---
schema_version: "secwatch.filing_event.v1"
accession: "0001409970-23-000003"
form_type: "8-K"
ticker: "LC"
cik: "0001409970"
company_name: "LendingClub Corp"
filed_at: "2023-01-12T23:59:59+00:00"
generated_at: "2026-06-20T15:56:40.536416+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001409970-23-000003
- form_type: 8-K
- ticker: LC
- cik: 0001409970
- company_name: LendingClub Corp
- filed_at: 2023-01-12T23:59:59+00:00
- event_type: other_material
- 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/1409970/000140997023000003/0001409970-23-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1409970/000140997023000003/lc-20230107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001409970-23-000003
- JSON: https://secwatch.observer/filing/0001409970-23-000003.json
- Plain text: https://secwatch.observer/filing/0001409970-23-000003.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1409970/000140997023000003/0001409970-23-000003-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1409970/000140997023000003/0001409970-23-000003-index.htm
- Executive change
  Valerie Kay departed as Chief Capital Officer at LendingClub Corp.
  - Action: departed
  - Role: Chief Capital Officer
  source text: Accordingly, the final day of employment with the Company for the current chief capital officer, Valerie Kay, will be February 25, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1409970/000140997023000003/0001409970-23-000003-index.htm

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