Note from the Publisher: If you hadn't heard of Lending Club before their May 2016 debacle, you sure knew who they were after that. But as they say, "what doesn't kill you makes you stronger" and like a phoenix, Lending Club is re-emerging from the (self-imposed) ashes of its own doing, with several new hires after CEO & Founder Renaud Laplanche's resignation, and a number of initiatives to attract investors back to the platform and calm the public. Hey, even the smartest people (and companies) make mistakes, we certainly have, and we applaud the firm for pulling itself up by its bootstraps and moving onward and upward.
"Lending Club (NYSE:LC) has been stocking up on new executive hires during the past several months. One of the recent hires, Patrick Dunne – a former Blackrock executive, joined this past July as Chief Capital Officer. Dunne plays an important role is communicating with both individual and institutional investors for the online lender. Lending Club has been working around the clock to convince and cajole investors to purchase loans following the May 2016 trauma.
Dunne cropped up this week with a reassuring missive sharing that a growing number of investors have returned while adding a ’40 Act fund;
'As you’re likely aware, following our announcements in May we experienced a sudden and significant decrease in investor demand. Since then, we have accomplished quite a bit. Sixteen of our top 20 investors are back to investing on the platform, we welcomed the first 1940 Act Fund, and witnessed strong demand and pricing execution in the securitization brought to market by Jefferies. Steps were taken to enhance asset quality by increasing interest rates and tightening credit criteria for the loans we facilitate.'
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