Brief: Lendingclub Aligns Cost Structure To Evolving Macroeconomic Environment

Happen

12/10/2023 21:52

Oct 12 (Reuters) - LendingClub Corp  LC.N :
    * LENDINGCLUB ALIGNS COST STRUCTURE TO EVOLVING
MACROECONOMIC
ENVIRONMENT
    * LENDINGCLUB CORP - REDUCING ITS WORKFORCE BY APPROXIMATELY
14%,
    * LENDINGCLUB CORP - ANTICIPATES THAT ACTIONS WILL RESULT IN
ANNUALIZED RUN-RATE COMPENSATION AND BENEFITS SAVINGS OF
APPROXIMATELY $30 TO $35 MILLION
    * LENDINGCLUB CORP - SEES Q3 REVENUE $198 TO $200 MILLION
    * LENDINGCLUB CORP - LONGER TERM, WE EXPECT MARKETPLACE
REVENUE TO
REBOUND
    * LENDINGCLUB CORP - Q3 EXPECTATIONS ARE INCLUSIVE OF
MAJORITY OF
SEVERANCE CHARGES, WHICH WERE RECORDED IN Q3 OF 2023
    * LENDINGCLUB CORP - DURING Q3 OF 2023, COMPANY ORIGINATED
ABOUT
$1.5 BILLION OF LOANS
    * LENDINGCLUB CORP - SEES  PRELIMINARY Q3 2023 NET INCOME $4
TO $5
MILLION

Source text for Eikon:  ID:nPn3g7zxza 
Further company coverage:  LC.N 

 ((Reuters.Briefs@thomsonreuters.com;))