Gillian Tan, Columnist

LendingClub's Options: More Buybacks, Even a Deal?

Potential suitors include rivals such as SoFi and Prosper, as well as large banks.

May 11, 2016 at 5:44 PM UTC

Gillian Tan is a senior reporter covering finance and alternative asset classes including real estate, infrastructure, private equity, private credit, venture capital and sports business. She previously wrote an opinion column for Bloomberg and was a reporter at the Wall Street Journal. She is a qualified chartered accountant.

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It's been a busy week for LendingClub's seven directors.

On Monday, they scrapped future guidance and ousted founder and CEO Renaud Laplanche after discovering flaws in the company's lending practices and issues with Laplanche's lack of disclosure about a personal investment. Since then, the likes of Jefferies Group and Goldman Sachs Group have hit pause on buying LendingClub loans, a move that puts into question the lending platform's ability to originate and sell loans (its main source of revenue) and caused a further decline in its shares.