Sanborn has sent an open letter to investors regarding data integrity and the recent revelations regarding changes in loan data which occurred this past March. The lack of effective controls caused the downfall and ouster of co-founder and former CEO… Read More

Brief: Lending Club Receives Subpoena from Dept of Justice

Lending Club (NYSE:LC)  received a federal grand jury subpoena last week, after founder and CEO Renaud Laplanche resigned from the board following an internal review of lending and financial practices. According to the P2P lender, $22 million in loans were sold to a single investor against “express instructions as… Read More

Lendit Founders Applaud Swift Action by Lending Club Board

The shock waves are still being felt around the global marketplace lending industry following the removal of Lending Club CEO and co-founder Renaud Laplanche. Lending Club has been the marquee sponsor of industry gathering Lendit in past years. The most recent gathering in San Francisco… Read More

Lending Club Announces Q1 Financial Results

Following the shocking revelation that Lending Club CEO had resigned in the wake of non-conforming sale of loans to a single investor, Lending Club has announced Q1 financial results. Lending Club said it had experienced solid growth in originations, operating revenue, and adjusted EBITDA during… Read More

Lending Club CEO Renaud Laplanche Resigns following Internal Review of Loans to Single Investor

Lending Club (NYSE:LC) founder and CEO Renaud Laplanche has submitted his resignation to the board of directors following an internal review of a sale of loans to a single investor. According to the company, $22 million in loans were sold to a single investor against “express… Read More

Moody’s Calls Class Action Lawsuit Against Lending Club a Negative for Entire Sector

Rating’s agency Moody’s has published a report that is critical of the marketplace lending sector. Pointing to the class action lawsuit filed in a US District Court against Lending Club (NYSE:LC) on April 6th, Moody’s states that owners of Asset-Backed Loans (ABS) face legal challenges… Read More

Brief: Lending Club Schedules Q1 Earnings Release & Call for May 9th

The largest marketplace lending platform in the US, Lending Club (NYSE: LC), will announce Q1 earnings results on May 9th after the market closes. The management conference call will take place at 5PM ET (2PM PT).  A live webcast of the call will be available… Read More

Spring Ahead? Lending Club Plans First Sale of Bonds Backed by Unsecured Loans

The US’ largest marketplace lender LendingClub Corp. is planning its first sale of bonds backed by its unsecured loans, reported the WSJ, seeking new funding sources in today’s challenging market. Working with Goldman Sachs Group Inc. and Jefferies Group on the offerings, LendingClub’s plans to discuss updates with potential investors as early as this week, reported the WSJ; Goldman… Read More

Lending Club Hires Former McKinsey Partner. Promotes Scott Sanborn to President

Lending Club (NYSE:LC) has hired former McKinsey & Company partner Sameer Gulati as Chief Operations Officer. Simultaneously Scott Sanborn has been promoted to President. Both executives will continue to report directly to CEO Renaud Laplanche. Gulati was previously leader of McKinsey’s Digital Banking practice. As… Read More

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