{"schema_version":"secwatch.filing_event.v1","accession":"0001140361-23-048040","form_type":"8-K","ticker":"LC","cik":"0001409970","company_name":"LendingClub Corp","filed_at":"2023-10-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:28.955894+00:00","generated_at":"2026-06-10T00:39:00.788671+00:00","sec_items":["2.02","5.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"LendingClub cuts workforce 14%, expects $30-35M annual savings; provides preliminary Q3 revenue $198-200M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001140361-23-048040","json":"https://secwatch.observer/filing/0001140361-23-048040.json","markdown":"https://secwatch.observer/filing/0001140361-23-048040.md","text":"https://secwatch.observer/filing/0001140361-23-048040.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1409970/000114036123048040/0001140361-23-048040-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1409970/000114036123048040/ef20012365_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T00:39:00.788671+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"fb8e2f1d95d6c3a715a0befe221b38c0ecf9162f","claim":"LendingClub Corp reported third quarter of 2023 results: revenue $198 to $200 million, net income $4 to $5 million. Guidance reaffirmed.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1409970/000114036123048040/0001140361-23-048040-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"third quarter of 2023"},{"label":"Revenue","value":"$198 to $200 million"},{"label":"Net income","value":"$4 to $5 million"},{"label":"Guidance","value":"reaffirmed"},{"label":"Result","value":"preliminary results"}],"fact_type":"earnings_release"},{"claim_id":"02b3fa517e","claim":"Brandon Pace departed as Chief Administrative Officer at LendingClub Corp.","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1409970/000114036123048040/0001140361-23-048040-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"departed"},{"label":"Role","value":"Chief Administrative Officer"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}