secwatch.observer — SEC 8-K summary
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Issuer:     LendingClub Corp (LC)
CIK:        0001409970
Form:       8-K
Filed at:   2023-01-12T23:59:59+00:00
Accession:  0001409970-23-000003
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1409970/000140997023000003/0001409970-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1409970/000140997023000003/lc-20230107.htm
  HTML page:      https://secwatch.observer/filing/0001409970-23-000003

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