LendingClub cuts 14% workforce, expects $25-30M annual savings; provides preliminary Q4 results

LendingClub Corp

Workforce reduction of 225 employees (14%); expects $25-30M annualized compensation savings.
Pre-tax charges of ~$5.7M; $4.4M expensed in Q4 2022.
Preliminary Q4 2022 revenue $260-263M, net income $21-24M; FY 2022 revenue $1,185-1,188M, net income $287-290M.
Q4 loan originations $2.5B; includes $1.05B MUFG Union Bank portfolio acquisition.
Chief Capital Officer Valerie Kay to depart Feb 25, 2023; will receive severance per agreement.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Valerie Kay

Chief Capital Officer

LC · LendingClub Corp

Effective: 2023-02-25
Filed: January 12, 2023, 6:59 PM ET

Accordingly, the final day of employment with the Company for the current chief capital officer, Valerie Kay, will be February 25, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LendingClub Corp reported Full Year 2022 results: revenue $1,185 to $1,188 million, net income $287 to $290 million.

Period: Full Year 2022
Revenue: $1,185 to $1,188 million
Net income: $287 to $290 million
Result: preliminary results

Exact text from the filing

expects revenue and net income for the fourth quarter and full year 2022 within the following ranges: Fourth Quarter 2022 Full Year 2022 Revenue $260 to $263 million $1,185 to $1,188 million Net Income $21 to $24 million $287 to $290 million

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LendingClub Corp reported Fourth Quarter 2022 results: revenue $260 to $263 million, net income $21 to $24 million.

Period: Fourth Quarter 2022
Revenue: $260 to $263 million
Net income: $21 to $24 million
Result: preliminary results

Exact text from the filing

expects revenue and net income for the fourth quarter and full year 2022 within the following ranges: Fourth Quarter 2022 Full Year 2022 Revenue $260 to $263 million $1,185 to $1,188 million Net Income $21 to $24 million $287 to $290 million

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Valerie Kay departed as Chief Capital Officer at LendingClub Corp.

Action: departed
Role: Chief Capital Officer

Exact text from the filing

Accordingly, the final day of employment with the Company for the current chief capital officer, Valerie Kay, will be February 25, 2023.

View on SEC.gov

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LendingClub Corp filing history →

Source: SEC EDGAR

accession 0001409970-23-000003

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