LendingClub says it will lay off 460 people, accounting for about 30% of its current workforce.
The online lender says it will lay off 460 people, accounting for about 30% of its current workforce
"With these actions, we believe we are well positioned to achieve our long-term strategic goals and better serve our members, who will need us more than ever, once the economy stabilizes," Sanborn, who will take a 30% pay cut, says in a statement. LendingClub CEO Scott Sanborn said the virus outbreak was having an "unprecedented effect" on consumers and small businesses, resulting in a drop in demand for personal loans. The move was necessary to "realign" staffing with the current business environment, he said.
The company also said it was reducing executives' salaries by 25%. Sanborn, meanwhile, will take a 30% pay cut.
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