---
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"
generated_at: "2026-06-10T00:39:00.788671+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-048040
- JSON: https://secwatch.observer/filing/0001140361-23-048040.json
- Plain text: https://secwatch.observer/filing/0001140361-23-048040.txt

## Key facts
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1409970/000114036123048040/0001140361-23-048040-index.htm
- Executive change
  Brandon Pace departed as Chief Administrative Officer at LendingClub Corp.
  - Action: departed
  - Role: Chief Administrative Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1409970/000114036123048040/0001140361-23-048040-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.