2023-01-25 21:54:33

LendingClub Declines on Dim Forecast for Loan Originations

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Bloomberg
By Paige Smith

LendingClub Corp. shares declined after the online lender forecast loan originations below levels predicted by analysts, amid slackening demand for borrowing that already forced it to shed 14% of its workforce.

LendingClub expects to make between $1.9 billion to $2.2 billion of loans in the first quarter of this year, it said in a statement reporting fourth-quarter results. This was the first time the San Francisco-based company had broken out quarterly guidance, a decision it credited to “the rapid change in the economic environment,” it said.

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