LendingClub Plans to Cut 172 Jobs, Reports Preliminary Results
The Lending Club headquarters in San Francisco.
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LendingClub Corp. said it will dismiss 172 employees in an effort to cut costs and that it expects to report a decline in third-quarter profit.
The job cuts amount to about 14% of the workforce, LendingClub said Thursday in a statement. The San Francisco-based company, which is set to announce its final quarterly results on Oct. 25, said it expects a profit of $4 million to $5 million, down from $43.2 million a year earlier.