SAN FRANCISCO–Person-to-person lender LendingClub announced it has cut 12% of its workforce as loan volumes have declined.
The job reductions are one response the company has made to changes in the business. It is also restricting investors from exiting from one of its funds. The changes were announced in regulatory filings.
In addition, LendingClub reported it had made its acting chief executive, Scott Sanborn, the permanent CEO.
LendingClub said it is projecting that second-quarter loan volume to be around one-third less than the $2.75 billion it reported in Q1 2016.
LendingClub is one of a number of robust P2P lenders that have been the subject of concerns within the credit union community in recent years.