LendingClub cuts workforce 14%, expects $30-35M annual savings; provides preliminary Q3 revenue $198-200M

LendingClub Corp

2023-Q3 EPS reported $0.27

Workforce reduction of ~14% (172 employees) as part of cost reduction plan to navigate macro headwinds.
Expected annualized run-rate savings of $30-$35 million in compensation and benefits.
Preliminary Q3 2023 revenue of $198-$200M and net income of $4-$5M, including majority of severance.
Q3 2023 loan originations of approximately $1.5 billion.
Chief Administrative Officer Brandon Pace to depart; role eliminated; will stay in non-executive role through Dec 5.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Brandon Pace

Chief Administrative Officer

LC · LendingClub Corp

Effective: 2023-10-19
Filed: October 12, 2023, 7:59 PM ET

On October 6, 2023, as part of the Plan, the Company and its chief administrative officer, Brandon Pace, agreed to consolidate certain leadership roles within the Company’s legal department (the “Consolidation”) and thereby eliminate the chief administrative officer position as of October 19, 2023 (the “Effective Date”).

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LendingClub Corp reported third quarter of 2023 results: revenue $198 to $200 million, net income $4 to $5 million. Guidance reaffirmed.

Period: third quarter of 2023
Revenue: $198 to $200 million
Net income: $4 to $5 million
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

During the third quarter of 2023, the Company originated approximately $1.5 billion of loans and, based upon management's current expectations, expects revenue and net income for the third quarter within the following ranges: Third Quarter 2023 Revenue $198 to $200 million Net Income $4 to $5 million

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Executive change SEC 8-K Item 5.02 confidence 0.95

Brandon Pace departed as Chief Administrative Officer at LendingClub Corp.

Action: departed
Role: Chief Administrative Officer

Exact text from the filing

On October 6, 2023, as part of the Plan, the Company and its chief administrative officer, Brandon Pace, agreed to consolidate certain leadership roles within the Company’s legal department (the “Consolidation”) and thereby eliminate the chief administrative officer position as of October 19, 2023 (the “Effective Date”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001140361-23-048040

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